Document:

Exhibit 10.3

 

PERFORMANCE RIGHTS GRANT
LETTER 

 

G MEDICAL INNOVATIONS
HOLDINGS LTD.

 

G
Medical Innovations Holdings Ltd., a corporation incorporated under the laws of the Cayman Islands (the “Company”),
hereby grants, pursuant to the 2016 Global Equity Incentive Plan (including the 2016 Israeli Sub-Plan to the 2016 Global Equity
Incentive Plan, the “Plan”), to the Grantee the performance rights for the issuance of Company’s shares of par
value US$0.001 each in the capital of the Company (the “Shares” and the “Rights”, respectively)
in such amount as specified below and subject to and upon the following terms and conditions.

 

All
capitalized terms used and not otherwise defined herein shall the meanings ascribed thereto in the 2016 Israeli Sub-Plan to the
2016 Global Equity Incentive Plan (the “Israeli Sub-Plan”), or in the 2016 Global Equity Incentive Plan (if the
applicable term is not defined in the Israeli Sub-Plan).

 

1.
Identifying Provisions: As used in this Performance Rights Grant Letter (“Grant Letter”), the following
terms shall have the following respective meanings. The Rights herein are granted pursuant to Section 102 of the ITO under the
Capital Gains Track Grant (With Trustee).

 

		(a)	Name of Israeli
                                         Employee (the “Grantee”): 

		(b)	Date of Grant: 

		(c)	Number of Shares
                                         underlying the Rights: 

 

2. Vesting.
The Rights granted hereunder shall vest and be convertible into Shares in accordance with the terms and conditions set out in
the Summary of Terms appearing in Section 15.6 of the Company’s Replacement Prospectus lodged with the Australian
Securities Exchange dated March 14, 2017, and as may be amended from time to time (the “Summary of Terms”) by
the Board of Directors of the Company (the “Board”).

 

3.
Grant of Rights Subject to Plan. Unless the Grantee is a party to a separate, written and executed agreement with the
Company providing otherwise, the provisions of the Plan shall apply to this grant of Rights and are incorporated herein by reference
as if fully set forth herein. The Grantee acknowledges that he or she has received a full copy of the Plan and acknowledges and
agrees to each of the provisions of the Plan. This Grant Letter is furthermore subject to, and the Grantee agrees to be bound
by, all of the terms and conditions of the Plan, as the same shall have been amended from time to time in accordance with the
terms thereof. Pursuant to the Plan, the Board is vested with final authority to interpret and construe the Plan, the Summary
of Terms and this Grant Letter, and is authorized to adopt rules and regulations for carrying out the Plan.

 

4.
Conversion, Payment For and Delivery of Shares. Upon the occurrence of the milestones set out in the Summary of Terms,
the Grantee shall be so advised by the Company. The Rights may be converted by the Grantee or other person then entitled to convert
them by giving to the Company a written notice of conversion in the form attached hereto as Exhibit A, specifying
the number of the Shares to be converted. If the Company is required to withhold any amount on account of any present or future
tax imposed as a result of such conversion, the notice of conversion shall be accompanied by a check to the order of the Company
in payment of the amount of such withholding.

 

5.
Restrictions on Conversion. In the event that the Company’s Shares shall be registered for trading in any public market,
then, the right to sell Shares may be subject to restrictions and limitations (including a lock-up period), as will be imposed
by either the Company or the market operator, to ensure compliance with all relevant laws and regulations. The Grantee hereby
acknowledges his agreement to any such restrictions and limitations, including a lock-up period.

 

     

     

    

 

6. Rights in
Shares. No Grantee shall be entitled to the privileges of shares ownership in respect of any Shares issuable upon conversion
of the Rights, unless and until such Shares have been issued to such Grantee as fully paid shares.

 

7. Requirements
of Law and of Stock Exchanges. By accepting this Grant Letter, the Grantee represents and agrees for himself and his transferees
by will or the laws of descent and distribution that: (i) any and all Shares so purchased shall be acquired for his personal account
and not with a view to or for sale in connection with any distribution, and (ii) each notice of conversion of any portion of the
Shares shall be accompanied by a representation and warranty in writing, signed by the person entitled to convert the same, that
the Shares are being so acquired in good faith for his personal account and not with view to or for sale in connection with any
distribution. No certificate or certificates for Shares acquired upon conversion of the Rights shall be issued and delivered unless
and until, in the opinion of counsel for the Company, such securities may be issued and delivered without causing the Company
to be in violation of or incur liability under any federal, state or other securities law, any requirement of any securities exchange
listing agreement to which the Company may be a party, or any other requirement of law or of any regulatory body having jurisdiction
over the Company.

 

8. Disposition
of Shares. Any disposition of the Shares by the Grantee shall be in full compliance with the Company’s trading policy
as set forth in the Company’s Governance Plan.

 

9. Issuance
to the Trustee and Holding Period. (a) the Rights as well as the Shares and/or any bonus shares granted with respect to
such Rights and/or any other rights, shall be held by the Trustee and registered on the name of the Trustee for the benefit of
the Grantee for the requisite period of time (the “Holding Period”), as required by Section 102 or any regulations,
rules or orders or procedures promulgated thereunder (“Section 102”); (b) Without derogating from the terms of
the Plan, during the Holding Period, until all required payments described in subsection (d) below have been fully made, the Shares
may not be sold, transferred, assigned, pledged, given as collateral, or mortgaged by the Trustee (other than through a transfer
by will or by operation of law), nor may they be the subject of an attachment, seizure, power of attorney or transfer deed (other
than a power of attorney issued by the Trustee for the purpose of participation in shareholders meetings or voting such Shares);
(c) Subject to the provisions of Section 102, the Grantee shall not be entitled to sell or release from trust the Right and/or
shares received upon the conversion of any such Right and/or bonus shares granted and/or any rights and all pursuant to Section
102 until the lapse of the Holding Period. In the event that the requirements of Section 102 with respect to the Right and/or
Shares are not met, then the grant of Rights shall be treated in accordance with the provisions of Section 102; (d) The Trustee
shall not release the Rights as well as Shares and/or bonus shares granted with respect to such Rights, and/or any rights all
pursuant to Section 102 until all required payments have been fully made in either of the following manners: (i) the Grantee paid
any applicable tax due pursuant to the ITO and/or Section 102, as evidenced by an acknowledgment from the ITA provided to the
Trustee, or (ii) the Company has made other arrangements for the deduction of tax at source acceptable to the Trustee, or (iii)
upon the sale by the Trustee of any securities held in trust from the proceeds of which the Company or the Trustee has withheld
all applicable taxes and has remitted the amount withheld to the appropriate Israeli tax authorities, has paid the balance thereof
directly to the Grantee, and has reported to the Grantee the amount so withheld and paid to such tax authorities all as shall
be determined in the sole discretion of the Company.

 

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10. Withholding
Obligations. (a) Any tax consequences arising from the grant or conversion of any Right, or from sale or release or transfer,
if applicable, of such Right or Shares (including, without limitation, social security taxes and health insurance if applicable)
or from any other event or act (of the Company and/or its Affiliate, the Trustee or by the Grantee), shall be borne solely by
the Grantee. Notwithstanding the forgoing, the Company and/or its Affiliate and/or the Trustee shall withhold taxes according
to the requirements under the laws, rules, and regulations, including withholding taxes at source under Section 102; (b) Furthermore,
the Grantee shall indemnify the Company and/or any Affiliate that employs the Grantee and/or the Trustee, and/or the Company’s
shareholders and/or directors and/or officers, if applicable, and hold them harmless against and from any and all liability for
any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold,
or to have withheld, any such tax from any payment made to the Grantee; (c) The Company shall not be obligated to honor the conversion
of any Right by or on behalf of the Grantee until all tax consequences (if any) arising from the conversion of such Rights or
sale of Shares are resolved to the full satisfaction of the Company. Without derogating from the above, the Company and/or the
Trustee, when applicable, shall not be required to release any share certificate to the Grantee until all required payments (including
tax payments) have been fully made in accordance with Section 102; (d) If at the date of grant the Company’s Shares (or Rights)
are listed on any established securities exchange or a national market system or if the Company’s Shares (or Rights) will be registered
for trading within ninety (90) days following the date of grant, the fair market value and classification of income as either
capital gain and/or ordinary income shall be determined pursuant to Section 102 (b)(3) of the ITO.

 

11. Notices.
Any notice to be given to the Company shall be addressed to the Company at its principal office, and any notice to be given
to the Grantee shall be addressed to him or her at the address given beneath his signature hereto or at such other address as
the Grantee may hereafter designate in writing to the company. Notice may be given by e-mail.

 

12. Laws Applicable
to Construction. This Grant Letter will be exclusively governed by and construed in accordance with the laws and judicial
decisions of the Cayman Islands, without regard to the application of the principles of conflicts of laws of the Cayman Islands
or any other jurisdiction.

 

By affixing his signature hereunder,
Grantee acknowledges receipt of a copy of the Plan, Summary of Terms and this Grant Letter, and represents that Grantee: (i) is
familiar with the terms and provisions thereof, and hereby accepts this Grant Letter subject to all of the terms and provisions
thereof; (ii) reviewed the Plan, the Summary of Terms and this Grant Letter in their entirety, has had an opportunity to obtain
the advice of counsel prior to executing this Grant Letter and fully understands all provisions of the Grant Letter; (iii) obtained
professional tax advice from his own tax advisors, as to any tax consequences, related to the Rights and the Shares and he does
not rely on the Company or any of its affiliates for any tax advice in connection with the Rights; (iv) is aware of the fact that
he or she will have no rights as a shareholder with respect to the Shares, nor shall the Grantee be deemed to be part of a class
of shareholders or creditors of the Company for purposes of any applicable law, until the Grantee is registered as a holder of
such Shares in the Company’s register of shareholders upon conversion of the Rights; all in accordance with the provisions of
the Plan and the Summary of Terms; (v) hereby agrees to accept as binding, conclusive and final all decisions or interpretations
of the Board, upon any questions arising under the Plan, the Summary of Terms or this Grant Letter; and (vi) further agrees to
notify the Company upon any change in the residence address indicated below.

 

In accordance with the requirements of
Section 102, the Grantee hereby agrees to the provisions of Section 102 and to the terms of Exhibit B attached hereto.

 

[Signature Page
Follows]

 

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IN WITNESS WHEREOF, the Company
has granted these Rights as the date referred to in Section 1(b) hereof.

 

	 	G MEDICAL INNOVATIONS HOLDINGS LTD.
	 	 	 
	 	By:	                                      
	 	 	Name: 
	 	 	Title:

 

	 	ACCEPTED AND AGREED TO BY THE GRANTEE:
	 	 	 
	 	/s/                              
	 	[Grantee’s Name]
	 	 	 
	 	Address:	 
	 	E-mail:	 
	 	Date:	                          

 

     

     

    

 

Exhibit
A

 

G Medical Innovations
Holdings Ltd.

 

Notice of Conversion

 

G Medical Innovations
Holdings Ltd.

 

Attention: CEO

 

1. Conversion of Rights. Effective
as of today, I, ______________, the undersigned (“Grantee”) hereby elect to convert Grantee’s Rights for the
issuance of__________ Shares under and pursuant to the terms and conditions set out in the Summary of Terms as defined in the
Grant Letter, and as may be amended from time to time by the Board of Directors of the Company and the Performance Rights Grant
Letter dated ____________, 2017 (the “Grant Letter”).

 

2. Rights as Shareholder.
Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company, or of a duly authorized
transfer agent of the Company), no right to receive dividends or any other rights as a shareholder shall exist with respect to
the Shares. The Shares shall be issued to the Grantee as soon as practicable after the conversion hereof. No adjustment shall
be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in the Plan.

 

3. Tax Consultation.
The Grantee understands that he/she may suffer adverse tax consequences as a result of Grantee’s purchase or disposition of
the Shares. The Grantee represents that he/she has consulted with any tax consultants Grantee deems advisable in connection with
the purchase or disposition of the Shares and that Grantee is not relying on the Company or its affiliates for any tax advice.

 

4. Representations
and Warranties. In connection with my conversion of the Rights as set forth above, I hereby represent and warrant to the Company
as follows:

 

(i) I am converting the
Rights for the issuance of Shares for my own account, and not for resale or with a view to the distribution thereof.

 

(ii) I have had such an
opportunity as I have deemed adequate to obtain from the Company such information as is necessary to permit me to evaluate the
merits and risks of the conversion and have consulted with my own advisers in such regard.

 

(iii) I have sufficient
experience in business, financial and investment matters to be able to evaluate the risks involved in the conversion of the Shares
and to make an informed investment decision with respect to such conversion.

 

(iv) I can afford a complete
loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite period of time.

 

(v) I understand and agree
that the Shares shall be subject to certain restrictions, including, if applicable, a lock-up period.

 

	COMPANY:	 	GRANTEE:
	 	 	 
	G Medical Innovations Holdings Ltd.	 	[Name of Grantee]
	 	 	 	 	 
	By: 	 	 	Signature:	 
	Name:	 	 	 	 
	Title:	 	 	 	 
	Date Received: 	 	 	 	 

 

     

     

    

 

EXHIBIT
B

 

2016
GLOBAL EQUITY INCENTIVE PLAN

 

2016
ISRAELI GLOBAL EQUITY INCENTIVE SUB PLAN

 

APPROVAL
OF GRANTEE

 

(Trustee
102 Grant)

 

I                  ,
I.D                      
 hereby agree that all the Trustee 102 Grant and/or Shares received upon the conversion of the Rights and any additional rights,
including share bonuses, that shall be distributed to me in connection with the Trustee 102 Grant (“Additional Rights”),
shall be allocated on my behalf to the Trustee, shall be held by the Trustee and shall be registered in the Trustee’s
name for my benefit in accordance with Section 102 and in accordance with the provisions of the Trust Agreement.

 

I hereby confirm that:

 

		1.	I understand
                                         the provisions of Section 102 and the applicable tax track of this Trustee 102 Grant
                                         and agree to the tax arrangement applicable to this grant. I further understand that
                                         neither the Company, nor the Trustee, can guarantee that the Rights, or the Shares to
                                         be issued upon their conversion, shall be granted beneficial tax treatment pursuant to
                                         Section 102. Accordingly, I shall have no claims against either the Company, or the Trustee,
                                         if the Rights, or the Shares to be issued upon their exercise, are not granted the beneficial
                                         tax treatment of Section 102.

 

		2.	I agree to the
                                         terms and conditions of the Trust Agreement;

 

		3.	I shall not
                                         be entitled to sell or release from Trustee any of the Shares received upon the conversion
                                         of the Rights and/or any Additional Rights, until the lapse of the Holding Period and
                                         in accordance with Section 102;

 

		4.	If I shall sell
                                         or withdraw the Shares from the Trustee and the trust thereunder before the end of the
                                         Holding Period (a “Violation”), either (A) I shall fully reimburse the
                                         Company, within three (3) days of its demand, for the employer portion of the payment
                                         (as applicable) by the Company to the National Insurance Institute plus linkage and interest
                                         in accordance with applicable law, as well as any other expense that the Company shall
                                         have to bear as a result of the said Violation, or (B) I agree that the Company may,
                                         at its sole discretion, deduct the foregoing amounts directly from any monies to be paid
                                         to me.

 

		5.	I understand
                                         that this grant of Trustee 102 Grant is conditioned upon the receipt of all required
                                         approvals from the tax authorities; and

 

		6.	I
                                         hereby confirm that I read this approval, received all the clarifications and explanations
                                         I requested, and I understand the contents of the above and  the obligations I undertake
                                         in signing it.

 

	           	 	           	 	           
	Name of Grantee	 	Signature	 	DateExhibit 10.4

 

SOFTWARE LICENSING AGREEMENT

 

THIS AGREEMENT (the “Agreement”) is made as of the
4 day of August 2016 (the “Effective Date”) by and between Mennen Medical Ltd, a corporation organized and existing
under the laws of Israel, with principal offices located at 6 Ha-Kishon St. Yavne 8122017 Israel (“Mennen”) and
G-Medical Innovations Ltd, a corporation organized and existing under the laws of Israel, with principal offices located
at 3 Golda Meir St. Nes Ziona 7403648 (“G-Medical”).

 

	Whereas	Mennen is a manufacturer and developer of a
    software application which is detailed and described in Exhibit A (the “Product”, as further
    defined below), and has ample capability to perform the Project, as defined below, in accordance with the terms and conditions
    detailed herein; and
	 	 
	Whereas	G-Medical wishes to receive a license to use the Product and to receive related Services (as defined below), for its use as specified herein;
	 	 
	Now therefore	In consideration of the mutual obligations specified in this Agreement, and any compensation to be paid to Mennen for the Project (as defined below) pursuant to this Agreement, the parties agree as follows:

 

	1.	Exhibits

 

		1.1.	The preamble to this Agreement and its Exhibits are
an integral part thereof.

 

		1.2.	The Exhibits to this Agreement are listed hereunder:

 

		1.2.1.	Exhibit A - Product Description.
	 	 	 
		1.2.2.	Exhibit B - Maintenance and Support;
	 	 	 
		1.2.3.	Exhibit C - Price
	 	 	 
		1.2.4.	Exhibit D - Non disclosure Agreement;

 

	2.	Definitions

 

For purposes of this Agreement, the following terms shall have
the meanings set forth below:

 

		2.1.	Project:
                                         means providing the Product with all the required licenses and Services for the use
                                         by G-Medical as detailed herein and in Exhibit A, supplying the
                                         Documentation and the Services (as defined below), to be performed by Mennen in order
                                         to complete a fully operational Product, all as provided in this Agreement.

 

		2.2.	Services:
                                         means all professional services to be provided by Mennen under this Agreement, for
                                         a one year period, or for an extended period of time subject to payment of additional
                                         fees, as detailed in Exhibit B, including but not limited to, customization, development,
                                         supply, installation, integration, licensing, maintenance and support services, and training,
                                         all as detailed and defined in Exhibit B.

 

		2.3.	Product:
                                         means Mennen’s_Arrythmia software which is detailed and described in Exhibit
                                         A, that is licensed by Mennen to G-Medical under this Agreement (including,
                                         subject to the conditions of this agreement, any updates, upgrades, modification and
                                         customizations thereto if requested by G-Medical, which shall be priced separately)
                                         including its Documentation. For the removal of any doubt, any future upgrades or updates
                                         shall not be included in the price paid pursuant to this Agreement including
                                         any support modifications and customizations made by the Mennen for any said upgrades
                                         all shall be separately priced. Documentation: means the current available documentation
                                         as already provided to G-Medical.

 

     

     

    

 

	3.	Representations and warranties

 

		3.1.	Mennen hereby undertakes to supply to G-Medical and
G-Medical hereby orders from Mennen, the Project, all in accordance with the terms and conditions of this Agreement.

 

		3.2.	Mennen hereby declares and warrants that it has the
requisite manpower, knowledge, expertise and other necessary means for the purpose of the Project contemplated by this Agreement,
that it is legally entitled to perform the Project, and that it has not undertaken and will not undertake obligations to others
that will interfere in any manner with the fulfillment of its obligations hereunder.

 

		3.3.	Both sides shall at all times act in good faith towards
each other, use their best endeavors to further the interests of this Agreement and cooperate in the Project by those of its employees
who have a high level of professional skill and care.

 

		3.4.	Mennen possesses, and will possess through the accomplishment
of this Project, all qualifications required to perform the Project in a high-level skill and profession including the know-how,
experience, manpower and other resources as the case may be. In addition, Mennen represents that (a) it is the sole owner of all
intellectual property and other rights evidenced by or embodied in and/or attached/connected/related to the Product; (b) it has
the full and sole right to license the Product to G-Medical under the terms of the Agreement, without being required to obtain
the consent of any other party; (c) the grant of the license to G-Medical pursuant to the terms of this Agreement shall not infringe
upon the intellectual property or other rights of any person or entity; (d) G-Medical may use the Product, in accordance with
the terms and conditions of this Agreement; (e) the Product, the Documentation and their use by G-Medical and its affiliates under
this Agreement, will not infringe any intellectual property rights or any other rights belonging to a third party; (f) its obligations
under this Agreement do not and will not conflict with or violate or breach the terms or conditions of any other arrangement,
agreement and/or commitment to which it is a party to or by which it is now bound or may be bound in the future;

 

		3.5.	Both parties have the right and authority to enter
into this Agreement, and that the execution, delivery and performance by it of this Agreement have been duly authorized by all
necessary corporate action on their part.

 

		3.6.	Either party shall
                                         not use or disclose any Confidential Information (as defined in Exhibit D) disclosed
                                         to it by the other party while performing the Project, all as more specifically described
                                         in the Mutual Non-Disclosure Agreement attached hereto as Exhibit D and
                                         made a part hereof.

 

		3.7.	G-Medical was given
                                         ample opportunities to make its examinations of the Product and the actual conditions
                                         at G-Medical for the licensing of Mennen’s Product, and found the Product compliant
                                         with its requirements and that it will correctly interface with all relevant systems
                                         used by it (“G-Medical’ Systems”). Therefore, G-Medical shall
                                         not make any claim against Mennen for the failure of the Product to interface with G-Medical’s systems as long as the Product complies with its specifications as specified
                                         in Exhibit A. (and that after making all agreed upon changes as defined
                                         in Exhibit A to fit Mennen’s S/W to the use on G medical products).

 

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	4.	Software License  

 

		4.1.	Mennen hereby grants to G-Medical and its Mother company
in Malta that owns 100% of G-Medical, and affiliated companies that are owned 100% by the G-Medical’s Mother company in
Malta only, with no right of assignment and/or transfer of its rights hereunder, to any other third party, a worldwide, perpetual
(subject to Section 4.2), irrevocable (other than in case of breach of this Agreement), royalty-free, non-exclusive license to
use the Product (only in binary executable form) and to incorporate and integrate it in regard with G-Medical’s Wireless
ECG System, all in accordance with Exhibit A. It is hereby clarified that G-Medical has no rights in respect to the source
code of the Product.

 

		4.2.	For
the avoidance of doubt it is hereby clarified that subject to payment of the fees pursuant to Section 7.1.1 below, G-Medical shall
have the right to use the Product for an unlimited time on all G-Medical’s ECG wireless devices.

 

	5.	Acceptance of the Project

 

The delivery of the Product upon the signing of this Agreement
and the payment thereof as specified in Exhibit C, will be considered as full acceptance of the Project.

 

	6.	Warranty, Maintenance, Support and Changes

 

		6.1.	Mennen represents
and warrants that for a period of 12 months from the signing of this Agreement (the “Warranty Period”), the
Product will operate substantially in accordance with its Documentation. Mennen will, free of charge, provide such patches, modifications
or other remedies as Mennen determines are reasonably necessary to resolve any nonconformity of the Product with the foregoing
warranty.

 

		6.2.	Without derogating from article 6.1.1 above, during
the Warranty Period Mennen will provide G-Medical with the maintenance and support Services, as detailed and defined in Exhibit
B with respect to the Product or any part thereof, for no additional charge (i.e. — the consideration detailed in
article 7 is inclusive of maintenance and support fees).

 

		6.3.	Mennen will help G-Medical answering questions of
the CE or the FDA in regards to the Arrhythmia algorithm (at additional per hour fee as defined in Exhibit B).

 

	7.	Fees and payments —

 

		7.1.	Subject to the terms of this Agreement, Mennen shall
be entitled to the following payments:

 

		7.1.1.	100K USD upon the signing of this Agreement (100,000$
U.S plus VAT).

 

		7.1.2.	10K USD upon providing the Arrhythmia interfaces for
G-Medical, and the Respiration module.

 

		7.2.	Prices as set out in this Agreement shall be specified
in U.S Dollar and shall be paid in NIS in accordance with the latest representative exchange rate published by the Bank of Israel
at the time of the payment.

 

		7.3.	All payments to Mennen detailed in this Agreement
are net payments, exclude all taxes duties or fees (other than VAT which shall be separately added to each payment).

 

	8.	Intellectual Proprietary Rights

 

		8.1.	All IP rights for the Product shall stay with Mennen.
For the avoidance of doubt it is hereby clarified that Mennen shall have no rights whatsoever in connection with the G-Medical’s
Wireless ECG System regardless of whether or not the Product was integrated therein.

 

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		8.2.	Mennen will indemnify G-Medical and its Mother company
in Malta that owns 100% of G-Medical, and affiliated companies that are owned 100% by the G-Medical’s Mother company in
Malta only of any direct damages, losses and expenses (including reasonable legal fees resulting therefrom) awarded by a court
verdict that the use of the Product infringes third party’s intellectual property rights.

 

		8.3.	In the event that the Product or any portion thereof,
has become, or in Mennen’s and/or G-Medical’ opinion is likely to become, subject of an intellectual property rights’
suit or proceeding and the use of the Product or any portion thereof may be injured, Mennen shall, at its sole expense, upon consultation
with G-Medical: (and without derogating from any other right or remedy available to G-Medical as defined in 8.2):

 

		8.3.1.	obtain for G-Medical the right to use the Product;

 

		8.3.2.	replace or modify the Product in such a way that (i)
it become non-infringing and non-misappropriating and (ii) it substantially perform in the same manner or substantially
provide the same results and there is no material adverse effect in their overall performance.

 

		8.3.3.	if the foregoing alternatives are not available or
too costly in Mennen’s opinion, Mennen may demand G-Medical to stop using the Product, and refund G-Medical, the amount
G-Medical paid Mennen for the Product.

 

	9.	Liability and Indemnification 

 

Liability.

 

		9.1	Except in the case of indemnification obligation with
respect to IP infringement claim under Section 8.2 above, (i) each Party’s liability in connection with this Agreement shall
in all other cases be limited to direct damages, and excluding any indirect, special or consequential damages suffered by the
other Party; (ii) Mennen’s shall have no liability with regard to G-Medical product and in any event, its liability either
to G-Medical and/or to any third party shall NOT exceed the actual amount paid to it by G-Medical for this Project. Notwithstanding
the above damages recovery limitations, in the event of any transfer by G Medical of Mennen’s Products to any other third
party, Mennen shall have the right for full compensation for all its damages as a result thereof.

 

Indemnification

 

		9.2.	Either party shall hold and shall defend, indemnify,
the other party harmless, from and against, any and all claims, liabilities, demands, penalties, judgments, and other associated
costs and expenses (including reasonable attorney’s fees), which either party may incur in connection with (a) either party’s
breach of confidentiality undertakings; and/or (b) any negligent or willful act, error or omission by either party, its employees,
agents, representatives and subcontractors, in the performance of this Agreement, all without derogating from other remedies a
party is entitled to, whether by this Agreement or by law. The claiming party shall promptly give written notice of the Claim
to the other party and sole control of the defense and settlement of the Claim (provided that the injured party may not settle
or defend any Claim unless it unconditionally releases the other party of all liability). Either party shall not at any event,
without receiving the other party’s prior written consent: (i) injure either party’s reputation; (ii) take any undertaking
on the other party’s behalf.

 

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	10.	Confidentiality

 

		10.1.	The Parties shall
                                         treat Confidential Information in accordance with the Non-Disclosure and Confidentiality
                                         Agreement attached hereto as Exhibit D.

 

	11.	Cancelled

 

	12.	Term and Termination.

 

		12.1.	Term. This
                                         Agreement shall be in full force and effect during a period commencing on the date of
                                         its signature by both parties and ending on the date on which Mennen has ceased performance
                                         of the Services in accordance with the terms of this Agreement. For the avoidance
                                         of doubt, G-Medical shall have the right to use the Product for an unlimited time on
                                         all G-Medical’s ECG wireless devices also following the termination of this Agreement.

 

		12.2.	Termination
                                         for Cause. This Agreement may immediately be terminated, at either party’s
                                         sole discretion, by a 30 days prior written notice to the other party on the occurrence
                                         of any of the following events:

 

		12.2.1.	Bankruptcy and/or insolvency and/or receivership or
liquidation proceedings have started against the other party, temporary or not, and was not removed within 45 days of such filing.

 

		12.2.2.	An attachment order has been imposed and/or any other
execution process has been taken with respect to ail or material part of the other party’s assets or a part which is material
for the performance of any of its obligation hereunder.

 

		12.2.3.	The other party has actually stopped conducting its
business or working on the Project for a period of at least thirty (30) consecutive days.

 

		12.3.	Termination
                                         for Default. This Agreement may also be terminated by either party, at its sole discretion,
                                         immediately upon a written notice to the other party in the event that the other party
                                         has failed to comply with its material obligations under this Agreement and said failure
                                         has not been cured by the other party within the 30 days cure period set forth in the
                                         non-defaulting party’s written notice to the party in breach if such notice is
                                         practical,

 

	13.	Surviving provisions:

 

The provisions of this Agreement that, by their nature and content,
must survive the termination of this Agreement in order to achieve the fundamental purposes of this Agreement shall so survive
upon termination of this Agreement for any reason, including without limitations, the License terms, sections 3,4, 9,13,14 and
15.

 

	14.	Dispute resolution

 

		14.1.	Governing Law. This Agreement shall be governed
only by the laws of Israel, without giving effect to its provisions on conflict of laws and any conflict hereto shall be resolved
exclusively in Israel without any jurisdiction to any other country,

 

	15.	Escalation and Arbitration. The Parties shall
attempt to resolve any dispute arising out of or pertaining to this Agreement by the following escalation procedure: the matter
shall be brought before the VP’s of the Parties. In case the project managers fail to come to an agreement within 14 days,
the matter will be brought before the relevant CEO’s. In case those individuals fail to come to an agreement within 30 days,
each party shall be entitled to refer the matter in question exclusively to the competent courts of the District of Tel Aviv,
Israel (unless such 14 day period may harm or undermine the non-breaching party’s rights)

 

    5

     

    

 

	16.	Miscellaneous

 

		16.1.	Entire Agreement.
                                         This Agreement, including the NDA and all orders and Exhibits hereto, is the complete
                                         and exclusive statement regarding the subject matter hereof and supersedes any prior
                                         or contemporaneous oral or written agreement, understanding, communication or representation
                                         with regard to the subject matter hereof. This Agreement may not be modified except by
                                         a written instrument signed by the authorized representatives of both parties hereto.

 

		16.2.	Independent
                                         contractor: It is hereby understood and agreed that Mennen’s employees shall
                                         perform the Project as employees of Mennen and that Mennen performs the Project hereunder
                                         as an independent contractor. There shall be no employer/employee relationship between
                                         Mennen and G-Medical and/or between the Mennen employees and G-Medical. In no circumstances
                                         shall Mennen Employees be considered to be employees, servants or agents of G-Medical.
                                         The Mennen employees shall have no claim upon G-Medical in respect of annual leave, public
                                         holidays, sick leave, or otherwise in respect of any claims under any relevant employee
                                         protection legislation or any other legislation or regulation affecting or relating to
                                         the relationship between an employer and an employee. In addition to any other right
                                         G-Medical may have under this Agreement, if any court or regulatory authority finds that
                                         any of Mennen or Mennen’s employees, or anyone on Mennen’s behalf is deemed
                                         an employee of G-Medical, Mennen will indemnify and hold G-Medical harmless from all
                                         costs, losses, damages and liabilities that may result from any such finding.

 

		16.3.	Severability.
                                         If any provision of this Agreement is determined by a court of competent jurisdiction
                                         to be invalid or unenforceable, such invalidity or unenforceability shall not invalidate
                                         or render unenforceable the entire Agreement, but rather the entire Agreement
                                         shall be construed as if not containing the particular invalid or unenforceable provision
                                         and the rights and obligations of the Parties shall be construed and enforced accordingly.
                                         In addition, the parties hereby agree to cooperate to replace the invalid or unenforceable
                                         provision(s) with valid and enforceable provision(s) which will achieve the same result
                                         (to the maximum legal extent) as the provision(s) determined to be invalid or unenforceable.

 

		16.4.	Successors
                                         and Assigns. This Agreement shall be binding upon the respective heirs, beneficiaries,
                                         legal or personal representatives, successors and permitted assigns of the parties. The
                                         parties will not, without first obtaining the other party’s written consent, assign
                                         or delegate its obligations under this Agreement to others. Notwithstanding the foregoing,
                                         each of the parties may transfer or assign any of its rights and/or obligations under
                                         this Agreement without obtaining the consent of the other party, in connection with any
                                         merger (by operation of law or otherwise), consolidation, reorganization, change in control
                                         or sale of all or substantially all of its assets related to this agreement or similar
                                         transaction.

 

		16.5.	Headings.
                                         Section headings throughout this Agreement are solely for reference purposes and shall
                                         not affect in any way the meaning or interpretation of this Agreement.

 

		16.6.	Compliance
                                         with Laws. Each party shall comply with all local laws, ordinances, regulations,
                                         and codes applicable to its business in the performance herewith including the procurement
                                         of any necessary permits and licenses in the relevant jurisdiction.

 

		16.7.	No Waiver.
                                         No waiver of rights arising under this Agreement or any order issued pursuant to this
                                         Agreement shall be effective unless in writing and signed by the party against whom such
                                         waiver is sought to be enforced. No failure or delay by either party in exercising any
                                         right, power or remedy under this Agreement shall operate as a waiver of any such right,
                                         power or remedy and/or prejudice any rights of such party.

 

    6

     

    

 

		16.8.	Publicity.
                                         No party shall publicly refer to the other party or to the existence of this Agreement
                                         in any advertising or promotional materials, business plans, investment memoranda, or
                                         announcements without the other party’s specific, prior written consent.

 

		16.9.	Notices.
                                         Whenever either party shall be required to give notice to the other party pursuant to
                                         a provision in this Agreement, such notice shall be deemed sufficient and effective,
                                         upon delivery if personally delivered, or if sent by fax, on the next working day after
                                         transmission and receipt by the sender of a confirmation of transmission showing successful
                                         completion of the transmission, or otherwise on deposit in the mail, postage prepaid,
                                         certified, return receipt requested and addressed:

 

If to Mennen

Attention:

Erez Nimrod, CEO

Mennen Medical Ltd.

6 Ha-Kishon St. Yavne 8122017 Israel

Fax: +972-8-9328510

 

To G-Medical:

Attention: Rafi Heumann

3 Golda Meir St. Nes Ziona 7403648, Israel

 

Either party may, by written notice to the other, designate
a different address for receiving notices under this Agreement; provided, however, that no such change of address will not be effective
until actually received by the party to whom such change of address is sent.

 

IN WITNESS HEREOF, the Parties hereto have caused this Agreement
to be executed by their duly authorized representatives as of the date first above written.

 

	4/8/2016	 	4/8/2016
	Mennen
    Medical Ltd.	 	G-Medical
    Innovations Ltd.
	 	 	 
	By:	Erez
    Nimrod	 	By:	RAFI
    HEUMANN
	Title:	President	 	Title:	CEO
	Print Name: 	/s/
    Erez Nimrod	 	Print Name: 	/s/
    Rafi Heumann

 

    7

     

    

 

Exhibit A 

 

Product Description
and Specifications

 

Mennen’s Arrhythmia Software and HR detection including all
existing preprocessing. The product input will be the ECG raw data as acquired by the sensor description shall be provided separately.

 

Mennen’s Arrythmia software was designed, tested, and used
only for patients in a hospital environment, while not moving.

 

When using the software in a case where the patient is moving,
it is G-Medical’s responsibility to build the necessary filter for handling the related Artifacts, and G-Medical shall have the
full responsibility of the Arrhythmia results in such case.

 

The product will include also the Respiration module.

 

Integration
Activity:

 

The software will be in an “embedded” mode, to be
used in G-Medical’s wireless ECG devices.

 

Mennen will provide two packages: a package with a single vector
– that will be integrated with current environment of G-Medical, and a package with 2 vectors for future environment of
G-Medical (integration services of the second package in the future will be at additional cost – on an hourly basis).

 

The integration from Mennen’s side will start after G-Medical
will have the following items ready for integration:

 

		1.	Computer hardware platform, which includes the processor and the EGC circuit, DC power supply, communication
cable, JTAG cable, etc.
	 	 	 

		2.	Serial channel for Debug.
	 	 	 

		3.	Full workspace with no memory limitations.
	 	 	 

		4.	Receipt of software infrastructure, which will allow integration into the existing code, which will
include:
	 	 	 

		a.	The receipt of measured digital data.
	 	 	 

		b.	Communication channel interface with minimal speed of 115,200 bits per second.

 

    8

     

    

 

Exhibit B

 

Support
Services

 

Warranty Period - During the first 12 months, Mennen will
fix bugs found in the product and the agreed upi interface at its own cost, and will participate in the integration activities
at no additional cost.

 

After the first 12 months, unless an annual maintenance agreement
is signed by the parties, any bug fixes will be charged on an hourly rate of $100/hour.

 

After the interface for integration is defined and approved
by the parties, any requested changes will be charged separately on a case-by-case basis, or on an hourly rate of $100/hour, as
agreed between the parties in writing.

 

    9

     

    

 

Exhibit C

 

Price Proposal
for License and integrating Mennen’s Software with G-Medical

 

	1.	Total price of a hundred and ten thousand ($110,000) U.S. Dollars, paid as follows:

 

		1.1.	Mennen license – a hundred thousand (100,000)
U.S Dollars plus v.a.t payable upon signing of this Agreement and as a condition of its validity.

 

		1.2.	Additional ten thousand ($10,000) U.S. Dollars plus
v.a.t payable, payable upon the delivery of the Arrythmia interfaces for G-Medical and the Respiration module.

 

		1.3.	The fee of a hundred and ten thousand (110,000) U.S Dollars plus v.a.t – includes in it
                                                                                  the license of the Product for unlimited time and unlimited number of G-Medical’s wireless ECG devices, the development
                                                                                  of an agreed upon interface, related integration activities, and maintenance support for the first 12 months of the agreement
                                                                                  (bug fixes). It includes also the Respiration module.

 

 

10

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