Document:

EXHIBIT
10.3

 

NOVA
MEDICAL GROUP PTY LTD ACN 653 914 133

(Grantor)

 

AND

 

RAYONT
(AUSTRALIA) PTY LTD ACN 656 670 736 and RAYONT INTERNATIONAL

(LABUAN) LTD 

 

(Secured
Party)

 

 

SECURITY
AGREEMENT 

 

 

Steindls
Lawyers & Notary

Level
6, 9 Beach Road

SURFERS
PARADISE QLD 4217

Phone:
07 5570 9500

Fax:
07 5592 2007

Email:
law@steindls.com.au

Ref:
MJJ:JA:220599

 

    	 

    	 

    

 

Table
of contents

 

	1.	Definitions	1
	2.	Interpretation	2
	3.	Security
    Interest and charge	3
	4.	Default	3
	5.	Grantor’s
    further obligations	3
	6.	Costs
    and expenses	4
	7.	Notices	5
	8.	Trustee
    provisions	5
	SCHEDULE	7
	Execution
    page	8

 

    	 

    	 

    

 

THIS
AGREEMENT dated 29 day of June 2022

 

	BETWEEN	Nova
                                            Medical Group Pty Ltd ACN 653 914 133 of 6/3986-3988 Pacific Highway, Loganholme QLD
                                            4129 (Grantor)

 

	AND	Rayont
                                            (Australia) Pty Ltd ACN 656 670 736 of 6/3986-3988 Pacific Highway, Loganholme QLD 4129
                                            and Rayont International (Labuan) Ltd of 11 Jalan Jambu Susu 4/3C, Seksyen 4, Shah
                                            Alam, Selangor, 4000, Malaysia (Secured party)

 

BACKGROUND

 

	A.	The
                                            grantor currently has or may in the future have the obligation to the secured party specified
                                            in the schedule (secured obligation).
	 	 
	B.	The
                                            grantor has agreed to grant to the secured party a security interest over the collateral
                                            specified in the schedule (collateral) as security for the secured obligation.

 

OPERATIVE
PART

 

	1.	Definitions

 

The
following expressions wherever occurring in this agreement, unless the context otherwise requires, mean:

 

			
	 	(a)	Circulating and non-circulating collateral
    has the meaning ascribed in the Personal Property Securities Act 2009;
	 	 	 	 
	 	(b)	Other security
    means any security interest given by the Grantor to the Secured Party in addition to this agreement to better secure the secured
    obligation;
	 	 	 
	 	(c)	Other agreement
    means a loan agreement or any other agreement between the parties relating to this security agreement or the collateral;
	 	 	 	 
	 	(d)	Event of default means any one or more
    of the following events:
	 	 	 
			(i)	Failure
                by the grantor to comply with any of the covenants of this agreement or any other security or other agreement;
	 	 	 	 
			(ii)	Default
                                            by the grantor in due and punctual payment to the secured party of all money as it falls
                                            due for payment;
	 	 	 	 
			(iii)	The
                                            grantor creating any other security interest over any part of the collateral without the
                                            secured party’s prior consent; and
	 	 	 	 
			(iv)	The
                        grantor being declared bankrupt or, being a corporation, goes into liquidation;

 

    	Page 1 of 8

     

    

 

		(e)	Registration
                                            means the act of lodging a financing statement prescribed by the Personal Properties Securities
                                            Act 2009 and associated regulations with the Personal Property Securities Register in respect
                                            of the security interest created by this agreement; and
	 	 	 
		(f)	Security
                                            interest means a security interest within the meaning of the Personal Property Securities
                                            Act 2009.
	 	 	 

	2.	Interpretation

 

This agreement is governed by the laws
of Queensland and the parties submit to the non-exclusive jurisdiction of the courts of that state.

 

In
the interpretation of this agreement:

 

		(a)	References
                                            to legislation or provisions of legislation include changes or re-enactments of the legislation
                                            and statutory instruments and regulations issued under the legislation;
	 	 	 
		(b)	Words
                                            denoting the singular include the plural and vice versa, words denoting individuals or persons
                                            include bodies corporate and vice versa, words denoting one gender include all genders, and
                                            references to documents or agreements also mean those documents or agreements as changed,
                                            novated or replaced;
	 	 	 
		(c)	Grammatical
                                            forms of defined words or phrases have corresponding meanings;
	 	 	 
		(d)	Parties
                                            must perform their obligations on the dates and times fixed by reference to the capital city
                                            of Queensland;
	 	 	 
		(e)	Reference
                                            to an amount of money is a reference to the amount in the lawful currency of the Commonwealth
                                            of Australia;
	 	 	 
		(f)	If
                                            the day on or by which anything is to be done is a Saturday, a Sunday or a public holiday
                                            in the place in which it is to be done, then it must be done on the next business day;
	 	 	 
		(g)	References
                                            to a party are intended to bind their executors, administrators and permitted transferees;
                                            and
	 	 	 
		(h)	Obligations
                                            under this agreement affecting more than one party bind them jointly and each of them severally.

 

    	Page 2 of 8

     

    

 

	3.	Security
    Interest and charge

 

The
grantor:

 

		(a)	grants
                                            to the secured party, a security interest in and charge over the collateral, as security
                                            for the secured obligation, on the terms of this security agreement.
	 	 	 
		(b)	consents
                                            to the secured party creating a Registration for the purpose of perfecting its security interest
                                            and charge over the collateral; and Acknowledges that the grantor has received valuable consideration
                                            for the creation of this charge.

 

The
parties otherwise agree that this Deed constitutes a security agreement for the purpose of the PPS Act and entitles the secured party
to attend to Registration and to charge any other property of the charge referred to in the collateral.

 

The
security interest created by the Deed extends to any and all proceeds of the collateral.

 

	4.	Payment

 

4.1
Except to the extent that the secured obligation may otherwise provide, the grantor agrees that it shall pay to the secured party all
amounts and any interest payable that is due to the secured party under the secured obligation.

 

	5.	Default

 

	5.1	At
    any time after default by the grantor in the performance of the secured obligation or an obligation under this security agreement:

 

		(a)	The
                                            secured party may sell or concur in selling the collateral or any part or parts of it either
                                            by public auction or private treaty or tender on such terms and as the secured Party may
                                            consider expedient;
	 	 	 
		(b)	The
                                            secured party and any person acting on behalf of the secured party, may enter the premises
                                            at which the collateral is located and take possession and assume control of the collateral;
	 	 	 
		(c)	Register
                                            a caveat over any real property;
	 	 	 
		(d)	The
                                            grantor irrevocably appoints the secured party as its attorney to sign such documents and
                                            do such acts as may be required for the secured party to take possession of and sell the
                                            collateral;
	 	 	 
		(e)	The
                                            grantor will do all things and sign all documents to facilitate realisation of the collateral;
	 	 	 
		(f)	The
                                            secured party may appoint a receiver to the collateral;
	 	 	 
		(g)	Money
                                            realised by the sale of the collateral is to be applied first to pay all the expenses of
                                            the sale, then to satisfy the secured obligation, with any surplus then to be paid to the
                                            grantor;
	 	 	 
		(h)	No
                                            person who deals with the secured party, its manager or receiver or its agents is required
                                            to enquire as to whether any event has happened on which any of the powers contained in this
                                            agreement are or may be exercisable by the secured party, or otherwise as to the propriety
                                            or regularity of any exercise of those powers or of any act purporting or intended to be
                                            an exercise of those powers, or whether any money remains owing under this agreement; and
	 	 	 
		(i)	The
                                            secured Party, manager, receiver or agent is not obliged to seek to recover any debt due
                                            to the grantor nor to prosecute any cause of action or institute any proceedings on its behalf
                                            and has full discretion in acting in relation to the collateral to satisfy the secured obligation.
	 	 	 
		(j)	Save
                                            in the case of fraud, the secured party shall not be liable to the grantor for any loss suffered
                                            by the grantor in the course of the secured party exercising its rights under this security
                                            agreement, including loss occasioned by delay in the sale of collateral, failure to optimise
                                            a sale price or any similar cause

 

    	Page 3 of 8

     

    

 

	 	5.2	Any
                                            money realised from the sale of the collateral is to be applied as follows:
	 	 	 
	 	(a)	in
                                            payment of all costs, charges and expenses of the sale;
	 	 	 
		(b)	in
                                            payment to the secured party of any amount due and owing under a secured obligation;
	 	 	 
		(c)	in
                                            payment of any receiver who may be appointed; and
	 	 	 
		(d)	in
                                            payment of any surplus to the grantor.

 

		5.3	The
                                            secured party shall not be liable for any loss suffered by the grantor in the course of the
                                            secured party exercising its rights under this Deed, including any loss occasioned by delay
                                            in the sale of the collateral or failure to optimise a sale price.

 

	6.	Grantor’s
    further obligations

 

The
grantor must;

 

		(a)	remain
                                            solvent within the meaning of the Corporations Act 2001;
	 	 	 
		(b)	not
                                            commit an act of bankruptcy;
	 	 	 
		(c)	conduct
                                            its business in a businesslike manner, maintaining the collateral in good repair;
	 	 	 
		(d)	insure
                                            the collateral against all risks, noting the secured Party’s interest on the insurance;
	 	 	 
		(e)	comply
                                            with all its statutory obligations;
	 	 	 
		(f)	maintain
                                            proper books of account, making these available to the secured party or the secured party’s
                                            nominee for inspection upon demand.

 

    	Page 4 of 8

     

    

 

	7.	Costs
    and expenses

 

	 	(a)	The
                                            grantor covenants with the secured party to pay all costs, charges and expenses including
                                            all legal and other professional fees, including, without limitation, legal fees on a full
                                            indemnity basis, stamp duty and registration fees paid or payable by the secured party for
                                            or in relation to:

 

	 		(i)	Negotiating,
                                            preparing, executing and stamping this agreement;
	 	 	 	 
	 		(ii)	registering
                                            the security interest and charge created by this agreement;
	 	 	 	 
	 		(iii)	Exercising
                                            or attempting to exercise any of the secured party’s rights, powers and privileges
                                            under this agreement; and
	 	 	 	 
	 		(iv)	Waiving,
                                            varying, releasing or discharging this agreement or preserving or protecting any such rights,
                                            powers and privileges of the collateral.

 

		(b)	The
                                            grantor further covenants with the secured party to pay:

 

		(i)	All
                                            stamp duty chargeable by virtue of anything contained in this agreement or by virtue of anything
                                            done pursuant to this agreement or any other security or agreement concerning the secured
                                            obligation or the collateral; and
	 	 	 
		(ii)	All
                                            duties and taxes imposed by any state or commonwealth government payable by the secured party
                                            in respect of the receipt by or on behalf of the secured party of any amount payable by the
                                            grantor to the secured party or in respect of any amount debited or credited to any account
                                            in the name of the grantor with the secured party.

 

	8.	Notices

 

	 	A
notice or other communication to a party must be in writing and delivered to that party or that party’s legal practitioner in one
of the following ways:

 

		(a)	Delivered
                                            personally; or
	 	 	 
		(b)	Posted
                                            to their address when it will be treated as having been received on the second business day
                                            after posting; or
	 	 	 
		(c)	Faxed
                                            to their facsimile number when it will be treated as received when it is transmitted; or
	 	 	 
		(d)	Sent
                                            by email to their email address when it will be treated as received when it enters the recipient’s
                                            information system.

 

	9.	PPSA
    Waiver

 

	 	The
                                            grantor waives to the fullest extent permitted under the PPS Act, its right to receive any
                                            notices that the secured party may otherwise be required to give under the PPS Act (including
                                            any notice of verification statement). 

 

	10.	Trustee
    provisions

 

	 	(a)	In
                                            this agreement the term ‘grantor’ mean the grantor both in its personal capacity
                                            and its capacity as a trustee, if applicable. The grantor is personally liable for the performance
                                            of the agreements herein contained as well as liable as a trustee if that is the case.

 

    	Page 5 of 8

     

    

 

		(b)	Where
                                            the grantor is a trustee, whether or not that fact is disclosed or known to the secured party,
                                            then the grantor warrants;

 

	 		(i)	It
                                            has the power to enter into all transactions with the secured party which the grantor in
                                            fact purports to enter into and that all necessary procedures, if any, have been passed and
                                            followed;

 

	 		(ii)	Where
                                            any instrument, whether the original or a copy, produced to the secured party and constituting
                                            or purporting to constitute the instrument embodying the terms of a trust of which any grantor
                                            is trustee:

 

	 		(1)	That
                                            document does in fact constitute the trust document;
	 	 	 	 
	 		(2)	It
                                            is valid and enforceable according to its terms;
	 	 	 	 
	 		(3)	There
                                            are no amendments to the document which have not been produced to the secured party; and
	 	 	 	 
	 		(4)	Any
                                            changes to the trustees have been disclosed in writing to the secured party

 

	 		(iii)	Unless
                                            expressly disclosed in writing to the secured party, mere production of a document or documents
                                            constituting an instrument or a copy of an instrument of trust does amount to such disclosure:
	 	 	 	 
	 		(iv)	There
                                            has been no resettlement or distribution of any part of the corpus of the trust fund; and
	 	 	 	 
	 		(v)	There
                                            is no provision in the trust instrument or otherwise whereby the trustee agrees not to be,
                                            or it is provided that the trustee is not, entitled to be indemnified out of the assets of
                                            the trust fund in respect of the liabilities of the trustee to the secured party;
	 	 	 	 
	 		(vi)	Whilst
                                            any part of the grantor’s obligations under this agreement or the collateral securities
                                            remains outstanding, the grantor must ensure that without the secured party’s prior
                                            consent in writing:

 

	 		(1)	No
                                            trustee will be removed as trustee of any such trust nor will any new trustee of such trust
                                            be appointed;
	 	 	 	 
	 		(2)	No
                                            amendment will be made to the terms of the trust instrument of any such trust; and
	 	 	 	 
	 		(3)	The
                                            vesting day will not be appointed under the trust instrument, nor will any steps be taken
                                            whereby any part of the corpus of the trust is distributed or becomes vested in any person
                                            nor will any income of the trust fund be distributed to any person who is not a grantor.

 

    	Page 6 of 8

     

    

 

SCHEDULE

 

	Item
    1 - Secured obligation:	 	Loan
Agreement between grantor and secured party dated 29 June 2022

	 	 	 
	Item
    2 - Collateral:	 	All
                                            present and after acquired real and personal property – No exceptions;

    

 

	Collateral
    class	 	Collateral
    (Grantor’s property)	 	Collateral
    Type 	 	Serial
    or other identification
	General
Property

    (includes
    ALL property. No sub-classes)
	 	All
                                            present and after acquired real and personal property – No exceptions;

    
	 	 	 	 

 

    	Page 7 of 8

     

    

 

Execution
page

 

SIGNED
AS AN AGREEMENT

 

	SIGNED
    BY NOVA MEDICAL GROUP PTY LTD ACN 653 914 133 (Grantor) in accordance with section 127 of the Corporations Act	)

    

    )
	

    

	 	 	Director

 

	SIGNED
    BY RAYONT (AUSTRALIA) PTY LTD ACN 656 670 736 (Secured Party) in accordance with section 127 of the Corporations Act	)

    

    )
	

    

	 	 	Sole
    Director

 

	SIGNED
    BY Rayont International (Labuan) Ltd by its Sole Director:  	)

    

    )
	

    

    

    

	 	 	Sole
    Director

 

    	Page 8 of 8SHARE PURCHASE AGREEMENT

THIS
AGREEMENT is made and entered on July 1, 2022 by and between White Knight Co., Ltd., a Japan Company
(“WK”), and Next Meats Holdings, Inc., a Nevada Corporation (“NXMH”).

WHEREAS, WK desires
to purchase 5,000 shares of Series Z Preferred Stock of Dr. Foods, Inc., a Nevada Corporation (“DRFS”), (which constitutes
approximately 39.61% voting control of DRFS). NXMH desires to sell 5,000 shares of Series Z Preferred Stock, pursuant to Regulation S of
the United States Securities Act of 1933 (The “Act”), of Dr. Foods, Inc., a Nevada Corporation. White Knight Co., Ltd.
is deemed to be an accredited investor and is seeking to purchase the aforementioned shares for investment purposes.

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained in this Agreement, and in order to consummate the above-mentioned sale
of equity, it is hereby agreed as follows:

		1.	SALE OF EQUITY. Subject to the terms and conditions hereinafter set forth, at the closing of the transaction contemplated hereby:

WK shall purchase the 5,000 shares of Series
Z Preferred Stock of Dr. Foods, Inc., a Nevada Corporation, from NXMH in exchange for approximately $147,624 USD (20,000,000 Japanese
Yen). Funds are to be payable to a bank account designated by Next Meats Holdings, Inc.

2. EFFECTIVE DATE. The
effective date of this Agreement shall be July 1, 2022.

3. REPRESENTATIONS
AND WARRANTIES OF WK. WK hereby warrants and represents:

(a) Organization and
Standing. WK is a corporation duly organized, validly existing, and in good standing under the Laws of Tokyo, Japan, and has full corporate
power and authority to engage in any lawful act or activity for which corporations may be organized under the Laws of Japan. WK has full
corporate power and authority to enter into this Agreement, to carry out its obligations hereunder, and to consummate the transactions
contemplated hereby.

(b) Authority.
WK has full power and authority to enter into this Agreement, to carry out their obligations hereunder, and to consummate the transactions
contemplated hereby. This Agreement has been duly executed and delivered by WK, and constitutes a legal, valid, and binding obligation
of WK enforceable against WK in accordance with its terms.

(c) Restrictions on
Stock. There are no existing warrants, options, stock purchase agreements, redemption agreements, restrictions of any nature, calls
or rights to subscribe of any character relating to the 5,000 Series Z Preferred Stock of Dr. Foods, Inc, nor are there any securities
convertible into such stock.

4. REPRESENTATIONS
AND WARRANTIES OF NXMH. NXMH hereby warrants and represents:

(a) Organization and
Standing. NXMH is a corporation duly organized, validly existing, and in good standing under the Laws of the State of Nevada and has
full corporate power and authority to engage in any lawful act or activity for which corporations may be organized under the General Corporation
Laws of Nevada. NXMH has full corporate power and authority to enter into this Agreement, to carry out its obligations hereunder, and
to consummate the transactions contemplated hereby.

(b) Authority.
NXMH has full power and authority to enter into this Agreement, to carry out their obligations hereunder, and to consummate the transactions
contemplated hereby. This Agreement has been duly executed and delivered by NXMH, and constitutes a legal, valid, and binding obligation
of NXMH, enforceable against NXMH in accordance with its terms.

(c) Restrictions on
Stock.

i. NXMH is not a party
to any agreement, written or oral, creating rights in respect to the 5,000 shares of Dr. Foods, Inc.’s Series Z Preferred Stock,
contemplated by this agreement, in any third person or relating to the voting of Dr. Foods, Inc.'s Stock.

ii. NXMH is the lawful
owner of 5,000 shares of Series Z Preferred Stock of Dr. Foods, Inc., a Nevada Corporation, free and clear of all security interests,
liens, encumbrances, equities and other charges.

iii. There are no existing
warrants, options, stock purchase agreements, redemption agreements, restrictions of any nature, calls or rights to subscribe of any character
relating to the 5,000 shares of Dr. Foods, Inc.’s Series Z Preferred Stock contemplated by this agreement.

5. REPRESENTATIONS
AND WARRANTIES OF NXMH AND WK. NXMH and WK hereby represent and warrant that there has been no act or omission by NXMH or WK
which would give rise to any valid claim against any of the parties hereto for a brokerage commission, finder's fee, or other like payment
in connection with the transactions contemplated hereby.

6. GENERAL PROVISIONS.

(a) Entire Agreement. This
Agreement (including the exhibits hereto and any written amendments hereof executed by the parties) constitutes the entire Agreement and
supersedes all prior agreements and understandings, oral and written, between the parties hereto with respect to the subject matter hereof.

(b) Sections and Other
Headings. The section and other headings contained in this Agreement are for reference purposes only and shall not affect the
meaning or interpretation of this Agreement.

(c) Governing Law. This
agreement and all transactions contemplated hereby, shall be governed by, construed, and enforced in accordance with the laws of Nevada.
The parties herein waive trial by jury and agree to submit to the personal jurisdiction and venue of a court of subject matter jurisdiction
located within Nevada. In the event that litigation results from or arises out of this Agreement or the performance thereof, the parties
agree to reimburse the prevailing party's reasonable attorney's fees, court costs, and all other expenses, whether or not taxable by the
court as costs, in addition to any other relief to which the prevailing party may be entitled.

7. REGULATION S. The
5,000 shares of Series Z Preferred Stock of DRFS, to be sold by NXMH to WK, are to be sold pursuant to Regulation S of the United States
Securities Act of 1933 (The “Act”). White Knight Co., Ltd. is deemed to be an accredited investor and is seeking to
purchase the shares of Series Z Preferred Stock for investment purposes.

8. AFFILIATIONS. Koichi
Ishizuka is the sole officer and Director of WK. He is also the Chief Executive Officer, Chief Financial Officer, and Director of NXMH.
Koichi Ishizuka also holds an equity position in NXMH. Koichi Ishizuka also serves as sole officer and Director of DRFS. He also holds
an equity position in DRFS and by virtue of the execution of this agreement, will become the controller shareholder of DRFS via his ownership
interest in WK.

IN WITNESS WHEREOF,
this Agreement has been executed by each of the individual parties hereto on the date first above written.

Signed, sealed and delivered in the presence
of:

Next Meats Holdings, Inc. (“NXMH”)

/s/ Koichi Ishizuka 

By: Koichi Ishizuka, its Chief Executive
Officer

White Knight Co., Ltd. ("WK")

/s/ Koichi Ishizuka

By: Koichi Ishizuka, its Chief Executive
Officer

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