Document:

Exhibit
10.1

 

JOINT VENTURE AGREEMENT

 

JOINT VENTURE AGREEMENT, dated as of
September 21, 2018 (this “Agreement’),
is by and between Nexalin Technology, Inc., a Nevada corporation (“Nexalin”),
and [Wider come Limited], a company formed under the laws of [Hong Kong] (‘Wider’’,and together with Nexalin, collectively, the “parties”
and each, a “party”).

 

 

RECITALS:

 

 

 

WHEREAS, the parties desire to establish
a 50/50 joint venture for the purposes of conducting
clinical trials of Nexalin’s proprietary medical devices and ultimately managing the commercialization and distribution of the Nexalin
products in the Territories (as defined below).

 

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement hereby agree as follows:

 

 

[Signature page to Joint
Venture Agreement]

     

     

    

 

ARTICLE 1

 

CERTAIN DEFINITIONS

 

Section 1.1. Certain Definitions:For
purposes of this Agreement, the following terms shall have the following meanings:

“A&D”
has the meaning set forth in Section 2.1.

 

 

“A&D”
means, Alzheimer’s disease, also
referred to simply as Alzheimer’s, is a chronic neurodegenerative
disease that usually starts slowly and worsens over time

 

“A&D
Distribution Agreement” means, collectively, one or more distribution agreements to be entered into between the JV and
other appointed distributors at such time that the distributor obtains all necessary Permits in any of the applicable Territories, pursuant
to which Nexalin will provide the Nexalin Products for the treatment of A&D to the JV for sale and distribution in any such applicable
Territories.

“A&D
Clinical Trials” means the clinical trials of Nexalin Products for the treatment of A&D in the Territory to be sponsored
by the JV. Now, the A&D clinical trials experimenting in China have been authorized by Nexalin and funded by Wider, and the final
results of the experiments will be the capital contribution of Wider to the JV.

 

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“AD&I”
has the meaning set forth in Section 2.1.

 

 

 

“AD&I”
means, Anxiety, Depression and Insomnia

 

 

“AD&I
Distribution Agreement” means, collectively, one or more distribution agreements to be entered into between the
JV and Nexalin at such time that the JV obtains all necessary Permits in any of the applicable Territories, pursuant to which
Nexalin will provide the Nexalin Products for the treatment of AD&I to the JV for sale and distribution in any such applicable
Territories.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified. Notwithstanding the foregoing, for purposes of this Agreement,
(a) any Person which owns directly or indirectly 15% or more of the Equity Interests having ordinary voting power for the election of
the board of directors or equivalent governing body of a Person or 10% or more of the partnership or other ownership interests of a Person
(other than as a limited partner of such Person) shall be deemed an Affiliate of such Person, and (b) each director (or comparable manager)
of a Person shall be deemed to be an Affiliate of such Person.

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“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”
and “Controlled’ have meanings correlative thereto.

“Distributions
Agreements” means, collectively, each A&D Distribution Agreement and each AD&I
Distribution Agreement.

 

 

“Equity
Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership, limited liability
company or other similar membership, or profit interests in) such Person.

 

“Formation Date”
means the effective date of the Shareholders’ Agreement.

 

 

“Governmental
Authority” means the government of any other nation, or of any political subdivision thereof, whether state or
local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

 

“JV”
has the meaning set forth in Section 2.1.

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“JV
Documents” means, collectively, this Agreement, the Organizational Documents of the JV, the Distribution Agreements, the
Services Agreements and any agreed executed and delivered by the JV and/or the Shareholders in connection with any of the foregoing or
this Agreement.

“Nexalin
Products” means Nexalin’s existing transcranial alternating current stimulation devises and related disposables for the
treatment of AD&I and/or A&D.

 

“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the
bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any
limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to
any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement
of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.

 

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“Permit’
means, collectively, all licenses, leases, powers, permits, franchises, certificates, authorizations, approvals and clearances
issued by a Governmental Authority.

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

“Restrictive
Period” means the last day of the calendar year in which the 2nd anniversary of the Formation Date occurs.

 

 

“Shareholders”
shall mean each of Nexalin and WIDER and/or any of their respective Affiliates designated by them to be the owner of record of the Equity
Interests of the JV.

 

 

“Shareholders’
Agreement” has the meaning set forth in Section 3.3.

 

 

“Territories”
means, collectively, (i) with respect to AD&I, China, Hong Kong, Taiwan and Macau and such other countries and territories
agreed by the parties at any time, and (ii) with respect to A&D, the world. The term “Territory”
means each geographical area or nation designated as a distinct territory in the applicable Distribution Agreement and,
in the context of Permits, the geographical area for which a Governmental Authority has jurisdiction over any such Permits.

 

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ARTICLE
2

JOINT VENTURE

 

Section 2.1. Scope.
Nexalin will provides a global exclusive technology license for A&D treatment in exchange for WIDER designing and funding a world-class
study in China that is approved by Nexalin. Such study shall take place at a major university and/or hospital in China and meet international
peer review standards. Nexalin will also provide the JV with a license for exclusive distribution of its technology for the treatment
AD&I in the Territory.

Section 2.2. Formation
of Joint Venture. Nexalin and WIDER shall form a Hong Kong company (the “JV”) the purpose of which will
be the marketing, sale and distribution of Nexalin’s proprietary medical devises for the treatment of (i)Anxiety, Depression and Insomnia
(“AD&I” and (ii) Alzheimer’s and Dementia (“A&D”
in the applicable Territories.Nexalin and WIDER will be the only Shareholders of the JV, with each party owning fifty percent (50%) of
the JV’s Equity Interests.

 

Section
2.3. Funding of the JV. No later than December 21, 2018, WIDER will establish
a capital plan for the JV (the “Initial Operating Budget’), which will set
out the JV’s anticipated capital needs for A&D Clinical Trials in China. After the completion of the

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A&D clinical trials, Nexalin
and WIDER will be responsible for contributing capital to the JV to fund operating budget. JV will establish an operating budget. After
the A&D study is completed, statistical analysis is completed and is in the form of acceptance for publication and regulatory approval,
then all future expenses will be paid by the shareholders of both parties in proportion to the shares of the JV. After the initial funding
for clinical trial for A&D in China by WIDER, WIDER and Nexalin will oversee third party fundraising efforts for JV operations as
necessary. All the parties will work together to support JV’s financing activities to the greatest extent possible.

A&D Clinical Trials
& Permits.

 

(a)         Authorized
by Nexalin, WIDER agrees to fund and execute the A&D Clinical Trials in China; it being understood and agreed that the JV will
be the clinical trial sponsor of record. JV shall be responsible for the prosecution of any and all necessary Permits for the
marketing, sale and distribution of Nexalin Products in the applicable Territories; provided, however, that Nexalin
shall reasonably cooperate with any and all such efforts including, without limitation, (i) the granting the JV a license to exploit
the Nexalin Products in connection with the prosecution of any Permits, (ii) timely responding to document and/or information
requests which would include documents from internal document control system.

 

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(b)         The protocol of the A&D Clinical Trials must be approved by Nexalin and WIDER, the final result should be related to the global
business promotion of Nexalin products. The amount of patients enrolled must consider the drop off rate that will ensue given nature
of the patient pool. The amount of sessions and timing of those sessions must be strictly adhered to in order to maximize success for
the enrolled group. Time of completion of the study, statistical analysis and submission for publication will be the responsibility of
WIDER. Financial and management of the study in China by WIDER are principal inducements for Nexalin entering the JV. A double or triple
blind study that includes EEG and PET-MRI will be preferred.

 

 

(c)         Based
on any invention patents obtained by A&D clinical trials, the JV has the right to register, authorize, produce, sell the intellectual
property worldwide that pertains to products established by JV and covered in this contract.

 

 

(d)         Nexalin will have a cost-free
license from JV to utilize patents created and owned by JV for the products and treatment indications not covered in this contract.

 

 

 

ARTICLE 3

OTHER AGREEMENTS

Section 3.1.
Distribution Agreements.

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(a)         Under each Distribution Agreement, Nexalin will grant the JV a license to exploit the Nexalin Products solely in connection with
the marketing, sale and distribution of the Nexalin Products in the applicable Territories. Nexalin further agrees that it will charge
the JV US$5200.00 per unit FOB factory for existing Nexalin’s products (to be adjusted annually with CPl).Electrodes will be charged at
cost plus 20% per unit.

 

 

(b)         Each
AD&I Distribution Agreement will provide that the JV would be the sole and exclusive distributor of Nexalin Products for AD&I
in the applicable Territory covered thereby; provided, however, that if the
JV fails to meet certain minimum sales thresholds in any applicable Territory following the eighteen (18) month anniversary when obtaining
Registration License of Nexalin Products from CFDA, the JV would no longer retain such exclusivity in respect of such Territory and Nexalin
(through the JV) would be permitted to develop and exploit new distributions partnerships (on an exclusive or non-exclusive basis) with
third parties in any such Territory; it being understood and agreed that the AD&I Distribution Agreement will not have any minimum
sales thresholds during the first eighteen months of the term thereof.

 

 

Section 3.2. Service Agreements.
The Board, as part of the development of the initial Annual Plan (defined below), will determine the personnel other resources required

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by the JV including, but limited to, distributor services,
clinical trial services, finance services (accounting, cash collections etc.) and IT services. Such resources may be provided to the
JV by the Shareholders under the one or more services agreements to be entered into by the JV and such Shareholder (“Services
Agreements”) or acquired directly by the JV, with cost implications as follows:

 

(a)         Costs
for resources directly engaged by the JV will be borne directly by the JV;

 

 

 

(b)         Costs for discrete resources seconded from a Shareholder to the JV (e.g., an Nexalin brand manager seconded to the JV) will be recharged
from the Shareholder to the JV under the Services Agreement with such Shareholder; and

 

(c)         Costs
of the Shareholders managing their interest in the JV (e.g., attending board meetings) will be borne by the Shareholders and not recharged.

 

Section 3.3. Organizational
Documents. No later than December 21, 2018, the parties shall cause all necessary Organizational Documents to be executed and
delivered by the Shareholders including, without limitation, a shareholders’ or similar agreement (the “Shareholders’
Agreement”) setting forth various matters relating to the operation and governance of the JV, in all cases,
consistent with terms set forth in this Agreement.

 

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Section 3.4. Restrictive Covenants.

 

(a)         Except as otherwise provided in this Agreement or any of the other JV Documents, Nexalin may not
sell the Nexalin Products in the Territory other than through the JV and JV may not sell the Nexalin Products outside of the Territory.

 

(b)         WIDER, either directly or indirectly through any WIDER Affiliate, may not distribute, market or
sell any other line of neurostimulators for the treatment of AD&I and/or A&D.

 

 

Section 3.5.
A&D Device. Nexalin shall have the first right to design, produce and manufacture the device for the treatment of A&D
(the “A&D Device”); provided, however, that if Nexalin chooses
not to exercise any such rights, it shall assign such rights to the JV. Notwithstanding the foregoing, if any new patented inventions
for the treatment of A&D are developed in connection with any A&D Device, the JV shall be the record owner of any such invention
described in such patent.

 

 

 

ARTICLE 4

GOVERNANCE

 

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Section 4.1.
Board of Directors.

 

(a)         The JV will be managed by a Board of Directors (the “Board”) consisting
of five (5) members. Each of Nexalin and WIDER will have the right to nominate and appoint two (2) representatives to the Board and the
fifth director shall be mutually agreed upon by the Shareholders.

 

(b)         The
Board will meet in person or via video conference at least four (4) times per year; provided that the Board may meet less frequently
until such time that the A&D Clinical Trials have been completed and the JV obtains all necessary Permits for the marketing, sale
and distribution of Nexalin Products in one or more Territories. A quorum for Board meetings will require a majority of the directors
then in office, which must include at least one (1) representative of Nexalin and WIDER. Unless otherwise provided herein, the affirmative
vote of a majority of the Board (i.e., three (3) of the five (5) directors) will be required
for all decisions, subject to Reserved Matters described below. The Board may also act by written consent, approved by a majority of
the directors.

 

(c)         The Board will be responsible
for setting and monitoring achievement of the strategic objectives of the JV and,at such time that the JV obtains all necessary Permits
for the marketing, sale and distribution of Nexalin Products in any of the Territories, will delegate implementation of those objectives
to a general manager.

 

 

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Section 4.2.
General Manager. At such time that the JV obtains all necessary Permits for the marketing, sale and distribution of Nexalin Products
in any of the Territories, the Board will appoint a general manager of the JV who will have responsibility for the operations of the JV,
selection of the JV’s management team, execution of the strategic/business plan and who will have authority for all matters which are
not specifically reserved for the Board.

Section 4.3.
Reserved Matters - Nexalin and WIDER Approval. Certain matters (“Reserved Matters”) will
require the approval of Nexalin and WIDER in their respective capacities as Shareholders of the JV. Reserved Matters will include the
following:

 (a)         A&D Clinical Trial protocols.

 

 

(b)         any merger, consolidation, conversion or reorganization of the JV or adoption of any plan or agreement
to do any of the foregoing;

 

 (c)         any voluntary filing for bankruptcy or receivership;

 

 (d)         the creation of any subsidiary of the JV;

 

(e)         any sale, lease, transfer, pledge or other disposition of all or substantially all of the properties
or assets of the JV, other than sales, leases, transfers, pledges or other dispositions of assets in the ordinary course of business;

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(f)         any sale, lease, transfer or license relating to any intellectual property licensed from Nexalin,
except in the ordinary course of business and as contemplated under this Agreement;

 

(g)         the lending of money by the
JV to, or the guarantee by the JV of any obligation of, any Person or the granting of any lien upon the JV’s assets;

 

 

 

(h)         any material amendment to
the Shareholders’ Agreement of the JV or any Distribution Agreement with Nexalin to the extent such amendment negatively and disproportionately
affects any party’s economic interests or governance rights,

 

(i)         any
transaction with any Affiliate of WIDER or Nexalin that is on terms less favorable than an arm’s length transaction; 

(j)         any
investment in any joint venture or similar arrangement with, or equity issued by, a third party; 

 

(k)         any issuance of equity securities (or securities convertible into or exchangeable for equity securities);
and

 

(l)         such other matters as may be mutually agreed upon by the Shareholders in the Shareholders’ Agreement.

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Section 4.4. Annual Planning.
Following the completion of the A&D Clinical Trials and/or successful prosecution of necessary Permits for the marketing, sale and
distribution of Nexalin Products in the applicable Territories, the JV shall prepare, in consultation with the shareholders, an annual
plan(an “Annual Plan”) for marketing and distribution of the Nexalin Products
in any such Territory.

 

 

ARTICLE 5

DISTRIBUTIONS

 

 

Section 5.1. Distribution
of Cash from Operations. The Board will have the authority to determine the timing and amount of any distributions of cash from operations
to be made to the Shareholders. Subject to there being available cash and reasonable required reserves, available cash from operations
will be distributed to the Shareholders on a [quarterly] basis and in accordance with their respective ownership percentages.

Section 5.2. Distributions
upon Termination and Liquidation. Upon any termination of the JV as described in the Section 7.1 below, the Board will first
distribute all intangible assets to the Shareholders who initially contributed such assets and thereafter liquidate the tangible
assets of the JV and apply and distribute the proceeds of such liquidation as follows:

(a)         First, to the payment of the debts and liabilities of the JV, including debts owed to any Shareholder;

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(b)         Second, to the setting up of such reserves as the Board may deem reasonably necessary for any contingent or unforeseen liabilities
or obligations of the JV; and

(c)         Thereafter, to the Shareholders in accordance with their respective ownership percentages.

 

 

ARTICLE 6

 

TRANSFERABILITY

 

Section 6.1. General Restriction
on Transferability. No Shareholder will be allowed to transfer its ownership interest in the JV without the prior written consent
of the other Shareholder; provided, that no such consent will be required for (x) any transfers
to any affiliate of any Shareholder (a “Permitted Transfer”) or (y) as part
of any divestiture required by any court or other regulatory authority (a “Required Divestiture”)
Notwithstanding anything herein to the contrary, in no event would Nexalin, WIDER or the JV be obligated to partner with
a proposed transferee who is wholly or partially owned, directly or indirectly, by a competitor of Nexalin or who does not pass Nexalin’s
background and anti-bribery and foreign corrupt practices act checks.

 

 

Section 6.2. Sale by a Shareholder
of Equity Interests in the JV.

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(a)         In
the event of a proposed sale of its Equity Interests in the JV by either Shareholder (the “Selling
Shareholder”) as part of a Required Divestiture (which shall not include any
Permitted Transfer), the Selling Shareholder must offer to sell its Equity lnterests in the JV (an “Offer
to Sell”) the other Shareholder (the “Remaining
Shareholder”) for a price equal to the fair market value of such interest (“FMV”), as
determined by a mutually approved third-party appraiser or valuation firm.

 

(b)         If WIDER is the Remaining Shareholder, then Nexalin must continue to provide the Nexalin Products
under the Distributions Agreements for up to 7 years.

(c)         If Nexalin is the Remaining Shareholder, then WIDER must continue to provide the services under
the Services Agreement for up to 7 years (excluding clinical trials).

 

(d)         Any third party purchaser of the Selling Shareholder’s interest will be bound by all of the terms
of the Shareholders’ Agreement in lieu of such Selling Shareholder.

 

ARTICLE 7

TERMINATION; EVENTS OF DEFAULT

 

 

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Section 7.1. Termination of JV. The JV may be terminated
as follows:

 

(a)         after
the Restrictive Period by Nexalin [if certain performance metrics are not met]; provided that any termination pursuant to this section
will only be effective upon no less than 2 years with advance written notice to WIDER;

 

(b)         by the mutual written agreement
of the Shareholders;

 

 

 

 (c)         by WIDER upon one year’s advance notice to Nexalin; or

 

 

 

(d)         upon the entry of a decree
of judicial dissolution or as otherwise required under applicable law.

 

 

 

		a)	Extension Periods. If neither Shareholder timely provides a
termination notice, the JV shall automatically renew for an additional 2 years period beginning at the end of the Restrictive Period (the
“Extension Period”) Extension Periods
shall continue every five (5) years until one Shareholder provides a termination notice.

		b)	Events of Default. The following events (and such other events
as may be mutually agreed upon by the Shareholders under any other JV Documents) will constitute an “Event
of Default”:

		( a ) 	a breach by a Shareholder of any material provision of the Shareholders’ Agreement, any Distributions
Agreement or any

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Services Agreement;

 

 

 

		( b )	any act or omission by a Shareholder that constitutes fraud, willful misconduct
or gross negligence related to the operation of the JV or the willful misapplication or misappropriation of the JV’s funds;

		(c)	the bankruptcy of a Shareholder;

		( d )	a Shareholder becoming convicted of a criminal indictment which has had or would reasonably be expected
to have, directly or indirectly, a material adverse effect on the business, condition or results of operations of such Shareholder.

 

 

Section 7.4 Rights upon Event
of Default. Upon the occurrence of an Event of Default with respect to a Shareholder (a “Defaulting Shareholder”),
the other Shareholder (the “Non-Defaulting Shareholder”) will have the right
to purchase or require that the JV purchase the ownership interest of the Defaulting Shareholder at a [to be determined] discount to
FMV.

 

 

ARTICLE 8

CONFIDENTIAL INFORMATION

 

Section 8.1 Definition. By
virtue of this Agreement and the other JV Documents, each party may have access to information that is confidential to the other party
or to the

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JV (“Confidential
Information”). Confidential Information shall include the intellectual property of a party and its technical information,
client lists, business plans, organization policies, software, in both source code and object code forms, concepts, design architectures,
specifications, processes, techniques, algorithms, know-how, source materials, training materials, maintenance information and materials,
and other information that is labeled or otherwise designated as confidential or that by its nature would reasonably be expected to be
kept confidential.

 

Section 8.2 Nondisclosure.
The parties agree, both during the term of the JV and thereafter, to hold each other’s (and the JV’s) Confidential Information in strict
confidence. The parties agree not to make each other’s Confidential Information available in any form to any third party or to use each
other’s Confidential Information for any purpose other than the implementation of this Agreement and/or in connection with such party’s
performance of its obligations and/or enjoyment of its rights under this Agreement. Each party agrees to use the same degree of care
that it uses to protect its own confidential information of a similar nature and value, but in no event less than a reasonable standard
of care, to ensure that Confidential Information is not disclosed or distributed by its employees or agents in violation of the provisions
of this Agreement. The parties represent that each has, with each of its employees who may have access to any Confidential Information,
an appropriate agreement sufficient to enable it to comply with all of the terms of this Section.

 

 

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ARTICLE 9

MISCELLANEOUS PROVISIONS

 

Section 9.1 Amendments.
The Agreement may only be amended or waived by an instrument in writing signed by the party to be charged.

 

Section 9.2
Governing Law. This Agreement, The Distribution Agreements and all other Organizational Documents of the JV shall be governed by,
and construed in accordance with, the internal laws of Hong Kong without regard to conflicts of laws principles. Disputes among the parties
with respect to the JV will be subject to the exclusive jurisdiction of Hong Kong courts.

 

Section 9.3 Statement. All
the Parties hereby declare that no one shall violate any prohibitive provisions of local law in different regions where this Agreement
is performed. If the provisions of this Agreement conflict with the laws of that region, the Parties shall promptly amend or repeal the
provisions in conflict.

 

Section 9.4 Notices.
All written communications hereunder shall in writing and shall be mailed, emailed or delivered to the respective addresses
specified on the signature pages hereto, or as to each party, to such other address as shall be designated by such party in a
written notice to the other party. Written communications shall be effective upon receipt unless such communication is mailed in
which case it shall be effective three Business Days after deposit in first class mail.

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Section 9.5
Costs and Expenses. All costs and expenses (including legal expenses) incurred by either party in connection with the formation
of the JV and/or the negotiation of this Agreement or any of the other JV Documents will be borne by such party.

 

Section 9.6
Rights of Access. Each Shareholder will have the right to reasonably inspect the books and records of the JV.

 

Section 9.7
JV Documents. All JV Documents shall
be drafted in both English and Chinese. The controlling language of this document is English.

 

Section 9.8 Severability of Provisions.
If one or more of the provisions of this Agreement shall be for any reason whatever held invalid, such provisions shall be deemed severable
from the remaining covenants and provisions of this Agreement, and shall in no way affect the validity or enforceability of such remaining
provisions, the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law which renders
any provision of this Agreement prohibited or unenforceable in any respect.

 

Section 9.9
Binding Effect. All provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and
assigns of the parties hereto.

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Section 9.10
Assignment. Neither this Agreement nor any of the rights, interest or obligations hereunder may be assigned by any party
hereto without the prior written consent of the other party, which shall not be unreasonably withheld or delayed. Notwithstanding the
foregoing, (i) WIDER may assign this Agreement in whole to an Affiliate of WIDER or to a successor of WIDER in the event of a sale of
its business, a merger, an acquisition or another change in control of WIDER, provided that WIDER shall not assign this Agreement without
the prior written consent of Nexalin to any entity that, in Nexalin’s reasonable judgment, is not financially or otherwise capable of
performing WIDER’ obligations hereunder. and (ii) Based on reciprocity principle , after obtain the written consent of WIDER, Nexalin
may assign this Agreement in whole to an Affiliate of Nexalin or to a successor of Nexalin in the event of a sale of its business, a
merger, an acquisition or another change in control of Nexalin. This Agreement shall bind and inure to the benefit of the parties and
their respective successors and permitted assigns.

 

Section 9.11
Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. Each of the parties hereto respectively
agrees that faxed or electronically transmitted copies of the signature pages of this Agreement, whether sent to any other party hereto
or to such other party’s respective counsel, shall be deemed definitively executed and delivered, and with the same force and effect as
if manually signed and delivered, and for all

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purposes whatsoever.

 

 

[signature page follows]

 

 

IN WITNESS
WHEREOF, Nexalin and WIDER have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of
the date and year first above written.

 

 

WIDER COM LIMITED

 

 

	By:	 	
	Name:	 	 
	Title:	 	 

Address for Notices:

 

WIDER COM LIMITED

FLAT/RM E BLK 1 8/F KWUM TONG
INDUSTRIAL

CENTRE 472-484 KWUN TONG ROAD

KWUN TONG

Attn:ZHU YUN President
and CEO

Tel: +86 17710536623

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Email: patrick-777@vip.163.com

 

 

 

NEXALIN
TECHNOLOGY, INC.

 

 

	By:	 	
	Name:	 	 
	Title:	 	 

Address for Notices:

 

Nexalin Technology, Inc.

1776 Yorktown, Suite 550

Houston, TX 77056

Attn: Mark White, President
and CEO

Email: Mark@nexalin-usa.com

Tel.:
(281) 830-890 Y6

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Supplementary agreement for the
JOINT VENTURE AGREEMENT

 

 

 

In view of the joint venture agreement
between NEXALIN and WIDER on 2018-9-21, the two parties agreed to supplement the contents of the original agreement :

 

Article 1 certain definitions

 

 

 

		1.1	Pain is an unpleasant feeling and emotional experience
caused by tissue damage or potential damage
	 		 
	 	

 

		1.2	“PM” has the meaning of pain management.
	 	 	 
	 	 

 

1.3
“PM Distribution Agreement” means, collectively,
one or more distribution agreements to be entered into between the JV and other appointed distributors at such time that the distributor
obtains all necessary Permits in any of the applicable Territories.

1.4
“PM Clinical Trials” means the clinical trials
of Nexalin Products for the treatment of PM in the Territory to be sponsored by the JV.

     

     

    

 

Article 2 joint venture

 

 

2.1 Within days of JV signing this
agreement and JV has already opened a Bank A/C, Wider is to inject a capital of US$600,000.00 into the JV by depositing into the JV Bank
A/C. The funding is for the PM clinical trials in China. The protocol of the clinical trials must be approved by Nexalin and the JV. Such
study should take place at a major university and/or hospital in China and meet international peer review standards. The funding is also
to be used for the application to the NMPA for license to market, sales and distribution of the PM products in the territory.

 

2.2 
In consideration of this funding, Nexalin will grant the JV the exclusive distribution rights for
the PM products in the territory.

 

 

2.3  
Nexalin will support the JV in the registration of the PM products to NMPA with timely response
on information, permits and documents as requested.

 

 

2.4 
Nexalin will grant Wider a global exclusive technology license(except in the USA) to manufacture
the PM products and sell exclusively to Nexalin and the JV. Wider has no rights at any time under any circumstances to sell the PM products
for the treatment of PM to anyone else except Nexalin and JV for the sale and distribution in any such applicable territories. Wider is
to add 10% above factory cost before selling to Nexalin and JV. All purchase orders from Nexalin and JV of the PM products should be issued
to

     

     

    

 

Wider for
processing. Nexalin will also have to manufacture PM device in USA manufacturer that is registered with FDA to sustain all necessary regulatory
and compliance standards in USA.

  

 

2.5 
Nexalin will provide Wider with all necessary information for the manufacturing of the PM products,
including but not limited to the Engineering design, specifications, drawings, 8.0.M, testing protocols, documents and final manufacturing
sample.

 

2.6  
Any new patented inventions for the treatment of PM that are developed in connection with any PM
clinical trials in China, the JV shall be the record owner of any such inventions described in such patent. Based on any invention patents
obtained by PM clinical trials, the JV has the right to register, authorize, produce, sell the intellectual property worldwide that pertains
to products established by JV and covered in this contract.

 

2.7 
Except as otherwise provided in this Agreement or any of the other JV Documents, Nexalin may not
sell the PM Products in any Territory other than through the JV. It is understood that Nexalin has sold the Nexalin device in the USA
and under the CE Mark in Europe for pain. Nexalin may continue to sell the Nexalin device in these territories

     

     

    

directly from Nexalin Technology.

 

 

2.8 
Within 30 days after Wider injected a capital of US$600,000.00 into the JV bank account,
Nexalin is to issue 5% of its company non diluted Common Stock to Wider’s shareholders as specified by Wider.

  

 

Article 3 MISCELLANEOUS
PROVISIONS

 

 

3.1
After the entry into force of this agreement, it becomes an integral part of the original contract and
has the same legal effect as the original contract.

 

 

3.2
Counterpart Execution. This Agreement may be executed in multiple counterparts and by facsimile and/or
by e-mail, and all executed counterparts together shall constitute the original instrument.

 

 

 

IN WITNESS
WHEREOF, the Parties have executed this Agreement on the date(s) as set forth below:

 

     

     

    

 

	NEXALIN	 	 	WIDER	 
	 	 	 	 	 
	 

       

       

      Signed:
	 	Signed:	 
	 	 	 	 	 
	Print name:	 	 	Print name:	 
	 	 	 	 	 
	Print
title:	 	 	Print
title:	 
	 	 	 	 	 
	Date
(m/d/y):	 	 	Date
(m/d/y):Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT (this “Agreement”)
dated as of February 15, 2021 between

MARK WHITE (the “Executive”) and NEXALIN
TECHNOLOGY INC. (the “Company”).

 

WHEREAS, the Company would like to employ the Executive
as its Chief Executive Officer;

and

 

WHEREAS, the Company and the
Executive desire to provide for the terms and conditions of the future employment of the Executive by the Company.

 

NOW, THEREFORE, in consideration
of the premises and covenants herein contained, the parties hereto agree as follows:

 

1.                  
Employment Term. Subject to the terms and conditions hereof, the Company employs the Executive and the Executive accepts such
employment for the three (3) year period commencing on February 15, 2021 and ending on February 14, 2024 (the “Employment Term”),
unless the Employment Term is extended or terminated as provided in Sections 2 and 7, respectively.

 

 

2.                  
Renewal. The Employment Term shall be extended for successive one-year periods unless prior to January 1 of any year, either
party notifies the other that he or it chooses not to extend the Employment Term. By way of example, if neither party makes an election
prior to January 1, 2024 then the Employment Term shall automatically be extended by one additional year to February 14, 2025.

 

3.                  Duties and Responsibilities. During the Employment Term, the Executive shall serve as the Chief Executive Officer of the Company
and as the holder of such other senior executive positions consistent therewith as the Board may determine. He shall report to, and be
subject to, the direction of the Company’s Board of Directors with such duties and responsibilities as are commensurate with his
title and position. The Executive shall work on a full-time basis and shall devote his time, energy and attention to the business of the
Company; it being understood that Executive’s employment hereunder shall not preclude his working on other non-competitive business
matters that do not interfere with his duties hereunder.

 

4.                     
Compensation.

 

(a)                  
Basic Compensation. In payment for services to be rendered by the Executive hereunder, the Executive shall be entitled to
annual Basic Compensation in cash, less any withholding required by law; of $200,000 per annum, payable monthly or on such more frequent
schedule as the Company may elect.

 

(b)                  
Bonus. The Executive shall be entitled to an aggregate bonus of $200,000 each year during his employment on achieving targets
set for each year by the Compensation Committee of the Board of Directors of the Company. The aggregate bonus earned by Executive in
any year will be payable (i) one- half (1/2) in cash (payable as soon as practicable following the determination of the bonus amount)
and (ii) one-half (1/2) by an allotment of Shares (the “Bonus Shares”) issuable within 15 days after the expiration of the
Employment Term, or any extension thereof. The Bonus Shares for each year shall be such number of Shares which, when valued as set forth
below, shall equal one-half (1/2) of the aggregate bonus amount.

 

     

     

    

The Executive acknowledges that the Bonus Shares issuable
under this Section 4(b) will be taken by him for investment and not for distribution thereof and will not be sold or otherwise disposed
of in violation of the Securities Act of 1933 as amended and the rules and regulations promulgated thereunder (the “Securities
Act”) and shall contain restrictions as are customary in grants of this kind and taxable to the Executive in accordance with
applicable federal and state tax laws.

 

The value of such Bonus Shares shall
be determined as follows: (i) if the Company is publicly traded, the average daily trading price of the Company’s shares over the
prior 30 days, or (ii) if the Company is not publicly traded, a per share value based upon the most recent value of the shares in private
sales transactions over the prior ninety (90) days.

 

(c)                  
Options. If in any year the Executive receives an allotment of Bonus Shares under Section 4(b) above, he shall also be entitled
to receive options to purchase 20% of the number of Bonus Shares included in the allotment. The options shall be issued at the same time
that the Bonus Shares are allotted and shall be exercisable at a per share purchase price equal to 100% of fair market value on the date
of grant or 110% of fair market value if the Executive is the owner of 10% or more of the Company’s outstanding shares. Such options
shall have a five (5) year duration and shall vest and become exercisable to the extent of one-third (1/3) of the options granted at the
expiration of each of the first three (3) years from the date of grant. The vested options shall be exercisable only while Executive is
employed by the Company or within thirty (30) days after any termination of employment. The options shall not contain anti-dilution protections.

 

 (d)                  
Additional Bonus. [TBD]

 

(e)                   Stock
Issuance. Promptly following the execution and delivery of this Agreement by both parties, the Company shall issue to the
Executive shares of common stock of the Company equal to _________________ shares (i.e., representing two (2%) percent of the issued
and outstanding shares of common stock of the Company as of the date hereof). The newly issued shares shall have a fair market value
per share equal to $0.01. The Executive acknowledges that the shares issuable under this Section 4(e) will be taken by him for
investment and not for distribution thereof and will not be sold or otherwise disposed of in violation of the Securities Act.

 

(f)                   
Specified Employee. If the Executive is a “specified employee” of the Company within the meaning of Section
409A(a)(2)(B)(i) of the Internal Revenue Code (the “Code”) (or any successor provision), no payment under this Section 4 in
connection with the Executive’s termination of employment (other than a payment of salary through the date of such termination,
and payments on account of termination of employment by reason of death) shall be made until the date which is six (6) months after the
date of the termination of the employment of the Executive (or, if earlier, the date of death of the Executive); provided further, if
the Company determines based upon written advice of counsel that any such payment if made during the calendar year that includes the termination
date would not be deductible in whole or in part by reason of Code § 162(m), such payment shall be made on January 2 of the following
calendar year (or such later date as may be required under the preceding proviso if the Executive is a “specified employee”).

 

5.                  
Expenses. During the Employment Term, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by him (in accordance with the policies and procedures established from time to time by the Board of Directors of the Company)
in performing services hereunder, provided that such expenses are incurred and accounted for in accordance with the policies and procedures
established by the Company.

 

 6.                  
Other Benefits. The Executive shall be entitled to the following additional benefits:

    2 

     

    

(a)                  
 four (4) weeks of paid vacation during each year of the term; it being understood and agreed that Executive shall be entitled
to take such additional paid vacation time as does not interfere with the performance of his duties hereunder and as are not reasonably
objected to by the Company’s Board of Directors.

 

(b)                  
Paid holidays in accordance with the Company’s usual holiday schedule plus eight additional paid holiday, or personal days,
to be taken at such time as the Executive determines; it being understood and agreed that Executive shall be entitled to take such additional
paid holidays or paid personal days as do not interfere with the performance of his duties hereunder and as are not reasonably objected
to by the Company’s Board of Directors.

 

(c)                  
Such major medical, health and dental coverage benefits and long-term disability group plan coverage generally available to the
Company's officers. To the extent the Executive qualifies, the Executive may participate in, or benefit under, any employee benefit plan,
arrangement or perquisite made available by the Company to its key executives. Family medical, health and dental coverage benefits and
long-term disability group plan coverage may be obtained for the Executive’s family at his sole cost and expense.

 

(d)                  
The Company shall reimburse the Executive for such ordinary and necessary business- related expenses as shall be incurred by the
Executive in the course of the performance of his duties under this Agreement.

 

(e)                  
A monthly car allowance in the amount of the monthly rental cost of a luxury sedan or its equivalent plus expenses for business
use.

 

7.                  
Termination. The Executive's employment hereunder may be terminated under the following circumstances:

 

(a)                  
The Company shall have the right to terminate the employment of the Executive under this Agreement for disability in the event
the Executive suffers an injury, or physical or mental illness or incapacity of such character as to substantially disable him from performing
his duties hereunder for a period of more than one hundred eighty (180) consecutive days upon the Company giving at last thirty (30)
days written notice of termination; provided, however, that if the Executive is eligible to receive disability payments pursuant to a
disability insurance policy or policies paid for by the Company, the Executive shall assign such benefits to the Company for all periods
as to which he is receiving payment under this Agreement.

 

(b)                  
This Agreement shall terminate upon the death of Executive.

 

(c)                  
The Company may terminate this Agreement at any time for “Cause” because of (i) his being convicted of criminal charges
or violating such rules and regulations of the Securities and Exchange Commission as may result in criminal action or material fines against
the Company; (ii) Executive’s material breach of any term of this Agreement; or (iii) the willful engaging by the Executive in misconduct
which is materially injurious to the Company, monetarily or otherwise; provided, in the case or (ii) or (iii), however, that the Company
shall not terminate this Agreement pursuant to this Section 7(c) unless the Company shall first have delivered to the Executive a notice
which specifically identifies such breach or misconduct, specifies reasonable corrective action and the Executive shall not have cured
the breach or corrected the misconduct within fifteen (15) days after receipt of such notice.

 

		(d)	The Executive may terminate his employment for “Good Reason” on five days
written notice if:

    3 

     

    

		(i)	he is assigned, without his express written consent, any duties inconsistent with
his positions, duties, responsibilities, authority and status with the Company as of the date hereof, or a change in his reporting responsibilities
or titles as in effect as of the date hereof, except in connection with the termination of his employment by him without Good Reason;

 

		(ii)	his compensation is reduced; or

 

		(iii)	any purchaser or purchasers of substantially all of the business or assets of the
Company do not agree, at or prior to the closing of any such transaction, by agreement in form and substance satisfactory to the Executive
to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no sale was consummated.

 

(d)                  
Upon termination
of Executive’s employment by Executive or by the Company, for any reason or for no reason, Executive shall deliver promptly to the
Company all records, manuals, books, blank forms, documents, letters, memoranda, notes, notebooks, reports, data, tables, and calculations,
and copies thereof, in whatever medium, which are the property of the Company or its affiliates or which relate in any relevant, meaningful
way to the business, products, practices, techniques, customers, suppliers, functions or operations of the Company or its affiliates,
and all other property and Confidential Information of the Company or its affiliates, including, but not limited to, all documents which
in whole or in part contain any Confidential Information of the Company or its affiliates, which in any of these cases are in his possession
or under his control.

 

8.                       
Nondisclosure; Noncompetition.

 

(a)                   
The Executive agrees not to use or disclose, either while in the Company's employ or at any time thereafter, except with the prior
written consent of the Board of Directors, any trade secrets, proprietary information, or other information that the Company considers
confidential relating to processes, suppliers (including but not limited to a list or lists of suppliers), customers (including but not
limited to a list or lists of customers), compositions, improvements, inventions, operations, processing, marketing, distributing, selling,
cost and pricing data, or master files utilized by the Company, not presently generally known to the public, and which is, obtained or
acquired by the Executive while in the employ of the Company.

 

(b)                   
During his employment and for a period of two years thereafter, the Executive shall not, directly or indirectly; (i) in any manner,
engage in any business which competes with any business conducted by the Company (including any subsidiary) and will not directly or indirectly
own, manage, operate, join, control or participate in the ownership, management, operation or control of, or be employed by or connected
in any manner with any corporation, firm or business that is so engaged (provided, however, that nothing herein shall prohibit the Executive
from owning not more than three percent (3%) of the outstanding stock of any publicly held corporation), (ii) persuade or attempt to persuade
any employee of the Company to leave the employ of the Company or to become employed by any other entity, or (iii) persuade or attempt
to persuade any current client or former client with leaving, or to reduce the amount of business it does or intends or anticipates doing
with the Company.

 

(c)                   
During his employment with the Company, and for two years thereafter, the Executive shall not take any action which might divert
from the Company any opportunity learned about by him during his employment with the Company (including without limitation during the
Employment Term) which would be within the scope of any of the businesses then engaged in or planned to be engaged in by the Company.

    4 

     

    

(d)                   
 In the event that this Agreement shall be terminated, then notwithstanding such termination, the obligations of the Executive
pursuant to this Section 8 of this Agreement shall survive such termination.

 

9.                       
Inventions.

 

(a)                   
The Executive acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments,
software, know-how, processes, techniques, methods, works of authorship and other work product, whether patentable or unpatentable, (A)
that are reduced to practice, created, invented, designed, developed, contributed to, or improved with the use of any Company resources
and/or within the scope of the Executive’s work with the Company or that relate to the business, operations or actual or demonstrably
anticipated research or development of the Company, and that are made or conceived by the Executive, solely or jointly with others, during
his employment with Company, or (B) suggested by any work that the Executive performs in connection with the Company, either while performing
the Executive’s duties with the Company or on the Executive’s own time, but only insofar as the Inventions are related to
the Executive’s work as an employee or other service provider to the Company, shall belong exclusively to the Company (or its designee),
whether or not patent or other applications for intellectual property protection are filed thereon (the “Inventions”). The
Executive will keep full and complete written records (the “Records”), in the manner prescribed by the Company, of all Inventions,
and will promptly disclose all Inventions completely and in writing to the Company. The Records shall be the sole and exclusive property
of the Company, and the Executive will surrender them upon the termination of his employment or upon the Company’s request. The
Executive irrevocably conveys, transfers and assigns to the Company the Inventions and all patents or other intellectual property rights
that may issue thereon in any and all countries, whether during or subsequent to his term of employment, together with the right to file,
in the Executive’s name or in the name of the Company (or its designee), applications for patents and equivalent rights (the “Applications”).
The Executive will, at any time during and subsequent to his term of employment, make such applications, sign such papers, take all rightful
oaths, and perform all other acts as may be requested from time to time by the Company to perfect, record, enforce, protect, patent or
register the Company’s rights in the Inventions, all without additional compensation to the Executive from the Company. The Executive
will also execute assignments to the Company (or its designee) of the Applications, and give the Company and its attorneys all reasonable
assistance (including the giving of testimony) to obtain the Inventions for the Company’s benefit, all without additional compensation
to the Executive from the Company, but entirely at the Company’s expense.

 

(b)                    
In addition, the Inventions will be deemed Work for Hire, as such term is defined under the copyright laws of the United States,
on behalf of the Company and the Executive agrees that the Company will be the sole owner of the Inventions, and all underlying rights
therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations to the
Executive. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, or the rights in such Inventions do not otherwise
automatically vest in the Company, the Executive hereby irrevocably conveys, transfers and assigns to the Company, all rights, in all
media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation,
all of the Executive’s right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions,
including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted
right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all
rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or
unknown, prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition,
the Executive hereby waives any so-called “moral rights” with respect to the Inventions. To the extent that the Executive
has any rights in the results and proceeds of the Executive’s service to the Company that cannot be assigned in the manner described
herein, the Executive

    5 

     

    

agrees to unconditionally waive
the enforcement of such rights. The Executive hereby waives any and all currently existing and future monetary rights in and to the Inventions
and all patents and other registrations for intellectual property that may issue thereon, including, without limitation, any rights that
would otherwise accrue to the Executive’s benefit by virtue of the Executive being an employee of or other service provider to the
Company.

 

 

10.                   
Successors;
Binding Agreement.

 

(a)                    
The Company shall require any purchaser or purchasers of the Company or any purchaser or purchasers of substantially all of the
business or assets of the Company, by agreement in form and substance satisfactory to the Executive, to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform it if no such purchase had taken place.
As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business or assets
which executes and delivers the agreement provided for in this Section 9(a) or which otherwise becomes bound by all the terms and provisions
of this Agreement by operation of law.

 

(b)                     
This agreement shall inure to the benefit of and be enforceable by the Executive's personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amount would still be payable
hereunder if the Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with
the terms of this Agreement to the Executive’s devisee, legatee or other designee or, if there be no such designee, to the Executive's
estate.

 

11.                   
Amendment; Waiver. No provisions of this Agreement may be modified, supplemented, waived or discharged unless such waiver,
modification or discharge is agreed to in a writing signed by the Executive and the Company. No waiver by either party hereto at any time
of any breach by the other party hereto of, or in compliance with, any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.
No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement.

 

12.                  
Applicable Law. The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws
of the State of Nevada without regard to its conflict of laws principles.

 

13.                   
Severability of Covenants. In the event that any provision of this Agreement, including any sentence, clause or part hereof,
shall be deemed contrary to law or invalid or unenforceable in any respect by a court of competent jurisdiction, the remaining provisions
shall not be affected, but shall remain in full force and effect and any invalid and enforceable provisions shall be deemed, without further
action on the part of the undersigned, modified, amended and limited solely to the extent necessary to render the same valid and enforceable.

 

14.                   
Remedies.

 

(a)                   
In the event of a breach or threatened breach of any of the Executive's covenants under Section 8, the Executive acknowledges that
the Company will not have an adequate remedy at law. Accordingly, in the event of any such breach or threatened breach, the Company will
be entitled to such equitable and injunctive relief as may be available to restrain the Executive from the violation of the provisions
thereof.

 

    6 

     

    

(b)                
 Nothing herein shall be construed as prohibiting the Company, on the one hand, and the Executive, on the other hand, from pursuing
any remedies available at law or in equity for any breach or threatened breach of the provisions of this Agreement by the other party,
including the recovery of damages.

 

(c)                    
If the Company terminates this Agreement at any time without Cause (as defined above in Section 7(c)) or the Executive terminates
his employment for a Good Reason (as defined above in Section 7(d)), after the first anniversary of the date hereof, the Executive shall
be entitled under this Section 14(c) to receive an amount equal to the amount of the compensation payments that, but for his termination
of employment, would have been payable to the Executive under Section 4(a) as follows:

 

	Termination under Section 13(c)	 	Compensation under Section 4(a)
	Within the first full calendar year of the Executive’s employment	 	an amount equal to the amount of compensation payments for 6 months
	 	 	  
	Within the second full calendar year of  the Executive’s employment	 	an amount equal to the amount of compensation payments for 12 months
	 	 	  
	Within or after the third full calendar year of the Executive’s employment	 	an amount equal to the amount of compensation payments for one 18 month period
	 	 	  
	The Executive shall also be entitled to the amounts of any bonus payments under §4(b) for the year of termination to the extent that targets were achieved prior to the date of termination. 

 

(d)                    
The above amounts shall be deemed liquidated damages, and not a penalty. The Executive shall not be required to mitigate the amount
of any payment received pursuant to this paragraph nor shall the amount payable under this paragraph be reduced by any compensation earned
by the Executive after the date of his termination of employment.

 

15.                    
Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other party shall be
in writing and shall be deemed to have been duly given when delivered personally or five (5) days after dispatch by registered or certified
mail, postage prepaid, return receipt requested, to the party to whom the same is so given or made:

 

	 	If to the Company	 
	 	 	 
	 	addressed to:	Nexalin Technology Inc.
	 	 	1776 Yorktown
	 	 	Suite 550
	 	 	Houston, TX 77056
	 	 	 Attention:
	 	 	 
	 	with a copy to:	Warhsaw Burstein LLP
	 	 	575 Lexington Avenue
	 	 	New York, New York 10022
	 	 	Attention: Martin Siegel, Esq.
	 	If to the Executive	 
	 	 	 
	 	addressed to:	Mr. Mark White

 

    7 

     

    

 

	 	 	8605 Cedardale
	 	 	Houston, TX 77055

 

 

or to such other address as the one party shall specify to
the other party in writing.

 

16.                   
Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained
herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether
oral or written, by any officer, employee or representative of any party hereto; and any prior agreement of the parties hereto in respect
of the subject matter contained herein is hereby terminated and canceled.

 

IN WITNESS WHEREOF, the parties have executed this Agreement
on the date and year first above written.

 

	 	NEXALIN TECHNOLOGY INC.	 
	 	 	 	 
	 	By:                     Mark
    White              CEO                            	 
	 	Name:	 	 
	 	Title:	 	 
	 	

	 
	 	 	 	 
	 	 	MARK WHITE	 

 

    8

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