Document:

Exhibit
10.9

 

BINDING
HEADS OF AGREEMENT

PRIVATE AND CONFIDENTIAL

 

The
parties set out in Schedule 1 (together, the Vendors) are the holders of such majority of shares of Physimax as required to enforce
a sale of 100% of the issued share capital of Physimax Technologies Limited (an entity incorporated in Israel) (Physimax). Without
derogating from the above, Physimax will endeavor to solicit the signatures of all its shareholders on this Heads of Agreement prior
to Completion (the Selling Shareholders).

 

This
Heads of Agreement sets out the terms upon which Advanced Human Imaging Limited (ACN 602 111 115) of Suite 5, 71-73 South Perth Esplanade,
South Perth WA 6151 Australia (the Purchaser) agrees to acquire 100% of the issued Physimax Shares (as defined below), and the
Vendors agree to sell the Physimax Shares to the Purchaser.

 

Each
of the Purchaser and the Vendors are referred to as a Party and together the Parties

(as
the context requires).

 

This
Heads of Agreement is binding on the Parties and supersedes any and all previous correspondence, agreements or understandings between
the Parties.

 

	 	Term	Details
	 	 	 
	1.	Acquisition	Subject
        to the satisfaction (or waiver) of the Conditions (as defined in clause 5 below) and in consideration for the issue of the Consideration
        Securities (as that term is defined in clause 2) by the Purchaser to the Selling Shareholders, the Purchaser agrees to purchase,
        and the Vendors agree to sell, the Physimax Shares, free from any encumbrances and waiving any pre-emptive or call option rights
        associated with the Physimax Shares, on the terms and conditions pursuant to this Heads of Agreement (Acquisition).

    Title
    to and risk in the Physimax Shares shall pass to the Purchaser on completion of the Acquisition.

	 	 	 
	2.	Consideration	(a)             In
        consideration for the Acquisition, the Purchaser will issue the Selling Shareholders and the current holders of Physimax Options
        (or their nominees):

    (i)       AHI
    Shares at the Deemed Issue Price (Consideration Shares); and

    (ii)       AHI
    Options at the Deemed Conversion Price (Consideration Options),

    worth
    a total of $6,000,000 in aggregate (together, the Consideration Securities).

    (b)             The
    allocation of the Consideration Securities between the Selling Shareholders and the holders of the Physimax Options will be in accordance
    with an allocation list to be provided by Physimax as part of the due diligence.

    (c)             It
    is acknowledged and agreed that 50% of the Consideration Securities of each Vendor will be subject to six (6) months of voluntary
    escrow. The terms of the voluntary escrow will be set out in voluntary restriction deeds (Voluntary Restriction Deeds) in form and
    substance to be agreed upon before Completion.

 

    1

     

    

 

	 	Term	Details
	 	 	 
	3.	Shareholder approval	The
        issue of AHI ASX Shares and AHI Options that is contemplated in this Heads of Agreement is subject to and conditional on the
        Purchaser obtaining the required approvals from its shareholders at a General Meeting to issue AHI ASX Shares to the Selling
        Shareholders and the Consideration Options to the current holders of Physimax Options (Shareholder Approval).

    The
    Purchaser shall initiate the process of the Shareholder Approval (and its filing with the ASX) as soon as possible after execution
    of this Heads of Agreement.

	 	 	 
	4.	Waiver	By execution
    of this Heads of Agreement, the Vendors waive any pre-emptive rights or other rights which they may have over any Physimax Shares
    or Options to be transferred to the Purchaser under this Heads of Agreement, including (but not limited to) under any shareholders
    agreement, articles of association or call option or other legal right, effective from and subject to Completion
	 	 	 
	5.	Condition Precedent	Completion
        of the Acquisition is conditional upon the satisfaction (or waiver by the Parties) of the following conditions precedent, in
        addition to the satisfaction of the conditions for completion set forth in clause 8:

     

    (a)             the
    Purchaser obtaining all required third party, regulatory and governmental approvals and consents to give effect to the Acquisition,
    including any necessary shareholder approvals required by the Corporations Act or ASX Listing Rules (and any other applicable law
    or regulations);

     

    (b)             the
    Purchaser completing due diligence on Physimax to its satisfaction (in its sole and absolute discretion);

     

    (c)             Physimax
    and each of the parties that hold Physimax Option executing a deed in relation to the cancellation of the Physimax Options upon issuance
    of the Consideration Options, with effect from Completion (Option Cancellation Deeds);

     

    (d)             the
    Purchaser adopting an Israeli appendix to its share option plan, allowing issuance of options under the capital gain track (through
    a trustee) under section 102 of the Israeli Tax Ordinance and ready for filing with the Israeli tax authority immediately following
    Completion (the "IL Plan");

     

    (e)             Physimax
    obtaining all required third party, regulatory and governmental approvals and consents to give effect to the Acquisition, including
    any necessary shareholder approvals and the consent of the Israeli Innovation Authority;

     

    (f)             the
    issuance of a ruling by the Israeli Taxing Authority, approving the deferral of taxes arising from the Acquisition; and

     

    (g)             Physimax
    completing due diligence on Purchaser (for the benefit of its shareholders) to its satisfaction (in its sole and absolute discretion,
    (together, the Conditions).

     

    2

     

    

	 	Term	Details
	 	 	 
	 	 	

    Conditions
    (a), (b) and (c) are for the benefit of the Purchaser and may only be waived by the Purchaser.

     

    Conditions
    (d) through (g) (inclusive)are for the benefit of the Vendors and may only be waived by the Controlling Shareholders (on behalf of
    the other Vendors).

     

    The
    Parties will use their respective best endeavours and agree to cooperate and provide each other with all reasonable assistance, and
    to execute such documents and take such actions as required to ensure that the Conditions are satisfied promptly after the date of
    this Heads of Agreement.

	 	 	 
	6.	Termination	If
                                 by June 30, 2021, the Conditions are not satisfied or waived (as set forth above), either Party may
                                 terminate the agreement constituted by this Heads of Agreement by notice in writing to the other and
                                 the Parties will be released from their obligations under this Heads of Agreement. In addition, this
                                 Heads of Agreement may be terminated by mutual written consent of the parties at any time before June
                                 30, 2021. In such events, this agreement will be at an end and the Parties will be released from their
                                 obligations under this agreement (other than in respect of any breaches that occur prior to termination).

    In
    the event this Heads of Agreement is in effect on May 21, 2021, then the mutual Due Diligence process will be considered as successfully
    completed and the Purchaser shall pay Physimax an amount of US$60,000 (Due Diligence Payment) within no later than ten (10)
    days thereafter. The Due Diligence Payment shall be in addition to the Consideration Securities.

     

    The
    Due Diligence Payment is fully refundable in the event that any of the warranties set out in Part 2 of Schedule 3 are misleading
    or incorrect in circumstances involving fraud or intentional or deliberate misleading or deceptive conduct on the part of a Controlling
    Shareholder.

	 	 	 
	7.	Key Contributors	(a)             Physimax
                                 must provide the Purchaser with a list of its key employees and consultants (Key Contributors).

     

    (b)             The
    Purchaser is to use reasonable endeavours to amend the employment and consultancy agreements of the Key Contributors as soon as practicable
    after Completion, under which the Key Contributors are to agree to serve a minimum term of two additional years from the date of
    Completion (AHI Agreements). The terms and conditions of the AHI Agreements to be offered to the Key Contributors, including
    the engagement term and performance criteria, shall be agreed upon between the management of Physimax and the Purchaser prior to
    and as a condition to Completion.

     

    (c)             Subject
    to (f) below, the Key Contributors (and/or future employees and consultant identified as key contributors at the discretion of the
    founders of Physimax) will receive an aggregate of $2,000,000 worth of AHI Performance Rights at the same conversion price as the
    conversion price determined for the conversion of the ordinary shares of Physimax to Consideration Shares (Key Contributor Performance
    Rights) under the Purchaser’s Incentive Performance Rights Plan in proportions to be decided by Mr Ram Shalev, Physimax’s
    Chief Executive Officer at the date of this Heads of Agreement. The Purchaser shall work together with the management of Physimax
    in order to determine the appropriate mechanism for issuance of the Performance Rights (such as options / shares / RSUs) taking into
    account the tax benefits available to the Key Contributors. The AHI Performance Rights shall be for ADRs or AHI ASX, as shall be
    chosen by the Vendors for their Consideration Shares.

    3

     

    

	 	Term	Details
	 	 	

    (d)             The
    terms of the Key Employee Performance Rights, including any milestones, are to be set out in the AHI Agreements.

     

    (e)             If
    required, the Purchase must obtain ASX approval of the terms of the Key Employee Performance Rights prior to issuing them to the
    Key Contributors (which approval shall be obtained before Completion).

     

    (f)             The
    Purchaser shall initiate the process of the Shareholder Approval (and its filing with the ASX) as soon as possible after execution
    of this Heads of Agreement for the issue of the AHI Performance Rights.

     

    (g)             Subject
    to Physimax continuing to meet reasonable commercial objectives that are determined by the board of directors of the Purchaser (AHI
    Board) and the AHI Board determining that it continues to be the best interests of AHI’s shareholders to do so, the Purchaser
    shall fund the operation of Physimax as of Completion with a budget of US$60,000 per month. The budget shall be updated from time
    to time according to plan and needs as required to facilitate adequate resources to obtain the business goals agreed mutually by
    the Physimax management and the Purchaser.

	 	 	 
	8.	Completion	Completion
        of the Acquisition (Completion) will occur on the Completion Date at a time and place to be agreed by the Controlling
        Shareholders and the Purchaser. Without derogating from clause 3 above, at Completion:

     

    (a)             the
    Purchaser must issue the Consideration Shares to the Vendors in the proportions set out in the Formal Agreement;

    (b)             Physimax
    and the Vendors shall deliver, or cause to be delivered, to the Purchaser:

     

    (i)             share
    certificates in respect of 100% of the Physimax Shares;

    (ii)             the
    fully executed Option Cancellation Deeds;

     

    (iii)             separate
    instruments of transfer in registrable form for 100% of the Physimax Shares in favour of the Purchaser (as transferee) which have
    each been duly executed by or on behalf of the Vendors (as transferor);

    4

     

    

	 	Term	Details
	 	 	 
	 	 	

    (iv)             the
    list of the Key Contributors;

     

    (v)             the
    common seal (and any duplicate common seal, share seal or official seal) of Physimax (if any);

     

    (vi)             all
    available copies of the constituent documents of Physimax;

     

    (vii)            the
    minute books and other records of meetings or resolutions of shareholders and directors of Physimax (as available); and

     

    (viii)          all
    registers of Physimax (including the register of shareholders, register of directors, register of charges and all registers required
    by applicable laws) in proper order and condition and fully entered up to the Completion Date;

     

    (ix)             all
    cheque books, financial and accounting books and records, copies of tax returns and assessments, mortgages, leases, agreements, insurance
    policies, title documents, licences, indicia of title, contracts, passwords to computers, certificates and all other records, papers,
    books and documents of Physimax;

     

    (x)             every
    current permit, approval, authorisation, consent, exemption, filing, licence, notarisation, registration, password and waiver however
    described and any renewal or variation to any of them and all other documents issued to Physimax under any legislation, ordinance
    or otherwise relating to Physimax’s business activities;

     

    (xi)            all
    documents of right and/or title to the assets and undertakings of Physimax; and

     

    (xii)           the
    corporate records for Physimax, including all information relating to the assets and undertakings of Physimax and instruments of
    title for such assets and undertaking.

     

    (c)             The
    Vendors must procure that a meeting of the directors of Physimax is held to attend to the following matters (as applicable):

     

    (i)             the
    approval of the registration (subject to payment of duty) of the transfers of 100% of the Physimax Shares and the issue of a new
    appropriate certificates for the Physimax Shares in the name of the Purchaser;

     

    (ii)             recording
    the Purchaser as the holder of 100% of the Physimax Shares in Physimax’s registers of shareholders;

     

    (iii)             taking
    all other steps required under Physimax’s constituent documents and applicable laws to constitute and evidence the Purchaser
    as the sole holder of the Physimax Shares;

    5

     

    

	 	Term	Details
	 	 	 
	 	 	

    (iv)             the
    reconstitution of the Physimax board of directors as directed by the Purchaser; and

     

    (v)             such
    other business as may reasonably be required by the Purchaser to give effect to the Acquisition.

     

    The
    Parties’ obligations at Completion are interdependent and must take place simultaneously, as nearly as possible, unless otherwise
    agreed by the Purchaser and the Vendors, except that the Purchaser may, in its sole discretion, waive any or all of the actions that
    Physimax and/or the Vendors are required to perform under this clause 8.

     

    If
    a Party (Defaulting Party) fails to satisfy its obligations under clause 3 or this clause 8 on the day and at the place and
    time for Completion, then any other Party (Notifying Party) may give the Defaulting Party a notice requiring the Defaulting
    Party to satisfy those obligations within a period of 10 Business Days from the date of the notice and declaring time to be of the
    essence. The Parties agree, however, that none of Physimax or the Vendors can be a Notifying Party, in the event that one or more
    of them is a Defaulting Party; and that the Purchaser cannot be a Notifying Party, in the event that it is a Defaulting Party.

     

    If
    the Defaulting Party fails to satisfy those obligations within those 10 Business Days the Notifying Party may, without limitation
    to any other rights it may have, terminate this Heads of Agreement by giving written notice to the Defaulting Party.

	 	 	 
	9.	Warranties	(a)             Vendor
                                 Warranties

     

    By
    execution of this Heads of Agreement, each Vendor makes the representations and warranties set out in Part 1 of Schedule 3 at the
    date of this Heads of Agreement and on the Completion Date, subject to adjustments to be disclosed by the Vendor to the Purchaser
    in writing after the date hereof and on or before Completion (if any). In the event the Purchaser believes such adjustment to have
    a material adverse effect, the Purchaser may decide that Condition 5(b) above is not completed.

     

    (b)             Physimax
    Warranties

     

    By
    execution of this Heads of Agreement, each Controlling Shareholder makes the representations and warranties set out in Part 2 of
    Schedule 3 at the date of this Heads of Agreement and on the Completion Date, subject to any adjustment to be disclosed by the Controlling
    Shareholders to the Purchaser in writing after the date hereof and on or before Completion. In the event the Purchaser believes such
    adjustment to have a material adverse effect, the Purchaser may decide that Condition 5(b)

    above
    is not completed.

    6

     

    

	 	Term	Details
	 	 	 
	 	 	(c)                Purchaser Warranties

     

    By
    execution of this Heads of Agreement, the Purchaser makes the representations and warranties set out in Schedule 4 at the date of
    this Heads of Agreement and on the Completion Date, subject to any adjustment to be disclosed by the Controlling Shareholders to
    the Purchaser in writing after the date hereof and on or before Completion. In the event the Controlling Shareholders believe such
    adjustment to have a material adverse effect, the Controlling Shareholders may decide that Condition 5(g) above

    is
    not completed.

	 	 	 
	10.	Indemnities	The
        following provisions shall become effective as of and subject to Completion:

     

    (a)             Each
    Vendor:

     

    (i)             is
    severally liable for a breach of the representations and warranties set out in Part 1 of Schedule 3 in relation to itself only; and

     

    (ii)             indemnifies
    and must hold the Purchaser harmless against all direct loss, damage and costs suffered by the Purchaser by reason of the warranties
    or representations set out in Part 1 of Schedule 3 proving to be false, misleading or incorrect in relation to itself only.

     

    (b)             The
    Controlling Shareholders jointly and severally indemnify and must hold the Purchaser harmless against all direct loss, damage and
    costs suffered by the Purchaser by reason of the warranties or representations set out in Part 2 of Schedule 3 proving to be false,
    misleading or incorrect. In the event the Purchaser chooses to file a Claim under Part 2 of Schedule 3, it must file it against both
    the Controlling Shareholders.

     

    (c)             The
    Purchaser indemnifies and keeps indemnified the Vendors against all loss, damage and costs suffered by Physmiax or the Vendors by
    reason of the warranties or representations set out in Schedule 4 proving to be false, misleading or incorrect.

	 	 	 
	11.	Limitations on liability	(a)             The
        maximum aggregate amount that a Vendor is required to pay in respect of a claim that is made under or in respect of Part 1 of
        Schedule 3 of this Heads of Agreement is limited to the value of the Consideration Shares that it receives on Completion.

     

    (b)             The
    maximum aggregate amount that a Controlling Shareholder is required to pay in respect of a claim that is made under or in respect
    of

     

    (i)             the
    warranties set out in paragraphs (a), (b), (c), (d), (m), (n), (p), (q), (r) and (s) of Part 2 of Schedule 3 of this Heads of Agreement
    is limited to 100% (Fundamental Warranties); and

    7

     

    

	 	Term	Details
	 	 	 
	 	 	(ii)             all
        the other warranties set out in Part 2 of Schedule 3 of this Heads of Agreement is limited to 50%, of the value of the Consideration
        Shares that it receives on Completion. Notwithstanding the above, the Controlling Shareholders shall not be liable for claims,
        unless the aggregated amount exceeds 60,000USD.

     

    (c)             Notwithstanding
    any other provisions of this Heads of Agreement, no Party will be liable for a claim that is made in respect of the warranties set
    out in Schedule 3 (Claim) unless written notice of the Claim is given to the applicable Party on or prior to:

     

    (i)             for
    the Fundamental Warranties, 30 September 2022; and

     

    (ii)             for
    the other warranties that are set out in Schedule 3, the date that is 12 months from Completion.

     

    (d)             Where
    a Vendor (including, for the purpose of clauses

     

    (d)
    through (i) hereof, a Controlling Shareholder) is liable under a Claim:

     

    (i)             the
    Vendor may elect to settle the Claim by the cancellation of the Consideration Shares held by it equal in value the liability amount
    in accordance with clause 11(f); and

    (ii)             where
    any of the Consideration Shares issued to the Vendor have been sold or transferred, the Vendor is liable to settle the Claim in cash
    in cleared funds to the Purchaser up to the amount of the value of the Consideration Shares sold or transferred (pro rata based on
    the value of the Consideration Shares that it receives on Completion).

     

    (e)             If
    a Vendor elects to cancel Consideration Shares in accordance with clause 11(d)(i) above, then such cancellation shall be in full
    and final satisfaction of all liability that the Vendor has in relation to a Claim up to the value of the Consideration Shares cancelled.
    In the event the Consideration Shares issued to a Vendor are insufficient to cover the damage, no additional compensation shall be
    payable by the Vendor (subject to (d)(ii) above).

     

    (f)             For
    the purposes of clause 11(d)(i):

     

    (i)             the
    number of Consideration Shares that must be cancelled or relinquished will be determined by the following formula:

     

    A
    = B ÷ C

     

    where:

    8

     

    

	 	Term	Details
	 	 	 

     

     

     

     

     

     

     

     

     

     

     

     

    

    (g)

     

    

     

     

    (h)

     

     

     

    (i)
	A=
                           The number of Consideration Shares that a Vendor must cancel or relinquish;

     

    B=
    The total liability of the Vendor in respect of the relevant Claim (as agreed or adjudicated by a court of competent jurisdiction);
    and

    C=
    the higher of the market value of the Consideration Shares as quoted on the ASX or NASDAQ (as applicable) (a) at the date of issuance
    of the Consideration Shares issued to the Vendors, and (b) at the time the relevant Claim is payable;

     

    (ii)            the
    Vendor by this clause grants the Purchaser a power of attorney to do all things necessary including to execute any document to give
    effect to the cancellation or relinquishment of the Consideration Shares on the Vendor’s behalf (to the extent the Vendor elects
    to satisfy the claim by cancellation or relinquishment of shares); and

     

    where
    more than one of the Vendors are liable as a result of a Claim, all of the Vendors so liable shall participate in satisfaction of
    such Claim pro rata to their portion of the Consideration Shares (as determined upon issuance).

     

    The
    limitations in this clause 11 do not apply to any Claim for loss or damage arising from an act of fraud or intentional or deliberate
    misleading or deceptive conduct on behalf of the Vendor or Controlling Shareholders (as applicable).

    The
    indemnity provisions set forth herein are the exclusive remedy available in connection with a breach of warranties under this Heads
    of Agreement.

     

	12.	Maintaining Status
    Quo	Up
    until the Completion Date or termination of this Heads of Agreement in accordance with its terms, the Controlling Shareholders shall
    procure that Physimax does not do any of the following without the prior written consent of the Purchaser (other than as contemplated
    in this Heads of Agreement):
	 	 	 
	 	 	(a)            enter
    into any material contract or incur any material liability or commitment to any material expenditure, unless specifically approved
    in writing by the Purchaser’s CEO;
	 	 	(b)            sell,
    assign or dispose of any legal or beneficial interest in Physimax’s business, intellectual property or other material assets;
	 	 	(c)            declare
    any dividends;
	 	 	(d)            vary
    its capital structure;
	 	 	(e)       
        vary, terminate or fail to renew any of its contracts, authorisations or commitments, except in the ordinary
    course of business;
	 	 	(f)             issue,
    or agree to issue, any equity or debt securities or hybrid securities, or grant or agree to grant any rights

    9

     

    

	 	Term	Details
	 	 	 

     

    (g)

     

    (h)

     

     

    (i)
	over
                           existing issued capital, or rights to be issued securities in the capital of Physimax;

    alter
    or agree to alter its constituent documents;

     

    create
    or permit the creation of any encumbrance over any of the assets or undertaking of Physimax; and

     

    enter
    into a buy-back agreement or resolve to approve the terms of a buy-back agreement.

	 	 	 	 
	13.	Formal
    Agreement	Notwithstanding
    the fact that this Heads of Agreement is legally binding on the Parties, the Parties agree to enter into a formal share sale agreement
    and any other agreement reasonably necessary to more fully document the terms of the Acquisition (to be prepared by the Purchaser’s
    solicitors) which shall be on terms acceptable to the Parties (acting reasonably) and which shall be consistent with the terms set
    out in this Heads of Agreement (Formal Agreement).
	 	 	 
	14.	Confidentiality
    and announcements	(a)	This
                                 Heads of Agreement and all other information disclosed by the Parties to each other (Confidential
                                 Information) is confidential and each Party shall ensure that the Confidential Information remains
                                 confidential and shall not be disclosed to any third party, save as required by applicable law or regulations.
                                 For the avoidance of doubt, the Vendors is required to comply with the continuous disclosure provisions
                                 of the ASX Listing Rules and subject to clause 14(b) will make such ASX announcements as is reasonably
                                 necessary in order to comply with the ASX Listing Rules.

	 	 	 	 
	 	 	(b)	Subject
    to compliance with its continuous disclosure obligations, the Vendors must use reasonable endeavours to consult with Physimax and
    the Purchaser on the form and content of any announcement to ASX of a matter contemplated by this Heads of Agreement before the announcement
    is made to ASX.
	 	 	 	 
	15.	Further
    Assurance	Each
    Party shall sign and execute and do all deeds, acts, documents and things as may reasonably be required by the other Parties to effectively
    carry out and give effect to the terms and intentions of this Heads of Agreement.
	 	 	 
	16.	Governing Law	The
    agreement constituted by this Heads of Agreement shall be governed by and construed in accordance with the law from time to time
    in Israel. The Parties agree to submit to the non-exclusive jurisdiction of the Courts of Tel Aviv – Jaffa, Israel and the
    Courts which hear appeals from those Courts.
	 	 	 
	17.	Assignment	None
    of the Parties may assign any of the rights or obligations conferred by this Heads of Agreement without the consent of the other
    Party.
	 	 	 
	18.	Costs	(a)	Each
    Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Heads of Agreement;
    it being agreed that the costs and expenses of the Vendors shall be covered by Physimax.

    10

     

    

	 	Term	Details
	 	 	 
	 	 	(b)             The
    Purchaser will pay any duty assessed on or in respect of this Heads of Agreement.
	 	 	 
	19.	Notices	Each
    notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed
    prepaid mail or email in each case addressed to the Party at its address or email address notified to the other from time to time.
	 	 	 
	20.	Remedies	The
    rights, power and remedies provided in this Heads of Agreement are cumulative with and not exclusive to the rights, power or remedies
    provided by law independently of this Heads of Agreement.
	 	 	 
	21.	Entire
    Agreement	This
    Heads of Agreement shall constitute the sole understanding of the Parties with respect to the subject matter and replaces all other
    agreements with respect thereto.
	 	 	 
	22.	Variation	No
                                 modification or alteration of the terms of this Heads of Agreement shall be binding unless made in writing
                                 dated subsequent to the date of this Heads of Agreement and duly executed by the Purchaser, the Controlling
                                 Shareholders and the Vendors holding a majority of the issued capital of the Company.

     

    The
    Vendors hereby irrevocably nominate the Controlling Shareholders as their representatives and constitute them as their proxy with
    a power of attorney to execute any document, waiver and consent required to give effect to this Agreement.

     

	23.	Severance	If any
    provision of this Heads of Agreement is invalid and not enforceable in accordance with its terms, all other provisions, which are
    self-sustaining and capable of separate enforcement without regard to the invalid provision, shall be and continue to be valid and
    forceful in accordance with their terms.
	 	 	 
	24.	Counterparts	This
    Heads of Agreement may be executed in any number of counterparts, each of which when executed and delivered to the other Parties
    shall constitute an original, but all counterparts together shall constitute one and the same agreement.
	 	 	 
	25.	Definitions	In
        this Heads of Agreement:

     

    (a)             Acquisition
    means the acquisition by the Purchaser of 100% of the Physimax Shares.

    (b)             ADR
    mean an American Depositary Receipt representing an interest in fully paid ordinary shares in the in the Purchaser (based on
    the ratio used under the IPO).

    (c)             AHI
    Share means:

    (i)             if
    the NASDAQ Listing has occurred prior to the relevant issue date, an ADR (or, at the election of the Vendors, an AHI ASX Share);
    and

    (ii)             if
    the NASDAQ Listing has not occurred prior to the relevant issue date, an AHI ASX Share.

    11

     

    

	 	Term	Details
	 	 	 
	 	 	(d)             AHI
        Option means the right to acquire an unissued AHI Share.

     

    (e)     
           AHI Performance Right means a right to be issued or transferred an ASHI Share,
    subject to the terms of the Purchaser’s Incentive Performance Rights Plan.

     

    (f)             Applicable
    Law means the constitutions of the Vendors and Purchaser and all applicable laws and regulations in any jurisdiction.

     

    (g)             ASX
    means ASX Limited (ACN 008 624 691) or the financial market operated by it as the context requires.

     

    (h)             ASX
    Listing Rules means the official listing rules of ASX.

     

    (i)             Controlling
    Shareholders means Ram Shalev and David Kahani.

     

    (j)             Conditions
    means the conditions precedents set out in clause 5.

     

    (k)             Completion
    Date means the day that is five business days after the last of the Conditions have been satisfied or waived in accordance with
    this Heads of Agreement.

     

    (l)             Corporations
    Act means the Corporations Act 2001 (Cth).

     

    (m)             Deemed
    Conversion Price means the Deemed Issue Price for the issue of a Consideration Share under clause 2(a)(i).

     

    (n)             Deemed
    Issue Price means:

     

    (i)             for
    AHI ASX Shares, the volume weighted average price of AHI ASX Shares for the five trading days prior to the relevant issue date; and

     

    (ii)             for
    ADRs, the issue price of the Purchaser’s ADRs under the IPO.

     

    (o)             Formal
    Agreement  has the meaning given in clause 13.

     

    (p)             IPO
    means the Purchaser’s initial public offering of ADRs on the NASDAQ.

     

    (q)             NASDAQ
    means the NASDAQ Stock Market.

     

    (r)             NASDAQ
    Listing means the Purchaser announcing that NASDAQ has provided confirmation to the Purchaser that it has approved the Purchaser’s
    application for admission to NASDAQ, subject only to conditions that the Purchaser reasonably believes it can satisfy.

     

    (s)             Physimax
    Share means the Physimax Ordinary Shares and the Physimax Preference Shares.

     

    (t)             Physimax
    Option means an option to acquire a Physimax Share.

     

    (u)             Physimax
    Ordinary Share means a fully paid ordinary share in the capital of Physimax.

    12

     

    

	 	Term	Details
	 	 	 
	 	 	(v)             
    Physimax Preference  Share  means  a  Series  Pre-A Share in the capital  of
    the Company, of nominal value of NIS 0.01 each.
	 	 	 
	26.	Interpretation	Interpretation:

     

    (a)             a
    reference to the symbol "$" or to dollars in this Heads of Agreement are to US dollars;

     

    (b)             capitalised
    terms used in this Heads of Agreement have the definition ascribed above or otherwise in the terms of this Heads of Agreement;

     

    (c)             headings
    are for convenience only and do not affect its interpretation;

     

    (d)             an
    obligation or liability assumed by, or a right conferred on, 2 or more Parties or persons binds or benefits all of them jointly and
    each of them severally;

     

    (e)             the
    expression person includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture
    (whether incorporated or unincorporated), a partnership and a trust;

     

    (f)     
           a reference to any Party includes that Party’s executors, administrators, successors
    and permitted assigns, including any person taking by way of novation;

     

    (g)             a
    reference to any document (including this Heads of Agreement) is to that document as varied, novated, ratified or replaced from time
    to time;

     

    (h)             a
    reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory
    provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued
    under it;

     

    (i)             words
    importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

     

    (j)             reference
    to Parties, clauses, Schedules or paragraphs are references to Parties, clauses, Schedules and paragraphs to or of this Heads Agreement
    and a reference to this Heads Agreement includes any Schedule to this Heads Agreement; and

     

    (k)             where
    a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
    meaning.

  

If
the terms and conditions set out above are acceptable, please execute this Heads of Agreement in the appropriate place below.

    13

     

    

 

SCHEDULE 1 – THE VENDORS

 

[SP
Comment: to be reviewed and completed by Physimax, please provide the full names of each of the Vendors]

 

	Vendor	 	Address	 	Number
    of

    Physimax 

    Ordinary 

    Shares held	 	 	Number
    of

    Physimax 

    Preference 

    Shares held	 	%
    of

    Consideration

    Securities
	Ram
    Shalev	 	[insert]	 	 	70,000	 	 	1,475
    (CLA 
conversion)	 	[insert]
	David Kahani	 	[insert]	 	 	20,000	 	 	-	 	[insert]
	LSY
    
International Inc.	 	[insert]	 	 	25,023	 	 	1,967	 	[insert]
	LionBird
    I L.P.	 	[insert]	 	 	41,111	 	 	2,460
    (CLA 
conversion)	 	[insert]
	Amichai &
    Yael Steimberg	 	[insert]	 	 	11,301	 	 	4,919	 	[insert]
	RealVest
    Profit Sharing Plan, Allan Goldberg, Trustee	 	[insert]	 	 	2,842	 	 	492	 	[insert]
	The successors
    of Uri Yogev	 	[insert]	 	 	2,500	 	 	-	 	[insert]
	Dr.Haim Blecher	 	[insert]	 	 	3,071	 	 	4,919	 	[insert]
	Edtom	 	[insert]	 	 	42,478	 	 	4,820+2,460
    (CLA 
conversion)	 	[insert]
	SPORTDOCS
    INVESTMENT LLC	 	[insert]	 	 	5,381	 	 	-	 	[insert]
	Physimax
    Investment LLC	 	[insert]	 	 	6,152	 	 	-	 	[insert]
	BAM Investors
    LLC	 	[insert]	 	 	4,732	 	 	-	 	[insert]
	SportGurus
    LLC	 	[insert]	 	 	5,915	 	 	2,951	 	[insert]
	Chaim Friedman
    (Trust) Ltd	 	[insert]	 	 	1,183	 	 	4,919	 	[insert]
	Rob Rubin	 	[insert]	 	 	3,904	 	 	9,838	 	[insert]
	Hunter Hamm
    (BTG)	 	[insert]	 	 	592	 	 	-	 	[insert]

    14

     

    

	Vendor	 	Address	 	Number
    of

    Physimax 

    Ordinary Shares

    held	 	 	Number
    of 

    Physimax 

    Preference 

    Shares held	 	%
    of

    Consideration

    Securities
	Pensco
    Trust for Ricardo Diaz (BTG)	 	[insert]	 	 	592	 	 	-	 	[insert]
	Jodies Zwerner
    Trust (BTG)	 	[insert]	 	 	592	 	 	-	 	[insert]
	Irina Meyer
    (BTG)	 	[insert]	 	 	710	 	 	-	 	[insert]
	Leo Loughead
    (BTG)	 	[insert]	 	 	592	 	 	-	 	[insert]
	[Altshuler
    Shacham ESOP in trust for exercised options (Gofer,Cohen)]	 	[insert]	 	 	3,176	 	 	-	 	[insert]
	Civana Kahani	 	 	 	 	 	 	 	2,459	 	 
	Itschak Friedman
    2012 Trust	 	 	 	 	 	 	 	4,919	 	 
	TOTAL	 	 	 	 	251,847	 	 	58,428	 	[insert]

    15

     

    

 

SCHEDULE 2 – PHYSIMAX’S
CAPITAL STRUCTURE

 

		(a)	Physimax
                                            Ordinary Shares: 251,847 fully paid ordinary shares, of nominal value of NIS 0.01 each

 

		(b)	Physimax
                                            Preference Shares: means 58,428 fully paid Series Pre-A Share, of nominal value of NIS
                                            0.01 each.

 

		(c)	Physimax
                                            Options:

 

The
Options schedule will be provided in the Formal Agreement.

 

		(i)	[insert]
                                            exercisable at $[insert] on or before [insert date]; and

 

		(ii)	[insert]
                                            exercisable at $[insert] on or before [insert date].

 

    16

     

    

 

SCHEDULE
3 – VENDOR AND PHYSIMAX REPRESENTATIONS AND WARRANTIES

  

Part
1 – Vendor Representations and Warranties

 

		(a)	Power
                                            and capacity

 

It
has full power and lawful authority to execute and deliver this document and to observe and perform or cause to be observed and performed
all of its obligations in and under this document.

 

		(b)	Incorporation

 

If
the Vendor is a company, it was validly incorporated, organised and subsisting in accordance with the laws of its place of incorporation.

 

		(c)	Authority

 

The
execution and delivery of this document has been duly and validly authorised by all necessary corporate action on behalf of the Vendor.

 

		(d)	No
                                            Trust

 

Unless
otherwise specified, it enters into and performs this Heads of Agreement on its own account and not as a trustee for or nominee of any
other person.

 

		(e)	Title

 

		(i)	It
                                            is the legal and beneficial owner of the Physimax Shares that are set out against its name
                                            in Schedule 1, which are free of all encumbrances and other third party interests or rights
                                            and comprise the total issued share capital of the Physimax.

 

		(ii)	Subject
                                            to the Required Approvals (as defined below), It is able to sell and transfer its shares
                                            in Physimax without the consent of any other person and free of any pre-emptive rights or
                                            rights of first refusal.

 

		(f)	No
                                            legal impediment

 

The
execution, delivery and performance of this document by the Vendor does not constitute a breach of any law or obligation or cause a default
under any agreement by which the Vendor is bound.

 

Part
2 – Controlling Shareholders Representations and Warranties

 

		(a)	Power
                                            and capacity

 

Subject
to obtaining the required approvals from its Board of Directors and the Vendors, and subject further to the Israeli Tax Authorities and
the Israeli Innovation Authority required approvals (the Required Approvals), Physimax has full power and lawful authority to
execute and deliver this document and to observe and perform or cause to be observed and performed all of its obligations in and under
this document.

 

		(b)	Incorporation

 

Physimax
is incorporated and validly existing in accordance with the laws of its place of incorporation.

 

    17

     

    

 

		(c)	Issued
                                            capital

 

		(i)	The
                                            capital structure of Physimax is set out in Schedule 2 and there are no equity securities,
                                            debt securities or hybrid securities on issue. Physimax has not issued securities with conversion
                                            rights to shares or securities in it and there are no agreements or arrangements under which
                                            options or convertible notes have been issued by it.

 

		(ii)	100%
                                            of the Physimax Ordinary Shares are fully paid and no money is owing in respect of them.

 

		(iii)	Subject
                                            to the Call Option Agreement (which may be exercised and which shall be terminated prior
                                            to Completion), no person has any right or option to subscribe for or otherwise to acquire
                                            any further shares in Physimax.

 

		(iv)	Physimax
                                            is not under any obligation to allot any shares to any person or persons, or otherwise to
                                            alter the structure of any part of its unissued share capital, and Physimax is not under
                                            any obligation to give any option over any part of their respective unissued share capital
                                            nor has Physimax offered to do any of the matters stated in this sub-paragraph.

 

		(d)	Subsidiaries

 

Aside
from Physimax Technologies, Inc., Physimax does not have any subsidiaries.

 

		(e)	Compliance
                                            with laws

 

To
the best of the Controlling Shareholders' knowledge and belief, neither Physimax nor any of their directors are in material breach of
any provision of any relevant laws, that might have adverse effect on the assets of Phyimax or on Completion of the transaction.

 

		(f)	No
                                            legal impediment

 

The
execution, delivery and performance of this document by Physimax does not constitute a breach of any law or obligation or cause a default
under any agreement by which Physimax is bound.

 

		(g)	No
                                            Event of insolvency

 

No
event of insolvency has occurred in relation to Physimax, or to the Controlling Shareholders' knowledge – the Vendors, nor, to
their knowledge, is there any act which has occurred, or any omission made which may result in an event of insolvency occurring in relation
to the Vendors or Physimax.

 

		(h)	No
                                            litigation or investigations

 

		(i)	Physimax
                                            and, to the Controlling Shareholders' knowledge, its directors are not involved in any litigation,
                                            arbitration or administrative proceeding relating to claims or amounts relating to Physimax
                                            nor is any such litigation, arbitration or administrative proceeding pending or threatened.

 

		(ii)	There
                                            is no litigation or proceeding pending or threatened against the Vendor which may defeat,
                                            impair, detrimentally affect or reduce the right, title and interest of Physimax in the assets
                                            described in Schedule 6 or of such Vendor in its Physimax Shares.

    18

     

    

		(iii)	To
                                            the Controlling Shareholders' knowledge, Physimax, its directors, and the Vendors are not
                                            the subject of any investigation by any regulatory body of any country nor is any such investigation
                                            pending or threatened, related to Physimax and the Physimax Shares.

 

		(iv)	To
                                            the Controlling Shareholders' knowledge, Physimax, its directors, and the Vendors are not
                                            the subject of any investigation or audit by the tax office of any country or state nor is
                                            any such investigation or audit pending or threatened.

 

		(i)	Consistency

 

The
terms of this Heads of Agreement are not inconsistent with and do not contravene the provisions of any other agreements or contract to
which Physimax, or to the Controlling Shareholders' knowledge – the Vendors, is a party.

 

		(j)	Material
                                            Contracts

 

Every
material contract, instrument or other commitment to which Physimax is a party is disclosed in Schedule 5, valid and binding according
to its terms and no party to any such commitment or contract is in material default under the terms of that commitment or contract.

 

		(k)	Corporate
                                            records

 

Physimax’s
statutory books (registers, minutes, resolutions) and returns (forms, lodgements) of that entity are up to date or are in the process
of being lodged (including without limitation, tax returns), and have been otherwise properly kept in accordance with all legal requirements
or practices.

 

		(l)	Assets

 

		(i)	All
                                            the material fixed assets, current assets and other assets and property owned by Physimax
                                            are:

 

		(A)	accurately
                                            described in full in Schedule 6;

 

		(B)	legally
                                            and beneficially owned by Physimax free of encumbrances (and, in particular, no such assets
                                            are the subject of any hire purchase agreement or credit purchase agreement or any agreement
                                            for payment of deferred terms); and

 

		(C)	not
                                            used by any person, other than Physimax.

 

		(ii)	Other
                                            than as disclosed in writing to Purchaser prior to the date of this Heads of Agreement, Physimax
                                            has no material operations, assets or agreements other than the assets described in Schedule
                                            6.

 

		(m)	Intellectual
                                            Property

 

		(i)	List
                                            in Part A of Schedule 6

 

Part
A of Schedule 6 accurately describes:

 

		(D)	all
                                            registered and unregistered business names and trade marks;

 

		(E)	all
                                            registered patents and designs;

    19

     

    

 

		(F)	all
                                            domain names; and

 

		(G)	all
                                            applications for registration of trademarks, domain names, patents and designs.

 

which
are owned or used at any time by Physimax in connection with its business (together the Intellectual Property Rights).

 

		(ii)	Right
                                            and title

 

Except
as set out Schedule 6, Physimax:

 

		(A)	owns
                                            all right, title and interest in and to the Intellectual Property Rights;

 

		(B)	has
                                            not licensed any of the Intellectual Property Rights, other than as presented in the Due
                                            Diligence in the ordinary course of business of Physimax granting use licence to its customers
                                            as part of its product; and

 

		(C)	has
                                            not assigned or disposed of any right, title or interest in the Intellectual Property Rights.

 

		(iii)	Legally
                                            and beneficially owned

 

The
Intellectual Property Rights are:

 

		(A)	in
                                            good standing in terms of any applicable legislation, regulations and other statutory requirements,
                                            and to the knowledge of Physimax, is not subject to any license, royalty obligation, assignment
                                            or disposal and as at the date of this Heads of Agreement and at Completion, no applications
                                            for patents or other types of intellectual property in respect of Physimax have been refused
                                            or are considered likely to be refused;

 

		(B)	legally
                                            and beneficially vested in Physimax;

 

		(C)	to
                                            the Controlling Shareholders' knowledge, not being presently infringed, nor are they the
                                            subject of any dispute, litigation or expungement application (whether threatened or otherwise);
                                            and

 

		(D)	not
                                            subject to any licence or authority in favour of any third party, and, to the Controlling
                                            Shareholders' knowledge, the exercise of them does not infringe the rights of any other parties.

 

		(iv)	Confidential
                                            Information

 

To
the Controlling Shareholders' knowledge, there has not been any misuse or unauthorised disclosure of any of Physimax’s confidential
information.

 

		(v)	Intellectual
                                            Property Licences

 

Part
B of Schedule 6 accurately describes all agreements under which Physimax obtains from any person the exclusive or non-exclusive right
to use, but not the ownership of, any of intellectual property rights (the Intellectual Property Licences) and each Intellectual
Property Licence is valid, binding and enforceable in accordance with its terms. To the Controlling Shareholders’ knowledge, Physimax
has complied at all times in all material terms with the terms of the Intellectual Property Licences, and no act or omission has occurred
which would entitle a licensor under an Intellectual Property Licence to terminate that licence.

 

    20

     

    

 

		(vi)	No
                                            use by other persons

 

The
Controlling Shareholders are not aware of any use by any other person of any Intellectual Property Rights, except under licenses given
by Physimax.

 

		(vii)	No
                                            infringement of other right

 

None
of the Intellectual Property Rights or other processes now or at any time employed, or the products now or at any time produced by Physimax,
constitutes or may constitute, to the Controlling Shareholders' knowledge, an unauthorised infringement of any intellectual property
rights of any other person.

 

	(n)	Liabilities

 

Physimax
does not have liabilities, contingent or otherwise, exceeding $50,000 in aggregate, other than certain convertible loan agreements between
Physimax and its current shareholders, which will be converted at Completion into Series Pre-A Shares of Physimax (the CLA’s) and
an outstanding liability to the IIA (incurred and payable on the ordinary course of business) and any salaries and recurrent expenses
incurred in the ordinary course of business.

 

		(o)	Licenses
                                            and approvals

 

To
the Controlling Shareholders’ knowledge, Physimax has all permits, licenses, authorities, registrations and approvals necessary
for properly carrying on its business and Physimax is not aware of any circumstance or fact which may result in the revocation, variation
or non-renewal in any material respect of any such permits, licenses, authorities, registrations and approvals.

 

		(p)	Claims

 

		(i)	At
                                            Completion, other than to the extent permitted by written consent from Purchaser, Physimax
                                            has no claim or obligations exists or will exist at Completion in relation to any existing,
                                            proposed or previous directors, managers, officers, employees, agents, consultants or contractors
                                            of Physimax.

 

		(ii)	Physimax
                                            has not failed to give any notice or to present any claim under any existing insurance policy.

 

		(q)	Accounts

 

The
accounts disclosed in Annexure A (Last Accounts)

 

		(i)	disclose
                                            a true and fair view of the state of the consolidated affairs, financial position and assets
                                            and liabilities of Physimax as at the balance date disclosed in the Last Accounts (Balance
                                            Date); For avoidance of doubt, the 2020FS are internal drafts only, subject to adjustments
                                            as be directed by Physimax accountants.

    21

     

    

 

		(ii)	includes
                                            all such reserves and provisions for tax as are adequate to cover all tax liabilities (whether
                                            or not assessed and whether actual, contingent, deferred or otherwise) of Physimax up to
                                            the Balance Date;

 

		(iii)	contain
                                            adequate provisions in respect of all other liabilities (whether actual, contingent, deferred
                                            or otherwise) of Physimax as at the Balance Date and proper disclosure (in note form) of
                                            any contingent or other liabilities not included or provided therein; and

 

		(iv)	were
                                            prepared:

 

		(A)	in
                                            accordance with the relevant accounting standards prescribed by the jurisdiction(s) in which
                                            it operates and were applied on a consistent basis and without making any revaluation of
                                            assets; and

 

		(B)	in
                                            the manner described in the notes to them.

 

Since
the Balance Date, Physimax’s business has been conducted in all material respects in the ordinary and usual course of business
other than for the Acquisition and:

 

		(i)	there
                                            has not been any material change in the nature, amount, valuation or basis of valuation of
                                            the assets or in the nature or amount of any liabilities of any shareholder of Physimax;

 

		(ii)	there
                                            has not arisen since the Balance Date any item, transaction or event of a material or unusual
                                            nature likely to have a material adverse effect on the operations or results or state of
                                            affairs of any shareholder of Physimax;

 

		(iii)	no
                                            amount has been acquired or disposed of, no liability has been incurred except in the ordinary
                                            course of business as disclosed in writing to the Purchaser, and no contingent liability
                                            has been incurred by any shareholder of Physimax;

 

		(iv)	none
                                            of the debts shown in the Last Accounts have been released or settled for an amount less
                                            than that reflected for such debts in the Last Accounts, and all such debts owing to and
                                            accounts receivable of the Purchaser are now and at Completion will be good and collectable
                                            in the amount disclosed in the Last Accounts (other than for any allowance in the Last Accounts
                                            in respect of doubtful debts). To the knowledge of Physimax, all such accounts receivable
                                            and debts are not and will not be subject to any counterclaim or set-off except for moneys
                                            payable by persons also shown as creditors of Target in the amounts shown in the Last Accounts
                                            (as such amounts may have been affected by transactions in the ordinary course of business
                                            since the Balance Date);

 

		(v)	all
                                            dividends declared by all shareholders s of Physimax have been properly and validly declared
                                            and no dividends have been declared by any shareholder of Physimax since the Balance Date;

 

		(vi)	To
                                            the knowledge of the Controlling Shareholder, no event of insolvency has occurred in respect
                                            of any shareholder of Physimax nor has any act occurred or any omission been made which may
                                            result in an event of insolvency occurring in respect of any shareholder of Physimax;

    22

     

    

		(vii)	no
                                            shareholder of Physimax has bought back any of its securities, has not converted its securities
                                            into a smaller or larger number nor entered into or resolved to approve a buy-back agreement;
                                            nor has any act occurred or any omission been made which may result in any of those events
                                            occurring in respect of any shareholder of Physimax; and

 

		(viii)	there
                                            has not been a change in the remuneration or benefits paid to or given or expected by any
                                            directors, managers, officers, consultants, contractors, agents or employees of any shareholder
                                            of Physimax except as stated in the DD process.

 

		(r)	Financings

 

There
are no:

 

		(i)	financing
                                            arrangements entered into by or on behalf of Physimax for the borrowing of money;

 

		(ii)	debentures,
                                            bonds, notes or similar debt instruments issued by any shareholder of Physimax;

 

		(iii)	guarantees
                                            given by any shareholder of Physimax, or to which any shareholder of Physimax is otherwise
                                            subject, in relation to any shareholder of Physimax or any other person;

 

		(iv)	encumbrances
                                            over the assets that are set out in Schedule 6; or

 

		(v)	except
                                            for the CLA’s and IIA grant, financing arrangements that restrict the disposal of Physimax.

 

		(s)	All
                                            material information

 

Any
information known to the Vendors or Physimax which might reasonably be regarded as material to a purchaser for value of the Physimax
Shares has been disclosed to the Purchaser prior to Completion and is true and accurate in all material respects.

    23

     

    

 

SCHEDULE 4 – PURCHASER REPRESENTATIONS
AND WARRANTIES

 

The
representations and warranties given by the Purchaser are as follows:

 

		(a)	Issue
                                            of the Consideration Shares

 

The
Purchaser has full power and authority and has obtained all third party consents necessary to allot and issue the Consideration Shares
to the Vendors in accordance with the Applicable Law.

 

		(b)	Ranking

 

The
Consideration Shares will be credited as fully paid and rank pari passu in all respects with all other Shares in the Purchaser on issue.

 

		(c)	Title
                                            to Consideration Shares

 

Upon
issue of the Consideration Shares, the Vendors will acquire full legal and beneficial title to the Consideration Shares, free and clear
of any encumbrance

 

		(d)	Trading

 

Unless
stated otherwise in the Heads of Agreement, the Consideration Shares, when issued at Completion, are registered for trading on the ASX
or NASDAQ, as applicable.

 

		(e)	Shareholder
                                            approval

 

Approval
from the Purchaser’s shareholders is not required to offer or issue the Consideration Shares.

 

		(f)	No
                                            legal impediment

 

The
execution, delivery and performance by the Purchaser of this Heads of Agreement complies with:

 

		(i)	each
                                            law, regulation, authorisation, ruling, judgement, order or decree of any government agency;

 

		(ii)	the
                                            constitution or other constituent documents of the Purchaser; and

 

		(iii)	any
                                            security interest or document.

 

		(g)	No
                                            litigation

 

Other
than as previously disclosed either publicly or specifically to the Vendors and / or Physimax, the Purchaser, its ultimate holding company
and / or its subsidiaries are not involved in any litigation, arbitration or administrative proceeding relating to claims or amounts
relating to the Purchaser, its ultimate holding company or its subsidiaries nor is any such litigation, arbitration or administrative
proceeding pending or threatened. There are no unsatisfied or outstanding judgments, orders, decrees, stipulations, investigations or
notices affecting the Purchaser or its subsidiaries or any person for whom the Purchaser or its subsidiaries may be vicariously liable.

    24

     

    

		(h)	No
                                            Event of insolvency

 

No
event of insolvency has occurred in relation to the Purchaser nor is there any act which has occurred or any omission made which may
result in an event of insolvency occurring in relation to the Purchaser.

 

		(i)	Binding
                                            obligations

 

This
agreement constitutes its legal, valid and binding obligations and is enforceable in accordance with its terms.

 

		(j)	Authorisations

 

The
Purchaser has taken all necessary action to authorise the execution, delivery and performance of this Heads of Agreement in accordance
with its terms.

 

		(k)	Continuous
                                            disclosure

 

The
Purchaser, its ultimate holding company and / or its subsidiaries has complied with all material disclosure requirements under Australian
law, including without limitation ASX Listing Rule 3.1 and is not withholding any information from the market under the carve outs set
out in ASX Listing Rule 3.1A.

    25

     

    

 

SCHEDULE 5 – CONTRACTS

 

To
be provided in the Formal Agreement.

 

    26

     

    

 

SCHEDULE 6 – PHYSIMAX ASSETS

 

To
be provided in the Formal Agreement in the following form.

 

Part
A – Intellectual Property Rights

 

		(a)	Business
                                            names and trademarks

 

(i)            [insert];
and (ii)

 

		(b)	Registered
                                            patents and designs

 

(i)            [insert];
and (ii)

 

		(c)	Domain
                                            names

 

(i)            [insert];
and (ii)

 

		(d)	Applications
                                            for registration of trademarks, domain names, patents and designs

 

(i)            [insert];
and (ii)

 

Part
B – Intellectual Property Licenses

 

		(a)	[insert];
                                            and

 

		(b)	[insert].

 

Part
C – Other Assets

 

		(a)	[insert];
                                            and

 

		(b)	[insert].

    27

     

    

 

Executed
by the Parties as an agreement

 

Dated
this 27th day of April 2021

 

	EXECUTED by ADVANCED HUMAN
    IMAGING LIMITED (ACN 602 111 115) in accordance with section 127 of the Corporations Act 2001 (Cth):	 	)

    )

    )

	 	 	 
		 	
	Signature of Chief Executive Office	 	Signature of company secretary
	 	 	 
	 	 	 
	Vlado Bosanac	 	Steven Richards
	Name of Chief Executive Office	 	Name of company secretary
	 	 	 
	EXECUTED by PHYSIMAX
    TECHNOLOGIES LIMITED in accordance with its constituent documents and place of incorporation:	 	)

    )

    )

    )

	 	 	 
		 	
	Signature of director	 	Signature of director/company
    secretary*
	 	 	 
	/s/
    Ram Shalev	 	/s/
    David Kahani
	Name of director	 	Name of director/company secretary*

  

    28

     

    

 [SP
Comment: if the Vendor is a company]

 

	EXECUTED
                           by [INSERT COMPANY NAME]

    in
    accordance with its constituent documents and place of incorporation:
	 	)

    )

    )

    )

     

	 	 	 
	Signature
    of director	 	Signatureofdirector/company
    secretary*
	 	 	 
	 	 	 
	 	 	 
	Name
    of director	 	Name
    of director/company secretary*

 

*please
delete as applicable

 

[SP
Comment: if the Vendor is an individual]

 

	SIGNED
                                            by [INSERT NAME OF INDIVIDUAL]

    in
    the presence of:
	 	)

    )

    )

	 	 	 
	Signature
    of witness	 	Signature
	 	 	 
	 	 	 
	 	 	 
	Name
    of witness	 	 

 

    29

     

    

 

ANNEXURE A – LAST ACCOUNTS

 

To
be provided in the Formal Agreement.

 

 

30Exhibit 10.10

 

 

 

 

MYFIZIQ
LIMITED

ACN 602 111 115

(Company)

 

 

 

 

 

 

 

 

 

 

 

INCENTIVE
PERFORMANCE RIGHTS PLAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

 

T A
B L E O F C O N  T E N
T S

 

 

 

	1.	DEFINITIONS AND INTERPRETATION 

	1
	 	 	 	 
	 	1.1	Definitions	1
	 	1.2	Interpretations	6
	 	 	 	 
	2.	PURPOSE	7
	 	 	 
	3.	COMMENCEMENT AND TERM	7
	 	 	 	 
	4.	OFFER OF PERFORMANCE RIGHTS	8
	 	 	 	 
	 	4.1	Offer	8
	 	4.2	Offer Document	8
	 	4.3	Personal Offer	8
	 	4.4	Nominee	8
	 	4.5	Minimum Contents of Offer Document	8
	 	4.6	Number of Performance Rights	9
	 	4.7	No Consideration	9
	 	4.8	Vesting Conditions	9
	 	4.9	Share Restriction Period	9
	 	4.10	Deferred Taxation	9
	 	4.11	Quotation of Performance Rights	9
	 	4.12	Limit on Offers

                                               
	9
	 	 	 	 
	5.	ACCEPTANCE OF OFFER

	10
	 	 	 	 
	 	5.1	Acceptance of Offer	10
	 	5.2	Board’s right to reject	10
	 	5.3	Participant Agrees to be Bound	10
	 	5.4	Lapse of Offer

                                               
	10
	 	 	 	 
	6.	GRANT OF PERFORMANCE RIGHTS

	10
	 	 	 	 
	 	6.1	Grant of Performance Rights	10
	 	6.2	Approvals	11
	 	6.3	Restrictions on Transfers, Dealings and Hedging

                                               
	11
	 	 	 	 
	7.	VESTING AND EXERCISE OF PERFORMANCE RIGHTS

	11
	 	 	 	 
	 	7.1	Vesting Conditions	11
	 	7.2	Vesting Condition Exceptions	11
	 	7.3	Exercise on Vesting	12
	 	7.4	One or Several Parcels

                                               
	12
	 	 	 	 
	8.	ISSUE OF SHARES

	12
	 	 	 	 
	 	8.1	Issue of Shares	12
	 	8.2	Blackout Period, Takeover Restrictions and Insider Trading	12
	 	8.3	Withholding	13
	 	8.4	Rights attaching to Shares	13
	 	8.5	Share ranking	13
	 	8.6	Quotation on ASX	13
	 	8.7	Sale of Shares

                                               
	13
	 	 	 	 
	9.	RESTRICTION ON DEALING IN SHARES

	14
	 	 	 	 
	 	9.1	Restriction Period	14
	 	9.2	Waiver of Restriction Period	14
	 	9.3	No disposal of Restricted Shares	14
	 	9.4	Enforcement of Restriction Period

                                               
	14

 

    i

     

    

 

	10.	LAPSE OF PERFORMANCE RIGHTS

	14
	 	 	 	 
	 	10.1	Lapsing of Performance Right	14
	 	10.2	Fraud and Related Matters
	15
	 	 	 	 
	11.	EXCHANGE DUE TO CHANGE OF CONTROL

	15
	 	 	 	 
	12.	PARTICIPATION RIGHTS AND REORGANISATION

	16
	 	 	 	 
	 	12.1	Participation Rights	16
	 	12.2	Adjustment for Reorganisation	16
	 	12.3	Notice of Adjustments	16
	 	12.4	Cumulative Adjustments
	16
	 	 	 	 
	13.	OVERRIDING RESTRICTIONS ON ISSUE AND EXERCISE

	16
	 	 	 	 
	14.	AMENDMENTS

	17
	 	 	 	 
	 	14.1	Power to amend Plan	17
	 	14.2	Adjustment to Performance Right Terms	17
	 	14.3	Notice of amendment
	17
	 	 	 	 
	15.	TRUST

	17
	 	 	 	 
	16.	MISCELLANEOUS

	18
		 	 	 
	 	16.1	Rights and obligations of Participant	18
	 	16.2	Power of the Board	19
	 	16.3	Dispute or disagreement	19
	 	16.4	ASIC relief	19
	 	16.5	Non-residents of Australia	19
	 	16.6	Communication	20
	 	16.7	Attorney	20
	 	16.8	Costs and Expenses	20
	 	16.9	Adverse Tax	20
	 	16.10	Data protection	21
	 	16.11	Error in Allocation	21
	 	16.12	No fiduciary capacity	21
	 	16.13	ASX Listing Rules	21
	 	16.14	Enforcement	21
	 	16.15	Laws governing Plan	21
	 	 	 	 
	SCHEDULE 1 – PERFORMANCE RIGHTS PLAN – OFFER DOCUMENT	22
	SCHEDULE 2 – PERFORMANCE RIGHTS PLAN ACCEPTANCE FORM	25
	SCHEDULE 3 – NOTICE OF EXERCISE OF PERFORMANCE RIGHTS	27

 

    ii

     

    

 

MY
FIZIQ LIMITED

 

INCENTIVE
PERFORMANCERIGHTS
PLAN

 

 

	1.	DEFINITIONS
                                            AND INTERPRETATION

 

	1.1	Definitions

 

For
the purposes of the Plan, the following words have the following meanings.

 

Acceptance
Form means the Acceptance Form by which an Eligible Participant or Nominee (as applicable) accepts an Offer for Performance Rights,
in substantially the same form as set out in Schedule 2 or as otherwise approved by the Company from time to time.

 

    
	MYQ Incentive Performance Rights Plan (final)	1

 

     

    

 

ASIC
means the Australian Securities and Investments Commission.

 

Associated
Body Corporate means:

 

		(a)	a
                                            related body corporate (as defined in the Corporations Act) of the Company;

 

		(b)	a
                                            body corporate which has an entitlement to not less than 20% of the voting Shares of the
                                            Company; and

 

		(c)	a
                                            body corporate in which the Company has an entitlement to not less than 20% of the voting
                                            shares.

 

ASX
means ASX Limited (ACN 008 624 691) or the Australian Securities Exchange, as the context requires.

 

ASX
Listing Rules means the official Listing Rules of the ASX as they apply to the Company from time to time.

 

Blackout
Period means a period when the Participant is prohibited from trading in the Company's securities by the Company's written policies.

 

Board
means the board of Directors of the Company or committee appointed by the Board for the purposes of the Plan.

 

Business
Day means a day on which banks are open for general banking business in Western Australia, excluding Saturdays, Sundays and public
holidays in Western Australia.

 

Change
of Control means:

 

		(a)	a
                                            bona fide Takeover Bid is declared unconditional and the bidder has acquired a Relevant Interest
                                            in at least 50.1% of the Company’s issued Shares;

 

		(b)	a
                                            court approves, under Section 411(4)(b) of the Corporations Act, a proposed compromise or
                                            arrangement for the purposes of, or in connection with, a scheme for the reconstruction of
                                            the Company or its amalgamation with any other company or companies; or

 

		(c)	in
                                            any other case, a person obtains Voting Power in the Company which the Board (which for the
                                            avoidance of doubt will comprise those Directors immediately prior to the person acquiring
                                            that Voting Power) determines, acting in good faith and in accordance with their fiduciary
                                            duties, is sufficient to control the composition of the Board

 

Class
Order means ASIC Class Order 14/1000 as amended or replaced.

 

Closing
Date means the date on which an Offer is stated to close.

 

Company
means MyFiziq Limited (ACN 602 111 115).

 

Corporations
Act means the Corporations Act 2001 (Cth).

 

    
	MYQ Incentive Performance Rights Plan (final)	2

 

     

    

 

Director
means any person occupying the position of a director of any Group Company (including an alternate director or managing director
appointed in accordance with the relevant constitution).

 

Eligible
Participant means:

 

		(a)	a
                                            Director (whether executive or non-executive) of any Group Company;

 

		(b)	a
                                            full or part time employee of any Group
                                            Company;

 

		(c)	a
                                            casual employee or contractor of a Group Company to the extent permitted by the Class Order;
                                            or

 

		(d)	a
                                            prospective participant, being a person to whom the Offer is made but who can only accept
                                            the Offer if an arrangement has been entered into that will result in the person becoming
                                            an Eligible Participant under Rules (a), (b) or (c) above,

 

who
is declared by the Board to be eligible to receive grants of Performance Rights under the Plan.

 

Expiry
Date means, in respect of a Performance Right, the date on which the Performance Right lapses (if it has not already otherwise lapsed
in accordance with the Plan).

 

Grant
Date means, in relation to a Performance Right, the date on which the Performance Right is granted.

 

Group
means the Company and each other Associated Body Corporate. Group Company means the Company or any Associated Body Corporate.
Holding Lock has the meaning given to that term in the ASX Listing Rules.

Marketable
Parcel has the meaning given to that term in the ASX Listing Rules.

 

Nominee
means a nominee of an Eligible Participant that is one of the following:

 

		(a)	an
                                            immediately family member of the Eligible Participant or (subject to Board approval) a trustee
                                            of an Eligible Participant’s family trust whose beneficiaries are limited to the Eligible
                                            Participant and/or the Eligible Participant’s immediate family members;

 

		(b)	a
                                            company whose members comprise no persons other than the Eligible Participant or immediate
                                            family members of the participant; or

 

		(c)	a
                                            corporate trustee of a self-managed superannuation fund (within the meaning of the Superannuation
                                            Industry (Supervision) Act 1993) where the Eligible Participant is a director of the
                                            trustee.

 

Offer
means an offer made to an Eligible Participant to be granted one or more Performance Rights under the Plan as set out in an Offer
Document.

 

    
	MYQ Incentive Performance Rights Plan (final)	3

 

     

    

 

	 	(e)
	Offer Document means an offer document in substantially
the same form as set out in

 

Schedule
1, or such other form as approved by the Board from time to time consistent with the Corporations Act and the Class Order.

 

Participant
means an Eligible Participant to whom Performance Rights have been granted under the Plan or,
if Rule 4.4 applies, a Nominee of the Eligible Participant to whom Performance Rights have been granted under the Plan.

 

Performance
Right means a right to acquire a Share, subject to satisfaction of any Vesting Conditions, and the corresponding obligation of the
Company to provide the Share, under a binding contract made by the Company and an Eligible Participant in the manner set out in this
Plan.

 

Plan
means the plan as set out in this document, subject to any amendments or additions made under Rule 14.

 

Redundancy
means termination of the employment, office or engagement of a Relevant Person due to economic, technological, structural or other
organisational change where:

 

		(a)	no
                                            Group Company requires the duties and responsibilities carried out by the Relevant Person
                                            to be carried out by anyone; or

 

		(b)	no
                                            Group Company requires the position held by the Relevant Person to be held by anyone.

 

Relevant
Interest has the meaning given in the Corporations Act.

 

    
	MYQ Incentive Performance Rights Plan (final)	4

 

     

    

 

Relevant
Person means:

 

		(a)	in
                                            respect of an Eligible Participant, that person; and

 

		(b)	in
                                            respect of a Nominee of an Eligible Participant, that Eligible Participant.

 

Restriction
Period means the period during which a Share issued on the exercise of a Performance Right cannot be transferred or otherwise dealt
with in accordance with Rule 9.

 

Restricted
Shares means Shares issued on the exercise of a Performance
Right granted under the Plan that the Board has determined are subject to a Restriction Period.

 

Retirement
means where a Relevant Person intends to permanently cease all gainful employment in circumstances where the Relevant Person provides,
in good faith, a written statutory declaration to the Board to that effect.

 

Rules
means the rules of the Plan set out in this document.

 

Severe
Financial Hardship means that the Relevant Person is unable to provide themselves, their family or other dependents with basic necessities
such as food, accommodation and clothing, including as a result of family tragedy, financial misfortune,
serious illness, impacts of natural disaster and other serious or difficult circumstances.

 

Share
means a fully paid ordinary share in the capital of the Company.

 

Shareholder
means a holder of Shares.

 

    
	MYQ Incentive Performance Rights Plan (final)	5

 

     

    

 

Special
Circumstances means:

 

		(a)	a
                                            Relevant Person ceasing to be an Eligible Participant due to:

 

		(i)	death
or Total or Permanent Disability of a Relevant Person; or

 

		(ii)	Retirement or Redundancy
of a Relevant Person;

 

		(b)	a
                                            Relevant Person suffering Severe Financial Hardship;

 

		(c)	any
                                            other circumstance stated to constitute “Special Circumstances” in the terms
                                            of the relevant Offer made to and accepted by the Participant; or

 

		(d)	any
                                            other circumstances determined by the Board at any time (whether before or after the Offer)
                                            and notified to the relevant Participant which circumstances may relate to the Participant,
                                            a class of Participant, including the Participant or particular circumstances or class of
                                            circumstances applying to the Participant.

 

Takeover
Bid means a takeover bid (as defined in the Corporations Act) to acquire Shares.

 

Total
and Permanent Disability means that the Relevant Person has, in the opinion of the Board, after considering such medical and other
evidence as it sees fit, become incapacitated to such an extent as to render the Relevant Person unlikely ever to engage in any occupation
with the Company or its Associated Bodies Corporate for which he or she is reasonably qualified by education, training or experience.

 

Vesting
Condition means, in respect of a Performance Right, any condition set out in the Offer which must be satisfied (unless waived in
accordance with the Plan) before that Performance Right can be exercised or any other restriction on exercise of that Performance Right
specified in the Offer or in this Plan.

 

Voting
Power has the meaning given to that term in Section
9 of the Corporations Act.

 

 

	1.2	Interpretations

 

In
this Plan unless the context otherwise requires:

 

		(a)	headings
                                            are for convenience only and do not affect the interpretation of this Plan;

 

		(b)	any
                                            reference in the Plan to any enactment of the ASX Listing Rules includes a reference to that
                                            enactment or those ASX Listing Rules as from time to time amended, consolidated, re-enacted
                                            or replaced;

 

		(c)	the
                                            singular includes the plural and vice versa;

 

		(d)	any
                                            words denoting one gender include the other gender;

 

		(e)	where
                                            any word or phrase is given a definite meaning in this Plan, any part of speech or other
                                            grammatical form of that word or phrase has a corresponding meaning;

 

    
	MYQ Incentive Performance Rights Plan (final)	6

 

     

    

 

		(f)	a
                                            reference to:

 

	 	(i)	a person includes
a natural person, partnership, joint venture, government agency, association, corporation or other body corporate;
	 	 	 
	 	(ii)	a document includes
all amendments or supplements to that document;
	 	 	 
	 	(iii)	a
Rule is a reference to a Rule of this Plan;
	 	 	 
	 	(iv)	a law includes
a constitutional provision, treaty, decree, convention, statute, regulation, ordinance, by-law, judgment, rule of common law or equity
and is a reference to that law as amended, consolidated or replaced;
	 	 	 
	 	(v)	an agreement other
than this Plan includes an undertaking, or legally enforceable arrangement or understanding, whether or not in writing; and
	 	 	 
	 	(vi)	a monetary amount
is in Australian dollars; and

 

		(g)	when
                                            the day on which something must be done is not a Business Day, that thing must be done on
                                            the following Business Day.

 

 

	2.	PURPOSE

 

The
purpose of the Plan is to:

 

		(a)	assist
                                            in the reward, retention and motivation of Eligible Participants;

 

		(b)	link
                                            the reward of Eligible Participants to performance and the creation of Shareholder value;

 

		(c)	align
                                            the interests of Eligible Participants more closely with the interests of Shareholders
                                            by providing an opportunity for Eligible Participants to receive Shares;

 

		(d)	provide
                                            Eligible Participants with the opportunity to share in any future growth in value of the
                                            Company; and

 

		(e)	provide
                                            greater incentive for Eligible Participants to focus on the Company's longer term goals.

 

 

	3.	COMMENCEMENT
                                            AND TERM

 

		(a)	This
                                            Plan will commence on the date determined by resolution of the Board and will continue until
                                            terminated by the Board.

 

		(b)	The
                                            Board may terminate the Plan at any time by resolution. Termination shall not affect the
                                            rights or obligations of a Participant or the Company which have arisen under the Plan before
                                            the date of termination and the provisions of the Plan relating to a Participant’s
                                            Performance Rights shall survive termination of the Plan until fully satisfied and discharged.

 

    
	MYQ Incentive Performance Rights Plan (final)	7

 

     

    

 

 

	4.	OFFER
                                            OF PERFORMANCE RIGHTS

 

	4.1	Offer

 

		(a)	The
                                            Board may, from time to time, in its absolute
                                            discretion, make a written offer to any Eligible Participant (including an Eligible Participant
                                            who has previously received an Offer) to apply for Performance Rights, upon the terms set
                                            out in the Plan and upon such additional terms and conditions as the Board determines (Offer).

 

		(b)	In
                                            exercising that discretion, the Board may have regard to the following (without limitation):

 

	 	(i)	the Eligible Participant's
length of service with the Group;
	 	 	 
	 	(ii)	the contribution
made by the Eligible Participant to the Group;
	 	 	 
	 	(iii)	the potential contribution
of the Eligible Participant to the Group; or
	 	 	 
	 	(iv)	any other matter
the Board considers relevant.

 

		(c)	For
                                            the avoidance of doubt, nothing in this document obliges the Company at any time to make
                                            an Offer, or further Offer, to any Eligible Participant.

 

	4.2	Offer
                                            Document

 

An
Offer must be made using an Offer Document.

 

	4.3	Personal
                                            Offer

 

Subject
to Rule 4.4, an Offer is personal
and is not assignable.

 

	4.4	Nominee

 

		(a)	Upon
                                            receipt of an Offer, an Eligible Participant may, by notice in writing to the Board, nominate
                                            a Nominee in whose favour the Eligible Participant wishes to renounce the Offer.

 

		(b)	The
                                            Board may, in its discretion, resolve not to allow a renunciation of an Offer in favour of
                                            a Nominee without giving any reason for that decision.

 

	4.5	Minimum
                                            Contents of Offer Document

 

An
Offer Document must advise the Eligible Participant of the following minimum information regarding the Performance Rights:

 

		(a)	the
                                            maximum number of Performance Rights that the Eligible Participant may apply for, or the
                                            formula for determining the number of Performance Rights that may be applied for;

 

		(b)	the
                                            maximum number of Shares that the Participant is entitled to be issued on the exercise of
                                            each Performance Right or the formula for determining the maximum number of Shares;

 

		(c)	any
                                            applicable Vesting Conditions;

 

    
	MYQ Incentive Performance Rights Plan (final)	8

 

     

    

 

		(d)	any
                                            Restriction Period the Board has resolved to apply to Shares issued on exercise of the Performance
                                            Rights;

 

		(e)	when
                                            unvested Performance Rights will expire (Expiry Date);

 

		(f)	the
                                            date by which an Offer must be accepted (Closing Date); and

 

		(g)	any
                                            other information required by law or the ASX Listing Rules or considered by the Board to
                                            be relevant to the Performance Rights or the Shares to be issued on the exercise of the Performance
                                            Rights.

 

	4.6	Number
                                            of Performance Rights

 

		(a)	Subject
                                            to Rule 4.12, the number of Performance Rights to be offered to an Eligible Participant from
                                            time to time will be determined by the Board in its discretion and in accordance with applicable
                                            law and the ASX Listing Rules.

 

		(b)	Each
                                            Performance Right will entitle the holder to subscribe for and be allotted one Share unless
                                            the Offer otherwise provides.

 

	4.7	No
                                            Consideration

 

Performance
Rights granted under the Plan will be issued for nil cash consideration.

 

	4.8	Vesting
                                            Conditions

 

A
Performance Right may be made subject to Vesting Conditions as determined by the Board in its discretion and as specified in the Offer
for the Performance Right.

 

	4.9	Share
                                            Restriction Period

 

A
Share issued on exercise of a Performance Right may be subject to a Restriction Period as determined by the Board in accordance with
Rule 9 of this Plan.

 

	4.10	Deferred
                                            Taxation

 

Subdivision
83A-C of the Income Tax Assessment Act 1997 applies to the Plan except to the extent an Offer provides otherwise.

 

	4.11	Quotation
                                            of Performance Rights

 

Performance
Rights will not be quoted on the ASX, except to the extent provided for by this Plan or unless the Offer provides otherwise.

 

	4.12	Limit
                                            on Offers

 

The
Company must have reasonable grounds to believe, when making an Offer, that the number of Shares to be received on exercise of Performance
Rights offered under an Offer, when aggregated with the number of Shares issued or that may be issued as a result of offers made in reliance
on the Class Order at any time during the previous 3 year period under an employee incentive scheme covered by the Class Order or an
ASIC exempt arrangement of a similar kind to an employee incentive scheme, will not exceed 5% of the total number of Shares on issue
at the date of the Offer.

 

    
	MYQ Incentive Performance Rights Plan (final)	9

 

     

    

 

 

	5.	ACCEPTANCE
                                            OF OFFER

 

	5.1	Acceptance
                                            of Offer

 

An
Eligible Participant (or permitted Nominee) may accept an Offer in whole or in part, by signing and returning an Acceptance Form to the
Company no later than the Closing Date.

 

	5.2	Board’s
                                            right to reject

 

		(a)	The
                                            Board may accept or reject any Acceptance Form in its absolute discretion.

 

		(b)	Before
                                            accepting or rejecting the Acceptance Form, the Board may require the applicant to provide
                                            any information that the Board requests concerning the person's entitlement to lodge an Acceptance
                                            Form under this Plan.

 

		(c)	The
                                            Board must promptly notify an applicant if an Acceptance Form has been rejected, in whole
                                            or in part.

 

	5.3	Participant
                                            Agrees to be Bound

 

		(a)	An
                                            Eligible Participant, by submitting an Acceptance Form, agrees to be bound by the terms and
                                            conditions of the Offer and the Acceptance Form, the Plan and the Constitution of the Company,
                                            as amended from time to time.

 

		(b)	If
                                            the Board resolves to allow a renunciation of an Offer in favour of a Nominee, the Eligible
                                            Participant will procure that the permitted Nominee accepts the Offer made to that Eligible
                                            Participant and that both the Eligible Participant and the Nominee agree be bound by the
                                            terms and conditions of the Offer and Acceptance Form, the Plan and the Constitution of the
                                            Company, as amended from time to time.

	5.4	Lapse
                                            of Offer

 

To
the extent an Offer is not accepted in accordance with Rule 5.1, the Offer will lapse on the date following the Closing Date, unless
the Board determines otherwise.

 

 

	6.	GRANT
                                            OF PERFORMANCE RIGHTS

 

	6.1	Grant
                                            of Performance Rights

 

		(a)	Subject
                                            to Rule 6.2, once the Board has received and accepted a duly signed and completed Acceptance
                                            Form for Performance Rights, the Company must, provided the Eligible Participant to whom
                                            the Offer was made remains an Eligible Participant,
                                            promptly grant Performance Rights to the applicant, upon the terms set out in the Offer,
                                            the Acceptance Form and the Plan and upon such additional terms and conditions as the Board
                                            determines.

 

		(b)	The
                                            Company will, within a reasonable period after the Grant Date of the Performance Rights,
                                            issue the applicant with a certificate evidencing the grant of the Performance Rights.

 

    
	MYQ Incentive Performance Rights Plan (final)	10

 

     

    

 

	6.2	Approvals

 

The
Company’s obligation to grant Performance Rights is conditional on:

 

		(a)	the
                                            grant of the Performance Rights complying with all applicable legislation and the ASX Listing
                                            Rules; and

 

		(b)	all
                                            necessary approvals required under any applicable legislation and the ASX Listing Rules being
                                            obtained prior to the grant of the Performance Rights.

 

	6.3	Restrictions
                                            on Transfers, Dealings and Hedging

 

		(a)	Subject
                                            to the ASX Listing Rules, a Performance Right granted under the Plan is only transferable,
                                            assignable or able to be otherwise disposed or encumbered:

 

	 	(i)	in Special Circumstances
with the consent of the Board (which may be withheld in its absolute discretion); or
	 	 	 
	 	(ii)	by force of law
upon death to the Participant’s legal personal representative or upon bankruptcy to the Participant’s trustee in bankruptcy.

 

		(b)	A
                                            Participant must not enter into any arrangement for the purpose of hedging, or otherwise
                                            affecting their economic exposure, to their Performance Rights.

 

		(c)	Where
                                            the Participant purports to transfer, assign, mortgage, charge or otherwise dispose or encumber
                                            a Performance Right, other than in accordance with Rule 6.3(a), or hedge a Performance Right
                                            contrary to Rule 6.3(b), the Performance Right immediately lapses.

 

 

	7.	VESTING
                                            AND EXERCISE OF PERFORMANCE RIGHTS

 

	7.1	Vesting
                                            Conditions

 

		(a)	Subject
                                            to Rules 7.2 and 7.3, a Performance Right granted under the Plan will not vest and be exercisable
                                            unless the Vesting Conditions (if any) attaching to that Performance Right have been satisfied
                                            and the Board has notified the Participant of that fact.

 

		(b)	The
                                            Board must notify a Participant in writing within 10 Business Days of becoming aware that
                                            any Vesting Condition attaching to a Performance Right has been satisfied.

 

	7.2	Vesting
                                            Condition
                                            Exceptions

 

Notwithstanding
Rule 7.1, the Board may in its absolute discretion except in respect of clause 7.2(b), where Vesting Conditions are deemed to be automatically
waived, by written notice to a Participant, resolve to waive any of the Vesting Conditions applying to Performance Rights due to:

 

		(a)	Special
                                            Circumstances arising in relation to a Relevant Person in respect of those Performance Rights;

 

		(b)	a
                                            Change of Control occurring; or

 

		(c)	the
                                            Company passing a resolution for voluntary winding up, or an order is made for the compulsory
                                            winding up of the Company, in
which case Rule 7.3 applies.

 

    
	MYQ Incentive Performance Rights Plan (final)	11

 

     

    

 

	7.3	Exercise
                                            on
                                            Vesting

 

A
Participant (or their personal legal representative where applicable) may exercise any vested Performance Right at any time after the
Board notifies that the Performance Right has vested and before it lapses by providing the Company with:

 

		(a)	the
                                            certificate for the Performance Rights or, if the certificate for the Performance Rights
                                            has been lost, mutilated or destroyed, a declaration to that effect, accompanied by an indemnity
                                            in favour of the Company against any loss, costs or expenses which might be incurred by the
                                            Company as a consequence of its relying on the declaration that the certificate has been
                                            lost, mutilated or destroyed; and

 

		(b)	a
                                            notice in the form of Schedule 3 addressed to the Company and signed by the Participant stating
                                            that the Participant exercises the Performance Rights and specifying the number of Performance
                                            Rights which are exercised.

 

	7.4	One
                                            or Several Parcels

 

Performance
Rights may be exercised in one or more parcels of any
size, provided that the number of Shares issued upon exercise of the number of Performance Rights in any parcel is not less than a Marketable
Parcel.

 

 

	8.	ISSUE
                                            OF SHARES

 

	8.1	Issue
                                            of Shares

 

If
the items specified in Rule 7.3 are delivered in accordance with that Rule, the Company will, subject to the Corporations Act, the ASX
Listing Rules, this Plan and any applicable Offer:

 

		(a)	within
                                            10 Business Days of delivery of the documents referred to in Rule 7.3 issue to the Participant
                                            the Shares credited as being fully paid in respect of which the Performance Rights are exercised,
                                            together with any additional Shares an entitlement to which has arisen under Rule 12 in consequence
                                            of the exercise of the Performance Rights; and

 

		(b)	cancel
                                            the certificate delivered pursuant to Rule 7.3 and, if any Performance Rights which have
                                            not lapsed remain unexercised, deliver to the Participant a replacement certificate reflecting
                                            the number of those Performance Rights which remain unexercised.

 

	8.2	Blackout
                                            Period, Takeover Restrictions and
                                            Insider Trading

 

If
the issue of Shares on exercise of a Performance Right would otherwise fall within a Blackout Period, or breach the insider trading or
takeover provisions of the Corporations Act, the Company may delay the issue of the Shares until 10 Business Days following the expiration,
as applicable, of the Blackout Period or the day on which the insider trading or takeover provisions no longer prevent the issue of the
Shares.

 

    
	MYQ Incentive Performance Rights Plan (final)	12

 

     

    

 

	8.3	Withholding

 

If
a Participant is liable for tax, duties or other amounts on the vesting or exercise of their Performance Rights, and the Company is liable
to make a payment to the appropriate authorities on account of that liability, unless the Participant and the Company agree otherwise,
the Company must issue and sell such number of Shares which would otherwise be issued and allocated to the Participant so that the net
proceeds of sale equal the payment the Company is required to pay to the appropriate authorities.

 

	8.4	Rights
                                            attaching
                                            to Shares

 

A
Participant will, from and including the issue date of Shares under this Plan, be the legal owner of the Shares issued in respect of
them and will be entitled to dividends and to exercise voting rights attached to the Shares.

 

	8.5	Share
                                            ranking

 

All
Shares issued under the Plan will rank equally in all
respects with the Shares of the same class for the time being on issue except as regards any rights attaching to such Shares by reference
to a record date prior to the date of their issue.

 

	8.6	Quotation
                                            on ASX

 

		(a)	If
                                            Shares of the same class as those issued under the Plan are quoted on the ASX, the Company
                                            will, subject to the ASX Listing Rules, apply to the ASX
                                            for those Shares to be quoted on ASX within the later of 10 Business Days after:

 

	 	(i)	the date the Shares
are issued; and
	 	 	 
	 	(ii)	the date any Restriction
Period that applies to the Shares ends.

 

		(b)	The
                                            Company will not apply for quotation of any Performance Rights on the ASX.

 

	8.7	Sale
                                            of Shares

 

		(a)	Subject
                                            to Rule 9 (Restriction on Dealing in Shares), there will be no transfer restrictions on Shares
                                            issued under the Plan unless the sale, transfer or disposal
                                            by the Participant of the Shares issued to them on exercise of the Performance Rights
                                            (or any interest in them) would require the preparation of a disclosure document (as that
                                            term is defined in the Corporations Act).

 

		(b)	If
                                            a disclosure document is required, the Participant agrees to enter into such arrangements
                                            with the Company as the Board considers appropriate
                                            to prevent the sale, transfer or disposal of the relevant Shares in a manner that
                                            would require a disclosure document to be prepared.

 

		(c)	The
                                            Company will issue, where required to enable Shares issued on exercise
                                            of Performance Rights to be freely tradeable on the ASX (subject to any Restriction
                                            Period), a cleansing statement under Section 708A(5) of the Corporations Act at the time
                                            Shares are issued. Where a cleansing statement is required, but cannot be issued, the Company
                                            will lodge a prospectus in relation to the Shares with ASIC which complies with the requirements
                                            of the Corporations Act and allows the Shares to be freely tradeable on the ASX (subject
                                            to any Restriction Period).

 

    
	MYQ Incentive Performance Rights Plan (final)	13

 

     

    

 

 

	9.	RESTRICTION
                                            ON DEALING IN SHARES

 

	9.1	Restriction
                                            Period

 

Subject
to clause 9.4, the Board may, in its discretion, determine at any time up until exercise of Performance Rights, that a restriction period
will apply to some or all of the Shares issued to a Participant on exercise of those Performance Rights (Restricted Shares), up
to a maximum of seven (7) years from the Grant Date of the Performance Rights (Restriction Period).

 

	9.2	Waiver
                                            of Restriction Period

 

Subject
to clause 9.4, the Board may, in its sole discretion, having regard to the circumstances at the time, waive a Restriction Period determined
pursuant to Rule 9.1.

 

	9.3	No
                                            disposal of
                                            Restricted Shares

 

A
Participant must not dispose of or otherwise deal with any Shares issued to them under the Plan while they are Restricted Shares.

 

	9.4	ASX
                                            Imposed Escrow

 

The
Company must impose a Restriction Period on Shares to the extent necessary to comply with
any escrow restrictions imposed by the ASX Listing Rules.

 

	9.5	Enforcement
                                            of Restriction Period

 

		(a)	The
                                            Company may implement any procedure it considers appropriate to restrict a Participant from
                                            dealing with any Shares for as long as those Shares are subject to a Restriction Period.

 

		(b)	The
                                            Participant agrees to:

 

	 	(i)	execute an ASX
restriction agreement in relation to the Shares reflecting any Restriction Period applying to the Restricted Shares under the Plan;
	 	 	 
	 	(ii)	the Company lodging
the share certificates for Shares (where issuer sponsored) with a bank or recognised trustee to hold until the
expiry of any Restriction Period applying to the Shares or until the Shares are otherwise
released from restrictions (at which time the Company shall arrange for the share certificates to be provided to the Participant); and
	 	 	 
	 	(iii)	the
application of a Holding Lock over Shares until any Restriction Period
applying to the Shares under the Plan has expired (at which time the Company shall arrange for the Holding Lock to be removed).

 

 

	10.	LAPSE
                                            OF PERFORMANCE RIGHTS

 

	10.1	Lapsing
                                            of Performance Right

 

A
Performance Right will lapse upon the earlier to occur of:

 

		(a)	an
                                            unauthorised dealing in, or hedging of, the Performance Right occurring, as governed by Rule
                                            6.3(c);

 

    
	MYQ Incentive Performance Rights Plan (final)	14

 

     

    

 

		(b)	a
                                            Vesting Condition in relation to the Performance Right
                                            is not satisfied by the due date, or becomes incapable of satisfaction, as determined by
                                            the Board in its absolute discretion, unless the Board exercises its discretion to waive
                                            the Vesting Condition and vest the Performance Right under Rule 7.2 (Vesting Condition Exceptions)
                                            or clause 10.1(c)(ii) applies;

 

		(c)	in
                                            respect of unvested Performance Rights only, a Relevant Person ceases to be an Eligible Participant,
                                            unless the Board:

 

	 	(i)	exercises its discretion
to vest the Performance Right under Rule 7.2 (Vesting Condition Exceptions); or
	 	 	 
	 	(ii)	in its absolute
discretion, resolves to allow the unvested Performance Rights to remain unvested after the Relevant Person ceases to be an Eligible Participant;

 

		(d)	in
                                            respect of vested Performance Rights only, a Relevant Person ceases to be an Eligible Participant
                                            and the Performance Right granted in respect of that Relevant Person is not exercised within
                                            one (1) month (or such later date as the Board determines) of the date the Relevant Person
                                            ceases to be an Eligible Participant;

 

		(e)	the
                                            Board deems that a Performance Right lapses due to fraud, dishonesty or other improper behaviour
                                            of the holder/Eligible Participant under Rule 10.2 (Fraud and Related Matters);

 

		(f)	the
                                            Company undergoes a Change of Control or a winding up resolution or order is made, and the
                                            Performance Right does not vest in accordance with Rule 7.2 (Vesting Condition Exceptions);
                                            and

 

		(g)	the
                                            Expiry Date of the Performance Right.

 

	10.2	Fraud
                                            and Related Matters

 

Notwithstanding
any other provision of this document, where a Relevant Person:

 

		(a)	in
                                            the opinion of the Board, acts fraudulently or dishonestly, is grossly negligent, demonstrates
                                            serious and wilful misconduct, or causes a material adverse effect on the reputation of the
                                            Company;

 

		(b)	has
                                            his or her employment or office terminated due to serious or wilful misconduct or otherwise
                                            for cause without notice; or

 

		(c)	becomes
                                            ineligible to hold his or her office due to Part 2D.6 of the Corporations Act,

 

the
Board may, by written notice to the Participant, deem any unvested, or vested but unexercised, Performance Rights of the Participant
to have lapsed or require the Participant to do all such things necessary to cancel any Shares issued on exercise of the Participant’s
Performance Rights.

 

 

	11.	EXCHANGE
                                            DUE TO CHANGE OF CONTROL

 

If
a company (Acquiring Company) obtains
control of the Company as a result of a Change of Control and both the Company and the Acquiring Company agree, a Participant may,
in respect of any vested Performance Rights that are exercised, be provided with shares of the Acquiring Company, or its parent, in
lieu of Shares, on substantially the same terms and subject to substantially the same conditions as the Shares, but with appropriate
adjustments to the number and kind of shares subject to the Performance Rights.

 

    
	MYQ Incentive Performance Rights Plan (final)	15

 

     

    

 

 

	12.	PARTICIPATION
                                            RIGHTS AND REORGANISATION

 

	12.1	Participation
                                            Rights

 

		(a)	There
                                            are no participating rights or entitlements inherent in the Performance Rights and Participants
                                            will not be entitled to participate in new issues of capital offered to Shareholders during
                                            the currency of the Performance Rights without exercising the Performance Right.

 

		(b)	A
                                            Performance Right does not confer the right to a change in the number of
                                            underlying Shares over which the Performance Right can be exercised.

 

		(c)	A
                                            Participant who is not a Shareholder is not entitled to:

 

	 	(i)	notice
of, or to vote or attend at, a meeting of the Shareholders of
the Company; or
	 	 	 
	 	(ii)	receive
any dividends declared by the Company, unless and until
any Performance Right is exercised and the Participant holds Shares that provide the right to notice and dividends.

 

	12.2	Adjustment
                                            for Reorganisation

 

If,
at any time, the issued capital of the Company is reorganised (including consolidation, subdivision, reduction or return), all rights
of a Participant are to be changed in a manner consistent with the Corporations Act and the ASX Listing Rules at the time of the reorganisation.

 

	12.3	Notice
                                            of Adjustments

 

Whenever
the number of Shares to be issued on the exercise of a Performance Right is adjusted pursuant to these Rules, the Company will give notice
of the adjustment to the Participant and ASX together with calculations on which the adjustment is based.

 

	12.4	Cumulative
                                            Adjustments

 

Effect
will be given to Rule 12.3 in such manner that the effect of the successive applications of them is cumulative, with the intention being
that the adjustments they progressively effect will reflect previous adjustments.

 

 

	13.	OVERRIDING
                                            RESTRICTIONS ON ISSUE AND EXERCISE

 

Notwithstanding
the Rules or the terms of any Performance Right, no Performance Right
may be offered, granted or exercised and no Share may be issued under the Plan if to do so:

 

		(a)	would
                                            contravene the Corporations Act, the ASX Listing Rules or any other applicable law; or

 

		(b)	would
                                            contravene
                                            the local
                                            laws
                                            or customs
                                            of an
                                            Eligible
                                            Participant’s
                                            country of residence or in the opinion of the Board would require actions to comply with
                                            those local laws or customs which are impractical.

 

    
	MYQ Incentive Performance Rights Plan (final)	16

 

     

    

 

 

	14.	AMENDMENTS

 

	14.1	Power
                                            to amend Plan

 

Subject
to Rule 14.2, the Corporations Act and the ASX Listing Rules:

 

		(a)	the
                                            Board may, at any time, by resolution amend or add to all or any of the provisions of the
                                            Plan, an Offer or the terms or conditions of any Performance Right granted under the Plan;
                                            and

 

		(b)	any
                                            amendment may be given such retrospective effect as is specified in the written instrument
                                            or resolution by which the amendment is made.

 

	14.2	Adjustment
                                            to Performance Right Terms

 

No
adjustment or variation of the terms of a Performance Right will be made without the consent of the Participant who holds the relevant
Performance Right if such adjustment or variation would have a materially prejudicial effect upon the Participant (in respect of his
or her outstanding Performance Rights), other than an adjustment or variation introduced primarily:

 

		(a)	for
                                            the purpose of complying with or conforming to present or future State, Territory or Commonwealth
                                            legislation governing or regulating the maintenance or operation of the Plan or like plans;

 

		(b)	to
                                            correct any manifest error or mistake;

 

		(c)	to
                                            enable a member of the Group to comply with the Corporations Act, the ASX Listing Rules,
                                            applicable foreign law, or a requirement, policy or practice of the ASIC or other foreign
                                            or Australian regulatory body; or

 

		(d)	to
                                            take into consideration possible adverse taxation implications in respect of the Plan, including
                                            changes to applicable taxation legislation or the interpretation of that legislation by a
                                            court of competent jurisdiction or any rulings from taxation authorities administering such
                                            legislation.

 

	14.3	Notice
                                            of amendment

 

As
soon as reasonably practicable after making any amendment under Rule 14.1, the Board will give notice in writing of that amendment to
any Participant affected by the amendment.

 

 

	15.	TRUST

 

		(a)	The
                                            Board may, at any time, establish a trust for the sole purpose of acquiring and holding Shares
                                            in respect of which a Participant may exercise, or has exercised, vested Performance Rights,
                                            including for the purpose of enforcing the disposal restrictions and appoint a trustee to
                                            act as trustee of the trust.

 

		(b)	The
                                            trustee will hold the Shares as trustee for and on behalf of a Participant as beneficial
                                            owner upon the terms of the trust.

 

		(c)	The
                                            Board may at any time amend all or any of the provisions of this Plan to effect the establishment
                                            of a trust and the appointment of a trustee as detailed in this Rule.

 

    
	MYQ Incentive Performance Rights Plan (final)	17

 

     

    

 

 

	16.	MISCELLANEOUS

 

	16.1	Rights
                                            and
                                            obligations of Participant

 

		(a)	The
                                            rights
                                            and obligations of an Eligible Participant under the terms of their office, employment
                                            or contract with a Group Company are not affected by
                                            their participating in the Plan. This Plan will not form part of, and are not incorporated
                                            into, any contract of any Eligible Participant (whether or not they are an employee of a
                                            Group Company).

 

		(b)	No
                                            Participant will have any rights to compensation or damages in consequence of:

 

	 	(i)	the termination,
for any reason, of the office, employment or other contract with a Group Company of the Participant (or, where the Participant is a Nominee
of the Eligible Participant, that Eligible Participant) where those rights arise, or may arise, as a result of the Participant ceasing
to have rights under the Plan as a result of such termination; or
	 	 	 
	 	(ii)	the lapsing of
Performance Rights in accordance with this Plan.

 

		(c)	Nothing
                                            in this Plan, participation in the Plan or the terms of any Performance Right:

 

	 	(i)	affects the rights
of any Group Company to terminate the employment, engagement or office of an Eligible Participant or a Participant (as the case may be);
	 	 	 
	 	(ii)	affects the rights
and obligations of any Eligible Participant or Participant under the terms of their employment, engagement or office with any Group Company;
	 	 	 
	 	(iii)	confers
any legal or equitable right on an Eligible Participant or
a Participant whatsoever to take action against any Group Company in respect of their employment, engagement or office;
	 	 	 
	 	(iv)	confers on an Eligible
Participant or a Participant any rights to compensation or damages in consequence of the termination of their employment, engagement
or office by any Group Company for any reason whatsoever including ceasing to have rights under the Plan as a result of such termination;
or
	 	 	 
		(v)	confers
any responsibility or liability or any Group Company
or its directors, officers, employees, representatives or agents in respect of any taxation liabilities of the Eligible Participant or
Participant.

 

		(d)	If
                                            a Vesting Condition attached to a Performance Right requires a Participant to remain an employee
                                            of a Group Company, then the Participant will be treated as having ceased to be an employee
                                            of a Group Company at such time the Participant’s employer ceases to be a Group Company.

 

		(e)	A
                                            Participant who is granted an approved leave of absence and who exercises their right to
                                            return to work under any applicable award, enterprise agreement, other agreement, statute
                                            or regulation before the exercise
of a Performance Right under the Plan will be treated for those purposes as not having ceased to be such an employee.

 

    
	MYQ Incentive Performance Rights Plan (final)	18

 

     

    

 

	16.2	Power
                                            of the Board

 

		(a)	The
                                            Plan is administered by the Board which has power to:

 

	 	(i)	determine appropriate
procedures for administration of the Plan consistent with this Plan; and
	 	 	 
	 	(ii)	delegate to any
one or more persons, for such period and on such conditions as it may determine, the exercise of any of its powers or discretions arising
under the Plan.

 

		(b)	Except
                                            as otherwise expressly provided in this Plan, the Board has absolute and unfettered discretion
                                            to act, or refrain from acting, under or in connection with the Plan or any Performance Rights
                                            under the Plan and in the exercise of any power or discretion under the Plan.

 

	16.3	Dispute
                                            or disagreement

 

In
the event of any dispute or disagreement as to the interpretation of the Plan, or as to any question or right arising from or related
to the Plan or to any Performance Rights granted under it, the decision of the Board is final and binding.

 

	16.4	ASIC
                                            relief

 

		(a)	Notwithstanding
                                            any other provisions of the Plan, every covenant or other provisions set out in an exemption
                                            or modification granted from time to time by ASIC in respect of the Plan pursuant to its
                                            power to exempt and modify the Corporations Act and required to be included in the Plan in
                                            order for that exemption or modification to have full effect, is deemed to be contained in
                                            the Plan.

 

		(b)	To
                                            the extent that any covenant or other provision deemed by this Rule to be contained in the
                                            Plan is inconsistent with any other provision in the Plan, the deemed covenant or other provision
                                            shall prevail.

 

	16.5	Non-residents
                                            of
                                            Australia

 

		(a)	The
                                            Board may adopt additional rules of the Plan applicable in any jurisdiction outside Australia
                                            under which rights offered under the Plan may be subject to additional or modified terms,
                                            having regard to any securities, exchange control or taxation laws or regulations or similar
                                            factors which may apply to the Participant or to any Group Company in relation to the rights.
                                            Any additional rule must conform to the basic principles of the Plan.

 

		(b)	When
                                            a Performance Right is granted under the Plan to a person who is not a resident of Australia
                                            the provisions of the Plan apply subject to such alterations or additions as the Board determines
                                            having regard to any securities, exchange control or taxation laws or regulation or similar
                                            factors which may apply to the Participant or to any Group Company in relation to the Performance
                                            Right.

 

    
	MYQ Incentive Performance Rights Plan (final)	19

 

     

    

 

	16.6	Communication

 

		(a)	Any
                                            notice or other communication under or in connection with the Plan may be given by personal
                                            delivery or by sending the same by post or facsimile:

 

	 	(i)	in the case of
a company, to its registered office;
	 	 	 
	 	(ii)	in the case of
an individual, to the individual’s last notified address; or
	 	 	 
	 	(iii)	where a Participant
is a Director or employee of a Group Company, either to the Participant’s last known address or to the address of the place of
business at which the Participant performs the whole or substantially the whole of the duties of the Participant’s office of employment.

 

		(b)	Where
                                            a notice or other communication is given by post, it is deemed to have been received 48 hours
                                            after it was put into the post properly addressed and stamped. Where a notice or other communication
                                            is given by facsimile, it is deemed to have been received on completion of transmission.
                                            Where a notice is given by electronic transmission, the notice is taken to have been received
                                            at the time the electronic transmission is sent.

 

	16.7	Attorney

 

Each
Participant:

 

		(a)	irrevocably
                                            appoints the Company and any person nominated from time to time by the Company (each an attorney),
                                            severally, as the Participant’s attorney to complete and execute any documents, including
                                            applications for Shares and Share transfers, and to do all acts or things on behalf
                                            of and in the name of the Participant which may be convenient or necessary for the purpose
                                            of giving effect to the provisions of this Plan;

 

		(b)	covenants
                                            that the Participant will ratify and confirm any act or thing done pursuant to this power;

 

		(c)	releases
                                            each Group Company and the attorney from any liability whatsoever arising from the exercise
                                            of the powers conferred by this Rule; and

 

		(d)	indemnifies
                                            and holds harmless each Group Company and the attorney in respect thereof.

 

	16.8	Costs
                                            and Expenses

 

The
Company will pay all expenses, costs and charges in relation to the establishment, implementation and administration of the Plan, including
all costs incurred in or associated with the issue or purchase of Shares for the purposes of the Plan.

 

	16.9	Adverse
                                            Tax

 

Where
a Participant may suffer an adverse taxation consequence as a direct result of participating in the Plan that was not apparent to
the Participant or the Company at the time the Participant was issued Performance Rights under the Plan, the Board may, in its
absolute discretion, agree to compensate the Participant in whole or in part.

 

    
	MYQ Incentive Performance Rights Plan (final)	20

 

     

    

 

	16.10	Data
                                            protection

 

By
lodging an Acceptance Form, each Participant consents to the holding and processing of personal data provided by the Participant to any
Group Company for all purposes relating to the operation of the Plan. These include, but are not limited to:

 

		(a)	administering
                                            and maintaining Participants' records;

 

		(b)	providing
                                            information
                                            to trustees of any employee benefit trust, registrars, brokers or third party administrators
                                            of the Plan;

 

		(c)	providing
                                            information to future purchasers of the Company or the business in which the Participant
                                            works; and

 

		(d)	transferring
                                            information about the Participant to a country or territory outside Australia.

 

	16.11	Error
                                            in Allocation

 

If
any Performance Rights are provided under this Plan in error or by mistake to a person (Mistaken Recipient) who is not the intended
recipient, the Mistaken Recipient shall have no right or interest, and shall be taken never to have had any right or interest, in those
Performance Rights and those Performance Rights will immediately lapse.

 

	16.12	No
                                            fiduciary capacity

 

The
Board may exercise any power or discretion conferred on it by this Plan in the interest or for the benefit of the Company, and in so
doing the Board is not required to act in the interests of another person or as requested by another person and will not be under any
fiduciary obligation to another person.

 

	16.13	ASX
                                            Listing Rules

 

While
the Company remains admitted to the ASX, the provisions of the ASX Listing Rules of the ASX will
apply to the Plan, and to the extent that the Plan and the ASX Listing Rules are inconsistent, the provisions of the ASX Listing
Rules will prevail.

 

	16.14	Enforcement

 

This
Plan, any determination of the Board made pursuant to this Plan, and the terms of any Performance Rights granted under the Plan, will
be deemed to form a contract between the Company and the Participant.

 

	16.15	Laws
                                            governing
                                            Plan

 

		(a)	This
                                            Plan, and any Performance Rights issued under it, are governed by the laws of Western Australia
                                            and the Commonwealth of Australia.

 

		(b)	The
                                            Company and the Participants submit to the non-exclusive jurisdiction
                                            of the courts of Western Australia.

 

    
	MYQ Incentive Performance Rights Plan (final)	21

 

     

    

 

 

 

 

S
C H E D U L E 1 – P E R FO
R MANC E R I G H TS
P L AN – O F F E R D
O C U M E N T

 

 

 

[insert
date]

 

 

 

[insert
name]

 

 

 

Dear
[insert]

 

MyFiziq
Limited – PERFORMANCE RIGHTS PLAN

 

The
board of directors of MyFiziq Limited (ACN 602 111 115) (Company) is pleased to make an offer to you of Performance Rights under
its Performance Rights Plan (Plan) on the terms of this offer letter (Offer). Terms used in this Offer have the same meaning
as used in the Plan.

 

The
Company is pleased to advise you of the following:

 

	(a)	this
                                            Offer is subject to the terms and conditions of the Plan, a copy of which is attached to
                                            this Offer;

 

	(b)	subject
                                            to the following, the Company is willing to offer you the following Performance Rights under
                                            the Plan and subject to the following Vesting Conditions:
	 	 
	 	(i)                      
[insert
                                                                                                details of Performance Rights];

 

	(c)	the
                                            grant of the Performance Rights is subject to the terms of the Plan, including the Company
                                            obtaining any necessary Shareholder approvals and you remaining an Eligible Participant at
                                            the time the Performance Rights are to be granted and (subject to a number of exceptions),
                                            exercised and converted into Shares;

 

	(d)	the
                                            Performance Rights under the Plan will be granted to you for [nil]
                                            cash consideration;

 

	(e)	the
                                            Expiry Date of each Performance Right will be [seven
                                            years] after the date of grant;

 

	(f)	Shares
                                            issued on exercise of the Performance Rights will be subject to the following Restriction
                                            Periods:
	 	 
	 	(i)                      
[insert];

 

(ii)                    
[insert];

 

	(g)	this
                                            Offer remains open for acceptance by you until 5pm WST on [insert
                                            date] (Closing Date) at which time the Offer will close and lapse;

 

	(h)	you
                                            may apply for the Performance
                                            Right by filling out Acceptance Form below and returning to the Company Secretary before
                                            the Closing Date;

 

    
	MYQ Incentive Performance Rights Plan (final)	22

 

     

    

 

	(i)	you
                                            may apply for the Performance Right to be registered in your name, or in a Nominee’s
                                            name. Examples of acceptable Nominees are set out in the Plan. Please discuss this with the
                                            Company Secretary if you have any queries;

 

	(j)	unless
                                            the Plan provides otherwise, the Shares to which you are entitled on exercise of the Performance
                                            Right will be issued to you as soon as practicable after the exercise date;

 

	(k)	Performance
                                            Rights are only transferrable in special circumstances as set out in the Plan;

 

	(l)	the
                                            Company will apply for the Shares to be quoted on the ASX in accordance with the ASX Listing
                                            Rules within 10 Business Days of the later of the date the Shares are issued and the date
                                            any Restriction Period that applies to the Shares ends. The Shares may be subject to restrictions
                                            on disposal in accordance with the Plan in which case the Company will impose a Holding Lock
                                            with the Company’s share registry and the Shares will not be able to be traded until
                                            the Holding Lock is lifted by the Company;

 

	(m)	the
                                            Company will issue, where required to enable Shares issued on exercise of Performance Rights
                                            to be freely tradeable on the ASX (subject to any Restriction Period), a cleansing statement
                                            under Section 708A(5) of the Corporations Act at the time Shares are issued. Where a cleansing
                                            statement is required, but cannot be issued, the Company will have a prospectus available
                                            in relation to the Shares which complies with the requirements of the Corporations Act;

	(n)	the
                                            Company undertakes that, during the period commencing on the date of this Offer and expiring
                                            on the Closing Date, it will, within a reasonable period of you so requesting, make available
                                            to you the current market price of the underlying Shares to which the Performance Rights
                                            relate;

 

	(o)	the
                                            current market price of
                                            the underlying Shares to which the Performance Rights relate
can be found on the Company’s ASX website at [insert]; and

 

	(p)	Subdivision
                                            83A-C of the Income Tax Assessment Act 1997 ̧ which enables tax deferral on Performance
                                            Rights, [will/will not] apply (subject to the
                                            conditions in that Act) to Performance Rights granted to you under this Offer.

 

You
should be aware that the business, assets and operations
of the Company are subject to certain risk factors that have the potential to influence the operating and financial performance of the
Company in the future. These risks can impact on the value of an investment in the securities of the Company, including Performance Rights
offered under the Plan, and Shares issued on exercise of the Performance Rights.

 

Any
advice given by the Company in relation to the Performance Rights, or underlying Shares offered under the Plan, does not take into account
your objectives, financial situation and needs (including financial or taxation issues).

 

This
Offer and all other documents provided to you at the time of this Offer contain general advice only and you should consider obtaining
your own financial product advice from an independent person who is licensed by the Australian Securities and Investments Commission
to give such advice. You are advised to seek independent professional advice regarding the Australian tax consequences of the grant of
Performance Rights and the acquiring and disposing of any Shares that are issued on exercise of Performance Rights under the Plan according
to your own particular circumstances.

 

    
	MYQ Incentive Performance Rights Plan (final)	23

 

     

    

 

Please
confirm your (or your Nominee’s) acceptance of the Offer set out in this letter by completing the Acceptance Form below and returning
it to the Company by no later than [insert].

 

Yours
faithfully

 

Peter
Wall

Non-executive
Chairman

MyFiziq Limited

 

Encl.

 

    
	MYQ Incentive Performance Rights Plan (final)	24

 

     

    

 

 

 

S CH
E D U LE 2 – P E R F O R M
A N C  E R I G  H T S P L A
N ACC E P T A N C
E F O R  M

 

 

 

MyFiziq
Limited (ACN 602 111 115) (Company) has invited you (or your Nominee), by an offer dated [insert]
(Offer), to apply for the grant under its Performance Rights Plan (Plan) of certain Performance Rights.

 

The
person below hereby applies for the Performance Rights under the terms of the Offer, this Acceptance Form and the Plan.

 

	Full
Name: ______________________	 	 
	 	 	 
	Address: ______________________	 	 
	 	 	 
	Ph: ______________________	Email:
 ___________	 
	 	 	 
	Tax
    file number(s) or

    exemption: ___________
	 	 
	 	 	 
	CHESS
HIN (where applicable): ___________	 	 

 

In
applying for the grant of Performance Rights under the Offer, the person below acknowledges and agrees:

 

	(a)	to
                                            be entered on the register of performance rights holders of the Company as the holder of
                                            the Performance Rights applied for, and any Shares issued on the exercise of the Performance
                                            Rights;

 

	(b)	to
                                            be bound by the terms of the Constitution of
                                            the Company;

 

	(c)	to
                                            be bound by the terms and conditions of the Plan;

 

	(d)	to
                                            be bound by the terms and conditions of the Offer;

 

	(e)	a
                                            copy of the full terms of the Plan has been provided to it;

 

	(f)	that,
                                            by completing this Acceptance Form, it agrees to appoint the Company Secretary as its attorney
                                            to complete and execute any documents and do all acts on its behalf which may be convenient
                                            or necessary for the purpose of giving effect to the provisions of the Plan (if applicable);

 

	(g)	that
                                            any tax liability arising from the Company accepting its application for Performance Rights
                                            under the Plan or the issue of Shares on exercise of the Performance Rights is its responsibility
                                            and not that of the Company; and

 

	(h)	to
                                            the extent required by the terms of the Plan and the ASX Listing Rules, to enter into any
                                            necessary restriction agreement in relation to any Shares provided on the exercise of the
                                            Performance Rights and to the placing of a Holding Lock on those Shares.

 

    
	MYQ Incentive Performance Rights Plan (final)	25

 

     

    

 

Where
an individual

 

	SIGNED by [insert] in the presence of:

                                                                                 

                                                                                 

                                                                                 
	 	)

    )

	 	 	 
	 	 	 
	 	 	 
	Signature
    of witness	 	Signature
	 	 	 
	 	 	 
	 	 	 
	Name
    of witness	 	 

 

Where
an Australian company

 

	EXECUTED
    by [INSERT COMPANY NAME] ACN [INSERT
    ACN]

    in
    accordance with section 127 of the

    Corporations
    Act 2001 (Cth):

     

     

     
	 	)

    )

    )

    )

	Signature of director

                                                                                 

                                                                                 

                                                                                 
	 	Signatureofdirector/company
    secretary*
	Name
    of director	 	Name
    of director/company secretary*

 

	*	please delete as
applicable

 

    
	MYQ Incentive Performance Rights Plan (final)	26

 

     

    

 

 

 

S
CH E D U L E 3 – N
O T I C E  O F E X
E R C I S E O F P E R FOR M A N
C E R  I G H T S

 

 

 

	To:	The
                                            Directors 

MyFiziq Limited

 

I/We _____________ of
__________________________ being registered holder(s) of performance rights as set out on the certificate annexed to this notice,
hereby exercise _____________ of the abovementioned performance rights.

 

I/
We authorise and direct the Company to register me/us as the holder(s) of the Shares to be allotted to me/us and I/we agree to accept
such Shares subject to the provisions of the Constitution of the Company.

 

 

Dated: __________________________

 

 

 

 

Signature
of Holder(s)

 

Note:

 

	1.	Each
                                            holder must sign.

 

	2.	An
                                            application by a company must be executed in accordance with section 127 of the Corporations
                                            Act 2001 (Cth) and if signing for a company as a sole director/secretary – ensure
                                            “sole director/secretary” is written beside the signature.

 

 

	MYQ Incentive Performance Rights Plan (final)	27

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