Document:

Exhibit 10.1

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE
SUCH INFORMATION (I) IS NOT MATERIAL, (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED, AND (III) IS
THE TYPE OF INFORMATION THAT THE COMPANY TREATS AS PRIVATE OR CONFIDENTIAL.

 

Capital Alliance
Agreement

 

The Capital Alliance Agreement
(hereinafter referred to as the "Agreement") has been entered into by and between MEDIROM Healthcare Technologies Inc. (hereinafter
referred to as "Medirom") and Kufu Company Inc. (hereinafter referred to as "Kufu") as follows.

 

Article 1(Purpose, etc.)

 

		1.	This Agreement aims to expand the profitability of Medirom and Kufu by effectively utilizing the operating
resources and operating know-how possessed by Medirom and Kufu through the capital alliance.

 

		2.	Medirom and Kufu acknowledge that, as a premise to the alliance, each party will be responsible for its
own operating results during the alliance period and will not be liable for any loss, damage or other business risks of the other party.

 

Article 2(Descriptions
of Capital Alliance)

 

		1.	Medirom and Kufu will diligently have discussions on alliance in connection with the relaxation salon
and other store operations business operated by Medirom and the business related to activity trackers manufactured and sold by Medirom,
 “MOTHER BraceletTM”, which work without charging (hereinafter referred to as the "Alliance").

 

		2.	The scope of the Alliance shall be determined by executing a separate business alliance agreement (hereinafter
referred to as the "Individual Agreement") in writing after discussion between Medirom and Kufu, as required. The provisions
set forth in this Agreement shall apply to all Individual Agreements during the term of this Agreement, provided, however, that in the
event there are any provisions in the Individual Agreement conflicting from the provisions of this Agreement, the provisions of the Individual
Agreement shall prevail.

 

		3.	In the event Medirom issues new shares or allots new shares or share options (except in the event of an
incentive plan or remuneration for employees or outside consultants), Kufu shall be entitled to allotment of such shares or share options
on the same terms.

 

		4.	Medirom and Kufu shall discuss the Alliance after the execution of this Agreement, and shall designate
meetings by mutual agreement, which will be chosen from board meeting, management meeting, meeting for business development, and any other
meetings, regardless of what the name of them is, wherein any management and operating matters are discussed, (hereinafter referred to
as the "Alliance-Related Meeting") (provided, however, that Medirom shall agree unless there is any rationale, in the event
Kufu wishes; such Alliance-Related Meetings may be changed from time to time by mutual agreement of Medirom and Kufu in accordance with
the progress of the Alliance). Kufu shall be entitled to send personnel required for the Alliance-Related Meetings and have such personnel
opine, and Medirom shall share schedule of the Alliance-Related Meetings with Kufu in advance, and, if requested by Kufu, shall notify
the date and time, venue, method, and agenda of the meetings without delay, and, if there are meeting materials, shall share the meeting
materials by the time of the meeting.

 

		5.	Medirom shall provide the following materials to Kufu as soon as bases for the following figures are collected.

 

(1) [***] of group companies; and

 

(2) [***] at monthly meetings of
the Board of Directors

 

		6.	In the event that Kufu intends to sell shares of Medirom held by Kufu, Kufu shall notify Medirom in writing
of such intention and number of shares to be sold no later than [***] prior to the scheduled date of sale. In such case, the provisions
set forth in Paragraphs 3 through 5 shall cease the effect until Kufu withdraws its intention to sell in writing.

 

    1

     

    

 

		7.	In order for Kufu not to violate the laws of Japan and the US, including regulations on insider trading,
in connection with Kufu’s sale of shares of Medirom, upon receipt of the document set forth in the preceding paragraph, Medirom
shall take measures pursuant to the latter provision of the preceding paragraph, and shall implement necessary procedures for Kufu’s
sale of shares of Medirom. Medirom uses its effort for Kufu to realize the sale on the scheduled sale date; however, for the avoidance
of doubt, Medirom does not assure the sale will happen on the scheduled sale date.

 

Article 3
(Non-Exclusivity)

 

This Agreement shall not create an exclusive
partnership between the parties and shall not restrict its business activities to be attempted with third parties in the ordinary course
of business.

 

Article 4
(Confirmation of Progress, etc.)

 

		1.	Medirom and Kufu shall hold meetings periodically, as agreed separately, to mutually confirm status of
the Alliance and Individual Agreements, outcomes, and other matters.

 

		2.	As a result of the confirmation under the preceding paragraph, Medirom and Kufu shall discuss the field,
substances, and promotion method of the alliance, as necessary, and make necessary amendment to the substances of the Alliance.

 

Article 5
(Cost)

 

Each of Medirom and Kufu shall be responsible
for its costs that are necessary for each party in engaging in the Alliance, provided, however, that this shall not apply in the event
of any mutual agreement that agree differently in relation to costs.

 

Article 6
(Ownership of Intellectual Property Rights)

 

		1.	In connection with industrial property rights such as patent rights, copyrights, and other intellectual
property rights (including know-how, hereinafter referred to as "Intellectual Property Rights") relating to the deliverables
generated in the course of the Alliance, if any inventions are made by only one party, the Intellectual Property Rights shall belong to
the party who made such inventions, and if inventions are made by both parties, the Intellectual Property Rights shall be shared by both
parties.

 

		2.	The Alliance shall not be construed as assignment, transfer or otherwise disposal of any Intellectual
Property Rights held by each party prior to the execution of this Agreement.

 

Article 7
(Effective Period)

 

The term of this Agreement shall take
into effect on the payment date for the corporate bonds with share options pursuant to the Purchase Agreement for 1st Unsecured Convertible-Style
Corporate Bonds with Share Options executed between Medirom and Kufu on December 9, 2022, and expire on December 28, 2027, or
when Kufu no longer holds any of the corporate bonds with share options or the shares of Medirom, whichever comes earlier, provided, however,
that this shall not preclude the parties from agreeing differently.

 

Article 8
(Termination and Acceleration)

 

		1.	Either of Medirom or Kufu may terminate this Agreement or the Individual Agreement if the other party
breaches any of the provisions of this Agreement or the Individual Agreement and such breach is not remedied within a reasonable period
of time despite a demand for a reasonable period of time, provided, however, that this provision shall not apply if the breach of this
Agreement or the Individual Agreement at the time of expiration of such period is insignificant in light of this Agreement, the Individual
Agreement, and social norm .

 

		2.	Medirom or Kufu shall be entitled to terminate this Agreement or the Individual Agreement, in whole or
in part, without any notice in the event that any of the events listed in the following items occurs to the other party (to Medirom, in
the case of Items (6) and (7)); provided, however, that if the reason of the event is attributable to the terminating party, the
termination may not be effected due to such reason:

 

    2

     

    

 

		(1)	In the event of any material breach or destroy of trust by the other party in connection with this Agreement
or any Individual Agreement;

 

		(2)	In the event that a disposition such as rescission or suspension of business operation has been made by
competent authority;

 

		(3)	In the event of suspension of payment or insolvency, dishonoring a bill or check drawn or accepted by
a bank, or suspension of business with a bank;

 

		(4)	In the event that a third party has commenced a seizure, provisional seizure, provisional disposition,
or other compulsory execution or an auction for exercise of a security interest, or a disposition for failure to pay taxes and other public
charges, or any other similar proceedings;

 

		(5)	In the event a petition for commencement of bankruptcy proceedings, civil rehabilitation proceedings,
corporate reorganization proceedings or special liquidation proceedings is filed or a notice of arrangement of liabilities is given;

 

		(6)	In the event of a resolution for extinguishment by merger, reduction of capital, abolition or change of
business operation, or dissolution; and

 

		(7)	In the event of any other material event that makes it impossible to continue this Agreement or the Individual
Agreement.

 

		3.	In the event this Agreement or an Individual Agreement is terminated pursuant to the preceding two paragraphs
and the terminating party suffers damages, the terminating party may claim compensation for such damages from the other party.

 

		4.	A party to any of this Agreement or an Individual Agreement terminated under Paragraph 1 or 2 may not
claim compensation for such damage from the other party even if it has suffered damage from such termination.

 

		5.	In the event that either Medirom or Kufu falls under any of the items of Paragraph 2 or this Agreement
or the Individual Agreement is terminated, any of the duties under this Agreement, Individual Agreements, and other agreements executed
by the other party shall become due and payable, and must be immediately repaid at once.

 

Article 9
(Damages)

 

In the event Medirom or Kufu causes damages
to the other party due to reasons attributable to it in connection with this Agreement or the Individual Agreement, the party causing
such damages shall be liable to compensate the other party for such damages (including attorneys' fees).

 

Article 10
(Confidentiality)

 

		1.	Medirom and Kufu shall keep confidential and shall not disclose or divulge to any third party, without
the prior written consent of the other party, any information in connection with technical, business and management information of the
other party obtained in connection with this Agreement or the Individual Agreement (hereinafter collectively referred to as "Confidential
Information"). In connection with such confidentiality, Medirom and Kufu must manage the Confidential Information with the due care
of a good manager.

 

		2.	The information in each of the following items shall not fall under the category of Confidential Information:

 

		(1)	Information already in the possession at the time of disclosure

 

		(2)	Information that was already in the public domain at the time of disclosure or that was subsequently in
the public domain due to reasons not attributable to the receiving party

 

		(3)	Information lawfully obtained from a third party after disclosure

 

		(4)	Information independently developed or created without using the disclosed confidential information

 

		(5)	Information requested to be disclosed pursuant to the provisions of laws and regulations or an order of
a court

 

		3.	Medirom and Kufu may disclose Confidential Information only to their officers and employees who are required
for the performance of this Agreement or Individual Agreement, or to outsourcees, attorneys, certified public accountants, tax accountants,
or other advisors, any of who must owe obligations equivalent to the ones assumed by the parties under this Agreement or Individual Agreement,
and shall not use such Confidential Information for any purpose other than this Agreement or Individual Agreement. If Medirom and Kufu
disclose the Confidential Information to any person provided for in this paragraph, then it shall be responsible for any performance of
such person’s obligations.

 

    3

     

    

 

		4.	Notwithstanding Paragraph 1, Medirom and Kufu may, to the minimum extent necessary, publish or disclose
Confidential Information in accordance with laws and regulations, courts, regulatory authorities, financial instruments exchanges, and
other judicial decisions, rules, or orders of public organs which have regulatory authority. In the event of such publication or disclosure,
the disclosing party shall promptly notify the other party thereof.

 

		5.	Medirom and Kufu shall not copy or reproduce the Confidential Information beyond the scope required for
the purposes of this Agreement or any Individual Agreement, and any copies or reproductions shall be included in the Confidential Information.

 

		6.	In the event this Agreement or the Individual Agreement is terminated due to termination, cancellation,
or any other reason of this Agreement or the Individual Agreement, Medirom and Kufu shall promptly return or dispose of the Confidential
Information (including copies and reproductions) as instructed by the other party. When discarding the Confidential Information, the discarding
party shall take a measure in which the Confidential Information cannot be reused.

 

		7.	Medirom and Kufu may suppress such disclosure or improper use of Confidential Information if the other
party is likely to disclose or use the Confidential Information for any purpose in contravention of this Article.

 

Article 11
(Elimination of Anti-Social Forces)

 

		1.	Medirom and Kufu hereby represent that it does not currently fall under any of the following items and
hereby affirm that it does not fall under any of these items in the future:

 

		(1)	A party falls under a person who falls under the category of an organized crime group, a member of an
organized crime group, a person who has not yet passed five years from the time he/she ceased to be a member of an organized crime group,
a quasi-member of an organized crime group, a company related to an organized crime group, a general meeting person, etc., or a special
intelligent organized crime group, etc., or any other person equivalent thereto (hereinafter referred to as "Organized Crime
Group Member, etc.").

 

		(2)	There is a relationship in management controlled by Organized Crime Group Member, etc.

 

		(3)	There is a relationship in management wherein Organized Crime Group Member, etc. is substantially
involved.

 

		(4)	There is a relationship that is found to unjustly utilize Organized Crime Group Member, etc. for
the purpose of promoting illicit gain for oneself, for itself, or for a third party, or for the purpose of inflicting damage on a third
party

 

		(5)	There is a relationship of involvement by providing funds to or providing any benefits to Organized Crime
Group Member, etc.

 

		(6)	Any officer or person who is substantially involved in management has a relationship with Organized Crime
Group Member, etc. that should be socially condemned.

 

		2.	Medirom and Kufu assure not to engage in any acts falling under any of the following items by themselves
or by using a third party.

 

		(1)	Violent demands

 

		(2)	Unjust demands beyond legal responsibility

 

		(3)	Threatening speech or behavior or act of violence in connection with transactions

 

		(4)	Act of spreading rumors, harming the other party’s credibility by using fraudulence or force, or
obstructing the other party’s business operation

 

		(5)	Any other act similar to any of the preceding items

 

		3.	Medirom or Kufu may terminate this Agreement and the Individual Agreement without giving any notice to
the other party, regardless of whether or not there is any cause attributable to the other party, in the event the other party falls under
Organized Crime Group Member, etc., or any of the items of Paragraph 1, or engages in acts that fall under any of the items of the
preceding paragraph, or is found that the other party has made a false statement with respect to a representation or assurance under the
provisions of Paragraph 1.

 

		4.	Medirom and Kufu confirm and acknowledge that in the event of termination of this Agreement or the Individual
Agreement pursuant to the preceding paragraph, the terminating party shall not be liable to compensate for any damages incurred by the
other party.

 

    4

     

    

 

Article 12
(Amendment to Agreement)

 

This Agreement and the Individual Agreement
may be amended only by written agreement of Medirom and Kufu.

 

Article 13
(Prohibition of Assignment of Status, etc. under this Agreement)

 

Medirom and Kufu shall not, without a
prior written consent of the other party, assign or transfer to a third party or pledge as security all or part of its status under this
Agreement or Individual Agreement, or its rights or obligations under this Agreement or Individual Agreement.

 

Article 14
(Entire Agreement)

 

This Agreement constitutes the entire
agreement and understanding between the parties hereto and supersedes all prior agreements and understandings, written or oral, between
the parties hereto.

 

Article 15(Remaining
Provisions)

 

		1.	Even after the termination of this Agreement, the provisions of Article 6 (Ownership of Intellectual
Property Rights), Article 8 (Termination and Acceleration), Article 9 (Damages), Article 11 (Elimination of Anti-Social
Forces), Article 13 (Prohibition of Assignment of Status, etc. under this Agreement), this Article, Article 16 (Governing
Law and Jurisdiction), and Article 17 (Consultation in Good Faith) shall remain in full force and effect, and the provisions of Article 10
(Confidentiality) shall remain in full force and effect for three years.

 

		2.	If, at the time of termination of this Agreement, a valid Individual Agreement exists, this Agreement
shall remain in force until the termination of such Individual Agreement.

 

Article 16(Governing
Law and Jurisdiction)

 

		1.	This Agreement and the Individual Agreement shall be governed by and construed in accordance with the
laws of Japan.

 

		2.	The Tokyo District Court shall have an exclusive jurisdiction as the court of first instance for any dispute
arising out of or in connection with this Agreement, any Individual Agreement, or any other dispute.

 

Article 17(Consultation
in Good Faith)

 

In the event any matter not stipulated
in this Agreement or any doubt arises with respect to the interpretation of any of the provisions of this Agreement, the parties hereto
shall negotiate in good faith and resolve such matter in accordance with the doctrine of good faith.

 

IN WITNESS WHEREOF, two original
copies of this Agreement shall be executed, signed and sealed, and each party shall retain one copy.

 

December 9, 2022

 

	Medirom: 	2-3-1, Daiba, Minato-ku, Tokyo	Kufu : 	1-4-28, Mita, Minato-ku, Tokyo
	 	MEDIROM Healthcare Technologies Inc.
 /s/ Kouji Eguchi, Representative Director	 	Kufu Company Inc.
 /s/ Yoshiteru Akita, Chief Executive Officer

 

    5Exhibit
10.15

 

Pursuant
to Item 601(b)(10)(iv) of Regulation S-K, certain identified information marked with [*****] has been excluded from the exhibit because
it is both (i) not material and (ii) would be competitively harmful if publicly disclosed

 

Executive
Service Agreement

 

Gelteq
Pty Ltd

 

and

 

Neale
Java

 

    

     

    

 

Table
of Contents

 

	1.	Parties	1
	2.	Purpose and Intent	1
	3.	Definitions and interpretation	1
	4.	Appointment	5
	5.	Executive’s duties	5
	6.	Location and Travel	6
	7.	Total Remuneration Cost	7
	8.	Company Property	8
	9.	Superannuation	8
	10.	Other entitlements	9
	11.	Annual Leave	9
	12.	Personal Leave	10
	13.	Compassionate Leave	11
	14.	Parental Leave	11
	15.	Community Service Leave  	11
	16.	Jury Service	11
	17.	Long Service Leave	11
	18.	Public Holidays	11
	19.	National Employment Standards	12
	20.	Intellectual Property	12
	21.	Moral rights	12
	22.	Media contact	13
	23.	Warranties	13
	24.	Confidentiality	13
	25.	Exclusive Employment and Restraint  	14
	26.	Termination	16
	27.	Assignment	18
	28.	Amendment	18
	29.	Waiver	19
	30.	Approval or consent	19
	31.	Counterparts	19
	32.	Additional obligations	19
	33.	Operation and Severability  	19
	34.	Further Steps	19
	35.	Entire agreement	19
	36.	Governing law and jurisdiction  	19
	Signing Page	20

 

    i

     

    

 

Dated:
6 April 2022

 

	1.	Parties

 

Gelteq
Pty Ltd (Company)

Level 7, 612-616 St Kilda Road,

Melbourne
VIC 3004

 

and

 

Neale
Java (Executive)

[*****]

 

	2.	Purpose
                                            and Intent

 

The
Executive is employed by the Company to perform the role set out in Item 1 of the Schedule (Position).

 

The
Company and the Executive have agreed to enter into this agreement to set out the terms and conditions of the Executive’s
employment.

 

The
parties agree:

 

	3.	Definitions
                                            and interpretation

 

		3.1	Definitions

 

In
this agreement:

 

Associated
Entity has the meaning given in section 50AAA of the Corporations Act.

 

Board
means the Board of Directors of the Company as constituted from time to time.

 

Business
means the business carried on by the Company, namely the business of developing and commercializing white label gel-based delivery
solutions for prescription drugs, nutraceuticals, pet care and other products.

 

    1

     

    

 

Business
Day means a working-week day, i.e. a day that is not a Saturday, Sunday or public holiday in the State where the Executive is based.

 

CEO
means the Chief Executive Officer of the Company.

 

Client
means:

 

		(a)	any
                                            client of the Company with whom the Executive had direct business dealings during

the
last 12 months of the Executive’s employment;

 

		(b)	a
                                            prospective client with whom the Company has held discussions, with a view to securing its
                                            business, and with whom the Executive had direct business dealings during the last 6 months
                                            of the Executive’s employment.

 

Commencement
Date means the date set out in Item 2 of the Schedule or any other date that the parties agree in writing.

 

Company
may also refer to the Group or a member of the Group.

 

Confidential
Information means all Information designated as confidential by the Company and disclosed to or acquired by the Executive before
or after the date of this agreement, whether by oral, written or electronic means, but does not include Information that:

 

		(a)	the
                                            Executive can prove was in their lawful possession before the Company had any dealings with
                                            the Executive or was independently generated by the Executive or on their own behalf;

 

		(b)	is
                                            in the public domain, otherwise than as a result of a breach of obligation of confidentiality
                                            owed to the Company; or

 

		(c)	was
                                            legally and properly obtained by the Executive from any other source without restriction
                                            on further disclosure.

 

Corporations
Act means the Corporations Act 2001 (Cth).

 

Documentation
means any document or material regardless of the form that contains, refers to or stores Information.

 

Duties
includes the duties and responsibilities of the Position as set out in Item 3 of the Schedule or as determined by the Company
from time to time.

 

Engage
in or engaged means to participate, assist or otherwise be directly or indirectly involved, concerned or interested as a corporate
member, shareholder, unit holder, director, consultant, adviser, contractor, principal, agent, manager, executive, beneficiary, partner,
practitioner, associate trustee, investor, financier, fiduciary or in any other capacity.

 

FBT means
Fringe Benefits Tax imposed under the Fringe Benefits Tax Assessment Act 1986 (Cth) as in place from time to time.

 

    2

     

    

 

Group
means:

 

		(a)	the
                                            Company;
	 	 	 

		(b)	any
                                            Related Body Corporate or Associated Entity of the Company; and

 

		(c)	any
                                            entity in which the Company or any of its Related Bodies Corporate has a direct or indirect
                                            interest (including through a trusteeship).

 

Information
means information regardless of form relating to or developed in connection with the Company, the Group or the Business including
financial affairs, projections, forecasts, accounts, prospects, strategies, business plans, processes and system functionality, operations,
inventory, assets, liabilities, market intelligence, customers, employees, suppliers, contracts, products and sales information.

 

Immediate
Family means:

 

		(a)	the
                                            spouse (including former spouse), de facto partner (including former de facto partner), child,
                                            parent, grandparent, grandchild or sibling of the Executive; or

 

		(b)	the
                                            child, parent, grandparent, grandchild or sibling of the spouse or de facto partner of the
                                            Executive.

 

Intellectual
Property includes trademarks, copyright, patents, designs, whether existing now or in the future and whether or not registered or
registrable and includes any rights subsisting in or relating to trade secrets, know how, inventions, discoveries, geographical indications
of origin, circuit layouts, programming tools, object code, source code, methods, techniques, formulae, algorithms, modules, libraries
and databases and includes the right to apply for the registration or grant of any intellectual property.

 

LTI
means Long Term Incentive

 

National
Employment Standards means the minimum employment terms and conditions contained in Part 2-2 of the Fair Work Act 2009 (Cth).

 

Personnel
means:

 

		(a)	any
                                            consultant or contractor to the Company with whom the Executive had business dealings
during the last 12 months of the Executive’s employment;

 

		(b)	any
                                            employee of the Company with whom the Executive had business dealings during the
last 12 months of the Executive’s employment.

 

Related
Body Corporate has the meaning given in section 50 of the Corporations Act.

 

Restraint
Area means the area of:

 

		(a)	Australia
                                            and New Zealand;

 

		(b)	Australia;

 

		(c)	each
                                            State and Territory in Australia in which the Executive had business dealings regarding the
                                            Company during the last 12 months of his employment;

 

		(d)	the
                                            State where the Executive was based as at the date of cessation of his employment;
	 	 	 

		(e)	a
                                            radius of 50km from the location at which the Executive was based as at the date of cessation
                                            of his employment.

 

    3

     

    

 

Restraint
Period means the period from the date of this agreement until:

 

		(a)	18
                                            months after the cessation of the Executive’s employment;

 

		(b)	12
                                            months after the cessation of the Executive’s employment;

 

		(c)	6
                                            months after the cessation of the Executive’s employment;

 

		(d)	3
                                            months after the cessation of the Executive’s employment.

 

Restricted
Business means any business, company, firm, entity or endeavour that substantially competes with, or is engaged in activities that
are the same as, or similar to, the activities of the Company, the Business or a Group Company.

 

Salary
means the principal cash component of the Total Remuneration Cost which is regularly paid to the Executive under this agreement.

 

Similar
Role means any of the following:

 

		(a)	Chief
                                            Financial Officer;

 

		(b)	a
                                            role, the performance of which involves business dealings with a Client or a Supplier;

 

		(c)	a
                                            role, the performance of which involves dealing with information which is the same as, or
                                            similar to, the Confidential Information;

 

		(d)	a
                                            role which is the same as, or similar to, the Position.

 

Supplier
means:

 

		(a)	any
                                            supplier to the Company with whom the Executive had direct business dealings during
the last 12 months of the Executive’s employment;

 

		(b)	a
                                            prospective supplier with whom the Company has held discussions, with a view to securing
                                            a business relationship, and with whom the Executive had direct business dealings during
                                            the last 6 months of the Executive’s employment.

 

STI
means Short Term Incentive

 

Total
Remuneration Cost (TRC) means the annual rate of regular or fixed salary, superannuation contribution and other benefits paid
to the Executive under this agreement, as set out in Item 4 of the Schedule. Where the Company incurs a Fringe Benefits Tax liability
in relation to benefits provided to the Executive, that Fringe Benefits Tax forms part of the TRC.

 

Works
means any literary or artistic work or other subject matter protected under the Copyright Act 1968 (Cth).

 

    4

     

    

 

		3.2	Interpretation

 

In
this agreement, headings are inserted for convenience only and do not affect the interpretation of this agreement.

 

Further,
unless the context otherwise requires:

 

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

 

		(b)	a
                                            gender includes the other gender;

 

		(c)	if
                                            a word or phrase is defined, its other grammatical forms have a corresponding meaning;

 

		(d)	the
                                            meaning of general words is not limited by specific examples introduced by ‘i.e.’,
                                            ‘includes’, ‘including’, ‘for example’, ‘such as’
                                            or similar expressions.

 

		(e)	a
                                            reference to a document, including this agreement, is to the document or instrument as amended,
                                            varied, novated, supplemented or replaced from time to time;

 

		(f)	a
                                            party includes the party’s successors and permitted transferees and assigns and if
                                            a party is an individual, includes executors and personal legal representatives;

 

		(g)	a
                                            reference to a person includes an individual, a partnership, a corporation or other corporate
                                            body, a joint venture, a firm, a trust, an association (whether incorporated or not), a government
                                            and a statutory authority or agency;

 

		(h)	a
                                            reference to a statute, code or other law includes any regulations and other instruments
                                            under them and consolidations, amendments, re-enactments or replacements of any of them;

 

		(i)	all
                                            monetary amounts are in Australian dollars, unless otherwise stated and a reference to payment
                                            means payment in Australian dollars; and

 

		(j)	if
                                            the day on or by which something must be done is not a Business Day, that thing must be done
                                            on the next Business Day.

 

	4.	Appointment

 

The
Company has appointed the Executive to the Position with responsibility for the Duties and will continue to employ the Executive until
whenever the Executive’s employment is terminated under clause 26 of this agreement.

 

	5.	Executive’s
                                            duties

 

		5.1	Executive’s
obligations

 

The
Executive must:

 

		(a)	undertake
                                            the Duties;

 

		(b)	exercise
                                            the powers, authorities and discretions appropriate to the roles and responsibilities that
                                            the Company, CEO, or the Board may from time to time delegate, including working in any additional
                                            capacities or working within another organisation in the Group;
	 	 	 

		(c)	conform
                                            to, observe and comply with the directions, restrictions and regulations of the Company made,
                                            given or authorised by the Board from time to time;

 

    5

     

    

 

		(d)	faithfully
                                            serve the Company and use their best endeavours to promote the interests and reputation of
                                            the Company and the Group;

 

		(e)	devote
                                            the whole of their time and abilities during normal working hours and other times as may
                                            be reasonably necessary for the proper performance of the Duties;

 

		(f)	comply
                                            with the Company’s policies and procedures, including policies relating to occupational
                                            health and safety, email/internet use, diversity and equal opportunity, sexual harassment
                                            and anti-discrimination, as communicated by the Company from time to time. Notwithstanding,
                                            the Company’s policies and procedures do not form part of this agreement;

 

		(g)	comply
                                            with those policies and procedures of third parties that the Company is bound to comply with
                                            as communicated by the Company from time to time;

 

		(h)	not,
                                            without prior written consent of the Company, accept any appointment as a director or other
                                            officer of any company, committee or not-for-profit organisation; and

 

		(i)	comply
                                            with all legal obligations to the Company that arise under the Corporations Act, common law
                                            and any other relevant legislation, ministerial directions and standards issued by government
                                            or other relevant authority that applies to the Company.

 

		5.2	Reporting

 

The
Executive will report directly to both the CEO and President.

 

		5.3	Hours

 

The
Executive’s ordinary hours of work will be 38 hours per week to be performed during the Company’s usual office hours, plus
any reasonable additional hours necessary for the Executive to properly perform the Duties.

 

		5.4	Continuing
                                            Employment

 

The
employment of the Executive by the Company will continue to be subject to the terms and conditions of this Agreement, unless varied or
replaced by an agreement in writing, despite any changes to the Position, Duties or Location.

 

	6.	Location
                                            and Travel

 

		6.1	Location

 

The
Executive’s principal place of work is set out in Item 5 of the Schedule or any other location as determined by the Company
from time to time.

 

		6.2	Travel

 

		(a)	The
                                            Executive may be required to undertake reasonable travel both interstate and overseas in
                                            order to complete the Duties. The Executive must not refuse a reasonable obligation or request
                                            to travel.
	 	 	 

		(b)	Travel
                                            and accommodation arrangements made by the Executive are subject to approval by the CEO.

 

    6

     

    

 

	7.	Total
Remuneration Cost

 

		7.1	Total
Remuneration Cost

 

		(a)	The
                                            Company will provide the Executive with the benefits outlined in Item 4 of the Schedule.
                                            These benefits constitute the Total Remuneration Cost (TRC).

 

		(b)	The
                                            Company will pay the Executive the Salary component of the TRC fortnightly in arrears into
                                            a bank account nominated by the Executive.

 

		(c)	The
                                            TRC includes all payments and benefits that the Company is legally obliged to provide, including
                                            the minimum statutory superannuation guarantee contribution.

 

		7.2	High
income guarantee

 

In
accordance with section 330 of the Fair Work Act 2009 (Cth) (FW Act), this agreement constitutes an undertaking by the
Company to pay the Executive a guarantee of annual earnings. As a result of this undertaking, if at any time the Executive’s employment
becomes covered by a modern award, that modern award will not apply to the Executive for the period when the Executive’s TRC (less
superannuation) exceeds the high income threshold.

 

		7.3	TRC
includes benefits

 

To
the extent permitted by law, if any award or statutory entitlement requires the Company to provide the Executive with any benefit (including
payment for each hour worked, annual leave loading, pay period specifications, overtime and/or penalty rates, allowances or other applicable
conditions under any legislation, award, enterprise agreement or other industrial instrument) including superannuation, the Executive
agrees that:

 

		(a)	the
                                            TRC is specifically set off against, applied to and absorbs that benefit;

 

		(b)	that
                                            benefit forms part of the TRC;

 

		(c)	the
                                            TRC will not change; and

 

		(d)	without
                                            reducing the TRC, the Company may vary the Salary to incorporate that benefit.

 

		7.4	TRC
                                            includes hourly rate

 

The
Executive acknowledges that the Salary component of the TRC includes an hourly rate of pay for each hour worked, including reasonable
additional hours, that is equivalent to the necessary statutory minimum, and that it adequately compensates the Executive for all hours
worked.

 

		7.5	Structure
                                            of the TRC

 

The
Executive may structure the TRC by agreement with the Company, including being able to salary-sacrifice an amount of salary, provided
that the total cost to the Company of the TRC, inclusive of FBT, remains the same.

 

    7

     

    

 

		7.6	Fringe
                                            Benefits Tax

 

The
Executive agrees that any FBT payable by the Company in relation to the Executive’s TRC will be deducted from any cash amounts
to be paid to the Executive under the TRC.

 

		7.7	Salary
                                            reviews

 

The
Company will review the TRC, usually on an annual basis. There is no guarantee that the TRC will be increased.

 

		7.8	Performance
                                            reviews

 

The
Company will formally review the Executive’s performance annually based on criteria

agreed
between the Executive and the Company.

 

	8.	Company
Property

 

		(a)	The
                                            Executive is required to take all reasonable care for the use of Company property (including
                                            but not limited to computers, motor vehicles, phones, cameras and books) and to protect any
                                            Company property in the Executive’s care.

 

		(b)	If
                                            Company property is lost, damaged or stolen due to careless or irresponsible actions of the
                                            Executive, the Executive will be responsible for the costs of replacement or repair of the
                                            property.

 

	9.	Superannuation

 

		9.1	Company
                                            superannuation contributions

 

The
Company will pay on the Executive’s behalf any superannuation contributions required to be paid under the Superannuation Guarantee
Charge Act 1992 (Cth), the Superannuation Guarantee (Administration) Act 1992 (Cth) or any other Acts, Regulations or Ordinances
that govern the payment of superannuation contributions for the Executive for the Executive up to the maximum contribution base. These
superannuation contributions form part of the TRC and will be based on the Salary.

 

		9.2	Executive
                                            superannuation contributions

 

Under
clause 7.5, the Executive may make further individual superannuation contributions in addition to the superannuation contributions the
Company will make on behalf of the Executive.

 

		9.3	Superannuation
                                            scheme

 

Superannuation
contributions for or by the Executive will be paid to a superannuation fund nominated by the Executive.

 

If
the Executive does not nominate a fund, the Company will check the Australian Taxation Office records for the Executive’s most
recently selected superannuation fund (known as a “stapled fund”) and superannuation contributions will be paid into that
fund if permitted, until the Executive nominates otherwise. If the Executive does not nominate a fund, and there is no stapled fund,
superannuation contributions will be paid to an eligible choice fund nominated by the Company.

 

    8

     

    

 

	10.	Other
entitlements

 

		10.1	Reimbursement
of expenses

 

Following
the production of appropriate receipts, the Company will reimburse the Executive for any reasonable travelling, accommodation and general
expenses that the Executive incurs in performing the Duties, in accordance with the Company’s policies.

 

		10.2	Short
                                            Term Incentive Scheme

 

		a)	The
                                            Executive will be eligible to a discretionary STI, the details are as per Item 6 of the Schedule.

 

		b)	In
                                            exercising its discretion pursuant to clause 10.2 a), the Board may, amongst other matters,
                                            take into account the Executive's performance in relation to key performance indicators established
                                            annually in consultation with the Executive and the Company’s performance. The decision
                                            of the Board as to whether, and the extent to which, key performance indicators have been
                                            met by the Executive is final and conclusive.

 

		c)	The
                                            Executive will be eligible to receive the STI benefit under this clause and Item 6 of the
                                            Schedule only if they are in the employ of the Company at the time the payment is made. The
                                            STI will not be paid on a pro-rata basis, unless otherwise agreed.

 

		10.3	Long
                                            Term Incentive Scheme

 

The
Executive will be eligible to participate in the Company’s LTI Scheme, as per terms of the LTI Scheme and this clause. The Executive
will be granted a total of $500,000AUD of shares, subject to the terms of the LTI Scheme as follows:

 

		a)	$250,000AUD
                                            to be granted after 9 months of continuous service by the Executive with the Company from
                                            the Commencement Date based on the listing price at the time. In the event the Company is
                                            not a publicly trading company on an international exchange (for example NASDAQ, ASX etc.)
                                            yet at this time, the shares will be provided based on a Company valuation of $40,000,000USD
                                            (which equates to $5.32USD per share); and

 

		b)	$250,000AUD
                                            to be granted over 36 months of continuous service by the Executive with the Company from
                                            the Commencement Date based on the listing price at the time. In the event the Company is
                                            not a publicly trading company on an international exchange (for example NASDAQ, ASX etc.)
                                            yet at this time, the shares will be provided based on a Company valuation of $40,000,000USD
                                            (which equates to $5.32USD per share).

 

	11.	Annual
Leave

 

		11.1	Amount
                                            of leave

 

The
Executive will be entitled to four weeks of annual leave for each year of service with the Company.

 

		11.2	Accrual
                                            of leave

 

The
Executive’s entitlement to annual leave accrues progressively during each year of service, and if not taken, accumulates from
year to year.

 

    9

     

    

 

		11.3	Taking
                                            paid annual leave

 

		(a)	Annual
                                            leave shall be taken by the Executive on a periodical basis, at a time and for a period agreed
                                            between the Executive and the Company.

 

		(b)	All
                                            requests by the Executive to take annual leave must be authorised by the CEO.

 

		11.4	Payment
                                            of annual leave

 

		(a)	If
                                            the Executive takes a period of annual leave, the Company will pay the Executive what the
                                            Executive would have been paid had the Executive worked during the period of annual leave
                                            taken.

 

		(b)	If,
                                            when the employment of the Executive ends, the Executive has a period of accrued annual leave,
                                            the Company will pay the Executive the amount that would have been payable to the Executive
                                            had the Executive taken that period of leave.

 

		(c)	Annual
                                            leave loading is not payable.

 

		11.5	Requirements
                                            to take paid annual leave

 

The
Company may require the Executive to take a period of annual leave:

 

		(a)	If
                                            the Company shuts down the office in which the Executive works for any reason, for example,
                                            the Christmas/New Year period. If the Executive does not have credited annual leave to cover
                                            the shut-down period, the Executive may be required to take unpaid leave; or

 

		(b)	In
                                            accordance with applicable legislation.

 

	12.	Personal
Leave

 

		12.1	Entitlement
                                            to paid personal/carer’s leave

 

		(a)	The
                                            Executive is entitled to paid personal/carer’s leave:

 

		(i)	Because
                                            the Executive is not fit for work because of an illness or injury affecting the Executive;
                                            or

 

		(ii)	To
                                            provide care or support to a corporate member of the Executive’s Immediate Family,
                                            or a member of the Executive’s household, who requires care or support because of an:

 

		a.	Illness
                                            or injury affecting the member; or

 

		b.	Unexpected
                                            emergency affecting the member.

 

		(b)	The
                                            Executive will be entitled to ten days of paid personal/carer’s leave for each year
                                            of service
with the Company.

 

		(c)	The
                                            Executive’s entitlement to take and accrue paid personal/carer’s leave is in
                                            accordance with the National Employment Standards or such statutory entitlements that exist
                                            from time to time.

 

		(d)	Accrued
                                            but untaken paid personal/carer’s leave is not payable on the termination of the
employment of the Executive.

 

		(e)	The
                                            Executive may take unpaid carer’s leave in accordance with the National Employment
Standards or such statutory entitlements that exist from time to time

 

    10

     

    

 

		12.2	Notice

 

		(a)	In
                                            the event the Executive needs to take (or needed to take) personal/carer’s leave (paid
                                            or unpaid), the Executive must notify the Company as soon as practicable. The Executive should
                                            also provide the CEO with an indication of when the Executive expects to return to work.

 

		(b)	The
                                            Company may require that the Executive submit a medical certificate or statutory declaration
                                            for any personal/carer’s leave that the Executive takes (paid or unpaid), in accordance
                                            with applicable legislation.

 

	13.	Compassionate
Leave

 

The
Executive is entitled to compassionate leave in accordance with the National Employment Standards or such statutory entitlements that
exist from time to time.

 

	14.	Parental
Leave

 

The
Executive will be entitled to parental leave (maternity, paternity or adoption leave) in accordance with applicable legislation.

 

	15.	Community
Service Leave

 

The
Executive will be entitled to community service leave in accordance with applicable legislation.

 

	16.	Jury
Service

 

		(a)	The
                                            Executive will be entitled to leave for jury service in accordance with applicable legislation.

 

		(b)	Where
                                            the Executive is required to attend for jury service (including attendance for jury selection)
                                            the Executive must notify the Company as soon as practicable of the expected absence and
                                            its likely duration.

 

	17.	Long
Service Leave

 

The
Executive will be entitled to long service leave in accordance with applicable State legislation.

 

	18.	Public
Holidays

 

		(a)	The
                                            Executive is entitled to all holidays gazetted as public holidays in Victoria without loss
of pay where a public holiday falls on a day on which the Executive would normally be required to work.

 

		(b)	Despite
                                            clause 18(a), the Company can request the Executive to work on a public holiday and the Executive
                                            may refuse the request if the request is not reasonable or the refusal is reasonable.

 

    11

     

    

 

		19.	National
Employment Standards

 

Should
any term of this agreement be less favourable to the Executive than the National Employment Standards, the latter will prevail over the
term to the extent that the term is less favourable.

 

		20.	Intellectual
Property

 

		20.1	Ownership
                                            of Intellectual Property

 

The
Company or corporate member of the Group, whichever is applicable, solely and exclusively owns any Intellectual Property that is developed,
conceived, created, discovered, produced or otherwise generated by the Executive, either individually or otherwise, during the course
of the Executive’s employment with the Company or a corporate member of the Group.

 

		20.2	Assignment
                                            of Intellectual Property

 

If
requested by the Company or corporate member of the Group, whichever is applicable, the Executive agrees to:

 

		(a)	Assign
                                            to the Company (where applicable and at the Company’s expense) or corporate member
                                            of the Group (where applicable and at the corporate member’s expense) any right, title
                                            and interest in and to any of the Intellectual Property referred to in clause 20.1; and

 

		(b)	Do
                                            all things necessary to effect the assignment referred to in clause 20.2(a).

 

	21.	Moral
rights

 

		21.1	Moral
                                            rights

 

The
Company acknowledges and agrees that the Executive may have the following rights in relation to Works of which the Executive is the author:

 

		(a)	Attribution
                                            of authorship;

 

		(b)	Not
                                            to have authorship falsely attributed; and

 

		(c)	Integrity
                                            of authorship.

 

		21.2	Consent

 

In
relation to all Works of which the Executive is author, the Executive consents to the Company or corporate member of the Group, whichever
is applicable, doing or failing to do anything which might otherwise infringe the rights referred to in clause 21.1.

 

    12

     

    

 

 

		21.3	Consent is genuine

 

The Executive confirms that the consent
given in clause 21.2:

 

		(a)	Will continue after the Executive’s employment with the Company or the Group ceases; and

 

		(b)	Is given genuinely.

 

		22.	Media contact

 

The Executive must not speak to
or contact any branch of the media with regard to any matter affecting the Company or the Group without the prior approval of the CEO
or in accordance with the Company’s prevailing media policy.

 

		23.	Warranties

 

The Executive represents and warrants
that:

 

		(a)	In accepting employment with the Company and performing duties under this agreement,
the Executive will not be in violation of any obligations that he owes to any former employer;

 

		(b)	no conflict of interest exists or is likely to arise in the performance of the Executive’s
duties under this agreement having regard to the nature of the Company’s business and any other interests the Executive may have
or activities in which he may be involved in a business context. If during the executive’s employment a conflict or risk of conflict
of interest arises, he must notify the Company in writing of that conflict of interest; and

 

		(c)	the Executive has read and understands this agreement, has not acted in reliance
upon any representations or promises made by the Company other man those contained in this letter of appointment and has entered into
this letter of appointment freely, based on his own judgment, whether or not you have consulted a lawyer.

 

		24.	Confidentiality

 

		24.1	Obligation of confidence

 

The Executive must:

 

		(a)	Maintain the confidential nature of the Confidential Information;

 

		(b)	Not disclose, publish, part with the possession of or otherwise provide any Confidential
Information to any person except under clause 24.2;

 

		(c)	Not use the Confidential Information for the Executive’s own advantage or to the competitive disadvantage of the Company; and

 

		(d)	Not copy or duplicate or allow the copying or duplication of any Confidential Information.

 

    13

     

    

 

		24.2	Disclosure

 

The obligations of confidence in clause 24.1 do not apply
to the extent that the:

 

		(a)	Executive has a need to use the Confidential Information in the performance of Duties;

 

		(b)	Company has given the Executive prior written authorisation to disclose certain
Confidential Information in particular circumstances; or

 

		(c)	Executive is required by law to disclose specific Confidential Information provided
that the Company must be given reasonable prior notice by the Executive of any proposed disclosure.

 

		24.3	Security and control

 

The Executive must:

 

		(a)	Take all reasonable proper and effective precautions to maintain the confidential
nature of the Confidential Information; and

 

		(b)	Immediately notify the Company of any potential, suspected or actual unauthorised
access, disclosure, copying or use or breach of clause 24.1.

 

		24.4	Return of Documentation

 

All Documentation remains the
sole and exclusive property of the Company. If the Executive’s employment is terminated for any reason or the Company at any time
requests it, the Executive must return to the Company or destroy all Documentation that is in the possession, power or control of the
Executive, as directed by the Company.

 

		24.5	No release

 

Return or destruction of the Documentation
and other material referred to in clause 24.4 does not release the Executive from the obligations under this clause 24.

 

		25.	Exclusive Employment and Restraint

 

Unless the Executive has the prior
written consent of the Company, the Executive must work exclusively for the Company until his employment ends.

 

		25.1	Business interest and purpose of this clause

 

It is expected that during the Executive’s
employment, the Executive will:

 

		(a)	acquire a detailed knowledge of the Company’s business and methods of operation;

 

		(b)	become known to and develop a relationship with its Clients, Suppliers and Personnel;
and

 

		(c)	be privy to the Company’s Intellectual Property and Confidential Information.

 

Each of the matters referred to
in subclauses 25.1(a), (b) and (c) is an important and valuable part of the Company’s business interests, which it is important
that the Company is able to protect. The purpose of this clause 25 is to protect those business interests.

 

    14

     

    

 

		25.2	Restrictions.

 

The Executive accordingly agrees that the Executive must
not, during the Restraint Period:

 

		(a)	in the Restraint Area, be engaged in a Similar Role for:

 

		(i)	a Restricted Business;

 

		(ii)	a Client;

 

		(iii)	a Supplier;

 

		(b)	interfere with or disrupt (or attempt to) the relationship contractual or otherwise
between the Company and any:

 

		(i)	Client;

 

		(ii)	Supplier;

 

		(c)	approach, solicit or entice away (or attempt to) any Client;

 

		(d)	approach, solicit or entice away (or attempt to) any Supplier;

 

		(e)	approach, solicit, encourage or induce any Personnel to cease or otherwise terminate
their engagement with the Company;

 

		(f)	counsel, procure or otherwise assist any person to do any of the actions set out
in any of subclauses 25.2(a), (b), (c), (d) or (e).

 

		25.3	Separate and Severable Restrictions

 

		(a)	The parties acknowledge and agree that the post-employment restrictions set out in:

 

		(i)	each of subparagraphs 25.2(a)(i), (ii) and (iii);

 

		(ii)	each of subparagraphs 25.2(b)(i) and (ii); and

 

		(iii)	each of subclauses 25.2(c), (d), (e) and (f)

 

inclusive, including their combination
(where applicable) with the defined expressions set out in clause 3 will take effect as if each of the restrictions are separate, severable
and distinct restrictions regarding the time, area and nature of the conduct they proscribe.

 

		(b)	If any restriction so conceived according to clause 25.3(a) is held to be void,
voidable or unenforceable in whole or part, the parties agree that the relevant subclause, subparagraph or part will be severed from the
agreement and that the remainder of this clause 25 will continue to apply to the fullest possible extent.

 

		25.4	Acknowledgement

 

The parties further acknowledge and agree, having regard
to the purposes of this clause, that:

 

		(a)	each of the restrictions set out in clause 25.2 (conceived according to clause 25.3)
are reasonable and necessary to protect the Company’s interests referred to in 25.1, and confer a benefit on the Company that is
no more than reasonable and necessary to protect that interest;

 

    15

     

    

 

		(b)	the salary and other benefits payable to the Executive under this agreement are
generous, and provide sufficient and reasonable consideration to the Executive for the obligations imposed upon the Executive by this
clause 25;

 

		(c)	any breach by you of this clause 25 has the capacity to provide substantial loss
and harm the Company for which an award of damages or compensation may not be adequate; and

 

		(d)	the Company will be entitled to apply to a Court of law to seek an urgent injunctive
relief, or any other relief, in the event of an actual or threatened breach by the Executive of this clause 25.

 

		26.	Termination

 

		26.1	Company’s right to terminate summarily

 

The Company may terminate the employment
of the Executive immediately and without notice, if the Executive:

 

		(a)	Becomes bankrupt or assigns his estate for the benefit of creditors or others;

 

		(b)	Is precluded from taking part in the management of a corporation by the provisions
of the Corporations Act;

 

		(c)	Is charged or convicted of any offence involving fraud or dishonesty or any serious
offence (except for a traffic offence) which is punishable by imprisonment (whether or not the Executive is imprisoned);

 

		(d)	Behaves inappropriately such that objectively the behaviour brings the name of the
Company and/or the Executive into disrepute;

 

		(e)	Commits a serious or persistent breach or non-observance of this contract of employment;

 

		(f)	Fails to comply with a condition of their visa; or

 

		(g)	Does any act which justifies summary dismissal at common law.

 

		26.2	Company’s right to terminate on notice

 

The Company may terminate the
employment of the Executive at any time and for any reason, in which case the Company will provide to the Executive written notice of
termination of:

 

		(a)	two months if the Executive’s employment is terminated within 12 months of
the Commencement Date; and

 

		(b)	six months if the Executive’s employment is terminated after 12 months of the Commencement Date.

 

The Executive agrees that, on
termination of employment for any reason, the Company is entitled to deduct or set off any overpayment to the Executive, from or
against any monies owing by the Executive to the Company (including, but not necessarily limited to, leave entitlements).

 

    16

     

    

 

		26.3	Executive’s right to terminate on notice

 

The Executive may terminate the
employment by giving the equivalent period of written notice that the Company would have provided pursuant to clause 26.2 above, or such
other lesser period as is agreed between the Executive and the Company.

 

		26.4	Payment in lieu of notice and alternative duties

 

Where either party terminates the
Executive’s employment under this agreement, the Company may, in consultation with the Executive, do any or any combination of
the following:

 

		(a)	Elect to make a payment in lieu of notice or part of any notice of an amount equal to the Executive’s TRC for the period of notice; or

 

		(b)	Require the Executive to undertake any alternative duties and responsibilities as
the Company requires, including undertaking no duties, during all or part of the notice period.

 

		26.5	Entitlements on termination

 

		(a)	On termination of this agreement in accordance with clause 26.2 or 26.3, the Executive
shall be entitled to receive from the Company:

 

		(i)	Pay in lieu of any accrued annual leave and/or long service leave to which the Executive is entitled
up to and including date of termination;

 

		(ii)	Any payment in lieu of notice under clause 26.2;

 

		(iii)	Any applicable benefits due to the Executive pursuant to the provisions of any incentive plan if the
Company determines the Executive is so entitled; and

 

		(iv)	Any outstanding Salary payments.

 

		(b)	Any entitlement to redundancy pay will be in accordance with the Company’s minimum obligations under the Fair Work Act 2009 (Cth).

 

		(c)	If the amount payable to the Executive in connection with termination of their employment
would result in the Company breaching section 200B of the Corporations Act, then despite any other provision in this agreement, the amount
payable to the Executive will be the maximum amount which may lawfully be paid without obtaining shareholder approval in accordance with
the Corporations Act.

 

		26.6	Effect of termination on Executive

 

If the Executive’s employment is terminated, then
in addition to any other rights or remedies provided by law, the Executive must:

 

		(a)	Return to the Company all of the property of the Company in the Executive’s possession or control, including all access cards, credit cards, and
keys;

 

    17

     

    

 

		(b)	Continue to comply with clauses 20 through to 25 (inclusively) of this agreement;

 

		(c)	Cease using all Documentation that is in the Executive’s possession, power
or control, and at the Company’s option:

 

		(i)	Return;

 

		(ii)	Destroy and certify in writing to the Company the destruction of; or

 

		(iii)	Destroy and permit a representative of the Company to witness the destruction of, all Documentation;
and

 

		26.7	No compensation

 

		(a)	Upon termination of this agreement in accordance with its
express terms, the Executive shall not be entitled to claim any compensation or damages from the Company in respect of that termination.

 

		26.8	General effect of termination

 

Each party retains any rights, entitlements or remedies
it has accrued before termination.

 

		26.9	Misrepresentation

 

The Executive shall not:

 

		(a)	At any time, intentionally make any untrue statement in relation to the Company
or any of its related bodies corporate, or

 

		(b)	After cessation of his employment, wrongfully represent himself as being employed
or connected with the Company or any of its related bodies corporate.

 

		27.	Assignment

 

		27.1	Assignment by the Company

 

The Company may, in its absolute
discretion, assign or otherwise deal with any of its rights or obligations under this agreement in any way it considers appropriate, including
assigning this agreement to any corporate entity that may succeed the Company or to a Related Body Corporate of the Company.

 

		27.2	Assignment by Executive

 

Except as required under clauses
20 and 21, the rights and obligations of the Executive under this agreement are personal and the Executive must not assign or otherwise
deal with them.

 

		28.	Amendment

 

This agreement may only be amended
or varied in writing signed by each party.

 

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	29.	Waiver

 

		29.1	No
                                            waiver

 

No
failure to exercise or delay in exercising any right given by or under this agreement to a party constitutes a waiver and the party may
still exercise that right in the future.

 

		29.2	Waiver
                                            must be in writing

 

Waiver
of any provision of this agreement or a right created under it must be in writing signed by the party giving the waiver and is only effective
to the extent set out in that written waiver.

 

	30.	Approval
or consent

 

Unless
this agreement expressly states otherwise, the Company may, in its absolute discretion, give or withhold any approval or consent that
it may be requested to give under this agreement in any way it considers appropriate, including by imposing conditions.

 

	31.	Counterparts

 

This
agreement may be signed in any number of counterparts. All signed counterparts taken together constitute one agreement.

 

	32.	Additional
obligations

 

The
covenants in this agreement are in addition to and will in no way derogate from the obligations of the Executive in respect of secret
and confidential information at law or in equity or under any statute or trade or professional custom or usage.

 

	33.	Operation
and Severability

 

If
any provision of this agreement is void, voidable by a party, unenforceable, invalid or illegal and would not be so if a word(s) were
omitted, then that word(s) are to be severed. If this cannot be done, the entire provision is to be severed from this agreement without
affecting the validity or enforceability of the remaining provisions of this agreement.

 

	34.	Further
Steps

 

Each
party agrees to promptly do all things reasonably necessary or desirable to give full effect to this agreement and the transactions contemplated
by it such as obtaining consents or signing documents.

 

	35.	Entire
agreement

 

This
agreement constitutes the entire agreement between the parties about its subject matter and supersedes all previous communications, representations,
understandings or agreements between the parties on the subject matter.

 

	36.	Governing
law and jurisdiction

 

		36.1	Governing
                                            law

 

This
agreement is governed by the laws of Victoria.

 

		36.2	Jurisdiction
                                            of courts

 

The
parties submit to the non-exclusive jurisdiction of the courts of Victoria and the Federal Court of Australia and any courts that may
hear appeals from those courts about any proceedings in connection with this agreement.

 

    19

     

    

 

Signing Page

 

EXECUTED by Gelteq Pty Ltd (ACN 619
501 254) in accordance with the Corporations Act by being signed by the following officer:

 

	/S/ Nathan Givoni 	 	/S/ Simon
Szewach
	Signature of Director	 	Signature of Director/Company Secretary
	 	 	 
	Nathan Givoni 	 	Simon Szewach 
	Name of Director (please print)	 	Name of Director/Company Secretary (please print)
	 	 	 
	SIGNED by Neale Java in the presence of:	 	 
	 	 	 
	[*****]	 	/S/ Neale Java
	Signature of Witness	 	Signature of Executive
	 	 	 
	[*****]	 	 
	Name of witness (please print)	 	 

 

    20

     

    

 

Schedule

 

Item 1 – Position

 

The Executive is employed to perform the role of Chief Financial
Officer.

 

Item 2 – Commencement Date

 

The Executive will commence in the Position on 1 June 2022
or such earlier date that is agreed between the parties.

 

Item 3 – Duties

 

The Executive is required to be responsible for all duties
associated with the Position including:

 

		●	Managing the financial reporting for the organisation. This
includes monthly financial reporting, budgeting and forecasting, 5 year financial plans and all statutory financial reporting

 

		●	Providing sound financial support and insights to enable the ELT to make critical business decisions

 

		●	Presentation of financial results and insights to the Board

 

		●	Play a key role in the formulation of the business’s strategy

 

		●	Managing and overseeing the taxation affairs of the organisation and liaising with the external tax
firm for specialist advice

 

		●	Managing and overseeing the cash flow of the company and ensuring it has the appropriate treasury controls

 

		●	Managing hedging and foreign currencies (if relevant)

 

		●	Managing the External Auditor relationship and ensuring the organisation is compliant with accounting
standards

 

		●	Managing and overseeing the company’s banking and borrowing arrangements

 

		●	Overseeing Accounts Payable, Accounts Receivable, Tax, Treasury, Payroll, Financial and Management Accounting
functions.

 

		●	Risk Management to ensure the business has a solid risk framework in place

 

		●	Overseeing commercial decision making from tender analysis, margin analysis, pricing analysis etc

 

		●	Managing and tracking budget and accounting information including billing, collections, and tax information

 

    21

     

    

 

Item 4 – Total Remuneration Cost

 

	Total Remuneration Cost	 	 	AUD $268,568 per annum	 
	Broken down as follows:	 	 	 	 
	Base Salary Component (Salary)	 	 	$245,000 per annum	 
	Minimum superannuation contributions as prescribed under legislation (currently 10%) up to the maximum contribution base	 	 	$23,568 per annum	 

 

Item 5 – Location

 

The Executive’s principal place of work is [*****]

 

Item 6 – Short Term Incentive

 

The Executive will be entitled to an annual discretionary
STI of up to 50% of the Salary (plus superannuation up to maximum contribution base) in respect of the Company’s fiscal year.

 

 

22

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