Document:

EX-4.12

 Exhibit 4.12 

LEAVE AND LICENSE AGREEMENT 
 THIS LEAVE
AND LICENSE AGREEMENT (“Agreement”) made at Mumbai this                      day of
             2021, between: 
 Godrej & Boyce Manufacturing Company
Limited (PAN: AAACG1395D), a company limited by shares incorporated under the Indian Companies Act, 1913 and presently governed under the provisions of The Companies Act, 2013, and having its registered office at Pirojshanagar, Vikhroli,
Mumbai 400079 represented herein by its authorized signatory, Mr. Anup Mathew (hereinafter referred to as “Licensor” which term shall, unless repugnant to the context or meaning thereof, be deemed to mean and include
its, successors-in-interest, administrators and assigns) of the ONE PART; 

AND 
 WNS Global Services
(P) Limited (PAN:AAACW2598L), a company incorporated under the provisions of the Companies Act 1956 having CIN U72200MH1996PTC100196 and having its registered office at Gate No 4, Plant 10, Godrej & Boyce Complex,
Pirojshanagar, LBS Marg, Vikhroli (West), Mumbai, Maharashtra represented herein by its authorized signatory, Mr. Sameer Nadkarni appointed vide Board Resolution dated February 13, 2020 (hereinafter referred to as
“Licensee” which term shall, unless repugnant to the context or meaning thereof, be deemed to mean and include its permitted assigns) of the OTHER PART. 

“Party” shall mean and include the Licensor and Licensee individually and “Parties” shall mean and include
both of them collectively. 
 WHEREAS: 
  

	A.	 The Licensor has constructed a building known as 11GBD, Industrial Building No.11
(“Building”), the details of which are more particularly described in Schedule-I hereunder written, upon the land parcel (“Land”) bearing Survey
No.56(pt.) and 57(pt.) of Village Vikhroli corresponding to CTS No.7(pt.), lying being and situated at Pirojshanagar, Vikhroli, Mumbai 400079; 

  

	B.	 The Licensor is the owner of and absolutely seized & possessed of and/or otherwise well and
sufficiently entitled to the Building; 

  

	C.	 The Licensee has approached the Licensor and represented that the Government of Maharashtra, has issued a
certificate dated April 25, 2016 in favour of the Licensee inter alia evidencing the registration of the Licensee as an IT/ITES Unit under the relevant IT and ITES Policy, and the copy of the aforesaid certificate dated April 25,
2016 is annexed hereto and marked as Annexure-I; 

  
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	D.	 Further, the Licensee has requested to grant license for the period of five (5) years to use Net Usable
Area of 84,934 sq. ft. being part of the Ground floor, part of the First floor, part of the Second floor and part of the Mezzanine floor (collectively, the “Licensed Premises”) of the Building, the details of the
Licensed Premises are more particularly described in the Schedule-II hereunder written, and delineated in red colour on the Plan marked to scale, which is annexed hereto as Annexure-II, for the purpose of clarity, the term “Net Usable Area” shall mean the areas within the external walls on the designated floors, including column spaces and internal
partitions, electrical room, AHU room, staircases, dedicated service area on floor and toilets, but shall exclude , ledges/ elevation feature, duct and external building features; 

 

	E.	 The Licensor has acceded the request of the Licensee against payment of license fee, deposit of security
deposit and on certain terms and conditions, as mutually agreed between the Parties and the Parties have now agreed to enter into this Agreement to record their mutual understanding, as recorded hereinafter. 

NOW THEREFORE, in consideration of the foregoing, and the mutual covenants and promises contained herein and other good and valuable considerations,
the receipt and adequacy of which is hereby acknowledged, the Parties, intending to be bound legally, agree as follows: 
  

	1.	 RECITALS 

  

	1.1.	 The recitals mentioned hereinabove, together with all the Schedules and the Annexures mentioned in this
Agreement shall form an integral part of this Agreement. 

  

	2.	 GRANT OF LICENSE FOR THE LICENSED PREMISES 

 

	2.1.	 The Licensor hereby grants on a leave and license basis as a bare license (“License”)
and the Licensee hereby takes as a bare license the Licensed Premises, subject to the other terms and conditions contained herein being fulfilled. 

  

	3.	 LICENSE TERM 

  

	3.1.	 It is agreed between the Parties that the license in respect of the Licensed Premises shall commence from
February 16, 2021 (“License Commencement Date”) to the Licensee, and the license shall expire 60 months commencing from the License Commencement Date, i.e. on February 15, 2026 (“License
Term”), unless terminated earlier in accordance hereof. 

  
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	4.	 LICENSE FEE 

  

	4.1.	 The Licensee shall pay to the Licensor monthly compensation (“License Fee”), subject to
TDS for the use and occupation of the Licensed Premises as under: 

  

	4.1.1.	 Rs.67,88,286/- (Rupees sixty-seven lakhs eighty-eight thousand two hundred and
eighty-six only) per month for the Licensed Premises, for the period commencing from February 16, 2021 upto completion of thirty-six (36) months
of License Term. 

  

	4.1.2.	 Rs.78,06,529/- (Rupees seventy-eight lakhs six thousand five hundred and twenty-nine only) per month for the
Licensed Premises, for the period commencing from February 16, 2024 upto completion of sixty (60) months of License Term. 

  

	4.2.	 The License Fee shall be exclusive of the Goods and Service Tax (“GST”), charges for
water and electricity, telecommunication costs, sewerage and garbage disposal costs and other utilities consumed by the Licensee in the Licensed Premises based on actuals, which the Licensee alone shall bear and pay during the License Term.

  

	4.3.	 The Licensee shall be entitled to deduct the applicable tax at source from the License Fee and the Licensee
shall periodically issue to the Licensor TDS certificates for such deduction of tax at source. 

  

	4.4.	 The License Fee shall be paid in advance in every calendar month. 

 

	4.5.	 The monthly License Fee shall be paid by way of auto debit in advance on or before the 10th (Tenth) day of calendar month in which the License Fee falls due. In the event the 10th day of the calendar month is a non-working day, the License Fee shall be payable on the next working day. 

  

	4.6.	 Upon failure on the part of the Licensee to pay the License Fee due within the stipulated time as provided
hereinabove and unless the Licensor has extended such period, the Licensee shall be liable to pay the Licensor simple interest calculated @ 18% per annum from the due date of payment (or the date extended by the Licensor) until the date of
payment. 

  

	4.7.	 The Licensee shall be entitled to deduct the applicable tax at source from the License Fee and the Licensee
shall periodically furnish to the Licensor certificates for such deduction of tax at source. 

  
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	5.	 SECURITY DEPOSIT PAYABLE UNDER THIS AGREEMENT 

 

	5.1.	 As a security for the due observance and performance of all obligations undertaken by the Licensee hereunder,
the Licensee shall deposit simultaneously with the execution of this Agreement and shall keep deposited with the Licensor, a sum of Rs.4,07,29,718/- (Rupees four crore seven lakh twenty-nine thousand seven hundred and eighteen only) as an
interest-free security deposit and shall deposit with the Licensor an additional sum of Rs.61,09,458/- (Rupees sixty-one lakhs nine thousand four hundred and fifty-eight only) on or before February 16,
2024, aggregating to Rs.4,68,39,176/- (Rupees four crore sixty-eight lakh thirty-nine thousand one hundred and seventy-six only) (“Security Deposit”). 

 

	5.2.	 It is expressly agreed by and between that, subject to the Licensee, peacefully removing itself and all its
articles and effects from the Licensed Premises and ceasing to use the Licensed Premises and Parking Spaces: 

  

	5.2.1.	 Fifty percent (50%) of the Security Deposit shall be refunded by Licensor to Licensee within fifteen
(15) days from (a) the expiry of License Term or earlier termination thereof, in accordance with the terms of this Agreement; and (b) Vacating the Licensed Premises by the Licensee; and 

 

	5.2.2.	 The balance fifty percent (50%) of the Security Deposit (“Retained Security Deposit”)
shall be refunded by Licensor to the Licensee within 15 days upon (a) the Licensee reinstating the Licensed Premises to its normal condition (save and except normal wear and tear) to the satisfaction of the Licensor and (b) Licensee
paying all the outstanding dues and payments to the Licensor or Licensor adjusting/ deducting any outstanding dues whatsoever, including but not limited to unpaid License Fee, electricity bills, telephone bills, water bills, any damages caused to
the Licensed Premises and etc. 

  

	5.3.	 In the event of delay in refunding the Retained Security Deposit to the Licensee by the Licensor for the
reasons not attributable to the Licensee, the Licensee shall be entitled to receive refund of such amount together with interest thereon calculated at the rate of 18% per annum from the date it becomes due to refund till the actual date of refund.

  

	6.	 USE OF THE LICENSED PREMISES 

 

	6.1.	 The Licensee has notice of the terms of the use of the Licensed Premises viz. IT and ITES as notified by the
Directorate of Industries, Government of Maharashtra through the Joint Director of Industries (IT) and Development Commissioner Industries and/or as notified by the Software Technology Parks of India (STPI) an autonomous Society under Ministry of
Information Technology, Govt. of India 

  
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	6.2.	 The Licensee undertakes that the Licensee shall use the Licensed Premises only for IT/ITeS purposes of its
office and running its IT/ITeS business including but not limited to sales, operation of a contact centre, software development and various other information technology enabled activities. The business would be in the nature of IT/ITeS only.

  

	6.3.	 The entire Godrej Business District is a non-smoking zone and the
Licensee shall ensure to maintain the same. 

  

	6.4.	 The Licensee is entitled to keep all such equipment at the Licensed Premises as required for its business
operations. The Licensee shall not store or keep or permit to store or keep any illegal goods, explosives or obnoxious, dangerous or inflammable material (except for such items that are necessary or integral to the management and/or running of
the business of the Licensee subject to prior written approval by the Licensor) which may cause damage to the Licensed Premises or be in violation of any local laws, rules and regulations. 

 

	6.5.	 Subject to seeking prior permission of Municipal Corporation of Greater Mumbai (“MCGM”)
wherever applicable/ required, the Licensee shall be at liberty to install or fix additional fixtures in the Licensed Premises, including sun blinds, electrical fittings and installations, lights, fans, curtains, wooden or glass partitions, cabins,
computers and allied equipment, word processors, fax, telephones, office equipment and other fittings, fixtures, office facilities and paraphernalia for its business activities at the costs, responsibilities and expenses of the Licensee alone,
subject always that the Licensee shall not disturb, damage the exterior of Building and the Licensee shall be entitled and responsible to remove such additional articles or fittings installed or brought into the Licensed Premises while vacating the
same on the expiry or sooner determination of this License or at any time during the subsistence of this license provided however that the Licensee shall make good to the Licensor all loss or damage caused to the Licensed Premises by the Licensee
during such installation or removal. 

  

	6.6.	 Subject to Licensee’s rights of use the Licensed Premises under the terms of this Agreement, the Licensee
shall not do or suffer to be done anything else upon the Licensed Premises which may cause annoyance, damage, nuisance or disturbance to the owners or occupiers of any adjoining or neighboring property or building. 

 

	7.	 MAINTENANCE, REPAIRS AND STRUCTURAL ALTERATIONS IN THE LICENSED PREMISES 

 

	7.1.	 After the Licensee is permitted to use and occupy the Licensed Premises the Licensee, shall be entitled to
carry out certain modifications in the Licensed Premises, excluding structural changes, subject to: 

  

	7.1.1.	 the Licensee shall take the Licensor’s prior written permission for any
non-structural repairs or maintenance work to be undertaken with regard to the Licensed Premises; 

  
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	7.1.2.	 the same shall be in accordance with the layout plan agreed between the architects nominated by the Licensor
and the Licensee; 

  

	7.1.3.	 adopting appropriate safety standards and requirements and more specifically in a manner that does not cause
safety hazard to any of the Licensee’s employees, agents, contractors, sub-contractors or visitors; 

  

	7.1.4.	 the Licensee shall erect appropriate safety barricades around the construction activity and the Licensor shall
provide separate entrance for contractors, their agents, employees and workers to enter the Licensed Premises in such a manner as not to cause hindrance or nuisance to the Licensor; 

 

	7.1.5.	 at no point of time shall the contractors, their agents, employees and workers use or cause to use the entrance
to the Licensed Premises for personal movement or transfer of good/materials for carrying out fit-out activity. 

  

	7.2.	 The Licensor shall be liable to repair and rectify at its own cost all major structural defects in the Licensed
Premises provided that the same is not necessitated due to the negligence of the Licensee, whereas in case the structural defect is caused to the Licensed Premises due to the negligence of the Licensee then the Licensor shall be responsible to
repair and rectify such structural defect in the Licensed Premises only subject to receiving the cost and expenditure of such repair and rectification from the Licensee, in advance before Commencement of such activity. 

 

	7.3.	 The Licensee shall keep the interior (entire Operations and Maintenance) of the Licensed Premises,
including the white washing, colour washing, floorings, doors, windows, shutters and glass thereof and the lavatories, water-closets and other conveniences forming part thereof including electric installations therein in clean and in good condition
(reasonable wear and tear and damage by force majeure conditions excepted). 

  

	8.	 INSPECTION OF THE LICENSED PREMISES 

 

	8.1.	 The Licensee shall or its authorized representatives shall permit the Licensor, its office bearers,
agents/representatives, from time to time, with a twenty-four hours prior notice or such shorter notice as may be required, to inspect the Licensed Premises 24x7. 

 

	8.2.	 The Licensee agrees that during the inspection, the Licensor or its agents or representatives will need to be
accompanied by representatives of the Licensee. 

  
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	9.	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE LICENSOR 

 

	9.1.	 The Licensor makes the following representations, warranties and covenants: 

 

	9.1.1.	 There is no charge, mortgage, encumbrance in relation to the Building. 

 

	9.1.2.	 The Licensor is legally competent and duly authorized to enter into this Agreement. 

 

	9.1.3.	 The Licensor represents and warrants that the Building in which the Licensed Premises is situated is in
accordance with approved sanctioned plans. The Licensor has received all requisite approvals and permissions under the applicable laws which are essential for construction, occupation and usage of the Building in which the Licensed Premises is
situated including fire safety laws and will keep all such approvals and permissions valid and existing throughout the License Term. 

  

	9.2.	 The Licensor shall at all times have full charge and control over the Licensed Premises. 

 

	9.3.	 Subject to compliance of all the terms of this Agreement and not in breach of any term thereof, the Licensee,
its employees, clients, customers, suppliers, contractors, visitors, of all kinds, whatsoever, shall have unlimited and unobstructed access 24 hours of the day, seven days of the week and 365 days a year to the Licensed Premises and further for the
purpose of ingress and egress use the designated entrances, corridors, passages inside and outside the Licensed Premises and use the driveway for vehicular access to the Licensed Premises, save and except during any maintenance or other such
activity carried out by the Licensor. 

  

	9.4.	 The Licensor shall provide the Licensee with open Car Parking space to be provisioned outside the Building as
per Licensor’s discretion and the details and terms of usage of open car parking space is more particularly described in Schedule-III hereunder written. Any additional parking spaces would
be granted at the sole discretion of the Licensor subject to availability and at additional charge. 

  

	9.5.	 The Licensor shall keep the structure and exterior of the Licensed Premises and the drains, external and
internal pipes thereof in good and substantial repair, order and condition and to keep in good repair and proper working order the installations therein for the supply of adequate water subject to availability, electricity and for sanitation and to
do from time to time all heavy repairs such as may be occasioned by the falling of a wall, roof or any other part of the exterior of the Licensed Premises. 

  
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	10.	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE LICENSEE 

 

	10.1.	 The Licensee makes the following representations, warranties and covenants: 

 

	10.1.1.	 That the Licensee has passed a Board Resolution inter alia authorizing its representative to execute and
to admit execution of this Agreement for the purpose of its registration before the Office of concerned Sub-Registrar of Assurances. The copy of Extract of the Board Resolution is Annexed as Annexure-III. 

  

	10.1.2.	 The Licensee shall pay regularly, License Fee, applicable taxes and other utility charges, as specified herein
and as may be payable, and on duly observing the terms and conditions of this Agreement, and subject to compliance of the aforesaid the Licensee shall become entitled to the quiet and peaceful enjoyment of the Licensed Premises during the License
Term without any obstruction, interruption or disturbance by the Licensor. 

  

	10.1.3.	 The Licensee shall ensure that it shall undertake only IT/ITeS activities as per the applicable policy of
Government (State and/or Central) in the Licensed Premises during the License Term and shall further ensure that the Certificates issued by the relevant Authorities evidencing the registration of the Licensee as a IT/ITeS shall continue to remain
valid and subsisting during the entire period of the License Term. The Licensee shall furnish the same to the Licensor within 7 working days from the date of its receipt. 

 

	10.1.4.	 During the License Term, the Licensee shall maintain the Licensed Premises in good order as it was at the time
of entering the Licensed Premises and shall not cause or suffer any damage to the same, subject to the normal wear and tear. 

  

	10.1.5.	 The Licensee represents that it has procured all necessary permissions and approvals as are required to carry
out its activities in the Licensed Premises, and shall be solely responsible and liable for the same. The Licensee covenants that in the event of the Licensee committing any act in contravention of the above provision, the Licensee shall be
responsible and liable for the consequences thereof to the Licensor as well as the concerned Authorities and also under this Agreement. 

  

	10.1.6.	 The Licensee shall not do or suffer to be done or omit to be done any, deed, matter or thing in or to the
Building in which the Licensed Premises is situated or with regard to the staircase, lift or any passages or common areas and facilities in the Building in which the Licensed Premises is situated, which may be against the rules and regulations of
the concerned Authorities. 

  
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	10.1.7.	 The Licensee shall not use or permit the usage of the Licensed Premises in a manner, which would diminish the
value or utility of the pipes, cisterns and other common amenities provided inside and outside the Licensed Premises. 

  

	10.1.8.	 The Licensee shall not use the space left in the vacant area(s) or
set-back areas or land open outside the Building in a manner, which might cause hindrance for the free ingress to or egress from any part of the Building. 

 

	10.1.9.	 The Licensee shall not allow the parking of any vehicle at any other place other than the designated car
parking spaces allotted to the Licensee therein; 

  

	10.1.10.	 If it is imperative that large packages or equipment have to be transported to the Licensed Premises, the same
shall be done with due care without damaging the lobbies, staircases, lifts, common passages or any other structure or part of the Licensed Premises; 

  

	10.1.11.	 The Licensee shall not use or permit the use of common passage(s), common staircase or common area for storage
or in manner as to cause nuisance or obstructions to others or to affect the aesthetics of the Licensed Premises or any part thereof; 

  

	10.1.12.	 The Licensee shall instruct all its employees, agents, subcontractors and such others not to throw or allow or
suffer to be thrown any dirt, rubbish, cigarettes, in the area inside and outside the Building (which is a non-smoking Area) and or other refuse in any of the common areas of the Licensed Premises.

  

	10.1.13.	 To use the Licensed Premises only for IT/ITeS related activities and not for any other purpose.

  

	10.1.14.	 If the Licensee fails to observe any law, direction, order, notice or requirements of any Government or public
body or Authority in respect of the use of the Licensed Premises by the Licensee, the Licensor shall be entitled to serve upon Licensee a written notice inter alia asking the Licensee to cure the defect, comply with such directions, order, notice or
requirement within a period of 30 days, failing which the same shall be construed as breach of term of this Agreement. 

  

	10.1.15.	 To peacefully cease to use and vacate the Licensed Premises to the Licensor at the end of the License Term or
sooner determination thereof in good order and condition as is consistent with the covenants and conditions on the part of the Licensee herein contained. 

  

	10.2.	 Provision of Municipal water supply at the Licensed Premises shall be made by the Licensor, subject to
availability, and the charges for water consumption shall be borne and paid by the Licensee. 

  
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	10.3.	 General upkeep and maintenance of the areas around the Licensed Premises shall be made by the Licensee.

  

	10.4.	 The Licensee agrees to submit (i) prior to the signing of this Agreement a copy of its charter documents
(MOA, AOA, and certificate of its incorporation) (ii) IT / ITES from the relevant authorities within 3 months from the date of this Agreement; (iii) prior to the signing of this Agreement, a certified true copy of the authorization
from the Licensee authorizing the signatory to this Agreement to sign this leave and license agreement on behalf of the Licensee, (iv), a certificate from the statutory Auditors of the Licensee confirming its capital is greater than Rupees One Crore
within 1 month from the date of this Agreement. 

  

	10.5.	 The Licensee represents that there are no proceeding pending in any court of law, tribunal, or arbitration at
the time of signing of this Agreement that will affect the performance of its obligations under this Agreement. 

  

	10.6.	 The Licensee shall not be entitled to call back the Security Deposit in any manner other than provided for in
this Agreement. 

  

	10.7.	 The Licensee agrees that in the event at anytime during the term of this License, should the Licensor enter
into a securitization agreement with any bank/ financial institution/ lender, the Licensee shall be bound to issue the License Fee cheques in full or in part in favour of the designated bank account of such bank/ financial institution/ lender, and
for which the Licensor shall discharge the Licensee of its liability to pay the License Fee to the Licensor hereunder. The Licensee hereby agrees to sign any letter or document in this respect as reasonably required by the Licensor at the cost of
the Licensor. 

  

	11.	 THE LICENSEE NOT TO ASSIGN, TRANSFER, ETC. 

 

	11.1.	 It is expressly agreed by and between the Parties that this Agreement and the license granted by the Licensor
to the Licensee, is personal in nature to the Licensee and therefore, the Licensee shall not assign, transfer or sublicense this Agreement. 

  

	11.2.	 This Agreement constitutes a non-transferable license to the Licensee,
and the Licensee shall not permit any of its subsidiary company, group company and/or affiliates (who are in the same line of business as the Licensee) to use the Licensed Premises and/or to use the address of the Licensed Premises, without
seeking prior written consent of the Licensor, which shall be at the sole discretion of the Licensor. 

  
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	12.	 LICENSORS’ RIGHT TO DEAL WITH LICENSED PREMISES 

 

	12.1.	 The Licensor may at its discretion and in such manner as it may deem fit sell, alienate, transfer, create
encumbrance, third party rights in respect of the Licensed Premises, provided that, such sale, transfer, alienation, encumbrance, third party rights in relation to the Licensed Premises shall not prejudice the rights of the Licensee under this
Agreement. 

  

	12.1.1.	 In the event of transfer of the Licensed Premises, the Licensor shall seek an acknowledgement in writing from
the transferee(s), recognizing the Licensee as the licensee of the Licensed Premises for the remainder period of the License Term on the terms recorded in this Agreement; 

 

	13.	 CORPORATE EVENT 

 

	13.1.	 The Licensee covenants with the Licensor that, as soon as possible (but no later than fifteen
(15) days from the date of occurrence of such Corporate Event as more particularly defined in Clause 13.2, the Licensee shall disclose the occurrence of a Corporate Event (defined hereinafter) and provide all the
necessary documents, including the revised/ updated charter documents of the Licensee, to the Licensor upon the occurrence of such Corporate Event. 

  

	13.2.	 The term “Corporate Event” shall include (i) any change in control or change in
ownership of the Licensee, whereby any person (other than the current shareholders) acquires majority control or ownership of the Licensee, or (ii) an arrangement or reconstruction, whether by way of merger, demerger or otherwise of the
Licensee, or (iii) any business acquisition of, or (equity or convertible debt) investment in of the Licensee or any other transaction having similar effect; in each case, which results (or may result) in change of ownership or
shareholding or change of control or management of the Licensee, but does not include the following event: 

 WNS
(Holdings) Ltd., Jersey (the Ultimate Holding Company) indirectly through its subsidiaries currently holds the total outstanding voting equity shares in the Licensee (Controlling Interest). In the event the Licensee undergoes a change in its
ownership such that the Ultimate Holding Company no longer holds at least the Controlling Interest (being not less than fifty-one percent of the total outstanding voting equity shares) in the Licensee
(whether directly or through its direct and indirect subsidiaries), then on occurrence of such an event, the Parties shall, execute and register a fresh leave and license agreement on the same terms and conditions for the remainder period of
the License Term, within 30 days from the effective date on which the Ultimate Holding Company ceases to own at least the Controlling Interest in the Licensee (the Ownership Change Date). 

  
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	13.3.	 On receipt of information from the Licensee about the Corporate Event, Provided the Licensee continues
to remain in the business of IT/ ITES, the Licensor may consider the credentials of the new management and control of the Licensee, and at their sole discretion, accede or decline, without ascribing any reasons thereof to the request of the Licensee
to continue or to terminate the license hereby granted, i.e. the Licensor solely shall have the option either to accept the Corporate Event or to terminate this Agreement after serving upon the Licensee thirty (30) days written notice,
and upon expiration of notice period of thirty (30) days, this Agreement shall automatically stand terminated and the provisions and consequences of termination, as enumerated in this Agreement, shall apply accordingly. It is clarified that the
Licensee shall not have the right to terminate this Agreement on occurrence of the Corporate Event. 

  

	14.	 TERMINATION 

  

	14.1.	 Either Party shall be entitled to terminate this Agreement in the event of the other Party committing a breach
of the terms and conditions contained in this Agreement to be observed and performed by such other Party by giving thirty (30) days advance notice in writing and if the other Party rectifies the breach and informs the non-breaching Party in writing about the same within the aforesaid notice period of thirty (30) days then such notice shall cease to be effective. However, if the defaulting Party is unable to rectify the
breach within the aforesaid notice period of thirty (30) days then this Agreement shall, at the option of the non-defaulting Party stand terminated, and accordingly, the Licensee shall peacefully
quit, vacate and cease to use the Licensed Premises within 30 days thereafter. 

  

	14.2.	 Subject to what is stated in this Agreement, including in Article 13 (Corporate Event), Clause 13.3
(Consequences of Corporate Event), Article 15.1 (Cure Period Before Termination), Clause 21.1 (Force Majeure) and Article 22 (No Tenancy Rights), Licensee can terminate this Agreement by giving six (06) month’s
advance notice in writing to the Licensor. The Parties clarify that the Licensee shall be liable to pay the License Fee during the notice period. 

  

	14.3.	 The license and this Agreement can be terminated by the Licensor in terms of Clause 15.1 due to occurrence of
any of the following event: 

  

	14.3.1.	 Occurrence of Corporate Event; 

 

	14.3.2.	 Termination or breach or default of IT/ ITES status of Licensee; 

  
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	14.3.3.	 Revocation/ withdrawal or modification of any license, approval, permission, authorisation or exception, due to
which, the Licensee is unable to or unfit to, perform its obligations under this Agreement; or 

  

	14.3.4.	 If the Licensee reduces its paid-up share capital from Rs.1,00,00,000/-
(Rupees One Crore only) and fail to give an undertaking within fifteen (15) days of occurrence of such event, that the Licensee shall not claim any relief under the provisions of The Maharashtra Rent Control Act and/or any other applicable
laws. 

  

	14.4.	 Notwithstanding anything contained in Clause 14.3 above, it is hereby agreed and declared that if the Licensee
passes a resolution for voluntary winding up or if it is unable to pay its debts or compromises with its creditors or if a receiver of its property is appointed or if a petition is filed under the Companies Act, 2013 for winding up of the Licensee
is successful or if the Licensee does anything which renders it liable to be wound up or if the Licensee voluntarily or involuntarily becomes the subject of proceedings under any bankruptcy or insolvency law or on the Licensee being amalgamated or
taken over by any other company, body corporate or business entity or if the Licensee takes or suffers any action for its re-organisation, liquidation or dissolution, then and in any of such events this
Agreement shall ipso facto stand terminated and thereupon the Licensee or the person or persons or authority in whom the estate of the Licensee may be vested shall hand over charge of Licensed Premises to the Licensor forthwith, failing which
the Licensor shall be entitled to re-enter the Licensed Premises or any part of the Licensed Premises and take charge of the Licensed Premises or any part thereof. 

 

	14.5.	 On the last day of expiry or earlier termination of the License/ this Agreement, the Licensee shall peacefully
vacate and cease to use the Licensed Premises in the same good order and condition which was, at the time when the Licensee entered into the Licensed Premises, subject to reasonable wear and tear attributable to normal use for the business of the
Licensee. 

  

	15.	 CURE PERIOD BEFORE TERMINATION 

 

	15.1.	 Notwithstanding anything written elsewhere in the Agreement, if the Licensee commits a breach of any of the
terms and / or covenants contained in this Agreement, including occurrence of event(s) as mentioned in Clause 14.3 and/or default in payment of License Fee and/ or other outgoings in terms of this Agreement for a consecutive period of thirty
(30) days, then the Licensor shall be entitled to terminate this Agreement by serving a written notice of fifteen (15) days to cure such breach. 

  
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	15.2.	 In case of service of such notice by the Licensor upon the Licensee in terms of Clause 15.1, if, the Licensee
fails to cure the defect/ breach before expiry of the written notice of fifteen (15) days, then, the License granted to the Licensee under this Agreement shall automatically stand terminated and the Licensee shall forthwith peacefully vacate
and cease to use the Licensed Premises. 

  

	16.	 CONSEQUENCES OF EXPIRATION OR SOONER TERMINATION 

 

	16.1.	 Upon expiration or sooner termination of this Agreement as provided herein, the Licensee and its employees and
representatives shall cease to enter upon, use or occupy the Licensed Premises, and the Licensee shall remove itself together with all its belongings and articles therefrom and thereupon, and the Licensor shall be entitled to enter upon the Licensed
Premises or any part thereof and the Licensee shall not, in any manner, prevent or obstruct the Licensor from entering, using or allowing any third party to use, the Licensed Premises. 

 

	16.2.	 If, for any reason whatsoever, upon the expiration or sooner termination of this Agreement as provided herein,
the Licensee fails to vacate the Licensed Premises and / or fails to permit the Licensor to enter upon the Licensed Premises as stated in Clause 16.1 above, the Licensee shall be treated as a trespasser and for the unauthorised use and occupation of
the Licensed Premises upon the expiration or sooner termination of this Agreement until the Licensee actually peacefully vacates the Licensed Premises and permits the Licensor to enter upon the Licensed Premises as stated hereinabove, and in such an
event, the Licensee shall pay to the Licensor, double the amount of the License Fee last paid by the Licensee to the Licensor calculated on the daily basis plus all other taxes including GST, as may be applicable from time to time. The Parties
clarify that the Licensee shall be liable to pay Rs.13,01,088/- (Rupees thirteen lakhs one thousand and eighty-eight only) per day to the Licensor till the date of vacating the Licensed Premises peacefully towards liquidated damages, and that the
aforesaid amount of liquidated damages is a pre-estimate of the loss that would be incurred by the Licensor due to the occurrence of aforesaid event of termination in the aforesaid manner.

  

	16.3.	 Without prejudice to the other rights and remedies under the applicable law or in equity against the Licensee
for failure to vacate the Licensed Premises, the Licensor shall be entitled to deduct, from and out of the Security Deposit, the amount payable by the Licensee to the Licensor as set out in Clause 16.2 hereinabove for the unauthorised use and
occupation of the Licensed Premises upon the expiration or sooner termination of this Agreement. 

  
 Page 14 of
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	17.	 TAXES 

  

	17.1.	 Subject to what is stated in Clause 17.2, the Licensor shall, at all times during the License Term, pay the
municipal rates, taxes, cesses, charges (as assessed / applicable under the MMC Act) as applicable (collectively, “Property Tax”) in respect of the Licensed Premises on March 31, 2015 as benchmark, and any further
increase in Property Tax, if any, which may have increased on or after April 1, 2015 shall be borne by Licensee. For example: 

  

	17.1.1.	 In case the rate of charging the Property Tax in relation to the Licensed Premises is Rs.100/- per sq. ft. per
month upto March 31, 2015, and with effect from April 1, 2015, the rate of charging the Property Tax has been increased to Rs.150/- per sq. ft. per month, then, in that case, the Licensor shall be liable to pay and bear the Property Tax
for the period prior to execution of this Agreement till the expiry of the License Term, at the rate of the Property Tax of Rs.100/- per sq. ft. per month, and the Licensee shall be liable to bear and reimburse the Licensor, Rs.50/- per sq. ft. per
month being the rate of Property Tax charged/ chargeable in respect of the Licensed Premises with effect from April 1, 2015 till the expiry of the License Term. 

 

	17.1.2.	 Further, in case of increment in the rate of charging the Property Tax in relation to the Licensed Premises to
Rs.180/- per sq. ft. per month with effect from February 15, 2021, then, in that case, the Licensor shall be liable to pay the Property Tax at the rate of Rs.100/- per sq. ft. per month (applicable on March 31, 2015, being
the benchmark date) till the expiry of the License Term or early termination, as the case may be, and the Licensee shall be liable to bear and reimburse the Licensor, Rs.80/- per sq. ft. per month being the rate of Property Tax chargeable in
respect of the Licensed Premises with effect from February 15, 2021 till the expiry of the License Term or early termination, as the case may be. 

  

	17.2.	 In case of any increment in the property taxes (as mentioned above) in relation to the Licensed Premises
post the execution of this Agreement upto the expiry of the License Term, then the Licensee shall, within thirty (30) days from the date of demand from the Licensor, reimburse to the Licensor, such increased taxes. Further, in case any
additional/ new tax, cess and/or levies charged/ imposed/ levied by any authority on the Licensor in respect of the Licensed Premises by virtue of Licensor granting license to the Licensee in respect of the Licensed Premises or any part thereof,
then, the same shall solely be borne and paid by the Licensee on actuals. 

  

	17.3.	 If the Licensor disputes the assessment made by the Municipal authorities in respect of such future increase in
taxes in respect of the period covered by this Agreement, the Licensor may at its discretion adopt legal proceedings at its cost. However, in such proceedings, if the amount of taxes is required to be deposited with any authority as per law, the
same will be paid by the Licensee to the Licensor upon furnishing the necessary documents to enable timely deposit of the same with such authority. 

  
 Page 15 of
33 

	17.4.	 The Licensee shall pay GST as applicable and any future taxes, duties, charges, cesses, rates and any other
levies becoming payable by the Licensor to the statutory authorities which arise or accrue due to or related to the use hereto, the manner of use of the Licensed Premises by the Licensee, the business of the Licensee and/or calculated on the License
fee or other charges (outgoings including maintenance) paid or payable by the Licensee to the Licensor shall be reimbursed and borne by the Licensee. 

  

	17.5.	 Each Party shall bear and pay their respective income tax. 

 

	17.6.	 The Licensee shall be liable to bear and pay the GST or any other taxes, present or future, in respect of the
transaction herein recorded. 

  

	17.7.	 Licensee will withhold taxes at appropriate rates from payments made to landlords as specified in Income Tax
Law. 

  

	17.8.	 GST at the prevalent rate and other applicable charges and levies, as may become due and payable from time to
time (as per Applicable Laws), if applicable to such monthly License Fee, shall solely be borne and paid by the Licensee to the Licensor along with the monthly License Fee for the Licensed Premises. Further: 

 

	17.8.1.	 The Licensor will raise invoice with all applicable GST and other applicable charges and levies.

  

	17.8.2.	 The Licensee shall make the payment against such invoice as per the terms of the Agreement, after deduction of
applicable withholding tax prescribed under law. 

  

	17.8.3.	 The Licensor shall fulfil all compliance requirements as required under and within the time limits specified in
the GST Law. 

  

	17.8.4.	 In case of mismatch of details reported in the GSTN portal by the Licensor, but excluding the cases where the non-payment of taxes / non-compliances / incorrect compliance by the Licensor are on account of any technical / operational glitches in the GSTN platform or they are because
of any error happened at the end of Licensee, which results in denial of input tax credit accruing to the Licensee under the GST Law, the Licensor will take appropriate actions to rectify the mistake and to ensure that the Licensee gets the input
tax credit in the subsequent months. 

  
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33 

	17.8.5.	 If the Licensor does not rectify the mistakes within a reasonable period (not exceeding 60 days) even on
appropriate notification by the Licensee, the Licensor shall indemnify the Licensee for the tax loss including penalties and interest. 

  

	18.	 DISPLAY OF SIGN BOARD BY THE LICENSEE 

 

	18.1.	 The Licensee may at its own cost put up sign boards at the entrance of the Licensed Premises with Size of the
Signage not exceeding 2 mtrs. X 1 mtrs., indicating its name at the designated locations as specified by the Licensor which shall be communicated in advance, to the Licensor for its approval in writing. Such sign board should not cause any damage to
the facade of the Licensed Premises and shall not contravene any local laws or regulations or practice. 

  

	18.2.	 The Licensee in this regard shall comply with the requirements of applicable laws and regulations prescribed by
the concerned authorities. 

  

	19.	 INSURANCE COVERS FOR THE LICENSED PREMISES 

 

	19.1.	 The Licensor and Licensee shall insure their respective assets. 

 

	19.2.	 The Licensee shall insure or self-insure its own contents and fixtures in the Licensed Premises.

  

	20.	 INDEMNITY 

  

	20.1.	 The Licensee shall indemnify and keep indemnified the Licensor against any damage, costs, charges, loss or
expenses that may be caused to, suffered or incurred by the Licensor on account of the Licensee; 

  

	20.2.	 In addition to the above, in the event the Licensee carries out any alteration, addition or modification or any
other work of similar nature in the Licensed Premises, the Licensee shall indemnify and keep indemnified the Licensor against any damages, costs, charges, losses or expenses that may be caused to, suffered or incurred by the Licensor on account of
such work being carried out in the Licensed Premises and also, against any claims, notices, suits, cases or litigation proceedings, that may be made or initiated, by the appropriate authorities or any other person against the Licensor on account of
such work being carried out in the Licensed Premises, irrespective of whether the necessary approvals and/or permissions were obtained from the appropriate authorities by the Licensee with respect to such work in the Licensed Premises.

  
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33 

	21.	 FORCE MAJEURE 

 

	21.1.	 If, at any time during the License Period, the Licensed Premises gets destroyed or damaged by Acts of God,
fires, floods, severe droughts, explosion, riots, war, etc. or any reason, which is beyond the control of human beings, and not on account of any reasons attributable to the Licensee, such that the Licensed Premises become unfit for use due to
destruction or damage for a continuous period of thirty (30) days (“Force Majeure”), then then Parties shall enter into bonafide discussions and if the Force Majeure event continues for a further period of thirty
(30) days then, only in such an event, the Licensee shall have an option to terminate this Agreement by giving fifteen (15) days’ notice in writing to the Licensor and the Licensor shall, within fifteen (15) days of receipt of
such notice, refund the Security Deposit in the manner enumerated in Clause 5.2. 

  

	21.2.	 If the Force Majeure as envisaged in above Clause 21.1 persists beyond the period of thirty (30) days as
stated above, the Licensee shall not be liable to pay the License Fee for the duration of the Force Majeure, however, the Licensee shall be liable to pay for the utilities so consumed by the Licensee in the Licensed Premises prior to and during the,
period of Force Majeure. 

  

	21.3.	 The Licensee shall not be responsible for any damage to the Licensed Premises caused due to force majeure
conditions. 

  

	21.4.	 However, if the Licensed Premises or any part thereof is destroyed or damaged on account of any negligence on
the part of the Licensee, then, in that event, this Agreement shall not come to an end and the Licensee shall be bound and liable to continue to pay the License Fee and other charges, as enumerated in this Agreement, and shall also be liable and
responsible, at its own cost and expense, to restore the Licensed Premises and/or any part thereof (as the case may be) which is so destroyed, in the same good order and condition, as it were at the time of entering into this Agreement.

  

	22.	 NO TENANCY 

  

	22.1.	 Notwithstanding anything herein contained, it is hereby expressly agreed and declared that neither any tenancy
rights nor any right or interest in the nature of tenancy or sub-tenancy nor any other interest in the Licensed Premises whatsoever except the permission to use the Licensed Premises as a bare License by this
Agreement in favour of the Licensee. 

  
 Page 18 of
33 

	22.2.	 The Licensor shall be and deemed to be in the exclusive charge of the Licensed Premises, both de facto and de
jure and that nothing herein contained shall amount or be deemed or construed to amount to a present demise, tenancy or a lease. 

  

	22.3.	 The Licensee hereby declares that the Licensor has entered into this Agreement on the assurance hereby given by
the Licensee that the Licensee or any other person claiming or deemed to claim under it has no intentions of claiming and will not claim any right to the Licensed Premises other than the permission hereby given to use the Licensed Premises as a bare
License and the Licensee shall not claim any other right whatsoever in relation to the Licensed Premises. 

  

	22.4.	 It is expressly agreed and declared that notwithstanding anything herein contained, in the event of any
legislation, ordinance, proclamation, notification, judgment or order being passed, made or declared whereby this Agreement is to be treated as or is to be deemed to be an agreement of tenancy between the Licensor and the Licensee or any one of them
are to be governed by the provisions of the Maharashtra Rent Control Act, 1999 or any statutory modifications or substitution thereof then in such event this Agreement shall come to an end on the day previous to the date on which the provisions of
such legislation, ordinance, proclamation, notification or order came into force and effect and shall be null and void and the provisions in respect of the termination or revocation conditions herein shall mutatis mutandis apply.

  

	22.5.	 The Parties declare and confirm that this Agreement shall be conclusive evidence of the facts mentioned herein.
The Licensee hereby agrees, declares and confirms that it shall not now or at any time in future contend that the terms and conditions of this Agreement and/or any other Agreement executed between the Parties hereto in relation to the Licensed
Premises are in the nature of or create or intend to create any rights or interests other than a bare personal license notwithstanding any judgment order decision or decree, statutory or other notification, notice, finding or any interpretation
thereof. 

  

	22.6.	 In the event of the Licensee contending as stated in this clause that this Agreement creates any rights or
interests other than that of a bare personal license, the Licensor shall be entitled to forthwith terminate this Agreement and the provisions in respect of the termination or revocation conditions herein and in any other contemporaneous documents
shall mutatis mutandis apply without prejudice to the rights of the Licensor herein or otherwise in accordance with applicable law. 

  
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33 

	23.	 GENERAL PROVISIONS 

 

	23.1.	 Interpretation: In this Agreement, unless the context requires otherwise, the heading and
bold typeface are only for convenience and shall be ignored for the purpose of interpretation. 

  

	23.2.	 No right, title and interest: At no point of time will the Licensee or anyone on its
behalf contend that this Agreement of License confers any right, title or interest of any nature whatsoever on the Licensee in respect of the Licensed Premises or any part thereof, other than bare License to use the Licensed Premises.

  

	23.3.	 Theft, loss, damage or destruction: The Licensor shall not be responsible or liable for
any theft, loss, damage or destruction of any property/asset of the Licensee kept in the Licensed Premises and/or for any bodily injury to any person in the Licensed Premises and/or in the Factory Premises from any cause whatsoever.

  

	23.4.	 Notice: Unless otherwise provided, any notice required or permitted under this Agreement
shall be given in writing and shall be deemed effectively given (a) when delivered in person (b) on the same date when dispatched by email, or (c) when received by a nationally recognised courier service or
registered post and addressed to the Party to be notified at the address indicated below, or at such other address as such Party may designate by advance written notice to the other Party: 

The Licensor: 

Godrej & Boyce Mfg. Co. Ltd 

Address: 
 Godrej & Boyce
Mfg. Co. Ltd. 
 Pirojshanagar, Vikhroli (W) 

Mumbai-400 079 

Ph: 022-6796 2001 

Attention: Mr. Anup Mathew 

Sr. Vice President & Business Head – Godrej Construction 

E-mail id: apm@godrej.com 

The Licensee: 

WNS Global Services (P) Limited 

Address: 
 Gate No.4, Plant 10,
Godrej & Boyce Complex, 
 Pirojshanagar, LBS Marg, Vikhroli (West), 

Mumbai-400079 
 Ph: 022 6826 2173

 Attention: Mumbai Site Lead 

E-mail id: mumbai.facilities@wns.com, MumbaiSecurity@wns.com 

  
 Page 20 of
33 

	23.5.	 Amendments: Any term of this Agreement may be amended, only with the written consent of
the Licensor, which shall be complete only if recorded in writing and signed by the both the Parties. 

  

	23.6.	 Waiver: The observance of any term of this Agreement may be waived (either generally or
in a particular instance and either retroactively or prospectively), only with the written consent of the Licensor. Further, any relaxation or indulgence granted or shown to the Licensee by the Licensor shall not, in any way, prejudice the
rights of the Licensor under this Agreement or under law and shall not, in any way, add or alter or amend or vary this Agreement or any part thereof. 

  

	23.7.	 Entire Agreement: The Parties acknowledge, declare and confirm that this Agreement
represents the entire Agreement between them regarding the subject matter hereof and supersedes any prior agreement or arrangement (oral or written), except those provisions and agreements which are expressly reserved to survive the execution
of this Agreement and further no alterations, additions or modifications hereto shall be valid and binding, unless the same are reduced in writing and signed by both the Parties. 

 

	23.8.	 Severability: In the event that any provision of this Agreement should be found to be
invalid or illegal under the applicable law, such provision shall be deemed to be omitted to the extent of such invalidity or illegality, and the other provisions of this Agreement shall remain valid and in force and shall continue to govern the
relationship between the Parties. 

  

	23.9.	 Code of Business Ethics: Parties are committed to conducting their business free from any
unlawful, unethical or fraudulent activity. 

  

	23.10.	 Collaborative Drafting: The Parties agree that this Agreement was negotiated fairly
between them at arm’s length and that the final terms of this Agreement are the product of the negotiations. Each Party has executed this Agreement voluntarily, after having received advice of their respective legal counsel, and have a full and
free understanding of its terms, the contents of this Agreement and the rights and obligations affected hereby. Further, the Parties agree that this Agreement shall be deemed to have been jointly and equally drafted by them and their respective
legal counsel. 

  
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33 

	23.11.	 Stamp duty, Registration Charge and other charges: 

 

	23.11.1.	 The Parties shall be responsible under Section 55 of the Maharashtra Rent Control Act, 1999 or any other
State Act for getting this Agreement duly registered within the stipulated period; 

  

	23.11.2.	 The stamp duty, registration charges, notarisation charges (for notarising the photocopy of registered
Agreement) and other ancillary charges payable on this Agreement shall be borne and paid solely by the Licensee; and 

  

	23.11.3.	 Each Party shall bear and pay their respective Advocates and Solicitors costs. 

 

	23.12.	 Duplicate: This Agreement shall be executed in duplicate. The original Agreement duly
stamped and registered shall remain with the Licensor and the duplicate Agreement stamped with Rs.100/- shall remain with the Licensee. 

  

	23.13.	 Governing Law: This Agreement shall be governed by, subject to and construed in
accordance, with the laws of India and the Courts of Mumbai shall have exclusive jurisdiction. 

  

	23.14.	 Intellectual Property Rights: Neither Party shall use the other Party’s logo or name
for marketing or any other purposes without prior written approval of the other Party. 

  
 Page 22 of
33 

 Schedule-I 

(Description of the Building) 

Building known as 11GBD, Industrial Building No.11 belonging to Godrej & Boyce Mfg. Co. Ltd., which is constructed upon land bearing Survey No.
56(pt.) and 57(pt.) corresponding to CTS No. 7(pt.) of village Vikhroli, located in the Industrial layout, West of Central Railway Line, Pirojshanagar, Vikhroli, Mumbai-400079. The Building is bounded by: 

 

					
	On North	  	:	    	Boundary Wall of Godrej & Boyce Mfg. Co. Ltd.;
	On South	  	:	    	Internal Road of Godrej & Boyce Mfg. Co. Ltd;
	On East	  	:	    	Internal Road of Godrej & Boyce Mfg. Co. Ltd.; and
	On West	  	:	    	Internal road belonging to Godrej & Boyce Mfg. Co. Ltd.

  
 Page 23 of
33 

 Schedule-II 

(Description of the Licensed Premises) 

Part of the Ground Floor, part of the First Floor, part of the Second Floor and part of the Mezzanine Floor aggregately admeasuring Net Usable Area 7,890.56
square meters equivalent to 84,934 square feet, situated in the Building known as 11GBD, Industrial Building No.11, Godrej Business District. The Licensed Premises is bounded by: 

 

					
	On North	  	:	    	Boundary Wall of Godrej & Boyce Mfg. Co. Ltd.;
	On South	  	:	    	Internal Road of Godrej & Boyce Mfg. Co. Ltd.;
	On East	  	:	    	Part of Plant 11 building belonging to Godrej & Boyce Mfg. Co. Ltd.; and
	On West	  	:	    	Internal road belonging to Godrej & Boyce Mfg. Co. Ltd.

  
 Page 24 of
33 

 Schedule-III 

(Details of Open Car Parking Spaces) 
  

	1.	 Open Car Parking spaces shall be provided outside the Building No.10GBD. Charges for the Car Parks will be
included in the License Fee. 

  

	2.	 Two-wheeler parking is part of the aforesaid total Car Parking Spaces
allotted. 

  

	3.	 No separate two-wheeler Parking space to be provided.

  

	4.	 Any additional parking spaces may be granted at the sole discretion of the Licensor, subject to availability
and subject to additional charges, other terms and conditions as may be decided by the Licensor. 

 [Execution Sheet is
on the next page] 

  
 Page 25 of
33 

 [Execution Sheet] 

IN WITNESS WHEREOF the Parties have executed these presents (in duplicate) on the day and the year first herein above written. 

 

									
		 		 		 		  	
Space for
 Photo

		 		 		 	
	Signed & Delivered by the within named Licensor	 	)	 		 	
	Godrej & Boyce Manufacturing Company	 	)        	 	  
	 	
	Limited through its	 	)	 		 	
	Sr. Vice President and Business Head	 	)	 		 	
	Anup Mathew, authorised under	 	)	 		 		  	
	the Board Resolution dated December 5, 2014	 	)	 		 		  	
	in the presence of	 	)	 	  
	 		  	
	                                      
                              	 	)	 		 		  	
		 		 		 		  	
Space for
 Photo

		 		 		 	
	Signed & Delivered by the within named Licensee	 	)	 		 	
	WNS Global Services (P) Limited	 	)	 	  
	 	
	through its Sameer Nadkarni	 	)	 		 	
	authorised under the	 	)	 		 	
	Board Resolution dated February 13, 2020	 	)	 		 		  	
	in the presence of	 	)	 	  
	 		  	
	                                     
                               	 	)	 		 		  	

  
 Page 26 of
33 

 ANNEXURE-I 

(Licensee’s IT Certificate) 
  

 

  
 Page 27 of
33 

 

 

  
 Page 28 of
33 

 

 

  
 Page 29 of
33 

 

 

  
 Page 30 of
33 

 ANNEXURE-II 

(FLOOR PLAN) 

  
 Page 31 of
33 

 ANNEXURE-III 

(Copy of Extract of Licensee’s Board Resolution) 
  

 

  
 Page 32 of
33 

 

 

  
 Page 33 of
33Exhibit 10.1 Equity Purchase Agreement, dated May 14, 2021, by and between the Company and Investor

 

EQUITY PURCHASE AGREEMENT

  

This equity purchase agreement is entered into as of May 14, 2021 (this “Agreement”), by and between AXIM Biotechnologies, Inc., a Nevada corporation (the “Company”), and Cross & Company, a Nevada corporation (the “Investor”). 

  

WHEREAS, the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase up to Ten Million Dollars ($10,000,000.00) of the Company’s Common Stock (as defined below);

  

NOW, THEREFORE, the parties hereto agree as follows:

  

ARTICLE I

CERTAIN DEFINITIONS

  

DEFINED TERMS. As used in this Agreement, the following terms shall have the following meanings specified or indicated (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

  

“Agreement” shall have the meaning specified in the preamble hereof.

  

“Average Daily Trading Volume” shall mean the average trading volume of the Company’s Common Stock in the ten (10) Trading Days immediately preceding the respective Put Date.

  

“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

  

“Claim Notice” shall have the meaning specified in Section 9.3(a).

  

“Clearing Costs” shall mean all of the Investor’s broker and Transfer Agent fees.

  

“Clearing Date” shall be the date on which the Investor receives the Put Shares as DWAC Shares in its brokerage account.

  

“Closing” shall mean one of the closings of a purchase and sale of shares of Common Stock pursuant to Section 2.3.

  

“Closing Certificate” shall mean the closing certificate of the Company in the form of Exhibit B hereto.

  

“Closing Date” shall mean the date of any Closing hereunder.

  

“Commitment Period” shall mean the period commencing on the Execution Date, and ending on the earlier of (i) the date on which the Investor shall have purchased Put Shares pursuant to this Agreement equal to the Maximum Commitment Amount, (ii) May 14, 2024, or (iii) written notice of termination by the Company to the Investor (which shall not occur at any time that the Investor holds any of the Put Shares).

  

“Common Stock” shall mean the Company’s common stock, par value $0.0001 per share, and any shares of any other class of common stock whether now or hereafter authorized, having the right to participate in the distribution of dividends (as and when declared) and assets (upon liquidation of the Company).

  

“Common Stock Equivalents” means any securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

  

“Company” shall have the meaning specified in the preamble to this Agreement.

  

“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

  

“Damages” shall mean any loss, claim, damage, liability, cost and expense (including, without limitation, reasonable attorneys’ fees and disbursements and costs and expenses of expert witnesses and investigation).

  

“Dispute Period” shall have the meaning specified in Section 9.3(a).

  

 

 

“DTC” shall mean The Depository Trust Company, or any successor performing substantially the same function for the Company.

  

“DTC/FAST Program” shall mean the DTC’s Fast Automated Securities Transfer Program.

  

“DWAC” shall mean Deposit Withdrawal at Custodian as defined by the DTC.

  

“DWAC Eligible” shall mean that (a) the Common Stock is eligible at DTC for full services pursuant to DTC’s Operational Arrangements, including, without limitation, transfer through DTC’s DWAC system, (b) the Company has been approved (without revocation) by the DTC’s underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program, (d) the Put Shares are otherwise eligible for delivery via DWAC, and (e) the Transfer Agent does not have a policy prohibiting or limiting delivery of the Put Shares via DWAC.

  

“DWAC Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified DWAC account with DTC under the DTC/FAST Program, or any similar program hereafter adopted by DTC performing substantially the same function.

  

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

  

“Exchange Cap” shall have the meaning set forth in Section 7.1(c).

  

“Execution Date” shall mean the date of this Agreement.

  

“FINRA” shall mean the Financial Industry Regulatory Authority, Inc.

  

“Investment Amount” shall mean the Put Shares referenced in the Put Notice multiplied by the Purchase Price minus the Clearing Costs.

  

“Indemnified Party” shall have the meaning specified in Section 9.2.

  

“Indemnifying Party” shall have the meaning specified in Section 9.2.

  

“Indemnity Notice” shall have the meaning specified in Section 9.3(e).

  

“Investor” shall have the meaning specified in the preamble to this Agreement.

  

“Lien” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

  

“Market Price” shall mean the one (1) lowest traded price on the Principal Market for any Trading Day during the Valuation Period, as reported by Bloomberg Finance L.P or other reputable source.

  

“Material Adverse Effect” shall mean any effect on the business, operations, properties, or financial condition of the Company that is material and adverse to the Company and/or any condition, circumstance, or situation that prohibits or otherwise materially interferes with the ability of the Company to enter into and perform its obligations under any Transaction Document.

  

“Maximum Commitment Amount” shall mean Ten Million Dollars ($10,000,000.00).

  

“Person” shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

  

“Principal Market” shall mean any of the national exchanges (i.e. NYSE, NYSE AMEX, Nasdaq), or principal quotation systems (i.e. OTCQX, OTCQB, OTC Pink, the OTC Bulletin Board), or other principal exchange or recognized quotation system which is at the time the principal trading platform or market for the Common Stock.

  

“Purchase Price” shall mean 87.5% of the Market Price on such date on which the Purchase Price is calculated in accordance with the terms and conditions of this Agreement.

  

“Put” shall mean the right of the Company to require the Investor to purchase shares of Common Stock, subject to the terms and conditions of this Agreement.

2

 

  

“Put Date” shall mean any Trading Day during the Commitment Period that a Put Notice is deemed delivered pursuant to Section 2.2(b).

  

“Put Notice” shall mean a written notice, substantially in the form of Exhibit A hereto, to Investor setting forth the Put Shares which the Company intends to require Investor to purchase pursuant to the terms of this Agreement.

  

“Put Shares” shall mean all shares of Common Stock issued, or that the Company shall be entitled to issue, per any applicable Put Notice in accordance with the terms and conditions of this Agreement.

  

“Registration Statement” shall have the meaning specified in Section 6.4.

  

“Regulation D” shall mean Regulation D promulgated under the Securities Act.

  

“Required Minimum” shall mean, as of any date, the maximum aggregate number of shares of Common Stock then issued or potentially issuable in the future pursuant to the Transaction Documents, ignoring any beneficial ownership limitations set forth therein.

  

“Rule 144” shall mean Rule 144 under the Securities Act or any similar provision then in force under the Securities Act.

  

“SEC” shall mean the United States Securities and Exchange Commission.

  

“SEC Documents” shall have the meaning specified in Section 4.5.

  

“Securities” means the Put Shares.

  

“Securities Act” shall mean the Securities Act of 1933, as amended.

  

“Short Sales” shall mean all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act.

  

“Subsidiary” means any Person the Company wholly-owns or controls, or in which the Company, directly or indirectly, owns a majority of the voting stock or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K promulgated under the Securities Act.

  

“Third Party Claim” shall have the meaning specified in Section 9.3(a).

  

“Trading Day” shall mean a day on which the Principal Market shall be open for business.

  

“Transaction Documents” shall mean this Agreement and all schedules and exhibits hereto and thereto.

  

“Transfer Agent” shall mean Action Stock Transfer Corporation, the current transfer agent of the Company, and any successor transfer agent of the Company.

  

“Transfer Agent Instruction Letter” means the letter from the Company to the Transfer Agent which instructs the Transfer Agent to issue the Put Shares pursuant to the Transaction Documents, in the form of Exhibit C attached hereto.

  

“Valuation Period” shall mean the period of ten (10) Trading Days following the Clearing Date associated with the applicable Put Notice during which the Purchase Price of the Common Stock is valued; provided, however, that the Valuation Period shall instead begin on the Clearing Date if the respective Put Shares are received as DWAC Shares in Investor’s brokerage account prior to 11:00 a.m. EST on the respective Clearing Date.

  

“Variable Security Holder” means any holder of any securities of the Company in an amount in excess of $500,000 that (A) have or may have conversion rights of any kind, contingent, conditional or otherwise, in which the number of shares that may be issued pursuant to such conversion right varies with the market price of the Common Stock, or (B) are or may become convertible into Common Stock (including without limitation convertible debt, warrants or convertible preferred stock), with a conversion price that varies with the market price of the Common Stock, even if such security only becomes convertible following an event of default, the passage of time, or another trigger event or condition.

  

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ARTICLE II

PURCHASE AND SALE OF COMMON STOCK

  

Section 2.1 PUTS. Upon the terms and conditions set forth herein (including, without limitation, the provisions of Article VII), the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a Put Notice from time to time, to purchase Put Shares (i) in a minimum amount not less than $10,000.00 and (ii) in a maximum amount of $250,000.00; provided, further, that the number of Put Shares shall not exceed 300% of the Average Daily Trading Volume or the maximum amount, unless waived in writing by the Investor in its sole discretion. For the avoidance of doubt, the Purchase Price on the date of the Put Notice shall be used for purposes of calculating the minimum and maximum amounts for each Put Notice described herein.

  

Section 2.2 MECHANICS.

  

(a) PUT NOTICE. At any time and from time to time during the Commitment Period, except as provided in this Agreement, the Company may deliver a Put Notice to Investor, subject to satisfaction of the conditions set forth in Section 7.2 and otherwise provided herein. The Company shall deliver, or cause to be delivered, the Put Shares as DWAC Shares to the Investor within two (2) Trading Days following the Put Date.

  

(b) DATE OF DELIVERY OF PUT NOTICE. A Put Notice shall be deemed delivered on (i) the Trading Day it is received by email by the Investor if such notice is received on or prior to 8:30 a.m. EST or (ii) the immediately succeeding Trading Day if it is received by email after 8:30 a.m. EST on a Trading Day or at any time on a day which is not a Trading Day. The Company shall not deliver another Put Notice to the Investor within ten (10) Trading Days of a prior Put Notice.

  

Section 2.3 CLOSINGS. If the value of the Put Shares delivered to the Investor causes the Company to exceed the Maximum Commitment Amount, then the Investor shall return to the Company the surplus amount of Put Shares associated with such Put and the Purchase Price with respect to such Put shall be reduced by any Clearing Costs related to the return of such Put Shares. The Closing of a Put shall occur within one (1) Trading Day following the end of the respective Valuation Period, whereby the Investor shall deliver the Investment Amount by wire transfer of immediately available funds to an account designated by the Company.

  

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF INVESTOR

  

The Investor represents and warrants to the Company that:

  

Section 3.1 INTENT. The Investor is entering into this Agreement for its own account and the Investor has no present arrangement (whether or not legally binding) at any time to sell the Securities to or through any Person in violation of the Securities Act or any applicable state securities laws; provided, however, that the Investor reserves the right to dispose of the Securities at any time in accordance with federal and state securities laws applicable to such disposition.

  

Section 3.2 NO LEGAL ADVICE FROM THE COMPANY. The Investor acknowledges that it has had the opportunity to review this Agreement and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

  

Section 3.3 ACCREDITED INVESTOR. The Investor is an accredited investor as defined in Rule 501 of Regulation D, and the Investor has such experience in business and financial matters that it is capable of evaluating the merits and risks of an investment in the Securities. The Investor acknowledges that an investment in the Securities is speculative and involves a high degree of risk.

  

Section 3.4 AUTHORITY. The Investor has the requisite power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the other Transaction Documents and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action and no further consent or authorization of the Investor is required. Each Transaction Document to which it is a party has been duly executed by the Investor, and when delivered by the Investor in accordance with the terms hereof, will constitute the valid and binding obligation of the Investor enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

  

Section 3.5 NOT AN AFFILIATE. The Investor is not an officer, director or “affiliate” (as that term is defined in Rule 405 of the Securities Act) of the Company.

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Section 3.6 ORGANIZATION AND STANDING. The Investor is an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by this Agreement and the other Transaction Documents.

  

Section 3.7 ABSENCE OF CONFLICTS. The execution and delivery of this Agreement and the other Transaction Documents, and the consummation of the transactions contemplated hereby and thereby and compliance with the requirements hereof and thereof, will not (a) violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Investor, (b) violate any provision of any indenture, instrument or agreement to which the Investor is a party or is subject, or by which the Investor or any of its assets is bound, or conflict with or constitute a material default thereunder, (c) result in the creation or imposition of any lien pursuant to the terms of any such indenture, instrument or agreement, or constitute a breach of any fiduciary duty owed by the Investor to any third party, or (d) require the approval of any third-party (that has not been obtained) pursuant to any material contract, instrument, agreement, relationship or legal obligation to which the Investor is subject or to which any of its assets, operations or management may be subject.

  

Section 3.8 DISCLOSURE; ACCESS TO INFORMATION. The Investor had an opportunity to review copies of the SEC Documents filed on behalf of the Company and has had access to all publicly available information with respect to the Company.

  

Section 3.9 MANNER OF SALE. At no time was the Investor presented with or solicited by or through any leaflet, public promotional meeting, television advertisement or any other form of general solicitation or advertising.

  

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

  

The Company represents and warrants to the Investor that, except as disclosed in the SEC Documents or except as set forth in the disclosure schedules hereto:

  

Section 4.1 ORGANIZATION OF THE COMPANY. The Company is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. The Company has no Subsidiaries other than as disclosed in the SEC Documents. The Company is not in violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents, except where such violation or default, as the case may be, could not have or reasonably be expected to result in a Material Adverse Effect. The Company is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in a Material Adverse Effect and no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

  

Section 4.2 AUTHORITY. The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents. The execution and delivery of this Agreement and the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent or authorization of the Company or its Board of Directors or stockholders is required. Each of this Agreement and the other Transaction Documents has been duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

  

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Section 4.3 CAPITALIZATION. As of the date hereof, the authorized capital stock of the Company consists of (a) 300,000,000 shares of Common Stock, par value of $0.0001 per share, of which approximately 128,860,100 shares of Common Stock were issued and outstanding as of April 13, 2021; and (b) 5,000,000 shares of preferred stock, of which, as of April 13, 2021: (i) 1,000,000 shares were designated as Series A Convertible Preferred Stock, none of which were issued and outstanding, (ii) 500,000 shares were designated as Series B Convertible Preferred Stock, none of which were issued and outstanding, and (iii) 500,000 shares were designated as Series C Convertible Preferred Stock, of which 500,000 shares were issued and outstanding. Except as set forth on Schedule 4.3, the Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth on Schedule 4.3 and as disclosed in the SEC Documents, and except as a result of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Company is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. The issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person (other than the Investor) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

  

Section 4.4 LISTING AND MAINTENANCE REQUIREMENTS. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating such registration. The Company has not, in the twelve (12) months preceding the date hereof, received notice from the Principal Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Principal Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.

  

Section 4.5 SEC DOCUMENTS; DISCLOSURE. Except as set forth on Schedule 4.5 and routine Current Reports on Form 8-K, the Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the one (1) year preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Documents”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Documents prior to the expiration of any such extension. As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and other federal laws, rules and regulations applicable to such SEC Documents, and none of the SEC Documents when filed contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Documents comply as to form and substance in all material respects with applicable accounting requirements and the published rules and regulations of the SEC or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved (except (a) as may be otherwise indicated in such financial statements or the notes thereto or (b) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments). Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or its agents or counsel with any information that it believes constitutes or might constitute material, non-public information. The Company understands and confirms that the Investor will rely on the foregoing representation in effecting transactions in securities of the Company.

  

Section 4.6 VALID ISSUANCES. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid, and non-assessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.

  

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Section 4.7 NO CONFLICTS. The execution, delivery and performance of this Agreement and the other Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby, including, without limitation, the issuance of the Put Shares do not and will not: (a) result in a violation of the Company’s certificate or articles of incorporation, bylaws or other organizational or charter documents, (b) conflict with, or constitute a material default (or an event that with notice or lapse of time or both would become a material default) under, result in the creation of any Lien upon any of the properties or assets of the Company, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, instrument or any “lock-up” or similar provision of any underwriting or similar agreement to which the Company is a party, or (c) result in a violation of any federal, state or local law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or by which any property or asset of the Company is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect) nor is the Company otherwise in violation of, conflict with or in default under any of the foregoing. The business of the Company is not being conducted in violation of any law, ordinance or regulation of any governmental entity, except for possible violations that either singly or in the aggregate do not and will not have a Material Adverse Effect. The Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement or the other Transaction Documents (other than any SEC, FINRA or state securities filings that may be required to be made by the Company subsequent to any Closing or any registration statement that may be filed pursuant hereto); provided that, for purposes of the representation made in this sentence, the Company is assuming and relying upon the accuracy of the relevant representations and agreements of Investor herein.

  

Section 4.8 NO MATERIAL ADVERSE CHANGE. No event has occurred that would have a Material Adverse Effect on the Company that has not been disclosed in subsequent SEC filings.

  

Section 4.9 LITIGATION AND OTHER PROCEEDINGS. Except as disclosed in the SEC Documents or as set forth on Schedule 4.9, there are no actions, suits, investigations, inquiries or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company or any of its properties, nor has the Company received any written or oral notice of any such action, suit, proceeding, inquiry or investigation, which would have a Material Adverse Effect. No judgment, order, writ, injunction or decree or award has been issued by or, to the knowledge of the Company, requested of any court, arbitrator or governmental agency which would have a Material Adverse Effect. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the SEC involving the Company or any current or former director or officer of the Company.

  

Section 4.10 REGISTRATION RIGHTS. Except as set forth on Schedule 4.10, no Person (other than the Investor) has any right to cause the Company to effect the registration under the Securities Act of any securities of the Company.

  

ARTICLE V

COVENANTS OF INVESTOR

  

Section 5.1 COMPLIANCE WITH LAW; TRADING IN SECURITIES. The Investor’s trading activities with respect to shares of Common Stock will be in compliance with all applicable state and federal securities laws and regulations and the rules and regulations of FINRA and the Principal Market.

  

Section 5.2 SHORT SALES AND CONFIDENTIALITY. Neither the Investor, nor any affiliate of the Investor acting on its behalf or pursuant to any understanding with it, will execute any Short Sales during the period from the date hereof to the end of the Commitment Period. For the purposes hereof, and in accordance with Regulation SHO, the sale after delivery of a Put Notice of such number of shares of Common Stock reasonably expected to be purchased under a Put Notice shall not be deemed a Short Sale. The Investor shall, until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company in accordance with the terms of this Agreement, maintain the confidentiality of the existence and terms of this transaction and the information included in the Transaction Documents.

  

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ARTICLE VI

COVENANTS OF THE COMPANY

  

Section 6.1 RESERVATION OF COMMON STOCK. On the date hereof, the Company will reserve 13,740,038 shares of Common Stock from its authorized and unissued Common Stock to provide for all issuances of Common Stock under the Transaction Documents (the “Share Reserve”). The Company further agrees to add additional shares of Common Stock to the Share Reserve in increments of 1,000,000 shares as and when requested by the Investor if as of the date of any such request the number of shares being held in the Share Reserve is less than the number of shares of Common Stock obtained by dividing the remaining balance on the Maximum Commitment Amount as of the date of the request by the Purchase Price. The Company shall further require the Transfer Agent to hold the shares of Common Stock reserved pursuant to the Share Reserve exclusively for the benefit of the Investor.

  

Section 6.2 LISTING OF COMMON STOCK. The Company shall promptly secure the listing of all of the Put Shares to be issued to the Investor hereunder on the Principal Market (subject to official notice of issuance) and shall use commercially reasonable best efforts to maintain, so long as any shares of Common Stock shall be so listed, the listing of all such Put Shares from time to time issuable hereunder. The Company shall use its commercially reasonable efforts to continue the listing and trading of the Common Stock on the Principal Market (including, without limitation, maintaining sufficient net tangible assets) and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of FINRA and the Principal Market.

  

Section 6.3 OTHER EQUITY LINES AND CONVERTIBLE NOTES. So long as this Agreement remains in effect, the Company covenants and agrees that it will not, without the prior written consent of the Investor, enter into any other equity line of credit agreement with any other party or have any Variable Security Holders, excluding the Investor and holders existing as of the date of this Agreement, without the Investor’s prior written consent, which consent may be granted or withheld in the Investor’s sole and absolute discretion. For the avoidance of doubt, nothing contained in the Transaction Documents shall restrict, or require the Investor’s consent for, any agreement providing for the issuance or distribution of any equity securities of the Company pursuant to any agreement or arrangement that is not covered in this Section 6.3.

  

Section 6.4 FILING OF CURRENT REPORT AND REGISTRATION STATEMENT. The Company agrees that it shall file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the SEC within the time required by the Exchange Act, relating to the transactions contemplated by, and describing the material terms and conditions of, the Transaction Documents (the “Current Report”). The Company shall also file with the SEC, on or before May 30, 2021, a registration statement (the “Registration Statement”) covering the resale of the Put Shares.

  

ARTICLE VII

CONDITIONS TO DELIVERY OF

PUT NOTICES AND CONDITIONS TO CLOSING

  

Section 7.1 CONDITIONS PRECEDENT TO THE RIGHT OF THE COMPANY TO ISSUE AND SELL PUT SHARES. The right of the Company to issue and sell the Put Shares to the Investor is subject to the satisfaction of each of the conditions set forth below:

  

(a) ACCURACY OF INVESTOR’S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Investor shall be true and correct in all material respects as of the date of this Agreement and as of the date of each Closing as though made at each such time.

  

(b) PERFORMANCE BY INVESTOR. Investor shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Investor at or prior to such Closing.

  

(c) PRINCIPAL MARKET REGULATION. The Company shall not issue any Put Shares, and the Investor shall not have the right to receive any Put Shares, if the issuance of such Put Shares would exceed the aggregate number of shares of Common Stock which the Company may issue without breaching the Company’s obligations under the rules or regulations of the Principal Market (the “Exchange Cap”).

  

Section 7.2 CONDITIONS PRECEDENT TO THE OBLIGATION OF INVESTOR TO PURCHASE PUT SHARES. The obligation of the Investor hereunder to purchase Put Shares is subject to the satisfaction of each of the following conditions:

  

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(a) EFFECTIVE REGISTRATION STATEMENT. The Registration Statement, and any amendment or supplement thereto, shall remain effective for the resale by the Investor of the Put Shares and (i) neither the Company nor the Investor shall have received notice that the SEC has issued or intends to issue a stop order with respect to such Registration Statement or that the SEC otherwise has suspended or withdrawn the effectiveness of such Registration Statement, either temporarily or permanently, or intends or has threatened to do so and (ii) no other suspension of the use of, or withdrawal of the effectiveness of, such Registration Statement or related prospectus shall exist.

  

(b) ACCURACY OF THE COMPANY’S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Company shall be true and correct in all material respects as of the date of this Agreement and as of the date of each Closing (except for representations and warranties specifically made as of a particular date).

  

(c) PERFORMANCE BY THE COMPANY. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company.

  

(d) NO INJUNCTION. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or adopted by any court or governmental authority of competent jurisdiction that prohibits or directly and materially adversely affects any of the transactions contemplated by the Transaction Documents, and no proceeding shall have been commenced that may have the effect of prohibiting or materially adversely affecting any of the transactions contemplated by the Transaction Documents.

  

(e) ADVERSE CHANGES. Since the date of filing of the Company’s most recent SEC Document, no event that had or is reasonably likely to have a Material Adverse Effect has occurred.

  

(f) NO SUSPENSION OF TRADING IN OR DELISTING OF COMMON STOCK. The trading of the Common Stock shall not have been suspended by the SEC, the Principal Market or FINRA, or otherwise halted for any reason, and the Common Stock shall have been approved for listing or quotation on and shall not have been delisted from the Principal Market. In the event of a suspension, delisting, or halting for any reason, of the trading of the Common Stock, as contemplated by this Section 7.2(f), the Investor shall have the right to return to the Company any remaining amount of Put Shares associated with such Put, and the Purchase Price with respect to such Put shall be reduced accordingly.

  

(g) BENEFICIAL OWNERSHIP LIMITATION. The number of Put Shares then to be purchased by the Investor shall not exceed the number of such shares that, when aggregated with all other shares of Common Stock then owned by the Investor beneficially or deemed beneficially owned by the Investor, would result in the Investor owning more than the Beneficial Ownership Limitation (as defined below), as determined in accordance with Section 16 of the Exchange Act and the regulations promulgated thereunder. For purposes of this Section 7.2(g), in the event that the amount of Common Stock outstanding, as determined in accordance with Section 16 of the Exchange Act and the regulations promulgated thereunder, is greater on a Closing Date than on the date upon which the Put Notice associated with such Closing Date is given, the amount of Common Stock outstanding on such Closing Date shall govern for purposes of determining whether the Investor, when aggregating all purchases of Common Stock made pursuant to this Agreement, would own more than the Beneficial Ownership Limitation following such Closing Date. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable pursuant to a Put Notice.

  

(h) PRINCIPAL MARKET REGULATION. The issuance of the Put Shares shall not exceed the Exchange Cap.

  

(i) NO KNOWLEDGE. The Company shall have no knowledge of any event more likely than not to have the effect of causing the Registration Statement to be suspended or otherwise ineffective (which event is more likely than not to occur within the fifteen (15) Trading Days following the Trading Day on which such Put Notice is deemed delivered).

  

(j) NO VIOLATION OF SHAREHOLDER APPROVAL REQUIREMENT. The issuance of the Put Shares shall not violate the shareholder approval requirements of the Principal Market.

  

(k) OFFICER’S CERTIFICATE. On the date of delivery of each Put Notice, the Investor shall have received the Closing Certificate executed by an executive officer of the Company and to the effect that all the conditions to such Closing shall have been satisfied as of the date of each such certificate.

  

(l) DWAC ELIGIBLE. The Common Stock must be DWAC Eligible and not subject to a “DTC chill.”

  

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(m) SEC DOCUMENTS. All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the SEC pursuant to the reporting requirements of the Exchange Act (other than Current Reports on Form 8-K) shall have been filed with the SEC within the applicable time periods prescribed for such filings under the Exchange Act.

  

(n) TRANSFER AGENT INSTRUCTION LETTER. The Transfer Agent Instruction Letter shall have been executed and delivered by the Company to the Transfer Agent and acknowledged and agreed to in writing by the Transfer Agent.

  

(o) RESERVE. The Company shall have reserved sufficient shares of its Common Stock for the Investor, pursuant to the terms of this Agreement and all other contracts between the Company and Investor.

  

(p) MINIMUM PRICING. The lowest traded price of the Common Stock in the five (5) Trading Days immediately preceding the respective Put Date must exceed $0.01 per share (the “Minimum Pricing”).

  

ARTICLE VIII

LEGENDS

  

Section 8.1 NO RESTRICTIVE STOCK LEGEND. No restrictive stock legend shall be placed on the share certificates representing the Put Shares.

  

Section 8.2 INVESTOR’S COMPLIANCE. Nothing in this Article VIII shall affect in any way the Investor’s obligations hereunder to comply with all applicable securities laws upon the sale of the Common Stock.

  

ARTICLE IX

NOTICES; INDEMNIFICATION

  

Section 9.1 NOTICES. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (a) personally served, (b) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (c) delivered by reputable air courier service with charges prepaid, or (d) transmitted by hand delivery, telegram, or email as a PDF, addressed as set forth below or to such other address as such party shall have specified most recently by written notice given in accordance herewith. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (i) upon hand delivery or delivery by email at the address designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (ii) on the second business day following the date of mailing by express courier service or on the fifth business day after deposited in the mail, in each case, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

  

The addresses for such communications shall be:

  

If to the Company:

  

AXIM Biotechnologies, Inc.

6191 Cornerstone Courte, E. Suite 114

San Diego, CA 92121

Email: ________________

Attention: John Huemoeller

  

If to the Investor: 

  

________________

________________

Email: ________________ 

Attention: Jim Arabia, President

  

Either party hereto may from time to time change its address or email for notices under this Section 9.1 by giving at least ten (10) days’ prior written notice of such changed address to the other party hereto.

  

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Section 9.2 INDEMNIFICATION. Each party (an “Indemnifying Party”) agrees to indemnify and hold harmless the other party along with its officers, directors, employees, and authorized agents, and each Person or entity, if any, who controls such party within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (an “Indemnified Party”) from and against any Damages, joint or several, and any action in respect thereof to which the Indemnified Party becomes subject to, resulting from, arising out of or relating to (i) any misrepresentation, breach of warranty or nonfulfillment of or failure to perform any covenant or agreement on the part of the Indemnifying Party contained in this Agreement, (ii) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any post-effective amendment thereof or supplement thereto, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein were made, not misleading, or (iv) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation under the Securities Act, the Exchange Act or any state securities law, as such Damages are incurred, except to the extent such Damages result primarily from the Indemnified Party’s failure to perform any covenant or agreement contained in this Agreement or the Indemnified Party’s negligence, recklessness or bad faith in performing its obligations under this Agreement; provided, however, that the foregoing indemnity agreement shall not apply to any Damages of an Indemnified Party to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made by an Indemnifying Party in reliance upon and in conformity with written information furnished to the Indemnifying Party by the Indemnified Party expressly for use in the Registration Statement, any post-effective amendment thereof or supplement thereto, or any preliminary prospectus or final prospectus (as amended or supplemented).

  

Section 9.3 METHOD OF ASSERTING INDEMNIFICATION CLAIMS. All claims for indemnification by any Indemnified Party under Section 9.2 shall be asserted and resolved as follows:

  

(a) In the event any claim or demand in respect of which an Indemnified Party might seek indemnity under Section 9.2 is asserted against or sought to be collected from such Indemnified Party by a Person other than a party hereto or an affiliate thereof (a “Third Party Claim”), the Indemnified Party shall deliver a written notification, enclosing a copy of all papers served, if any, and specifying the nature of and basis for such Third Party Claim and for the Indemnified Party’s claim for indemnification that is being asserted under any provision of Section 9.2 against an Indemnifying Party, together with the amount or, if not then reasonably ascertainable, the estimated amount, determined in good faith, of such Third Party Claim (a “Claim Notice”) with reasonable promptness to the Indemnifying Party. If the Indemnified Party fails to provide the Claim Notice with reasonable promptness after the Indemnified Party receives notice of such Third Party Claim, the Indemnifying Party shall not be obligated to indemnify the Indemnified Party with respect to such Third Party Claim to the extent that the Indemnifying Party’s ability to defend has been prejudiced by such failure of the Indemnified Party. The Indemnifying Party shall notify the Indemnified Party as soon as practicable within the period ending thirty (30) calendar days following receipt by the Indemnifying Party of either a Claim Notice or an Indemnity Notice (as defined below) (the “Dispute Period”) whether the Indemnifying Party disputes its liability or the amount of its liability to the Indemnified Party under Section 9.2 and whether the Indemnifying Party desires, at its sole cost and expense, to defend the Indemnified Party against such Third Party Claim.

  

(i) If the Indemnifying Party notifies the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend the Indemnified Party with respect to the Third Party Claim pursuant to this Section 9.3(a), then the Indemnifying Party shall have the right to defend, with counsel reasonably satisfactory to the Indemnified Party, at the sole cost and expense of the Indemnifying Party, such Third Party Claim by all appropriate proceedings, which proceedings shall be vigorously and diligently prosecuted by the Indemnifying Party to a final conclusion or will be settled at the discretion of the Indemnifying Party (but only with the consent of the Indemnified Party in the case of any settlement that provides for any relief other than the payment of monetary damages or that provides for the payment of monetary damages as to which the Indemnified Party shall not be indemnified in full pursuant to Section 9.2). The Indemnifying Party shall have full control of such defense and proceedings, including any compromise or settlement thereof; provided, however, that the Indemnified Party may, at the sole cost and expense of the Indemnified Party, at any time prior to the Indemnifying Party’s delivery of the notice referred to in the first sentence of this clause (i), file any motion, answer or other pleadings or take any other action that the Indemnified Party reasonably believes to be necessary or appropriate to protect its interests; and provided, further, that if requested by the Indemnifying Party, the Indemnified Party will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnifying Party in contesting any Third Party Claim that the Indemnifying Party elects to contest. The Indemnified Party may participate in, but not control, any defense or settlement of any Third Party Claim controlled by the Indemnifying Party pursuant to this clause (i), and except as provided in the preceding sentence, the Indemnified Party shall bear its own costs and expenses with respect to such participation. Notwithstanding the foregoing, the Indemnified Party may take over the control of the defense or settlement of a Third Party Claim at any time if it irrevocably waives its right to indemnity under Section 9.2 with respect to such Third Party Claim.

  

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(ii) If the Indemnifying Party fails to notify the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend the Third Party Claim pursuant to Section 9.3(a), or if the Indemnifying Party gives such notice but fails to prosecute vigorously and diligently or settle the Third Party Claim, or if the Indemnifying Party fails to give any notice whatsoever within the Dispute Period, then the Indemnified Party shall have the right to defend, at the sole cost and expense of the Indemnifying Party, the Third Party Claim by all appropriate proceedings, which proceedings shall be prosecuted by the Indemnified Party in a reasonable manner and in good faith or will be settled at the discretion of the Indemnified Party(with the consent of the Indemnifying Party, which consent will not be unreasonably withheld). The Indemnified Party will have full control of such defense and proceedings, including any compromise or settlement thereof; provided, however, that if requested by the Indemnified Party, the Indemnifying Party will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnified Party and its counsel in contesting any Third Party Claim which the Indemnified Party is contesting. Notwithstanding the foregoing provisions of this clause (ii), if the Indemnifying Party has notified the Indemnified Party within the Dispute Period that the Indemnifying Party disputes its liability or the amount of its liability hereunder to the Indemnified Party with respect to such Third Party Claim and if such dispute is resolved in favor of the Indemnifying Party in the manner provided in clause (iii) below, the Indemnifying Party will not be required to bear the costs and expenses of the Indemnified Party’s defense pursuant to this clause (ii) or of the Indemnifying Party’s participation therein at the Indemnified Party’s request, and the Indemnified Party shall reimburse the Indemnifying Party in full for all reasonable costs and expenses incurred by the Indemnifying Party in connection with such litigation. The Indemnifying Party may participate in, but not control, any defense or settlement controlled by the Indemnified Party pursuant to this clause (ii), and the Indemnifying Party shall bear its own costs and expenses with respect to such participation.

  

(iii) If the Indemnifying Party notifies the Indemnified Party that it does not dispute its liability or the amount of its liability to the Indemnified Party with respect to the Third Party Claim under Section 9.2 or fails to notify the Indemnified Party within the Dispute Period whether the Indemnifying Party disputes its liability or the amount of its liability to the Indemnified Party with respect to such Third Party Claim, the amount of Damages specified in the Claim Notice shall be conclusively deemed a liability of the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified Party on demand. If the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such claim, the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute; provided, however, that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled to institute such legal action as it deems appropriate.

  

(b) In the event any Indemnified Party should have a claim under Section 9.2 against the Indemnifying Party that does not involve a Third Party Claim, the Indemnified Party shall deliver a written notification of a claim for indemnity under Section 9.2 specifying the nature of and basis for such claim, together with the amount or, if not then reasonably ascertainable, the estimated amount, determined in good faith, of such claim (an “Indemnity Notice”) with reasonable promptness to the Indemnifying Party. The failure by any Indemnified Party to give the Indemnity Notice shall not impair such party’s rights hereunder except to the extent that the Indemnifying Party demonstrates that it has been irreparably prejudiced thereby. If the Indemnifying Party notifies the Indemnified Party that it does not dispute the claim or the amount of the claim described in such Indemnity Notice or fails to notify the Indemnified Party within the Dispute Period whether the Indemnifying Party disputes the claim or the amount of the claim described in such Indemnity Notice, the amount of Damages specified in the Indemnity Notice will be conclusively deemed a liability of the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified Party on demand. If the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such claim, the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute; provided, however, that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled to institute such legal action as it deems appropriate.

  

(c) The Indemnifying Party agrees to pay the Indemnified Party, promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.

  

(d) The indemnity provisions contained herein shall be in addition to (i) any cause of action or similar rights of the Indemnified Party against the Indemnifying Party or others, and (ii) any liabilities the Indemnifying Party may be subject to.

  

ARTICLE X

MISCELLANEOUS

  

Section 10.1 GOVERNING LAW; JURISDICTION. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware without regard to the principles of conflicts of law. Each of the Company and the Investor hereby submits to the exclusive jurisdiction of the United States federal and state courts located in San Diego, California, with respect to any dispute arising under the Transaction Documents or the transactions contemplated thereby.

  

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Section 10.2 JURY TRIAL WAIVER. The Company and the Investor hereby waive a trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other in respect of any matter arising out of or in connection with the Transaction Documents.

  

Section 10.3 ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the Company and the Investor and their respective successors. Neither this Agreement nor any rights of the Investor or the Company hereunder may be assigned by either party to any other Person.

  

Section 10.4 NO THIRD PARTY BENEFICIARIES. This Agreement is intended for the benefit of the Company and the Investor and their respective successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as set forth in Section 9.3.

  

Section 10.5 TERMINATION. The Company may terminate this Agreement at any time by written notice to the Investor, except while the Investor holds any of the Put Shares. In addition, this Agreement shall automatically terminate on the earlier of (i) the end of the Commitment Period; (ii) the date that the Company sells and the Investor purchases the Maximum Commitment Amount; or (iii) the date in which the Registration Statement is no longer effective, or (iv) the date that, pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian is appointed for the Company or for all or substantially all of its property or the Company makes a general assignment for the benefit of its creditors; provided, however, that the provisions of Articles III, IV, V, VI, IX and the agreements and covenants of the Company and the Investor set forth in Article X shall survive the termination of this Agreement.

  

Section 10.6 ENTIRE AGREEMENT. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the Company and the Investor with respect to the matters covered herein and therein and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

  

Section 10.7 FEES AND EXPENSES. Except as expressly set forth in the Transaction Documents or any other writing to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Investor.

  

Section 10.8 COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which may be executed by less than all of the parties and shall be deemed to be an original instrument which shall be enforceable against the parties actually executing such counterparts and all of which together shall constitute one and the same instrument. This Agreement may be delivered to the other parties hereto by email of a copy of this Agreement bearing the signature of the parties so delivering this Agreement.

  

Section 10.9 SEVERABILITY. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that such severability shall be ineffective if it materially changes the economic benefit of this Agreement to any party.

  

Section 10.10 FURTHER ASSURANCES. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

  

Section 10.11 NO STRICT CONSTRUCTION. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

  

Section 10.12 EQUITABLE RELIEF. The Company recognizes that in the event that it fails to perform, observe, or discharge any or all of its obligations under this Agreement, any remedy at law may prove to be inadequate relief to the Investor. The Company therefore agrees that the Investor shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages.

  

Section 10.13 TITLE AND SUBTITLES. The titles and subtitles used in this Agreement are used for the convenience of reference and are not to be considered in construing or interpreting this Agreement.

  

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Section 10.14 AMENDMENTS; WAIVERS. No provision of this Agreement may be amended or waived by the parties from and after the date that is one (1) Trading Day immediately preceding the initial filing of the Registration Statement with the SEC. Subject to the immediately preceding sentence, (i) no provision of this Agreement may be amended other than by a written instrument signed by both parties hereto and (ii) no provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

  

Section 10.15 PUBLICITY. The Company and the Investor shall consult with each other in issuing any press releases or otherwise making public statements with respect to the transactions contemplated hereby and no party shall issue any such press release or otherwise make any such public statement, other than as required by law, without the prior written consent of the other parties, which consent shall not be unreasonably withheld or delayed, except that no prior consent shall be required if such disclosure is required by law. The Investor acknowledges that this Agreement and all or part of the Transaction Documents may be deemed to be “material contracts,” as that term is defined by Item 601(b)(10) of Regulation S-K, and that the Company may therefore be required to file such documents as exhibits to reports or registration statements filed under the Securities Act or the Exchange Act. The Investor further agrees that the status of such documents and materials as material contracts shall be determined solely by the Company, in consultation with its counsel.

 

 

[Signatures on following page]

  

14

 

 

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

 

	  

	AXIM BIOTECHNOLOGIES, INC.

	  

	  

	  

	By: /s/ John W. Huemoeller II 

	  

	Name: John W. Huemoeller II

	  

	Title: Chief Executive Officer

  

	  

	  

	  

	CROSS & COMPANY

	  

	  

	  

	By: /s/ Jim Arabia

	  

	Name: Jim Arabia

	  

	Title: President

  

  

  

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EXHIBIT A

  

FORM OF PUT NOTICE

TO: Cross & Co.

DATE: ______________________

  

We refer to the equity purchase agreement, dated May 14, 2021 (the “Agreement”), entered into by and between AXIM Biotechnologies, Inc. and you. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the same meaning when used herein.

  

We hereby:

  

1) Give you notice that we require you to purchase ___________ Put Shares; and

  

2) Certify that, as of the date hereof, the conditions set forth in Section 7.2 of the Agreement are satisfied.

  

	  

	AXIM BIOTECHNOLOGIES, INC.

	  

	  

	  

	  

	  

	By: 

	  

	Name: John W. Huemoeller II

	  

	Title: Chief Executive Officer

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EXHIBIT B

  

FORM OF OFFICER’S CERTIFICATE

OF AXIM BIOTECHNOLOGIES, INC.

  

Pursuant to Section 7.2(k) of that certain Equity Purchase Agreement, dated May 14, 2021 (the “Agreement”), by and between AXIM Biotechnologies, Inc. (the “Company”) and Cross & Company (the “Investor”), the undersigned, in his capacity as Chief Executive Officer of the Company, and not in his individual capacity, hereby certifies, as of the date hereof (such date, the “Condition Satisfaction Date”), the following:

  

1. The representations and warranties of the Company are true and correct in all material respects as of the Condition Satisfaction Date as though made on the Condition Satisfaction Date (except for representations and warranties specifically made as of a particular date) with respect to all periods, and as to all events and circumstances occurring or existing to and including the Condition Satisfaction Date, except for any conditions which have temporarily caused any representations or warranties of the Company set forth in the Agreement to be incorrect and which have been corrected with no continuing impairment to the Company or the Investor; and

  

2. All of the conditions precedent to the obligation of the Investor to purchase Put Shares set forth in the Agreement, including but not limited to Section 7.2 of the Agreement, have been satisfied as of the Condition Satisfaction Date.

  

Capitalized terms used herein shall have the meanings set forth in the Agreement unless otherwise defined herein.

  

IN WITNESS WHEREOF, the undersigned has hereunto affixed his hand as of the ____________, 20__.

  

	  

	AXIM BIOTECHNOLOGIES, INC.

	  

	  

	  

	  

	  

	By:

	  

	Name: John W. Huemoeller II

	  

	Title: Chief Executive Officer

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