Document:

Exhibit 4.4

 

RESALE PURCHASING AGREEMENT

 

This Resale Purchasing Agreement
is effective as of July 31, 2017 ("Effective Date") by and between Philips Medical Systems Nederland B.V.
having a place of business at Veenpluis 4-6, 5684 PC Best, the Netherlands (“Philips”); and Profound Medical
Inc., having a place of business at 2400 Skymark Avenue, Unit #6, Mississauga, ON, L4W 5K5, Canada (“Supplier”)
(individually, a “Party” and jointly, the “Parties”)

 

PREAMBLE

 

WHEREAS, Philips is engaged in the development, design,
engineering, manufacturing, marketing, sale and delivery of medical equipment and systems;

 

WHEREAS, Supplier is engaged in the development, design,
engineering, manufacturing, sale, delivery and support of Products (as defined herein);

 

WHEREAS, Buyer (as defined herein) desires to purchase
from Supplier a varying volume of Products for the purpose of reselling such Products to Customers and Supplier desires to sell
such Products to Buyer for its resale activities under this Agreement;

 

WHERAS, on the date hereof, the Parties have entered
into a Supply Agreement, pursuant to which, for the term specified therein, Philips will manufacture and supply, as a contract
manufacturer to Supplier, the Products (the “Supply Agreement”);

 

WHEREAS, the Parties hereto wish
to set forth in this Agreement the terms and conditions under which Buyer will purchase from Supplier and Supplier will sell and
deliver to Buyer the Products and Consumables; provided, for greater certainty, subsequent to the initial sale of Consumables by
Buyer to a Customer, and outside the scope of this Agreement, Supplier may sell and deliver directly to Customers additional Consumables
beyond those delivered in connection with the initial sale of the Product;

 

NOW, THEREFORE, in consideration of the mutual promises,
and of the representations, warranties, covenants and agreements contained herein the Parties agree as follows:

 

ARTICLE 1: DEFINITIONS

 

For purposes of this Agreement, the following terms
have the following meanings:

 

		1.1	“Affiliates” means, with respect to
any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is
under common control with the specified Person. As used in this definition, “control”, “controlled by”
and “under common control with” means possession, directly or indirectly, of power to direct or cause the direction
of management or policies of such Person (whether through ownership of securities or other partnership or ownership interests,
as trustee, personal representative or executive or by contract, credit agreement or otherwise), provided that in any event, any
Person which owns directly, indirectly or beneficially fifty percent (50%) or more of the securities having voting power for the
election of directors or other governing body of a corporation or fifty percent (50%) or more of the partnership interests or
other ownership interests of any other Person will be deemed to control such Person.

 

		1.2	“Agreement”  means this Agreement, as
the same may be amended or supplemented and/or restated from time to time in accordance with the terms hereof, including all Attachments,
exhibits and other documents referred to herein or therein.

 

     

     

    

 

Philips & Profound

 

		1.3	“Buyer” means Philips or any of its
Affiliates that has issued a Purchase Order under this Agreement.

 

		1.4	“Buyer Indemnitees” has the meaning
given to such term in clause 9.1.4.

 

		1.5	“Change of Control” means with respect
to Supplier (i) the sale of all or substantially all of the assets of Supplier, or (ii) a merger, consolidation or other reorganization
of Supplier which results in more than fifty percent (50%) of the voting stock of the resulting or surviving entity being owned
or held by persons other than those owning or holding the voting stock in Supplier on the date of this Agreement, or (iii) the
sale by one or more stockholders of Supplier, in a single transaction or series of related transactions, of more than fifty percent
(50%) of the voting stock of Supplier to one or more third parties who are at the time of such sale unaffiliated with any shareholders
of Supplier.

 

		1.6	“Confidential Information” means any
information, provided in whatever form (including in written, electronic or oral form) or medium, which relates to either Party’s
or its Affiliates’ business, products (hardware and software), technology, business plans, product plans, customers, customer
information, specifications, designs, costs, prices, business opportunities, Know How, trade secrets, inventions, techniques,
processes, algorithms, software programs, schematics and any other business or technical information disclosed by the disclosing
Party to the receiving Party in connection with this Agreement.

 

		1.7	“Consumables” means the consumables
that function with the Product as identified in Attachment 1.

 

		1.8	“Customer” means any customer of Buyer
that purchases and/or uses Philips Equipment together with any of the Products.

 

		1.9	“Factory Test Report” means the report
attached as Attachment 5 hereto during the term of Supply Agreement and thereafter a similar document with the same content
and modified signatures and introduction language.

 

		1.10	“Force Majeure Event” means any prevention,
delay, stoppage or interruption in the performance of any obligations or the occcurance of any event due to an act of God, the
occurrence of enemy or hostile actions, sabotage, war, blockades, terrorist attacks, insurrections, riots, epidemics, nuclear
and radiation activity or fall-out, civil disturbances, explosions, fire or other casualty, failure of energy sources, any industry-wide
material shortage and changes in governmental or regulatory action or legislation or regulation, third party labour disputes or
strikes or any other similar causes beyond the control of the Party seeking relief from its obligations as a result of such event,
but not including, for clarity, any financial inability of a Party or any of its Affiliates or the failure of any subcontractor
to perform obligations owed to a Party (unless such failure by a subcontractor in turn was caused by a Force Majeure Event).

 

    
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		1.11	“Intellectual Property Rights” (or “IPR”)
means, in any and all jurisdictions, all: (a) patents and applications therefor, including all continuations, continuations-in-part
and provisionals and patents issuing thereon, and all reissues, re-examinations, substitutions, renewals and extensions thereof
(collectively, “Patents”); (b) trademarks, service marks, trade names, trade dress, logos, corporate names,
Internet domain names or uniform resource locators used in connection with any global computer or electronic network, together
with all translations, adaptations, derivations and combinations thereof, and other source or business identifiers, together with
the goodwill associated with any of the foregoing, and all applications, registrations, renewals and extensions thereof; (c) industrial
designs, designs and design rights; (d) copyrights, works of authorship and moral rights, and all registrations, applications,
renewals, extensions and reversions thereof; (e) trade secrets, discoveries, concepts, ideas, research and development, Know How,
formulae, inventions, compositions, manufacturing and production processes and techniques, technical data, quality data, procedures,
designs, drawings, specifications, databases, and other proprietary or confidential information, including customer lists, supplier
lists, pricing and cost information, and business and marketing plans and proposals, which would constitute a “trade secret”
under applicable law, in each case excluding any rights in respect of any of the foregoing that comprise or are protected by Patents
(“Trade Secrets”); (f) inventions, processes and designs; and (g) software, and all source code, object code,
data and documentation relating thereto.

 

		1.12	“Know How” means any and all concepts,
ideas, information, data and documents of whatever nature, including, without limitation, drawings, methods, techniques, designs,
specifications, photographs, samples, models, processes, procedures, reports, particulars of a technical nature (including, without
limitation, any know how related to the manufacturing or design of Products and technical and commercial know how).

 

		1.13	“OEM Quality Agreement” means the OEM
Quality Agreement signed as a supplementary agreement to this Agreement by Buyer and Supplier on the Effective Date of this Agreement.

 

		1.14	“Open Source Software” means any software
that is licensed under terms that require as a condition of use, modification and/or distribution of a work: (i) the making available
of source code or other materials preferred for modification;(ii) the granting of permission for creating derivative works; (iii)
the reproduction of certain notices or license terms in derivative works or accompanying documentation; or (iv) the granting of
a royalty-free license to any party under Intellectual Property Rights regarding the work and/or any work that contains,

is combined with, requires or otherwise is based on
the work.

 

		1.15	“Philips Equipment” means the various
versions of the Philips Achieva 3.0T and 1.5T and Ingenia 3.0T and 1.5T MRI systems with which Products will be used by Philips
and Customers.

 

		1.16	“Person” means any individual, partnership,
limited partnership, joint venture, syndicate, sole proprietorship, Supplier or corporation with or without share capital, unincorporated
association, trust, trustee, executor, administrator or other legal personal representative or governmental authority.

 

		1.17	“Price” means the price for the Product
as specified in Attachment 1.

 

		1.18	“Product” means the products delivered
by Supplier to Buyer as further identified in the respective Attachment 1, including if so specificied in Attachment
1: service parts as well as any materials, sub-assemblies, accessories or software incorporated in the Product and any other
items supplied by Supplier to Buyer (in respect of the Product), including Consumables or any incidental services provided by
Supplier, in their form existing as of the Effective Date and as the same may be modified, enhanced or improved by or on behalf
of Supplier and its Affiliates, unless otherwise agreed by the Parties.

 

    
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		1.19	“Production Plan” means the production
plan as defined in the Supply Agreement, or after the termination of the Supply Agreement, a production plan to be mutually agreed
by the Parties, acting reasonably and in good faith, in writing.

 

		1.20	“Purchase Agreement” means the Asset
and Share Purchase Agreement (the “Purchase Agreement”) entered into on June 30, 2017 by Supplier and Koninklijke
Philips NV (“Philips NV”) N.V. (an Affiliate of Buyer).

 

		1.21	“Purchase Order” means any written or
electronic purchase order issued by Buyer to Supplier for a Product, each of which will be governed by and be subject to the terms
of this Agreement, unless explicitly agreed otherwise in writing in the respective Purchase Order.

 

		1.22	“Specifications” means the specifications,
descriptions, design criteria, drawings, samples, prototypes and other requirements relating to the Products provided in writing
by Supplier to Buyer from time to time to define Productst.

 

		1.23	“Supplier” means Profound Medical Inc.
and its Affiliates that provide Products hereunder.

 

		1.24	“Territory” means for each Product the
area or country as listed in Attachment 1.

 

		1.25	“Third Party” means any Person other
than the Parties and their Affiliates.

 

ARTICLE
2: SCOPE AND INTENT

 

		2.1	Supplier will manufacture and on a non-exclusive basis
sell and deliver to Buyer for resale in combination with or separately from Philips Equipment to Customer the quantities of Products
as may be ordered, subject to any restrictions on forecasts and orders contained herein, by Buyer under this Agreement and the
OEM Quality Agreement.

 

		2.2	Buyer shall use commercially reasonable efforts to sell
Products to Customers in the Territory for use in combination with Philips Equipment and under the brand name(s) as indicated
in Attachment 1. Buyer shall not distribute, sell or export any Products outside of the Territory. Buyer shall not solicit
orders for Products outside the Territory.

 

		2.3	Nothing in this Agreement, shall prevent Supplier from
selling Products to other customers, or prevent Buyer from selling Philips Equipment.

 

		2.4	Supplier shall be responsible for the design, engineering,
manufacture, quality control and sourcing of Products, as set forth in the OEM Quality Agreemet, and is entitled to outsource
or subcontract these activities without the consent of the Buyer being required. Such outsourcing or subcontracting shall not
release Supplier from any of its duties and obligations in or in relation to this Agreement or under applicable law.

 

		2.5	Supplier shall deliver the Products and any other deliverables
to the Buyer at the agreed point of delivery as specified in Attachment 1.

 

		2.6	Installation, application support, training, maintenance
and service to the Customer (for the avoidance of doubt, including the remedies for non-compliance with Product warranties as
set forth in clause 9.3) will be provided by Supplier as set forth in Attachment 2, it being understood that Supplier may
subcontract these activities to Buyer and/or its Affiliates, subject to the parties written agreement, on the basis of the scope
and service fees as set out in Attachment 2.

 

    
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		2.7	The Parties may agree in writing on additional terms and
conditions defined for certain parts of the Territory in local agreements, if any (hereinafter “Local Agreements”).
This Agreement sets out the principles and framework for the underlying Local Agreements. In case of conflict between the Local
Agreements and this Agreement, this Agreement will prevail, unless explicitly agreed otherwise in writing in a Local Agreement
(using the words “notwithstanding the terms of the Resale Purchase Agreement, the Parties expressly agree”), it being
understood that quality, sustainability and liability in respect of the Product cannot be deviated locally from the terms of this
Agreement. As of the Effective Date, there are no local agreements.

 

		2.8	The Parties will meet from time to time (but not less than
one time per year) as mutually agreed by the parties to discuss efficiency increases, product and technology roadmaps, price/performance
ratio of Products, cost and quality issues, Supplier’s and Buyers performance hereunder, market conditions, and all other
issues which the Parties may deem appropriate, including, conducting meetings of the Joint Steering Committee (as defined in the
Purchase Agreement) in accordance with the schedule for meetings of the Joint Steering Committee as contemplated by the Purchase
Agreement.

 

		2.9	Buyer will use commercially reasonable efforts to engage
in the marketing and promotion of the Products in the Territory, through such means as personal contact with prospective customers,
distribution of Product literature and the like in accordance with Attachment 4. Supplier will use commercially reasonable
efforts cooperate with Buyer in the promotion of the Products in accordance with Attachment 4. Each Party agrees to adhere
to the COCIR Code of Conduct in its efforts to promote the Product.

 

		2.10	Except for connecting the Product to Philips Equipment,
Buyer shall not modify, reverse engineer, disassemble, decompile, decode, copy, duplicate, change or alter the Product or any
parts or components thereof unless with Supplier’s prior written consent.

 

ARTICLE
3: TERM

 

		3.1	This Agreement shall come into effect on the Effective
Date, and unless terminated earlier, shall continue in full force until [Redacted – Commercially Sensitive – Term]
anniversary of the Effective Date (the “Initial Term”), provided [Redacted – Commercially Sensitive
 – Term]. The Initial Term shall thereafter automatically renew for additional [Redacted – Commercially Sensitive
 – Term] (the Initial Term and any renewal thereof being collectively referred to herein as the “Term”),
unless either Party terminates this Agreement by no less than ninety (90) days written notice prior to the end of the then current
Term. If the end of the Term does not coincide with the end of the term of any Purchase Order (other than due to termination upon
notice), then this Agreement shall automatically renew with respect only to the open Purchase Order for additional one (1) week
periods until such time as the Purchase Order has been fully completed in accordance with the terms of such Purchase Order and
this Agreement.

 

    
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ARTICLE 4: COMPONENTS, CHANGES AND
DISCONTINUATION OF PRODUCT

 

4.1           Changes

 

		4.1.1	Any changes to the Product including those changes and
modifications referred to in the OEM Quality Agreement shall be discussed in the Joint Steering Committee (as such is established
under the Share Purchase Agreement) prior to the change being implemented.

 

4.2           Discontinuation
of Production.

 

		4.2.1	Subject to the forecasting and delivery requirements and
obligations outlined in this Agreement, Supplier agrees to provide the Product in accordance with the terms of this Agreement
of (i) in respect of the Product during the Term of this Agreement, unless the Agreement is partially terminated pursuant to clause
14.1.1 with respect to that Product, to the extent such partial termination is provided for hereunder; and (ii) during the Term,
in respect of Consumables, for a period of two (2) years after last shipment of the relevant Product to Buyer under this Agreement.

 

ARTICLE 5:  PRICE, PAYMENT, SET OFF, CURRENCY

 

5.1           Price.

 

		5.1.1	Parties have agreed upon the Price and payment terms which
apply and against which Buyer may order Products (and if so specified in Attachment 1 for the relevant Product: Consumables
and/or services) from Supplier as well as the period of validity of such Price, all as specified in Attachment 1 (as may
be adjusted from time to time if mutually agreed in writing by the Parties).

 

		5.1.2	Supplier shall at all times offer the most favorable prices,
for similar quantities of Products purchased, for the Products to Buyer, meaning that such prices shall be no less favorable than
those currently and in the future extended to the customers of Supplier, in each instance, based on an similar quantities of purchases.
Accordingly, Buyer shall automatically have the benefit of any lower prices, charges or fees Supplier offers to third parties
and Supplier shall notify Buyer immediately at its own initiative of such more favorable terms offered to third parties for similar
quantities of Products of like kind and quality.

 

		5.1.3	Subject to applicable law, Supplier and Philips agree to
discuss purchase prices and other terms whenever market conditions so require, including possible price reductions and anything
else considered materially relevant for the performance of this Agreement by either Party. Such discussions may include the average
price for the Product received by Buyer in each jurisdiction in the Territory (in the previous year), at most once per year. The
prevailing prices and other terms agreed upon in Attachment 1 will remain in effect until the Parties have reached a mutual
written agreement on new prices and other terms.

 

		5.1.4	In respect of any sale of a Product to a Customer, if Buyer
wishes to offer a discount on the price of such Product to such Customer, Philips may discuss such discount with Supplier. If
Supplier does not agree, in its sole discretion, to provide Buyer a further discount in respect of such sale, Buyer will then
decide, in its sole discretion, as to whether it wishes to provide the originally proposed discount to such Customer (without
receiving a corresponding discount from Supplier) and Supplier will have no further obligations to discuss further discounts in
respect of such sale.

 

    
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		5.1.5	Prices are exclusive of any federal, state or local sales,
use or excise taxes and any, value added tax (VAT). Supplier will list separately on its invoice any tax lawfully applicable to
the relevant Purchase Order and payable by Buyer, if any, with respect to which Buyer does not furnish evidence of exemption.
Supplier is responsible for remitting any applicable VAT, sales tax, consumption tax, or any other similar tax, in each instance,
that were charged to Buyer under an applicable Purchase Order, to the appropriate tax authorities in accordance with applicable
laws and required timelines. Supplier will issue an invoice containing wording that will allow Buyer to take advantage of any
applicable “input” tax deduction.

 

5.2           Payment.

 

		5.2.1	Supplier invoices, compliant with the requirements of this
Agreement, will be payable within [Redacted – Commercially Sensitive – Payment Terms] following the end of
the month of the date of invoice. Buyer shall make all payments in Euros by check, wire transfer or automated clearing house to
the bank account designated by Supplier.

 

		5.2.2	[Redacted – Commercially Sensitive – Payment
Terms]

 

		5.3	[Redacted – Commercially Sensitive – Payment
Terms]

 

5.4           Currency.

 

		5.4.1	All invoicing and payment obligations under this Agreement
will be satisfied in the same currency as the currency of the Price as specified in Attachment 1.

 

ARTICLE
6:  PLANNING AND ORDERING

 

6.1           Planning.

 

		6.1.1	Buyer shall provide Supplier in good faith on a monthly
basis, on the later of (i) seven (7) days prior to the beginning of each calendar month a rolling twelve (12) month forecast for
the Products (including the major configuration of each Product such as field strength and Consummables) (“Forecast”)
it expects to purchase during such 12-month period. Such Forecast shall be provided in writing or in any other mutually agreed
manner of communication (e.g., EDI or email). Notwithstanding any other obligation set forth herein, Buyer shall give Supplier
at least six (6) months prior written notice if, during the Term, it intends to discontinue the purchase of any Products hereunder,
or if it intends to substantially decrease, versus the Forecast, its purchase demand hereunder.

 

		6.1.2	Notwithstanding Buyer’s obligations pursuant to clause
6, the first two (2) months of each Forecast shall constitute a binding commitment of Buyer to purchase the quantities of Products
set forth in the relevant Forecast for such two (2) month period. The Forecast for the period beyond this two (2) month period
shall be non-binding except to the extent otherwise provided in this clause 6. Only Purchase Orders as accepted by Supplier constitute
an obligation for Supplier to actually produce the so ordered Products and no quantities of Products in the Forecast provided
by Buyer shall constitute an accepted Purchase Order.

 

    
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		6.1.3	Buyer shall have the right to increase or decrease, as
the case may be, the 12-month Forecast only within the limitations set forth in the Production Plan per quarter.

 

6.2           Ordering.

 

		6.2.1	Only Purchase Orders placed by Buyer (except for blanket
purchase orders placed for estimated annual purposes, which are non binding) and accepted by Supplier will create a binding obligation
on Buyer to take delivery and make payment for Products delivered under such Purchase Order. Supplier will accept a Purchase Order
to Buyer by returning a signed confirmation of the Purchase Order to Buyer. Order acknowledgement may be made by Supplier if so
agreed with Buyer using customary means as email or other electronic transmission.

 

		6.2.2	Any Purchase Order issued by Buyer under this Agreement
to Supplier shall constitute a contractual relationship between that respective Buyer and Supplier. Supplier shall not hold any
Buyer liable for any damages or losses arising from any act, default, omission or negligence of another Buyer, including but not
limited to any default payment; provided that Philips shall be responsible for the obligations of all Buyers, solely to the extent
that the applicable Purchase Orders of such Buyers are delivered by Philips to Supplier. Notwithstanding anything to the contrary
herein, Supplier warrants also towards Philips the proper fulfilment of any and all obligations and warranties in the supply of
any Products hereunder to Buyer. As a result any breach by Supplier against Buyer under this Agreement shall also be regarded
a breach by Supplier against Philips under this Agreement, in which case Philips shall be entitled to claim any and all damage
that it and/or Buyer has incurred in connection with such breach, it being understood that the same damage can only be claimed
once by Philips and/or Buyer.

 

		6.2.3	No Purchase Order shall be deemed to be accepted by Supplier
until accepted in writing (including by email or another agreed manner of communication) by Supplier. Supplier shall not reject
any Purchase Order which is placed in accordance with the Forecast, the applicable lead time for such Product (set forth in Attachment
1) and otherwise in accordance with this Agreement.

 

		6.2.4	Supplier shall confirm to Buyer the receipt of each Purchase
Order issued hereunder (each, a “Confirmation”) within seven (7) days following Supplier’s receipt thereof
in writing or in any other mutually agreed manner of communication (e.g., EDI or email). Each Confirmation must reference Buyer’s
Purchase Order number, confirm acceptance of the Purchase Order, include a confirmed Delivery Date (which may differ from the
requested one in the Purchase Order)or, solely if permitted under this clause 6.2.4, advise Buyer of Supplier’s rejection
of such Purchase Order, the date of acceptance or rejection and the basis for rejection, if applicable. If Supplier commences
performance under such Purchase Order, Supplier will be deemed to have accepted the Purchase Order. Buyer may withdraw any Purchase
Order prior to Supplier’s acceptance thereof. Supplier may only reject a Purchase Order if (a) the quantity ordered by Buyer
in such Purchase Order is inconsistent with the quantity in the applicable Forecast in accordance with clause 6, (b) Supplier
has sent Philips of termination pursuant to clause 14 or (c) the applicable Purchase Order includes terms and conditions that
supplement those contained in this Agreement, which Supplier is unwilling to accept. Supplier may not cancel any previously accepted
Purchase Order hereunder. Buyer may not cancel a previously accepted Purchase Order .

 

    
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ARTICLE
7:  DELIVERY

 

7.1           Delivery

 

		7.1.1	Delivery of Products to Buyer shall be made in accordance
with the Incoterms as referred to in Attachment 1. Incoterms 2010, shall apply to the interpretation of the delivery terms
mentioned in this Agreement.

 

		7.1.2	Supplier shall make the agreed deliveries by making the
Products and any other deliverables available to the Buyer at the agreed point of delivery as specified in Attachment 1.
The risk in the Products shall pass to Buyer on Delivery Date in accordance with the Incoterms set forth in Attachment 1.
[Redacted – Commercially Sensitive –Shipping Terms]

 

		7.1.3	[Redacted – Commercially Sensitive – Shipping
Terms]

 

		7.1.4	Buyer shall inspect shipments for freight damages at time
of receipt of the Product at the named place of delivery specified in the Purchase Order and promptly notify Supplier of any freight
damage.

 

		7.1.5	Should Supplier wish to deliver Products before the Delivery
Date, than Buyer may choose, at its option to (i) return such Products in order to have them delivered at the Delivery Date, in
which case transportation charges shall be for Supplier’s costs, (ii) accept delivery but withhold payment for such Products
until the Delivery Date, or (iii) keep the Products in storage at Supplier’s costs until the Delivery Date.

 

7.2           Complete
Delivery.

 

		7.2.1	Supplier may not over ship or under ship Products. In either
case, Supplier will alert Buyer in a timely manner. Supplier will recover any over shipments or ship additional Products to cover
under shipments. All over shipments returned to Supplier, and all additional Products shipped by Supplier to cover under shipments,
will be at Supplier’s risk and expense, including transportation charges.

 

7.3           Acceptance.

 

		7.3.1	[Redacted – Commercially Sensitive – Delivery
and Acceptance Details]

 

7.4           Buyer’s
subcontractors.

 

		7.4.1	Buyer may appoint a third party to handle logistics, administration,
integration, assembling or other activities relating to Products or Philips Equipment, in which case Buyer shall inform Supplier
hereof.

 

ARTICLE
8:  DOCUMENTS

 

8.1           Supplier’s
Documents.

 

		8.1.1	Supplier will provide end-user documentation in the language
of the anticipated end users as per the legal requirements of the relevant countries, such countries as initially forecasted in
Attachment 1.

 

    
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		8.1.2	Buyer may reproduce, create and disseminate derivative
works from such technical data and other Supplier’s Documents and use, in any manner the technical data and other Supplier’s
Documents, without a license fee or other payment to Supplier or third parties. Such derivative works shall be true and accurate.
Buyer shall obtain Supplier’s prior written approval over such derivative works. Buyer shall provide Supplier with copies
of such derivative works.

 

8.2           Updates
of Supplier’s Documents.

 

		8.2.1	Supplier shall update and maintain its Documents relating
to the Product, during the Term of this Agreement including the continuing maintenance and service support period as provided
herein. Updates will be made available to reflect any changes and modifications implemented to the Products. Any corrections or
updates to Supplier’s Documents will be promptly furnished to Buyer at no charge to Buyer.

 

8.3           Promotional
Materials

 

		8.3.1	All advertisements, promotions and other descriptive matters
(together referred to as “Promotional Material”) provided by Supplier shall be consistent with the labelling
of the Product. At Buyer’s request, Supplier shall review any Promotional Material created by the Buyer that refers to the
clinical use, safety or effectiveness of the Product and shall confirm to Buyer in writing within ten (10) days of submission
that such Promotional Material is consistent with the labelling of the Product and complies with all applicable regulatory requirements
for the Product under applicable law. If Supplier cannot so confirm, it shall within ten (10) days of the submission, identify
in detail the provisions of the Promotional Material that are non-compliant or inconsistent with labeling. Supplier shall defend,
indemnify and hold Buyer and its Affiliated Companies harmless from any and all claims, direct losses, demands, direct costs and/or
liabilities, including reasonable attorney fees, alleging that Promotional Material provided or confirmed by Supplier promotes
use inconsistent with the Product labelling or causes the Product to be misbranded or adulterated.

 

ARTICLE 9:  REPRESENTATIONS AND
WARRANTIES

 

9.1           Representations
and Warranties.

 

		9.1.1	Supplier represents and warrants to Buyer that all Products
delivered and any services provided hereunder:

 

		i.	conform to the Specifications on the Delivery Date [Redacted
 – Commercially Sensitive];

		ii.	unless otherwise agreed with Buyer in writing, are new
(do not contain any used or reconditioned parts or materials) and fit for the purposes for which they are intended;

		iii.	are of sound workmanship, good quality and free from defects
in design, construction, manufacture and material [Redacted – Commercially Sensitive]

		iv.	comply in all respects with applicable laws, regulations,
certification requirements, including health and safety standards and all other applicable regulatory requirements for the design,
manufacture and shipment of Products;

 

    
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		v.	do not contain any of the restricted substances as listed
in the Sustainability Declaration;

		vi.	are free and clear of all liens, encumbrances, and other
claims against title; and

		vii.	comply in all respects with the terms of this Agreement
and the applicable Purchase Orders.

 

		9.1.2	Supplier’s representations and warranties do not
apply to:

 

		i.	Philips Equipment;

		ii.	damage to Products resulting from misuse, abuse, accident,
neglect, impacts and/or abrasions and failure to use or store Products as provided for in the Specifications;

		iii.	damages resulting from any modifications or alterations
made by Buyer or a Customer to Products, including those resulting from the repair or service of Products by anyone other than
Supplier approved personnel or in a manner not approved by Supplier; and

		iv.	damage resulting from Customer’s application of cleaners,
germicides or other chemicals not approved by Supplier. For the avoidance of doubt, clause 9.1.2(iii) shall not apply to damages
to the Product resulting from the connection of the Product to Philips Equipment by Supplier upon installation.

 

		9.1.3	[Redacted
                                         – Commercially Sensitive – Warranty]

 

		9.1.4	[Redacted – Commercially Sensitive – Warranty]

 

		9.1.5	Subject to the limitations applied (including the ability
to bring a claim) in respect of the Factory Test Report pursuant to clause 7.3 and 9.1.4, the foregoing warranties will survive
any inspection, delivery, acceptance, or payment by Buyer and will be enforceable by Buyer and its Affiliates, and their successors,
assigns, subcontractors, distributors, dealers, agents and Customers and all other entities combining, selling or using Products
or goods into which Products have been incorporated (together, the “Buyer Indemnitees”), for the period set
forth in clause 9.2.

 

9.2           Warranty
Term.

 

		9.2.1	Without prejudice to any other rights accruing under this
Agreement or law, the warranties set forth in clause 9.1 will extend for [Redacted – Commercially Sensitive – Warranty
Term]. Products repaired or replaced by Supplier within the Warranty Term are warranted for the remainder of the original
Warranty Term of said Products.

 

9.3           Buyer’s
Remedies.

 

		9.3.1	Subject to the remedies in clause 7.3 in respect of failure
to meet the Specifications, if Products do not comply with the warranties set forth in clause 9.1, Buyer may then, after having
consulted Supplier as to the most appropriate remedy, elect reasonably to have Products:

 

		i.	returned to Supplier for repair or replacement;

		ii.	repaired or replaced by Supplier in the field; or

		iii.	repaired or replaced by Buyer in the field, including Products
in distributor inventory and Buyer’s installed base; or

		iv.	returned to Supplier in exchange for a full refund of the
purchase price for the non-conforming Products paid under this Agreement.

 

    
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		9.3.2	Supplier will bear all costs, including transportation
and labor costs, in connection with the repair or replacement of, and all other costs or damages Buyer may incur as a result of
Products not complying with clause 9.1. If Supplier agrees that Buyer performs the repair, Supplier will provide Buyer free of
charge with any replacement Product or upgrade necessary, and will reimburse Buyer for all costs relating to such repair, including
any related labor costs.

 

ARTICLE 10: CONFIDENTIALITY

 

		10.1	Confidential Information may be disclosed by or on behalf
of a Party or its Affiliates (the “Disclosing Party”) to the other Party or its Affiliates (the “Receiving Party”)
in connection with this Agreement. Each Party agrees to keep the other Party’s (and its Affiliates) Confidential Information
confidential and not to reproduce or disclose such Confidential Information to any third party, or to use it for any purpose other
purpose than for the purposes of this Agreement. Each Party shall protect any Confidential Information of the other Party (and
its Affiliates) with the same degree of care used in protecting its own Confidential Information, but no less than a reasonable
degree of care. Unless otherwise mutually agreed in writing, the Confidential Information shall remain the property of the Disclosing
Party. Each party’s obligation to protect the Confidential Information of the other Party shall continue for a period of
[Redacted – Commercially Sensitive – Confidentiality Term] following the date of termination of this Agreement.

 

		10.2	Each Party may disclose the other Party’s Confidential
Information to its and its Affiliates’ employees, officers, lawyers, accountants, sub-contractors (collectively, “Representatives”)
or financing sources (both debt and equity) or any prospective acquirer of of Party (or substantially all of the assets related
to the Products)(collectively, “Other Recipients””) on a strict need to know basis, provided that such
Representatives and Other Recipients are subject to confidentiality obligations and/or agreements at least as stringent as the
confidentiality restrictions imposed by this clause 10 on the Receiving Party.

 

		10.3	The confidentiality obligations set out in this clause
10 shall not apply to any information (but only to the extent that such information). and the definition of “Confidential
Information” shall not be deemed to include any information that:

 

		(a)	is generally available from public sources or in the public
domain through no fault or breach of the Receiving Party or any of its Representatives;

 

		(b)	becomes available to the Receiving Party (or any of its
Affiliates) unless the Receiving Party (or such Affiliate) is aware that such source was bound by a confidentiality agreement
with the Disclosing Party or any or its Representatives or otherwise under a contractual, legal, fiduciary or other obligation
of confidentiality with respect such information;

 

		(c)	developed independently by the receiving Party or any of
its Affiliates without use of or reliance on the Disclosing Party’s (or any of its Affiliates’) Confidential Information
as demonstrated by written records; or

 

		(d)	was known or in the possession of the Receiving Party (or
any of its Affiliates) prior to its disclosure by the Disclosing Party unless the receiving Party (or such Affiliate) is aware
that the source of such information was bound by a confidentiality undertaking to the disclosing Party (or its Affiliates) or
any or its Representatives or otherwise under a contractual, legal, fiduciary or other obligation of confidentiality with respect
to such information.

 

    
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		10.4	This clause 10 does not prohibit disclosure or use of any
Confidential Information if and to the extent that the disclosure or use is required by applicable law, any judicial or administrative
proceedings, or the rules of any recognized stock exchange on which the shares of any Party (or its parent entity) are listed,
provided that prior to such disclosure, the Receiving Party promptly notifies the Disclosing Party of such requirement with a
view to providing the Disclosing Party with the opportunity to contest such disclosure or use and/or to obtain a protective order
or otherwise to agree to the timing and content of such disclosure or use and the Receiving Party shall at the request of the
Disclosing Party, assist the Disclosing Party in contesting such disclosure and/or obtaining a protective order; provided further
that the Receiving Party shall only disclose such portions of the Confidential Information that are strictly required to be disclosed
by applicable law, and if permitted by applicable law, the Disclosing Party shall be provided with the opportunity to review and
comment on the disclosure to be made.

 

		10.5	Notwithstanding any of the carve outs to the definition
of “Confidential Information” contained in clause 10.3, any Confidential Information in respect of the “Purchased
Assets” and the “Business” (each, as defined under the Purchase Agreement) shall be deemed the Confidential
Information of Supplier (the “Transferred Confidential Information”), and, in respect of Philips, the carve
out to the definition of “Confidential Information” contained in clause 10.3 shall not apply to any Transferred Confidential
Information, notwithstanding the fact that Philips was aware of, had possession of, or independently developed any such Transferred
Confidential Information prior to the date of this Agreement.

 

		10.6	Each Party reserves all rights in its and its Affiliates’
Confidential Information. No rights or obligations in respect of a Party’s Confidential Information other than those expressly
stated in this Agreement are granted to the other Party or to be implied from this Agreement.

 

ARTICLE 11: INTELLECTUAL PROPERTY
RIGHTS

 

11.1         Intellectual
Property Warranty and Indemnification.

 

		11.1.1	Supplier represents and warrants to Buyer that: (x) it
has not received any notice claiming that any of Products and services directly or indirectly infringes any third party IPR; and
(y) to the best of its knowledge, all Products delivered hereunder do not directly or indirectly infringe, misappropriate, or
otherwise violate any third party IPR. Supplier shall defend, indemnify and hold harmless Buyer Indemnitees from and against all
liabilities, costs, damages and expenses, including reasonable attorneys’ fees, arising from or related to any claim that
Products, in whole or in part, directly or indirectly infringe, misappropriate, or otherwise violate any IPR of a Third Party.
If Supplier does not diligently pursue resolution of the claim against Buyer Indemnitees or provide reasonable assurances that
it shall diligently pursue resolution, then the Buyer Indemnitee against who such claim has been advanced may, without in any
way limiting its other rights and remedies, defend against the claim at Supplier’s expense. If the use of a Product is found
to (or believed by Supplier to) directly or indirectly infringe, misappropriate, or otherwise violate any Third Party IPR, Supplier
shall, without in any way limiting its foregoing obligations, and at its sole expense:

 

    
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		(a)	procure the necessary rights so that Products are not subject
to any such claim;

		(b)	replace or modify Product with a product of equivalent
performance so that it avoids such claim; or

		(c)	if the options under subclasses a) or b) above are not
possible, refund to Buyer in full all costs paid by Buyer for the relevant Products and pay all reasonable additional costs incurred
by Buyer as a result of Supplier’s action under sub clauses a), b) or c).

 

If the Parties foresee that the Parties will jointly
develop any Intellectual Property Rights in connection with this Agreement, such development will be reviewed by the joint streering
committee (as contemplated by the Purchase Agreement) and appropriate legal documentation will be put in place to address such
joint development, in a form approved by such joint steering committee.

 

11.2         Open
Source Software Warranty and Indemnification.

 

		11.2.1	Supplier represents and warrants that Products do not include
and are not accompanied by any portion of Open Source Software that has not been approved by Buyer in writing. As a condition
for such approval, Supplier shall provide to Buyer a full specification of such Open Source Software together with a copy of the
license conditions associated therewith. Supplier shall deliver all necessary information to enable Buyer to comply fully with
the licenses of all Open Source Software, including but not limited to any required notices to be reproduced by Buyer and the
source code if such licenses requires as a condition of distribution the making available of source code.

 

		11.2.2	Supplier represents and warrants that any use of any Open
Source Software in Products, when used as anticipated by this Agreement, does not require Philips’ Equipment or any other
product of Buyer to be licensed under terms set forth in the definition of Open Source Software. Supplier shall defend, indemnify
and hold harmless Buyer Indemnitees against any and all losses, damages, costs and expenses, including reasonable attorneys’
fees. arising from any inclusion, or claims related to the inclusion, of Open Source Software in Products.

 

11.3         False
Patent Marking

 

		11.3.1	False Patent Marking. Supplier shall defend, indemnify
and hold harmless the other Party against any and all claims arising from Markings on Marked Products alleged to be false or otherwise
in violation of the law. As used herein, (a)          ”Markings”
means one or more patent numbers and/or the words or phrases “Patent”, “Patented”, “Patent Pending”,
 “patent applied for”, “covered by one or more of the following patents”, “may be covered by patent
number”, “covered by at least patent number”, or any derivations thereof, or any word or number importing, implying,
indicating, or suggesting that the same is or is in the process of being patented, and (b) ”Marked Products” means
Markings on or in connection with various products, product components, product packaging, materials accompanying Product, and
product advertising, including web-based advertising/marketing materials, having, including, or referencing such Markings.

 

11.4         License.

 

		11.4.1	The purchase of a Product shall confer on Buyer and on
Buyer Indemnitees an irrevocable, world-wide, royalty-free and fully paid up, non-exclusive, license under all IPR owned or controlled,
directly or indirectly, by Supplier related to the Product to use, market, sell, lease, license, distribute or otherwise dispose
of Product acquired by Buyer under this Agreement throughout the Territory.

 

    
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		11.4.2	Nothing in this Agreement shall be construed as limiting
the Parties rights and obligations under the [Redacted – Commercially Sensitive – Reference to external agreement].

 

		11.4.3	This Agreement and the supply of Products by Supplier to
Buyer does not grant Supplier either explicitly or by implication any right, title or interest in or to any of Buyer’s or
any of its Affiliates’ Confidential Information and/or Intellectual Property Rights OR GRANT TO BUYER EITHER EXPLICITLY
OR BY IMPLICATION ANY RIGHT, TITLE OR INTEREST IN OR TO ANY OF SUPPLIER’S OR ANY OF ITS AFFILIATES CONFIDENTIAL INFORMATION
AND INTELLECTUAL PROPERTY RIGHTS OTHER THAN THE LICENSED RIGHTS CONFERRED UNDER CLAUSE 11.4.1, AND THAT BUYER SHALL NOT SEEK TO
OBTAIN (OTHER THAN FROM SUPPLIER) ANY INTELLECTUAL PROPERTY RIGHTS IN THE PRODUCTS.

 

		11.4.4	Buyer hereby assigns and transfers and, to the extent any
such assignment or transfer cannot be made at present, will assign and transfer to Supplier and its successors and assigns or
Supplier’s designee, all Buyer’s right, title and interest in and to all Intellectual Property Rights that are created,
developed, made, conceived or reduced to practice by Buyer or under Buyer’s direction in connection with the services provided
under this Agreement (the “Developed Intellectual Property”) and waives any moral rights with respect to such
Developed Intellectual Property.

 

11.5         Trademarks.

 

		11.5.1	Except as set forth in this clause 11.5, this Agreement
and the manufacture and supply of Products by Supplier does not grant to Supplier any rights in or license to the word mark Philips
or any other trademark, trade name or other indicia of Buyer or its Affiliates (hereinafter, individually and collectively referred
to as “Buyer’s Marks”) or to the use of the Buyer’s Marks, whether to Products alone or in any
combination in press releases, advertisements, sales literature or otherwise without Buyer’s prior written consent. Supplier
will not copy or imitate the content or material style of Buyer’s websites onto its own web site or sections of it to avoid
confusion to Internet users.

 

		11.5.2	Buyer may use the name of Supplier and the name of Products
only for the purpose of advertising and marketing Products or Buyer’s medical products.

 

		11.5.3	Buyer acknowledges and agrees that the all Supplier trademarks
associated with Products are the trademarks of Supplier and Buyer shall not rebrand Products for resale, seek to obtain any rights
in Supplier trademarks through the filing of trademark applications. Buyer shall leave in place all trade-marks, labels and other
trade designations placed by Supplier on Products and their packaging (including designations indicating manufacture by Supplier)
and shall not alter any such trade-marks, labels or other trade designations without the prior written consent of Supplier.

 

		11.5.4	All goodwill associated with Buyer’s use of Supplier’s
trademarks shall enure exclusively to the benefit of Supplier. Buyer shall not take any action which may constitute an infringement
of such rights without prior written authorization from Supplier. Furthermore, Buyer shall not use or make reference to Supplier’s
trademarks or trade name (or any derivation thereof) in connection with Buyer’s own products or trade name without prior
written authorization from Supplier. Buyer shall not take any action, or omit to take any action, the result of which is to depreciate
or dilute the goodwill in any trademark or trade name used or adopted by Supplier or to damage or bring into disrepute the reputation
of Supplier.

 

    
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		11.5.5	Branding of TULSA-PRO. Without limiting the provisions
of clause 11.5, Buyer may use the name of Supplier and the name of “TULSA” or “TULSA-PRO” for the purpose
of advertising and marketing TULSA-PRO. Buyer acknowledges and agrees that Supplier trademarks associated with TULSA-PRO and related
Consumables are the trademarks of Supplier and Buyer shall not rebrand Products for resale or seek to obtain any rights in Supplier
trademarks through the filing of trademark applications. Buyer shall leave in place all trademarks, labels and other trade designations
placed by Supplier on Products and their packaging (including designations indicating manufacture by Supplier) and shall not alter
any such trade marks, labels or other trade designations without the prior written consent of Supplier. Buyer acknowledges and
agrees that all intellectual property rights in the TULSA-PRO, including the aesthetic and functional designs of the Product,
are the property of Supplier and that Buyer shall not seek to obtain any intellectual property rights in the “TULSA-PRO”
and related Consumables.

 

		11.5.6	Branding of the “SONALLEVE” Product.
Without limiting the provisions of clause 11.5, the Parties agree to negotiate in good faith and sign a detailed, written branding
policy in relation to Sonalleve (“Branding Policy”). Each Party will nominate appropriate Buyers (including
cover in the event of holiday or sickness) to participate in discussions and workshops to produce the Branding Policy. Once agreed
the Branding Policy shall be signed off by authorised Buyers of each Party and shall then become binding on both Parties and shall
form part of this Agreement. The Parties shall use all reasonable endeavours to agree the Branding Policy within [Redacted
 – Commercially Sensitive – Time Period] from the Effective Date. The Parties agree that the following principles
are agreed and shall, unless agreed otherwise in the Branding Policy, be reflected in the Branding Policy:

 

		11.5.7	The Parties agree that the following principles are agreed
and shall, unless agreed otherwise in the Branding Policy, be reflected in the Branding Policy:

 

		(a)	Supplier will ensure that Sonalleve will be re-branded,
with Supplier’s brand represented on Sonalleve as the lead brand.

		(b)	Supplier is entitled, but not the obliged, to add a Philips
co-branding label to Sonalleve (including future generations of Sonalleve) and to related product literature, presentations, brochures
and webpages.

		(c)	The scope of such co-branding will be limited to generations/versions
of Sonalleve that are exclusively compatible with Philips’ Equipment and are not compatible with, or sold to work with,
MRI systems from other vendors than Philips.

		(d)	The possibility to add a co-branding label to Sonalleve
will be jointly evaluated by both Parties. Supplier wishes to re-brand Sonalleve, the usefulness of adding co-branding will be
evaluated by the Parties jointly.

		(e)	In case both Parties agree to co-brand a generation of
Sonalleve, the most recent applicable Philips co-branding guidelines at that time will be taken as starting point to agree the
actual co-branding expression on Sonalleve and marketing collaterals.

		(f)	The co-branding label to be used shall include “Powered
by Philips [Descriptor]”, with [Descriptor] being an appropriate description of the contribution made by Buyer to Sonalleve
or shall include “Works with Philips [Descriptor]”, with [Descriptor] being an appropriate description of the contribution
made by Buyer to Sonalleve, to be agreed upon jointly.

 

    
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		(g)	The co-branding label shall also appear in related product
literature, presentations, brochures, videos and webpages.

 

		11.5.8	Notice. Buyer shall, when using or making reference
to a trademark of Supplier (as may be permitted by clause 11.5.4 above, or elsewhere in this Agreement), clearly identify (whether
through use of an asterisk, footnote or otherwise) such trademark as a “Trademark of Profound Medical Inc. or its affiliates”
or otherwise as Supplier may instruct from time to time.

 

ARTICLE 12: INDEMNITY AND LIMITATION
OF LIABILITY

 

12.1         Indemnity.

 

		12.1.1	Buyer will defend, indemnify and hold harmless Supplier
and its Affiliates and their respective directors, officers, employees and agents, and their successors, heirs and assigns (the
 “Supplier Indemnitees”) from and against all liabilities, costs, damages, claims and expenses, including reasonable
attorney’s fees, arising from or related to any actual or alleged [Redacted – Commercially Sensitive – Indemnity
Details]

 

		12.1.2	Supplier will defend, indemnify and hold harmless Buyer
and its Affiliates and their respective directors, officers, employees and agents and their respective successors, heirs and assigns
(the “Buyer Indemnitees”) from and against all liabilities, costs, damages, claims and expenses, including
reasonable attorney’s fees, arising from or related to any actual or alleged [Redacted – Commercially Sensitive
 – Indemnity Details]

 

12.2         Limitations
of Liability.

 

		12.2.1	[Redacted – Commercially Sensitive – Indemnity
Details]

 

12.3         Lower
Tier.

 

		12.3.1	Supplier as legal manufacturer of Product will be responsible
for its participating Affiliates, subcontractors and vendors through the lowest tier. Supplier will ensure that each lower tier
subcontract contains all applicable Specifications and obligations needed to fully comply with this Agreement. Supplier will indemnify,
defend and hold harmless the Buyer Indemnitees from and against any and all claims and liabilities, including all costs and expenses,
arising out of or in any way connected with any actual or alleged action or failure to act by Supplier’s Affiliates, subcontractors
or vendors.

 

ARTICLE
13: INSURANCE

 

13.1         Supplier’s
Insurance.

 

		13.1.1	Supplier will maintain comprehensive or commercial general
liability insurance (including premises and operations, products and completed operations, broad form contractual liability, broad
form property damage and personal injury liability) with a minimum limit of [Redacted – Commercially Sensitive –
Insurance Details] combined single limit per occurrence and [Redacted – Commercially Sensitive – Insurance
Details] in the aggregate, for claims of bodily injury, including death, and property damage that may arise from use of Products.
Supplier shall also maintain professional liability insuring the acts or omissions of Supplier under this Agreement in an amount
of [Redacted – Commercially Sensitive – Insurance Details] per occurrence and aggregate. Supplier will also
maintain excess liability in an amount of not less than €10 million per occurrence. The commercial general liability policy
obtained by Supplier will name Buyer, its officers, directors and employees as additional insured. Such insurance will apply as
primary insurance and no other insurance will be called upon to contribute to a loss covered there under. In addition, such policies
will permit Supplier to waive, on its own behalf and on behalf of its insurers, any rights of subrogation against Buyer. Such
insurance policies will be written with appropriately licensed and financially responsible insurers, and will provide for a minimum
of 30 days written notice to Buyer of any cancellation or reduction in coverage. Certificates of insurance evidencing the required
coverage and limits will be furnished to Buyer before any work is commenced hereunder, and Supplier will deliver copies of policies
or certificates to the Buyer contact designated by Buyer.

 

    
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		13.1.2	If any policies have “claims made” coverage,
Supplier will maintain such coverage with Buyer named as an additional insured for a minimum of [Redacted – Commercially
Sensitive – Insurance Details] after termination of this Agreement. Any such coverage must have a retroactive date no
later than the date upon which work commenced under this Agreement.

 

		13.1.3	All deductibles on policies providing coverage will be
paid by Supplier. If Supplier is self-insured for matters described above, Supplier agrees to respond to any claims or losses
made against or incurred by Buyer in the same fashion as if insurance had been purchased with the same or broader coverage terms
than what is generally available to similar Suppliers. In no event will the coverage or limits of any insurance required under
this clause, or the lack or unavailability of any other insurance, be deemed to limit or diminish Supplier’s obligations
or liability to Buyer under this Agreement.

 

ARTICLE
14: TERMINATION

 

14.1         Termination
for Cause.

 

		14.1.1	Each Party may suspend performance of its obligations under
the Agreement or terminate this Agreement upon written notice to the other Party if:

 

		(a)	the other Party files a voluntary petition in bankruptcy
or any voluntary proceeding relating to insolvency, receivership, liquidation, assignment for the benefit of creditors or similar
proceeding;

 

		(b)	the other Party becomes the subject of a petition in bankruptcy
or any proceeding relating to insolvency, receivership, liquidation, assignment for the benefit of creditors or similar proceeding
and such petition or proceeding is not dismissed within thirty (30) days from filing of such petition or proceeding;

 

		(c)	the other Party ceases or threatens to cease to carry on
business in the ordinary course or a Change of Control with respect to Supplier to a Buyer’s direct competitor occurs; or

 

		(d)	the other Party materially breaches any of its obligations
under the Agreement, and the breaching failures to cure such breach within sixty [Redacted – Commercially Sensitive –
Termination Details] after it receives written notice from the non-breaching Party to cure same;

 

		(e)	[Redacted
                                         – Commercially Sensitive – Termination Details]

 

    
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		(f)	conviction of, or commission by, the other Party or any
principal officer, shareholder, employee or any partner of the other Party of any crime or immoral act which may adversely affect
the goodwill or reputation of Buyer or Supplier;

 

For greater certainty, if a Party is provided,
pursuant to one of the termination rights contemplated by this clause 14.1.1, with the right to elect to terminate this Agreement,
such Party may do so in respect of the entire Agreement, or to terminate the Agreement on a Product-by-Product basis (in which
instance, this Agreement will continue in respect of those Products not terminated by such Party).

 

14.2         Consequences
of Termination.

 

		14.2.1	In the event that the Agreement is terminated as provided
for in clause 14.1:

 

		(a)	All Purchase Orders that are outstanding on the date this
Agreement shall terminate, for any reason, shall be fulfilled regardless of such termination, unless Buyer indicates otherwise.

		(b)	Buyer shall no longer have the right to sell Product to
Customers, and shall return all Products in inventory to Supplier in the manner directed by Supplier and, at the Buyer’s
sole cost and expense. Buyer shall cease holding itself out to be an authorized Supplier sales Buyer and shall cease all use of
Supplier trademarks and trade names.

		(c)	Supplier shall continue the service obligation as per the
regulations in the jurisdiction where the Product is sold.

		(d)	All Confidential Information supplied by one Party to the
other to assist in carrying out the obligations hereunder shall remain the property of the supplying Party and, subject to any
express provisions hereof to the contrary, shall be returned to the supplying Party upon termination or expiration of this Agreement.

		(e)	Buyer will ship, [Redacted – Commercially Sensitive
 – Delivery Details] Buyer’s principal place of business, within (30) days following the date of expiration or
the effective date of termination of this Agreement, to the destination specified by Supplier in writing, all sample Products,
catalogs, circulars, folders, and other Marketing Materials, all price sheets, bulletins, official communications, technical information,
confidential data and all other materials owned or provided by Supplier to Buyer which are in the possession or control of Buyer,
its employees or agents on such date.

 

ARTICLE 15: FORCE MAJEURE

 

		15.1	Neither Party will be liable for any failure to perform
solely caused by a Force Majeure Event and if that either Party is prevented from performing or is unable to perform any of its
obligations under this Agreement due to a Force Majeure Event, its performance will be excused, and the time for performance will
be extended for the period of delay or inability to perform due to such Force Majeure Event, provided that such Party will give
promptly written notice thereof to the other Party:

 

		(a)	describing the Force Majeure Event;

		(b)	describing the obligations which it is unable to perform
due to the Force Majeure Event; and

		(c)	giving a projection of the expected period of delay or
inability to perform due to the Force Majeure Event, and such Party will have used reasonable commercial efforts to mitigate
its effects and to cure any non-performance.

 

    
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		15.2	Force majeure on the part of Supplier shall in any event
not include shortage of personnel or production materials or resources, breach of contract by third parties contracted by Supplier,
financial problems of Supplier, nor the inability of Supplier to secure the necessary licenses in respect of software to be supplied
or the necessary legal or administrative permits or authorizations in relation to Products to be supplied.

 

		15.3	If a Party is not or is not expected to be able to perform
any material obligation under this Agreement due to a Force Majeure Event for a period of [Redacted – Commercially Sensitive
 – Time Period Details] or more, the other Party may terminate this Agreement without liability.

 

		15.4	[Redacted –
                                         Commercially Sensitive – Timing Details]

 

		15.5	For greater certainty, during the term of the Supply Agreement,
if there is a “force majeure event” outstanding under the Supply Agreement (claimed by Philips or one of its Affiliates
under the Supply Agreement), Buyer may not exercise the remedies in clause 15.3 and 15.4 hereunder if Supplier exercises a corresponding
Force Majeure Event under this Agreement in response to the Force Majeure Event exercised under the Suppply Agreement.

 

ARTICLE
16: RECALL

 

		16.1	If Supplier or any relevant Governmental Authority determines
that a recall campaign is necessary, Supplier will implement such recall campaign and Buyer will have the right to return the
affected Products to Supplier or destroy such Products, as determined by Supplier in its reasonable discretion, at Supplier’s
sole cost and risk. Supplier hereby covenants and agrees that it shall be responsible for all costs and expenses related to the
implementation of any such recall. In case of a recall of the Product, Philips shall at its sole cost provide full cooperation
to Supplier in order to achieve an efficient and effective recall by Supplier. For greater certainty, the obligations of the Parties
pursuant to this clause 16 shall only apply in respect of Products sold or distributed on or after the Effective Date, and for
clarity, to the extent there is a recall that involves any Product sold or distributed prior to the Effective Date, the covenants
and obligations of the Parties pursuant to this clause 16 shall not apply (and shall be addressed by the terms of the Purchase
Agreement).

 

ARTICLE 17: GENERAL PROVISIONS

 

17.1         Amendments.

 

		17.1.1	This Agreement may be amended only by a written instrument
explicitly referring to this Agreement, duly executed by authorized representatives of both Parties.

 

    
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17.2         Binding
Agreement and Assignment.

 

		17.2.1	This Agreement will be binding upon and inure to the benefit
of the Parties and their respective successors and permitted assigns. This Agreement may not be assigned by either Party, in whole
or in part, to any Third Party without the prior written consent of the other Party, except that either Patrty may assign this
Agreement as a whole, and all of its rights and obligations hereunder, without the consent of the other Party but subject to prior
written notice to the other Party (a) to an Affiliate, or (b) in case of a transfer of all, or substantially all, stock or assets
of such Party or the relevant business activity through which such Party acts in this Agreement to a Third Party or to any partnership
or other venture in which such business activity is to participate. Except as provided above, without prior written consent of
the other Party, any assignment or pledge of rights under this Agreement by a Party to a Third Party shall have no effect vis-à-vis
such Third Party.

 

17.3         Agreement.

 

		17.3.1	This Agreement, any Purchase Order issued hereunder and
the OEM Quality Agreement constitute the entire agreement and understanding of the Parties and merges all prior discussions and
negotiations between them and supersedes any previous agreement whether oral or written. Course of performance, course of dealing
and usage of trade will not apply to this Agreement.

 

		17.3.2	This Agreement also constitute a complete restatement of
the Resale Purchase Agreement between the Parties, dated January 1, 2016, and the Parties hereby terminate said Agreement as of
the the Effective Date of this Agreement.

 

		17.3.3	The following attachments form an integral part of this
Agreement:

 

[Redacted – Commercially Sensitive –
List of Schedules]

 

In the event of any conflict
between any provision of this Agreement and any provision of Attachment 1, 2 or 4, the provisions of this Agreement shall prevail.
In the event of any conflict between any provision of this Agreement and any provision of Attachment 3, 5, 6, 7 or 8 the provisions
of Attachment 3, 5, 6, 7 or 8, as applicable, shall prevail.

 

In the event of any conflict between any provision
of this Agreement and any provision of the OEM Quality Agreement, the provisions of the OEM Quality Agreement shall prevail.

 

17.4         Customs
Compliance/ Country of Origin/ Export Control

 

		17.4.1	Upon Buyer’s request, Supplier will provide Buyer
with an acceptable and auditable certification stating the country of origin for Products, sufficient to satisfy the requirements
of (i) customs authorities of the country of receipt, and (ii) applicable export licensing regulations. Supplier will mark each
Product (or Product’s container if there is no room on Product) with the country of origin. Supplier will, in marking Products,
comply with the requirements of the customs authorities of the country of receipt.

 

		17.4.2	If Products delivered under this Agreement are imported,
Supplier will when possible allow Buyer to be the importer of record. If Buyer is not the importer of record and Supplier obtains
duty drawback rights to Products, Supplier will, upon Buyer’s request, provide Buyer with documents required by the customs
authorities of the country of receipt to prove importation and to transfer duty drawback rights to Buyer.

 

		17.4.3	Supplier will: organize its administration and manufacturing
in such a way, that Products can be supplied with preferential origin status and supply Products with the appropriate documentary
evidence of the preferential origin status. Supplier will provide the appropriate customs documentation for Products which may
be imported and/or exported by Buyer, including Certificate of Origin (renewed on a two (2)-year basis), and Harmonized Tariff
System Classification Codes. Supplier will support Buyer with import and export regulatory issues so that regulatory compliance
will be met.

 

    
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		17.4.4	This Agreement has been executed taking into consideration
the asserted origin of Products as well as the delivery by Supplier of the appropriate documentary evidence of the preferential
origin status requested by custom authorities. It is expressly understood that the preferential origin status of Product and the
accuracy thereof for any supplied Product hereunder are essential under this Agreement.

 

		17.4.5	Each Party agrees and warrants that it will comply with
all applicable international and national export control laws and regulations and that it will not export or re-export, directly
or indirectly, any information, goods, software and/or technology, including any Products or Philips’ Equipment, to any
country for which the European Union or the United States of America or any other country, at the time of export or re-export,
requires an export license or other governmental approval, without first obtaining such license or approval.

 

		17.4.6	Supplier agrees to inform Buyer in writing whether or not
Products are controlled and/or controlled under the export control laws of its own country, and if so, Supplier will inform Buyer
about the extent of the restrictions (including but not limited to export control legal jurisdiction, export control classification
numbers, export control licenses and/or CCATS as applicable).

 

		17.4.7	Supplier shall obtain all international and national export
licenses or similar permits required under all applicable export control laws and regulations and shall provide Buyer with all
information required to enable Buyer and its Customers to comply with such laws and regulations. Supplier agrees to indemnify
and hold Buyer harmless from any claims, liabilities, penalties, forfeitures, and associated costs and expenses (including attorneys’
fees) which Buyer may incur due to Supplier’s non-compliance with applicable export control laws, rules and regulations.
Supplier agrees to promptly notify Buyer of Supplier’s receipt of any such notice of a violation of any export control related
law, rule or regulation, which may affect Buyer.

 

		17.4.8	If Products are export controlled, Supplier will inform
Buyer accordingly and to indicate the applicable export control classification number (“ECCN”)

 

17.5         Governing
Law; Jurisdiction

 

		17.5.1	This Agreement will be governed by and construed in accordance
with the laws of the Netherlands. The United Nations Convention on Contracts for the International Sale of Goods (the Vienna Sales
Convention) is not applicable to this Agreement.

 

		17.5.2	Any dispute arising out of or in connection with this Agreement
shall be resolved in the manner provided in Sections 12.1 and 12.2 of the Purchase Agreement.

 

17.6         Compliance
with Laws

 

		17.6.1	Each of the Parties will at all times comply with all laws,
rules, regulations and ordinances applicable to the Agreement and each Purchase Order, including but not limited to all fair labor,
equal opportunity and environmental compliance laws, rules, regulations and ordinances. Supplier will furnish to Buyer any information
required to enable Buyer to comply with such laws, rules, and regulations in its use of Products.

 

    
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17.7         Personal
Data

 

		17.7.1	The Parties will have the obligations of patient privacy
and data as set forth Attachment 6.

 

17.8         Waivers.

 

		17.8.1	Neither the failure nor delay of any Party to this Agreement
to assert or exercise any right, power, privilege or remedy under this Agreement or to enforce any term or provision hereof or
thereof, will constitute a waiver of such right, power, privilege or remedy, and no single or partial exercise of any such right,
power, privilege or remedy will preclude any other or further exercise of such right, power, privilege or remedy or the exercise
of any other right, power, privilege or remedy.

 

17.9         Notices.

 

		17.9.1	Any notice or other communication required or permitted
to be given to any Party hereunder shall be in writing and shall be given to such Party at such Party’s address set forth
below, or such other address as such Party may hereafter specify by notice in writing to the other Party. Any such notice or other
communication shall be addressed as aforesaid and given by: (i) hand delivery; (ii) international overnight courier; or (iii)
e-mail transmission. Any notice or other communication will be deemed to have been duly given: (A) on the date of service if served
personally; (B) on the Business Day after delivery to an international overnight courier service, provided receipt of delivery
has been confirmed; or (C) on the date of transmission if sent via e-mail transmission, provided confirmation of receipt is obtained
promptly after completion of transmission and provided that transmission via e-mail is followed promptly by delivery via one of
the methods in clause 16.9 (i) or (ii) above.

 

If to Buyer:

PHILIPS MEDICAL SYSTEMS NEDERLAND B.V.

P.O. Box 10.000

5680 DA Best, The Netherlands

Attn:    [Redacted
 – Personal Information]

Email:

 

With copy to:

 

Legal Department PMSN BV Veenpluis 4-6

5684 PC Best Building QX2

Email:

 

If to Supplier:

Profound Medical Inc.

Attn: Chief Executive Officer

 

    
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2400 Skymark Avenue, Unit #6

Mississauga, ON, L4W 5K5, Canada

Email:[Redacted – Personal Information]

 

With copy (which shall not constitute notice) to:

 

Torys LLP

Suite 3000, P.O. Box 270

79
Wellington Street West

TD Centre

Toronto, ON M5K 1N2

Attention: Cheryl Reicin

Email: creicin@torys.com

 

17.10         Publicity.

 

		17.10.1	Any public announcements or press releases relating to
this Agreement shall be governed by the provisions of clause 14.13 of the Purchase Agreement.

 

17.11         Independent
Contractors

 

		17.11.1	Each Party is an independent contractor, not an agent,
employee or Buyer of the other. Neither Party has authority to make any statement, representation or commitment of any kind or
to take any action binding upon the other, without the other Party’s prior, written authorization.

 

17.12         Excluded
Provider

 

		17.12.1	Supplier represents and warrants that it, and, to the best
of its knowledge, its employees and subcontractors providing the Products are not debarred, excluded, suspended or otherwise neligible
to participate in a U.S. federal health care program, nor have they been convicted of any U.S. health care related crime (an "Excluded
Provider"). Supplier will promptly notify Buyer in writing if it becomes aware that any of its employees or subcontractors
providing the Products has become an Excluded Provider. Buyer may terminate this Agreement upon written notice to Supplier if
upplier or any of its employees or subcontractors providing the Products becomes an Excluded Provider.

 

17.13         Authority;
Due Execution.

 

		17.13.1	Each Party represents and warrants to the other, that (a)
it has full power and authority to enter into this Agreement and any agreements related hereto and, subject to the terms and conditions
hereof, this Agreement, when executed, will be a valid and legally binding obligation of such Party according to its provisions,
(b) the execution and performance of this Agreement will not constitute a breach of or an event of default under any agreement,
contract, law or regulation to which such Party is or may be bound, and (c) the execution and performance of this Agreement has
been duly authorized by all necessary corporate action.

 

    
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17.14         Severability.

 

		17.14.1	The provisions of this Agreement are severable and the
invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof.
If any provision of this Agreement, or the application thereof to any person or entity or any circumstance, is invalid or unenforceable,
(a) a suitable and equitable provision will be substituted therefor in order to carry out, so far as may be valid and enforceable,
the intent and purpose of such invalid or unenforceable provision, and (b) the remainder of this Agreement and the application
of such provision to other persons or entities or circumstances will not be affected by such invalidity or unenforceability, nor
will such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof,
in any other jurisdiction.

 

17.15         Supply
Chain Security

 

		17.15.1	Supplier will comply with the supply chain security requirements
outlined in Attachment 7.

 

17.16         Supply
Agreement Matters

 

		17.16.1	The Parties acknowledge and agree that during the term
of the Supply Agreement, that Supplier will not be liable for any breach of this Agreement by it to the extent that such breach
of this Agreement primarily and directly results from a breach of the Supply Agreement by Philips or any of its Affiliates.

 

17.17         Survival.

 

		17.17.1	All terms and conditions of this Agreement which are intended
(whether expressed or not) to survive the duration or termination of this Agreement will so survive.

 

17.18         Attachments.

 

Include reference to the attachments as part of this
agreement:

 

[Redacted – Commercially Sensitive –
List of Schedules]

 

[Remainder of Page Intentionally Left Blank]

 

    
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IN WITNESS WHEREOF, this Resale Purchase Agreement
has been duly executed by the duly authorized officers of the Parties hereto as of the date first written above. 

 

	Philips Medical Systems
    Nederland B.V.	 	Profound Medical Inc.
	 	 	 	 	 
	Signature:	/s/ Iwald
    Mons	 	Signature: 	/s/ Arun
    Menawat
	Name:	Iwald
    Mons 	 	Name: 	Arun
    Menawat
	Title:	M&A
    Project	 	Title:	Chief
    Executive
	Leader	 	 	Officer	 
	 	 	 	 	 
	Date:	July
    31, 2017	 	Date: 	July
    31, 2017
	And	 	 	 	 
	Signature: 	 	 	 	 
	Name: 	 	 	 	 
	Title: 	 	 	 	 
	Date:	 	 	 	 

 

    
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[REDACTED – Commercially Sensitive –
Schedules, including pricing, shipping terms, product specifications, scope of services, co-marketing obligations, product testing
criteria, data privacy, supply chain requirements]

 

    
- Page 27 of 27 -Exhibit 4.5

 

SUPPLY AGREEMENT

 

between

 

PROFOUND MEDICAL
INC.

 

and

 

PHILIPS MEDICAL SYSTEMS NEDERLAND B.V.

 

     

     

    

 

THIS AGREEMENT is made July 31, 2017

 

BETWEEN:

 

	 	PROFOUND MEDICAL INC., a company
    incorporated under the laws of  the  province  of  Ontario  and  having
     its registered address at 2400 Skymark, Unit 6, Mississauga, Ontario L4W 5K5,
    Canada
	 	 
	 	(hereinafter referred to as “Customer”)
	 	 
	 	- and -
	 	 
	 	PHILIPS  MEDICAL  SYSTEMS  NEDERLAND  B.V.,  a  company
	 	incorporated under the laws of the Netherlands with its principal place of business at Veenpluis 4-6 5684 PC Best, the Netherlands
	 	 
	 	(hereinafter referred to as “Philips”)
	 	 
	 	Customer and Philips hereinafter also collectively referred to as the “Parties” and individually as a “Party”.

 

WHEREAS:

 

		A.	Pursuant to the Asset and Share Purchase Agreement (the
 “Purchase Agreement”) entered into on June 30, 2017 by Customer, Koninklijke Philips NV (“Philips
NV”) N.V. and Customer agreed to execute and deliver (or cause to be executed and delivered) certain ancillary agreements
one of which is this Agreement;

 

		B.	Prior to the consummation of the transactions contemplated
by the Purchase Agreement, Philips manufactured the Product in-house and did not outsource the manufacturing to an independent
facility, and as a result, Philips has intimate knowledge of the manufacturing process and requirements for the Product;

 

		C.	Customer originally desired to take over responsibility
for the manufacture of the Product immediately upon closing of the transactions contemplated by the Purchase Agreement;

 

		D.	As Philips historically manufactured the Product in-house,
to enable Customer to prepare for and realize the transition of the manufacturing of the Product to Customer’s organization,
Customer requires the assistance of Philips to continue manufacturing the Product until such time as the manufacturing process
can be transitioned to Customer hereunder;

 

		E.	Until such time as the manufacturing of the Product can
be transitioned to Customer in accordance with the terms of this Agreement, Philips agrees to supply, as a contract manufacturer
to Customer, on a temporary basis for the Term (as defined herein), the Product, and Customer wishes to buy such Products from
Philips under this Agreement;

 

    	 

     

    

 

		F.	Customer acknowledges and agrees that it assumes all obligations
and liabilities as the legal manufacturer of the Product as from the Effective Date, on the terms and conditions set out in this
Agreement.

 

NOW IT IS HEREBY AGREED as follows:

 

		1.	DEFINITIONS

 

The following
terms used in this Agreement shall have the meaning set forth below:

 

“Affiliate”
means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with the specified Person. As used in this definition,
 “control”, “controlled by” and “under common control with” means possession, directly or
indirectly, of power to direct or cause the direction of management or policies of such Person (whether through ownership of
securities or other partnership or ownership interests, as trustee, personal representative or executive or by contract,
credit agreement or otherwise), provided that in any event, any Person which owns directly, indirectly or beneficially 50% or
more of the securities having voting power for the election of directors or other governing body of a corporation or 50% or
more of the partnership interests or other ownership interests of any other Person will be deemed to control such Person.

 

“Agreement”
means this Supply Agreement including any and all of its Schedules as attached hereto and as may be amended or supplemented from
time to time in accordance with the provisions hereof.

 

“Business
Day” means any day other than a Saturday, Sunday or statutory holiday, in the Province of Ontario or the Netherlands.

 

“Claim”
means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation,
citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or other, whether at Law,
in equity or otherwise.

 

“Confidential
Information” means any information, provided in whatever form (including in written, electronic or oral form) or medium,
which relates to either Party’s or its Affiliates’ business, products (hardware and software), technology, business
plans, product plans, customers, customer information, specifications, designs, costs, prices, business opportunities, Know How,
trade secrets, inventions, techniques, processes, algorithms, software programs, schematics and any other business or technical
information disclosed by the Disclosing Party to the Receiving Party in connection with this Agreement.

 

“Confirmation”
has the meaning ascribed thereto in clause 4.4.

 

“Contract
Year” means the twelve (12) month period beginning on the Effective Date, and each subsequent twelve (12) month period
during the Term.

 

    	- 3 -

     

    

 

“Customer”
has the meaning ascribed thereto in the Preamble.

 

“Customer Indemnified
Parties” has the meaning ascribed thereto in clause 10.1.

 

“Delivery”
means the actual delivery of the Product to Customer and the acceptance by Customer of the Product in accordance with clause
7.1.

 

“Disclosing Party”
as the meaning ascribed thereto in clause 14.1.

 

“DMR” has the meaning ascribed thereto in clause 5.3.

 

“EDI”
means electronic data interchange.

 

“Effective
Date” means the Completion Date as defined in the Purchase Agreement.

 

“Encumbrance”
means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option,
security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including
any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Export Regulations”
has the meaning ascribed thereto in clause 16.1.

 

“Factory
Test Report” means the report, the content of which is set forth in Schedule 4, that Philips shall prepare and maintain,
identifying the factory tests Philips completes on the Product prior to Delivery to support its compliance with the Specifications.

 

“Force Majeure”
has the meaning ascribed thereto in clause 0.

 

“Forecasts”
means those documents setting out anticipated demand for the Product as to be more particularly described in clause 3.2.

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality
of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority
or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the
force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Intellectual
Property Rights” means, in any and all jurisdictions, all: (a) patents and applications therefor, including all
continuations, continuations-in-part and provisionals and patents issuing thereon, and all reissues, re-examinations,
substitutions, renewals and extensions thereof (collectively, “Patents”); (b) trademarks, service marks,
trade names, trade dress, logos, corporate names, Internet domain names or uniform resource locators used in connection with
any global computer or electronic network, together with all translations, adaptations, derivations and combinations thereof,
and other source or business identifiers, together with the goodwill associated with any of the foregoing, and all
applications, registrations, renewals and extensions thereof; (c) industrial designs, designs and design rights; (d)
copyrights, works of authorship and moral rights, and all registrations, applications, renewals, extensions and reversions
thereof; (e) trade secrets, discoveries, concepts, ideas, research and development, Know How, formulae, inventions,
compositions, manufacturing and production processes and techniques, technical data, quality data, procedures, designs,
drawings, specifications, databases, and other proprietary or confidential information, including customer lists, supplier
lists, pricing and cost information, and business and marketing plans and proposals, which would constitute a “trade
secret” under applicable Law, in each case excluding any rights in respect of any of the foregoing that comprise or are
protected by Patents (“Trade Secrets”); (f) inventions, processes and designs; and (g) software, and all
source code, object code, data and documentation relating thereto.

 

    	- 4 -

     

    

 

“Know
How” means any and all concepts, ideas, information, data and documents of whatever nature, including, without limitation,
drawings, methods, techniques, designs, specifications, photographs, samples, models, processes, procedures, reports, particulars
of a technical nature (including, without limitation, any know how related to the manufacturing or design of Products and technical
and commercial know how).

 

“Law”
means all laws, statutes, ordinances, decrees, judgments, codes, standards, acts, orders, by-laws, rules, regulations, permits,
legally binding policies and guidelines and legally binding requirements of all Governmental Authorities.

 

“Lead-Time”
means, as applicable, the minimum number of days required between the date of the Purchase Order and the date of Delivery requested
in a Purchase Order as such number is listed in Schedule 2.

 

“Losses”
has the meaning ascribed thereto in clause 10.1.

 

“New Technology”
has the meaning ascribed thereto in clause 13.3.

 

“Other Transaction Documents” has
the meaning ascribed thereto in clause 6.6. “Parties” and “Party” have the meaning ascribed
thereto in the Preamble. “Permit” has the meaning ascribed thereto in clause 8.2(c).

 

“Person”
includes any individual, sole proprietorship, partnership, unincorporated association, unincorporated syndicate, unincorporated
organization, trust, body corporate and a natural person in his or her capacity as trustee, executor, administrator or other legal
representative.

 

“Project Manager”
has the meaning ascribed thereto in clause 12.8(a).

 

“Project Team”
has the meaning ascribed thereto in clause 12.8.

 

“Quality Agreement”
has the meaning ascribed thereto in clause 8.1.

 

“Philips” has
the meaning ascribed thereto in the Preamble.

 

    	- 5 -

     

    

 

“Philips Indemnitees” has the meaning
ascribed thereto in clause 10.1(ii)

 

“Product” means
the Sonalleve MR-guided HIFU device which Philips shall manufacture and supply according to this Agreement as specified in Schedule
1,including spare parts.

 

“Production Plan”
means the production plan setting forth the delivery limitations as specified in Schedule 3, and as may be updated in accordance
with clause 3.1.

 

“Purchase Order”
means an order for Products as may be submitted by Customer in accordance with clause 3.

 

“Quality
Agreement” means the Quality Agreement as described further in clause 8.1 of this Agreement, as the same may be amended
or supplemented from time to time in accordance with the terms thereof.

 

“Receiving Party” as the meaning
ascribed thereto in clause 14.1.

 

“Regulatory Transfer Date” has the
meaning ascribed to such term in clause 2.3. “Representatives” has the meaning ascribed to such term in clause
14.2. “Required Jurisdictions” [Redacted – Commercially Sensitive]

“RPA” means the
resale purchasing agreement between the Parties, dated as of the Effective Date.

 

“Specifications”
means the specifications for the Product as set out in Schedule 1, as such specifications be amended from time to time in accordance
with the terms of the quality agreement (the “Quality Agreement”).

 

“Term” has the
meaning ascribed thereto in clause 12.1.

 

“Third Parties” means a Person who
is not a Party or an Affiliate of a Party. “Transferred Confidential Information” has the meaning ascribed thereto
in clause 14.4. “Transition Plan” has the meaning ascribed thereto in clause 12.8.

“VAT” has the
meaning ascribed thereto in clause 6.1.

 

		2.	GENERAL, SCOPE

 

		2.1	During the Term, Philips shall manufacture and supply and
Customer shall purchase the Products ordered by Customer pursuant to Purchase Orders (issued by Customer and accepted by Philips)
in accordance with the terms and conditions of this Agreement.

 

    	- 6 -

     

    

 

		2.2	The Parties intend for the express terms and conditions
contained in this Agreement, including the Quality Agreement and any Schedules and Exhibits hereto or thereto, and in any Purchase
Order that are consistent with the terms and conditions of this Agreement to exclusively govern and control each of the Parties’
respective rights and obligations regarding the manufacture, purchase and sale of the Products, and the Parties’ agreement
is expressly limited to such terms and conditions. Notwithstanding the foregoing, if any terms and conditions contained in a Purchase
Order conflict with any terms and conditions contained in this Agreement, the applicable term or condition of this Agreement will
prevail and such additional, contrary or different terms will have no force or effect. Except for such additional and contrary
terms, the terms and conditions of all Purchase Orders are incorporated by reference into this Agreement for all applicable purposes
hereunder. Without limitation of anything contained in this clause 2.2, any additional, contrary or different terms contained
in any Confirmation (as defined below) or any of Philips’s invoices or other communications between the Parties, and any
other attempt to modify, supersede, supplement or otherwise alter this Agreement, are deemed rejected by Customer and will not
modify this Agreement or be binding on the Parties unless such terms have been fully approved in a signed writing by authorized
by both Parties.

 

		2.3	On the Effective Date, Philips (or its Affiliate, Philips
Oy) is the legal manufacturer of the Product. Customer hereby covenants and agrees to file with all applicable notified bodies
and Governmental Authorities, including but not limited to BSI, Notified Body and ISO Registrar, on a jurisdiction-by-jurisdiction
basis, within the applicable time periods for each jurisdiction outlined in the “Transitional Service Level Agreement”
(TSLA Number: QR01, TSLA Title: Transfer of Legal Manufacturers), all documentation required or necessary to change the legal
manufacturer of the Product in each Required Jurisdiction from Philips Oy to Customer for all applicable regulatory purposes.
In order to expedite and achieve such change of legal manufacturer and to achieve the required changes outlined in such Transitional
Service Level Agreement, Customer shall fully cooperate with as required by and actively facilitate the above registration process
by the applicable notified bodies and Governmental Authorities in each Required Jurisdiction. On a jurisdiction-by-jurisdiction
basis, from the date that the legal manufacturer is updated to Customer in such jurisdiction, Philips will supply the Products
in such jurisdiction as contract manufacturer of Customer under this Agreement.

 

		2.4	Philips shall provide such reasonable support, assistance
and information reasonably requested by Customer and as outlined in the above referenced Transitional Service Level Agreement
(including, to achieve the required changes outlined in such Transitional Service Level Agreement) in connection with Customer’s
transfer of the registrations in respect of the Product from Philips to Customer (as contemplated by clause 2.3 above), including,
those services outlined in the Transitional Service Level Agreement, participating in any meeting with the applicable Governmental
Authority reasonably requested by Customer and subject to the limitations and the obligations of the Parties under the “Transitional
Service Level Agreement” (TSLA Number: QR01, TSLA Title: Transfer of Legal Manufacturers) concluded by the Parties in conjunction
with the Purchasing Agreement.

 

		3.	DELIVERY CAPACITY, FORECAST

 

		3.1	Philips shall maintain a delivery capacity, which allows
Philips to deliver the Products in accordance with the Lead Times, Forecasts and Purchase Orders, but always subject to the supply
limitations, if any, outlined in the Production Plan. Such Production Plan may be updated, and the production capacity may be
increased only by the Parties’ written agreement and any reasonable additional incremental (and documented) investment required
to exclusively satisfy such increase shall be borne by Customer. Philips shall not be held liable for rejecting any Purchase Order
through which the volume in any Contract Year or the relevant quarter exceeds the volume indicated in the Production Plan.

 

    	- 7 -

     

    

 

		3.2	Customer shall provide Philips in good faith on a monthly
basis, on the later of (i) seven (7) days prior to the beginning of each calendar month a rolling [Redacted – Commercially
Sensitive] forecast for the Products (including the major configuration of each Product such as field strength) (“Forecast”)
it expects to purchase during such [Redacted – Commercially Sensitive] period. Such Forecast shall be provided in
writing or in any other mutually agreed manner of communication (e.g., EDI or email). Notwithstanding any other obligation set
forth herein, Customer shall give Philips at least [Redacted – Commercially Sensitive] prior written notice if, during
the Term, it intends to discontinue the purchase of any Products hereunder, or if it intends to substantially decrease, versus
the Forecast, its purchase demand hereunder. For greater certainty, if Philips (or an Affiliate of Philips) is delayed in delivering
any “Forecast” contemplated by the RPA, the Customer’s obligations to deliver the Forecast hereunder (solely
in respect of that portion of the Forecast that corresponds to the volume of Product to be sold to Philips (or an Affiliate of
Philips) pursuant to the RPA) shall be tolled until Philips (or an Affiliate of Philips) delivers the corresponding “Forecast”
under the RPA.

 

		3.3	Notwithstanding Customer’s obligations pursuant to
clauses 3.1 and 3.4, the first [Redacted – Commercially Sensitive] of each Forecast shall constitute a binding commitment
of Customer to purchase the quantities of Products set forth in the relevant Forecast for such [Redacted – Commercially
Sensitive] period. The Forecast for the period beyond this two (2) month period shall be non-binding except to the extent
otherwise provided in clause 3.4. Only Purchase Orders as accepted by Philips, as set forth in clause 3.4 below, constitute an
obligation for Philips to actually produce the so ordered Products and no quantities of Products in the Forecast provided by Customer
shall constitute an accepted Purchase Order.

 

		3.4	Customer shall have the right to increase or decrease,
as the case may be, the [Redacted– Commercially Sensitive] Forecast only within the limitations set forth in the
Production Plan per quarter.

 

		3.5	The reasonable and documented costs of all materials, parts
and components which have been purchased and paid for by Philips in order to meet Customer’s demand as may be concluded,
based on the historical operations of Philips in the ordinary course of business, on the basis of Customer’s Forecast, shall
be reimbursed, at inventory value without additional mark up by Customer against invoice in accordance with the payment terms
of this Agreement in such instance where any such materials are not used in the production of any Products to meet any Purchase
Orders of Customer within [Redacted – Commercially Sensitive] of the purchase of such materials. The same reimbursement
obligation shall apply at the end of the Term for materials, parts and components then available at Philips. Such materials, parts
and/or components shall be delivered to Customer [Redacted – Commercially Sensitive]. Upon payment the title of the
materials, parts and/or components shall transfer to Customer.

 

    	- 8 -

     

    

 

		4.	PURCHASE ORDERS

 

		4.1	Customer shall place Purchase Orders in writing (or any
other mutually agreed manner of communication, e.g. email or EDI) within the Lead-Time and in accordance with the Forecast provided
to Philips in accordance with clause 3.

 

		4.2	Each Purchase Order shall be given in writing (or such
other manner of communication (e-mail) as may be mutually agreed from time to time) and shall specify:

 

		(a)	Purchase Order number;

 

		(b)	the type (including Product name and codes) and quantity
of Products ordered;

 

		(c)	the requested date of Delivery;

 

		(d)	destination – ship to address;

 

		(e)	the services ordered for the ordered Product; and

 

		(f)	such other information as Philips may reasonably request
from time to time.

 

		4.3	No Purchase Order shall be deemed to be accepted by Philips
until accepted in writing (including by email or another agreed manner of communication) by Philips or as otherwise contemplated
by clause 4.4 below. Philips shall not reject any Purchase Order which is placed in accordance with the Forecast, the Lead Time
and otherwise in accordance with this Agreement, unless Philips is entitled to reject on the basis of clause 3.1 or 4.4.

 

		4.4	Philips shall confirm to Customer the receipt of each Purchase
Order issued hereunder (each, a “Confirmation”) within seven (7) days following Philips’s receipt thereof
in writing or in any other mutually agreed manner of communication (e.g., EDI or email). Each Confirmation must reference Customer’s
Purchase Order number, confirm acceptance of the Purchase Order, include a confirmed date of Delivery (which may differ from the
requested one in the Purchase Order) or, solely if permitted under this clause 4.4, advise Customer of Philips’s rejection
of such Purchase Order, the date of acceptance or rejection and the basis for rejection, if applicable. If Philips commences performance
under such Purchase Order, Philips will be deemed to have accepted the Purchase Order. Customer may withdraw any Purchase Order
prior to Philips’ acceptance thereof. Philips may only reject a Purchase Order if (a) the quantity ordered by Customer in
such Purchase Order is inconsistent with the quantity in the applicable Forecast in accordance with clause 3.2 (as amended pursuant
to clause 3.4), (b) Philips has sent Customer a Notice of termination pursuant to clause 12 or (c) the applicable Purchase Order
includes terms and conditions that supplement those contained in this Agreement, which Philips is unwilling to accept. Philips
may not cancel any previously accepted Purchase Order hereunder. Customer may not cancel a previously accepted Purchase Order
..

 

    	- 9 -

     

    

 

		5.	DELIVERY, TRANSFER OF RISK AND OWNERSHIP

 

		5.1	[Redacted – Commercially Sensitive – Delivery
Details]

 

		5.2	If Customer fails to take Delivery of ordered Products
at the date of Delivery acknowledged by Philips, then Philips may deliver the Products in consignment and at Customer’s
risk and cost.

 

		5.3	Philips will manufacture, handle, properly pack, mark and
ship the Products in accordance with Customer’s instructions provided to Philips in writing as part of the Device Master
Record (“DMR”) or as otherwise set forth in the Quality Agreement. The purchase price for the Product includes
the costs of packaging as defined in the DMR, but any additional costs resulting from compliance with non-standard packaging specifications
(i.e., different from as defined in the DMR) shall be added to the Price.

 

		5.4	[Redacted – Commercially Sensitive – Delivery
Details]

 

		6.	PRICE AND PAYMENT

 

		6.1	Prices are exclusive of any federal, state or local sales,
use or excise taxes and any, value added tax imposed solely as a result of the sale and transfer of the Products (VAT). Philips
will list separately on its invoice any tax lawfully applicable to the relevant Purchase Order and payable by Customer, if any,
with respect to which Customer does not furnish evidence of exemption. Philips is responsible for remitting any applicable VAT,
sales tax, consumption tax, or any other similar tax, in each instance, that were charged to Customer under an applicable Purchase
Order, to the appropriate tax authorities in accordance with applicable Laws and required timelines. Philips will issue an invoice
containing wording that will allow Customer to take advantage of any applicable “input” tax deduction.

 

		6.2	Purchase prices for the Products are set out in Schedule
1. Prices are firm and fixed for the Term and shall include all costs for work performed, Delivery according to this Agreement
and packaging as set forth in clause 5.3 above.

 

		6.3	Any invoices provided by Philips shall refer to the Purchase
Order number and any other details required by applicable Law. Philips shall invoice for the purchase prices set out in Schedule
1 on or at any time after Delivery.

 

		6.4	Philips invoices, compliant with the requirements of this
Agreement, will be payable within [Redacted – Commercially Sensitive] following the end of the month of the date
of invoice. Customer shall make all payments in Euros by check, wire transfer or automated clearing house to the bank account
designated by Philips.

 

		6.5	[Redacted – Commercially Sensitive – Late Payment
Details]

 

		6.6	[Redacted – Commercially Sensitive]

 

    	- 10 -

     

    

 

		7.	CONFORMITY OF PRODUCTS

 

		7.1	Philips represents and warrants to Customer that all Products
delivered and any services provided hereunder:

 

		i.	conform to the Specifications
on the Delivery Date [Redacted – Commercially Sensitive];

		ii.	unless otherwise agreed with Customer in writing, are new
(do not contain any used or reconditioned parts or materials) and fit for the purposes for which they are intended;

		iii.	are of sound workmanship,
good quality and free from defects in construction, manufacture and material [Redacted – Commercially Sensitive];

		iv.	the manufacturing and shipment of the Product comply in
all respects with applicable Laws, regulations, certification requirements, including health and safety standards and all other
applicable regulatory requirements for the manufacture and shipment of Products;

		v.	are free and clear of all liens, encumbrances, and other
Claims against title; and

		vii.	comply in all respects with the terms of this Agreement
and the applicable Purchase Orders.

 

		7.2	[Redacted – Commercially Sensitive]

 

		7.3	[Redacted – Commercially Sensitive] the foregoing
warranties will survive any inspection, delivery, acceptance, or payment by Customer and will be enforceable by Customer and its
Affiliates, and their successors, assigns, subcontractors, distributors, dealers, agents and customers and all other entities
combining, selling or using Products or goods into which Products have been incorporated (together, the “Customer Parties”),
for the period set forth in clause 7.4.

 

		7.4	Without prejudice to any other rights accruing under this
Agreement or law, the warranties set forth in clause 7.1 will extend for a period of [Redacted – Commercially Sensitive
 – Warranty Details]. Products repaired or replaced by Philips within the Warranty Term are warranted for the remainder
of the original Warranty Term of said Products.

 

		7.5	In respect of failure to meet the Specifications, if Products
do not comply with the warranties set forth in clause 7.1, Customer may then, after having consulted Philips as to the most appropriate
remedy, elect reasonably to have Products:

 

		i.	returned to Philips for repair or replacement;

		ii.	repaired or replaced by Philips in the field; or

		iii.	repaired or replaced by Customer in the field, including
Products in distributor inventory and Customer’s installed base; or

 

    	- 11 -

     

    

 

		iv.	returned to Philips in exchange for a full refund of the
purchase price for the non-conforming Products paid under this Agreement.

 

		7.6	Philips will bear all costs, including transportation and
labor costs, in connection with the repair or replacement of, and all other costs or damages Customer may incur as a result of
Products not complying with clause 7.1. If Philips agrees that Customer performs the repair, Philips will provide Customer free
of charge with any replacement Product or upgrade necessary, and will reimburse Customer for all costs relating to such repair,
including any related labor costs.

 

		7.7	If Customer or any relevant Governmental Authority determines
that a recall campaign is necessary, Customer will implement such recall campaign at Customer’s sole cost and risk. Customer
hereby covenants and agrees that it shall bear all costs and expenses related to the implementation of any such recall. In case
of a recall of the Product, Philips shall at its sole cost provide full cooperation to Customer in order to achieve an efficient
and effective recall by Customer. Philips shall provide such cooperation at its own costs, including internal organizational costs
but not including the costs of repair, replacement, installation of Products and logistics related to the recall [Redacted
 – Commercially Sensitive]. For greater certainty, the obligations of the Parties pursuant to this clause 7.6 shall only
apply in respect of Products sold or distributed on or after the Effective Date, and for clarity, to thwe extent there is a recall
that involves any Product sold or distributed prior to the Effective Date, the covenants and obligations of the Parties pursuant
to this clause 7.6 shall not apply (and shall be addressed by the terms of the Purchase Agreement).

 

		7.8	[Redacted – Commercially Sensitive – Warranty
Details]

 

		8.	QUALITY AND REGULATORY AND COMPLIANCE WITH LAWS

 

		8.1	The Parties have entered into a Quality Agreement on or
around the Effective Date, detailing Customer’s requirements, as the legal manufacturer of the Product, with respect to
the manufacturing of the Product by Philips as the contract manufacturer. . The Quality Agreement is deemed to be incorporated
into this Agreement by reference and made a part hereof, and to the extent of a conflict between the terms of the Quality Agreement
and this Agreement, the terms and provisions of this Agreement shall prevail.

 

		8.2	Until, on a jurisdiction by jurisdiction basis, the Regulatory
Transfer Date, Philips shall

 

		(a)	remain the legal manufacturer of the Product according
to its own quality management systems.

 

		(b)	comply, in all material respects, with all applicable Laws,
Philips’ operation of its business and the exercise of its rights and performance of its obligations hereunder (including,
the manufacture of the Product). Without limitation of the foregoing, Philips shall ensure the Product is manufactured in accordance
with applicable Laws.

 

    	- 12 -

     

    

 

		(c)	obtain and maintain all Permits necessary for the exercise
of its rights and performance of Philips’ obligations under this Agreement, including any Permits required for the manufacture
of the Product and the import or any materials and other manufacturing parts used in the production and manufacture of the Product,
and the shipment of hazardous materials, as applicable. For purposes of this Agreement, “Permit” means any
permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances and similar rights obtained or
required to be obtained, from any Governmental Authority.

 

		9.	CHANGES TO PRODUCT

 

		9.1	Any changes to the Product proposed by Philips shall be
discussed and handled by the Parties as described in the Quality Agreement. Until execution of the Quality Agreement, the provisions
of this clause 9 shall apply.

 

		9.2	Philips shall be entitled to make changes to the Products
to comply only with any applicable Laws. Without prejudice to the foregoing, it is understood and agreed that Customer (and not
Philips) shall be responsible to notify Philips of any changes required to comply with any applicable Laws, as long as such applicable
Laws concern the Products.

 

		9.3	Customer may reasonably request and Philips may propose,
in writing, that Philips makes a change to the method of packing, a change to the packaging, or the Products. Such request or
proposal (as applicable) will include a description of the requested/proposed change sufficient to allow Philips, using commercially
reasonable efforts, to evaluate the feasibility and impact on costs and other terms of such requested change, it being understood
that Customer shall pay for any reasonable incremental and documented costs incurred by Philips in connection with such evaluation.
All such changes are subject to Philips’s written approval (and in case of a change proposal by Philips, Customer’s
written approval), which cannot unreasonably withheld, conditioned or delayed, it being understood that, if technically feasible
and commercially reasonable, Philips shall make any changes required to comply with any applicable Laws upon Customer’s
written request. Philips will not be obligated to agree or accept any such request for a change nor to proceed with the requested
change until the Parties have mutually agreed upon the changes to the Product’s Specifications, the price, the implementation
costs to be borne by Customer including, without limitation, development and other non-recurring expenses, the cost of inventory
and materials that may become obsolete, and any other terms of this Agreement.

 

		9.4	The incremental and documented costs of any changes (including
any non-recurring costs such as development and re-engineering costs, as well as costs of changes to the tools used to manufacture
the changed Products) shall be borne by Customer. All such charges will be charged to Customer at cost, without any additional
markup.

 

		10.	INDEMNIFICATION AND LIMITATION OF LIABILITY

 

		10.1	Indemnification by Philips

 

		(i)	Philips will defend, indemnify and hold harmless Customer
and its Affiliates and their respective directors, officers, employees and agents, and their successors, heirs and assigns (the
 “Customer Indemnitees”) from and against all liabilities, costs, damages, Claims and expenses, including 
reasonable attorney’s fees, arising from or related to any actual or alleged [Redacted – Commercially Sensitive
 – Indemnification Details].

 

    	- 13 -

     

    

 

		(ii)	Customer will defend, indemnify and hold harmless Philips
and its Affiliates and their respective directors, officers, employees and agents, and their successors, heirs and assigns (the
 “Philips Indemnitees”) from and against all liabilities, costs, damages, Claims and expenses, including reasonable
attorney’s fees, arising from or related to any actual or alleged [Redacted – Commercially Sensitive – Indemnification
Details]

 

		10.2	[Redacted – Commercially Sensitive – Indemnification
Details]

 

		10.3	[Redacted – Commercially Sensitive – Indemnification
Details]

 

		10.4	The limitations and exclusions set forth above in this
clause 10 shall apply to the fullest extent permitted by applicable Law.

 

		11.	TOOLS

 

		11.1	The Parties will conclude contract(s) managing the ownership
and use of tools and equipment needed for the manufacturing of the Products.

 

		12.	TERM AND TERMINATION AND TRANSITION

 

		12.1	This Agreement shall come into force on the Effective Date
and shall remain in force and effect for a period of [Redacted – Commercially Sensitive – Term Details] , unless
this Agreement is extended or previously terminated in accordance with this clause 12, pursuant to clause 15.1 (Force Majeure),
or (ii) by the mutual written consent of the Parties (the “Term”).

 

		12.2	Customer, in its sole discretion, may terminate this Agreement,
without cause, by providing six (6) months prior written notice to Philips. Philips may terminate this Agreement with immediate
effect by written notice to Customer, should Customer not have filed with the specified bodies to transfer the applicable registrations
within the time period specified in clause 2.3.

 

		12.3	Without prejudice to any other right or remedy a Party
may have against the other Party for breach or non-performance of this Agreement, Each Party may suspend performance of its obligations
under the Agreement or terminate this Agreement upon written notice to the other Party if:

 

		(a)	the other Party files a voluntary petition in bankruptcy
or any voluntary proceeding relating to insolvency, receivership, liquidation, assignment for the benefit of creditors or similar
proceeding;

 

		(b)	the other Party becomes the subject of a petition in bankruptcy
or any proceeding relating to insolvency, receivership, liquidation, assignment for the benefit of creditors or similar proceeding
and such petition or proceeding is not dismissed within thirty (30) days from filing of such petition or proceeding;

 

    	- 14 -

     

    

 

		(c)	the other Party materially breaches any of its obligations
under the Agreement, and the breaching failures to cure such breach within [Redacted – Commercial Sensitive – Termination
Timing] after it receives written notice from the non-breaching Party to cure same;

 

		(d)	[Redacted –
Commercially Sensitive – Termination Timing]

 

		(e)	conviction of, or commission by, the other Party or any
principal officer, shareholder, employee or any partner of the other Party of any crime or immoral act which may adversely affect
the goodwill or reputation of Customer or Philips;

 

		12.4	If Philips causes the Agreement to be terminated, directly
or indirectly, then Philips undertakes to sell all Products which have been ordered by Customer but not yet delivered at the date
of termination upon the terms and conditions of this Agreement.

 

		12.5	On termination or expiry of this Agreement, each Party
shall promptly:

 

		(a)	return to the other Party all equipment, materials and
property belonging to the other Party that the other Party had supplied to the other Party (or its Affiliates) in connection with
the supply and purchase of the Products under this Agreement;

 

		(b)	cooperate with the other Party to arrange for the sale
and purchase of the materials, parts and components as referred to in clause 3.4;

 

		(c)	return to the other Party all documents and materials (and
any copies) containing the other party’s Confidential Information;

 

		(d)	erase all the other party’s Confidential Information
from its computer systems (to the extent possible); and

 

		(e)	on request, certify in writing to the other Party that
it has complied with the requirements of this clause.

 

On
termination or expiry of this Agreement Philips shall facilitate an orderly transition of suppliers from Philips to Customer
in accordance with the requirements outlined in Section 5.4 (Material Supplier Contracts) of the Purchase Agreement,
including using commercially reasonable best efforts to assist Customer to enter into supply agreements directly with the
counterparties to the Material Supplier Contracts (as defined in the Purchase Agreement) on terms that are satisfactory to
the Customer, acting reasonably.

 

    	- 15 -

     

    

 

		12.6	Termination of this Agreement in accordance with this clause
12, is without prejudice to any right to claim for amounts or interest accrued prior to the date of such termination under this
Agreement.

 

		12.7	All terms and conditions of this Agreement which are intended
(whether expressed or not) to survive the duration or termination of this Agreement will so survive, including, for greater certainty,
clauses 2.3, 2.4, 6, 10, 12, 13, 14, and 18.

 

		12.8	Within [Redacted – Commercially Sensitive –
Time Period] of the Effective Date, the parties shall negotiate, acting reasonably and in good faith, a transition plan (the
 “Transition Plan”) to provide for a smooth transfer and transition of the manufacturing activities under this
Agreement to Customer, an Affiliate of Customer or a third party manufacturer designated by Customer. The Transition Plan shall
be negotiated based on the key transition terms outlined in Schedule 5 hereto (the “Transition Plan Term Sheet”).
In connection with the negotiation and ultimately implementation of the Transition Plan, Parties shall install a project team
which:

 

		(a)	shall have a manager (“Project Manager”),
one from Philips, who has experience in transferring manufacturing actives, and one from Customer, who has experience in setting
up manufacturing activities;

 

		(b)	shall be committed with sufficient capacity – made
available by both Parties – to execute the Transition Plan within the given time frame (quantity), and the Parties shall
ensure that sufficient and reasonable organizational resources are provided to each such Project Manager to ensure a smooth, uninterrupted
and efficient transition of the manufacturing of the Product;

 

		(c)	shall be sufficiently skilled and experienced with the
activities under this Agreement (quality);

 

		(d)	shall be fully dedicated to the timely and adequate execution
of the Transition Plan.

 

		12.9	The Parties shall perform such activities as set forth
in the Transition Plan and shall otherwise perform all such obligations in good faith to ensure a smooth transfer of the manufacturing
activities under this Agreement to Customer. In connection with the Transition Plan, Customer will pay all reasonable freight
cost and any Philips’ employee (or third parties engaged by Philips) at [Redacted – Commercial Sensitive –
Billing Rate], as needed, in connection with the implementation of the Transition Plan. For greater certainty, Philips will
only engage third party support to assist with the transition if such additional support is required in order to implement the
Transition Plan and such additional support is previously approved by Customer in writing (not to be unreasonably withheld). If
to the opinion of the Project Team, circumstances occur in which the timely and/or proper execution of the Transition Plan is
obstructed, this shall be immediately reported to the relevant executive officers of both Parties for immediate resolution.

 

    	- 16 -

     

    

 

		13.	INTELLECTUAL PROPERTY RIGHTS

 

		13.1	Customer grants to Philips, during the Term, a non-exclusive,
royalty-free, non-transferrable right to make, have made, use, sell, reproduce, adapt, distribute, or otherwise use or practice
Customer’s Intellectual Property Rights solely in connection with manufacturing of the Products and packaging to Customer
pursuant to this Agreement.

 

		13.2	Customer represents and warrants that any Product manufactured
by Philips under this Agreement in accordance with the Specifications does not infringe, misappropriate, or otherwise violate
any third party Intellectual Property Rights.

 

		13.3	All right, title and interest in any and all Intellectual
Property Rights and Know How resulting or based on any services by Philips or its Affiliates hereunder or enhancements carried
out or technology developed during manufacture of the Products and that relate specifically and solely to the manufacture of the
Product (“New Technology”), in each case, that were developed for the Product, will be owned exclusively by
Customer. Philips hereby assigns and shall cause its Affiliates to assign all right title and interest in New Technology to Customer,
and shall cause all employees or service providers to assign all right title and interest and waive any moral rights in New Technology.
For greater certainty, “New Technology” shall exclude any (x) modification to Philips pre-existing Intellectual Property
Rights (which, shall exclude any Intellectual Property Rights forming part of the “Purchased Assets” under the Purchase
Agreement) and (y) developments developed not for the Products (collectively, “Philips Retained Product IP’),
provided that Philips and its Affiliates hereby grant to Customer under any such Intellectual Property Rights, which are applicable
or used for the manufacturing of the Product, a non-exclusive, non-transferable (except in accordance with clause 18.4 (Assignment)),
irrevocable, world-wide, fully paid-up license, without the right to grant sub-licenses, to make, have made, sell or commercialize
in any other way the Product.

 

		13.4	The sale of any Products under this Agreement shall not
constitute the transfer of any ownership rights or title in any Intellectual Property Rights or Know How in or to such Products.

 

		14.	CONFIDENTIALITY

 

		14.1	Confidential Information may be disclosed by or on behalf
of a Party or its Affiliates (the “Disclosing Party”) to the other Party or its Affiliates (the “Receiving
Party”) in connection with this Agreement. Each Party agrees to keep the other Party’s (and its Affiliates) Confidential
Information confidential and not to reproduce or disclose such Confidential Information to any third party, or to use it for any
purpose other purpose than for the purposes of this Agreement. Each Party shall protect any Confidential Information of the other
Party (and its Affiliates) with the same degree of care used in protecting its own Confidential Information, but no less than
a reasonable degree of care. Unless otherwise mutually agreed in writing, the Confidential Information shall remain the property
of the Disclosing Party. Each party’s obligation to protect the Confidential Information of the other Party shall continue
for a period of [Redacted – Commercial Sensitive – Time Period] following the date of termination of this Agreement.

 

    	- 17 -

     

    

 

		14.2	Each Party may disclose the other Party’s Confidential
Information to its and its Affiliates’ employees, officers, lawyers, accountants, professional advisers, consultants and
sub-contractors (collectively, “Representatives”) or financing sources (both debt and equity) or any prospective
acquirer of a Party (or substantially all of the assets related to the Products)(collectively, “Other Recipients”)
on a strict need to know basis, provided that such Representatives and Other Recipients are subject to confidentiality obligations
and/or agreements at least as stringent as the confidentiality restrictions imposed by this clause 14 on the Receiving Party.

 

		14.3	The confidentiality obligations set out in this clause
14 shall not apply to any information (but only to the extent that such information) and the definition of “Confidential
Information” shall not be deemed to include any information that:

 

		(a)	is generally available from public sources or in the public
domain through no fault or breach of the Receiving Party or any of its Representatives;

 

		(b)	becomes available to the Receiving Party (or any of its
Affiliates) unless the Receiving Party (or such Affiliate) is aware that such source was bound by a confidentiality agreement
with the Disclosing Party or any or its Representatives or otherwise under a contractual, legal, fiduciary or other obligation
of confidentiality with respect such information;

 

		(c)	developed independently by the Receiving Party or any of
its Affiliates without use of or reliance on the Disclosing Party’s (or any of its Affiliates’) Confidential Information
as demonstrated by written records; or

 

		(d)	was known or in the possession of the Receiving Party (or
any of its Affiliates) prior to its disclosure by the Disclosing Party unless the Receiving Party (or such Affiliate) is aware
that the source of such information was bound by a confidentiality undertaking to the Disclosing Party (or its Affiliates) or
any or its Representatives or otherwise under a contractual, legal, fiduciary or other obligation of confidentiality with respect
to such information.

 

    	- 18 -

     

    

 

		14.4	Notwithstanding any of the carve outs to the definition
of “Confidential Information” contained in clause 14.3, any Confidential Information in respect of the “Purchased
Assets” and the “Business” (each, as defined under the Purchase Agreement) shall be deemed the Confidential
Information of Customer (the “Transferred Confidential Information”), and, in respect of Philips, the carve
out to the definition of “Confidential Information” contained in clause 14.3 shall not apply to any Transferred Confidential
Information, notwithstanding the fact that Philips was aware, had possession of, or independently developed any such Transferred
Confidential Information prior to the Effective Date

 

		14.5	Clause 14 does not prohibit disclosure or use of any Confidential
Information if and to the extent that the disclosure or use is required by applicable Law, any judicial or administrative proceedings,
or the rules of any recognized stock exchange on which the shares of any Party are listed, provided that prior to such disclosure,
the Receiving Party promptly notifies the Disclosing Party of such requirement with a view to providing the Disclosing Party with
the opportunity to contest such disclosure or use and/or to obtain a protective order or otherwise to agree to the timing and
content of such disclosure or use and the Receiving Party shall at the request of the Disclosing Party, assist the Disclosing
Party in contesting such disclosure and/or obtaining a protective order; provided further that the Receiving Party shall only
disclose such portions of the Confidential Information that are strictly required to be disclosed by applicable Law, and if permitted
by applicable Law, the Disclosing Party shall be provided with the opportunity to review and comment on the disclosure to be made.

 

		14.6	Each Party reserves all rights in its and its Affiliates’
Confidential Information. No rights or obligations in respect of a Party’s Confidential Information other than those expressly
stated in this Agreement are granted to the other Party or to be implied from this Agreement. Each Party, and its Representatives
shall protect and keep confidential and shall not use, publish or otherwise disclose to any Third Party, except as permitted by
this Agreement, or with the other Party’s written consent, the other Disclosing Party’s Confidential Information.

 

		15.	FORCE MAJEURE

 

Notwithstanding
any provision to the contrary contained in this Agreement, the Parties shall be excused from the consequences of any breach
of this Agreement if and to the extent that such breach was caused in whole or in part by a Force Majeure event, provided
that (a) the affected Party shall not in any material way have caused or contributed to such Force Majeure event, (b) the
Force Majeure event could not have been prevented by reasonable and ordinary precautions (as would be employed by a
reasonably prudent person in the position of the affected party), and (c) the Force Majeure event could not reasonably have
been circumvented by the affected Party by reasonable and ordinary commercial means, such as the use of alternate suppliers
or subcontractors. Notwithstanding the foregoing:

 

		(a)	the existence or occurrence of a Force Majeure event shall
excuse a breach of this Agreement only for such period of time as the Force Majeure event remains in existence and only to the
extent that such Force Majeure event has caused in whole or in part the breach of this Agreement;

 

    	- 19 -

     

    

 

		(b)	the existence of a Force Majeure event that has caused
a breach of this Agreement shall not prevent a Party from asserting and acting upon a breach of this Agreement that has not been
caused by a Force Majeure event;

 

		(c)	If a Party is not or is not expected to be able to perform
any material obligation under this Agreement due to a Force Majeure event for a period of [Redacted – Commercial Sensitive
 – Time Period] or more, the other Party may terminate this Agreement without liability.

 

		(d)	Notwithstanding the foregoing, Customer may cancel without
liability any affected Purchase Orders if the Force Majeure event would result in a delay in delivery of more than [Redacted
 – Commercial Sensitive – Time Period].

 

For the purposes
of this clause 15, “Force Majeure” means any prevention, delay, stoppage or interruption in the performance
of any obligation or the occurrence of any event due to an act of God, the occurrence of enemy or hostile actions, sabotage, war,
blockades, terrorist attacks, insurrections, riots, epidemics, nuclear and radiation activity or fall-out, civil disturbances,
explosions, fire or other casualty, failure of energy sources, any industry-wide material shortage and changes in governmental
or regulatory action or legislation or regulation, third party labour disputes or strikes or any other similar causes beyond the
control of the Party seeking relief from its obligations as a result of such event, but not including, for clarity, any financial
inability of Philips or any of its Affiliates or the failure of any subcontractor to perform obligations owed to Philips unless
when those are caused by Force Majeure.

 

		16.	EXPORT CONTROL

 

		16.1	Customer understands that certain transactions of Philips
are subject to export control Laws and regulations, such as but not limited to the UN, EU and the USA export control Laws and
regulations, (“Export Regulations”) which prohibit export or diversion of certain products and technology to
certain countries. Any and all obligations of Philips to export, re-export or transfer Products as well as any technical assistance,
training, investments, financial assistance, financing and brokering will be subject in all respects to such Export Regulations
and will from time to time govern the license and Delivery of Products and technology abroad by persons subject to the jurisdiction
of the relevant authorities responsible for such Export Regulations. If the Delivery of Products, services and/or documentation
is subject to the granting of an export or import license by certain governmental authorities or otherwise restricted or prohibited
due to export/import control regulations, Philips may suspend its obligations and Customer’s and/or end-user’s rights
until such license is granted or for the duration of such restrictions or prohibitions. Furthermore, Philips may even terminate
the relevant order in all cases without incurring any liability towards Customer or end-user.

 

		16.2	Philips undertakes to provide Customer on request and in
a timely fashion, with the following information in relation to the Products:

 

		(a)	The country of origin of items to be supplied; and

 

    	- 20 -

     

    

 

		(b)	The applicable export control classification number of
items known by Philips to be so subject to control.

 

		16.3	Each Party will provide the other with reasonable assistance
when applying for export licences for the Product.

 

		16.4	Customer warrants that it will comply in all respects with
the export, re-export and transfer restrictions set forth in such Export Regulations or in export licenses (if any) for every
Product. Customer will not re-export the Product to any Third Parties unless Customer first obtains the same warranty as Customer
is providing in the first sentence of this clause 16.4 from such third party.

 

		16.5	Customer shall take all commercially reasonable actions
in a manner consistent with industry practice, that are within its reasonable control to help minimize the risk of a customer/purchaser
or end-user contravening such Export Regulations.

 

		17.	REGULATORY MATTERS

 

Until execution
of the Quality Agreement, the following provision shall govern the regulatory aspects of the activities under this Agreement.

 

		17.1	Regulatory Actions

 

Customer and
Philips agree to notify each other within two (2) Business Days of any regulatory action affecting the Product.

 

		17.2	Government Inspections, Compliance Review and Inquiries

 

Upon
request of any Governmental Authority or any third party entity authorized by a Governmental Authority, such entity shall,
for the purpose of regulatory review and compliance, have access to observe and inspect the: (i) facilities of Philips; and
(ii) manufacturing, testing, storage and preparation for shipment of Product, including development operations in respect of
manufacturing, and auditing the Philips facility for compliance with applicable Laws. Philips shall give Customer prompt
written notice of any upcoming inspections or audits by a Governmental Authority, governmental entity or any third party
entity authorized by a Governmental Authority of the Philips facility or any of the foregoing, shall provide Customer with a
written summary of such inspection or audit within five (5) Business Days following completion thereof. Philips agrees to use
commercially reasonable efforts to promptly rectify or resolve any deficiencies (consisting of any failure to meet applicable
regulatory requirements under applicable Law then in force) noted by a Governmental Authority, governmental entity or any
third party entity authorized by a Governmental Authority in a report or correspondence issued to Philips or Customer.
Subject to any specific arrangements agreed upon by the parties and subject to any limitations due to the fact (and until)
Philips is the legal manufacturer, Customer shall be responsible for communicating with any Governmental Authority concerning
the Product or the marketing, distribution, sale use of the Product, and Philips shall provide Customer with such assistance
as Customer may reasonably require to assist it in such communications. Philips shall have no such communications
specifically related to the Product, except to the extent (and notwithstanding its confidentiality undertakings in this
Agreement) that they relate to Philips’s manufacture, testing, storage and preparation for shipment of Product
under this Agreement or as required of Philips directly by the Governmental Authority (including but not limited to due to
the fact (and until) Philips is the legal manufacturer of the Product), in which case Philips shall be responsible for such
communications. Notwithstanding the foregoing and except to the extent that an immediate or urgent communication is necessary
under the circumstances or required by applicable Law, Philips in good faith shall consult in advance with Customer regarding
all communications with any Governmental Authority that relate to Product or to Philips’ ability to manufacture the
Product pursuant to this Agreement.

 

    	- 21 -

     

    

 

		17.3	Complaints and Adverse Events

 

Philips and
Customer shall fully comply with the terms of the Quality Agreement regarding their respective obligations and responsibilities
with respect to any complaints or adverse events regarding the Product and other activities related to this Agreement.

 

		17.4	Records

 

Philips shall
maintain, and provide Customer reasonable access to, all records, both during and after the termination or expiration of this Agreement,
in accordance with the Quality Agreement. The cost of any off-site storage of such records after the Term of this Agreement shall
be borne by Customer and invoiced on a calendar quarter basis. After the Term, Customer may elect to have such records delivered
to it upon reimbursing Philips for its reasonable costs of such transfer.

 

		17.5	Testing, Documentation, and Quality Assurance

 

Philips shall
maintain, and provide Customer reasonable access to, accurate and complete production records with respect to the manufacture of
the Product in accordance with the Quality Agreement.

 

The Parties
agree to execute, and shall comply with their respective obligations and duties set forth in, the Quality Agreement. To the extent
that there is any conflict between the terms of this Agreement and the Quality Agreement, the terms of this Agreement shall govern.

 

		17.6	Cooperation as to Adverse Events, Product Inquiries and
Recalls

 

Each Party shall
provide to each other in a timely manner all information which the other party reasonably requests regarding the Product in order
to enable the other party to comply with all applicable Laws. Without limiting the foregoing, each Party will cooperate fully with
the other party in connection with any recall efforts and mandatory problem reporting to Governmental Authorities as more fully
detailed in the Quality Agreement.

 

    	- 22 -

     

    

 

		18.	MISCELLANEOUS

 

		18.1	Entire Agreement

 

This Agreement,
together with the Quality Agreement and the Purchase Order, contains the entire agreement between the Parties relating to the subject
matter of this Agreement, to the exclusion of any terms implied by applicable Law which may be excluded by contract, and supersedes
any previous written or oral agreement between the Parties in relation to the matters dealt with in this Agreement.

 

Each Party acknowledges
that it has not been induced to enter into this Agreement by any representation, warranty or undertaking not expressly set out
in this Agreement.

 

		18.2	Severability

 

If any provision
in this Agreement is held to be illegal, invalid or unenforceable, in whole or in part, under any applicable Law, then:

 

		(a)	such provision or part shall to that extent be deemed not
to form part of this Agreement but the legality, validity or enforceability of the remainder of this Agreement shall not be affected;

 

		(b)	the Parties shall use reasonable efforts to agree a replacement
provision that is legal, valid and enforceable to achieve so far as possible the intended effect of the illegal, invalid or unenforceable
provision.

 

		18.3	Notices

 

Any notice or
other communication required or permitted to be given to any Party hereunder shall be in writing and shall be given to such Party
at such Party’s address set forth below, or such other address as such Party may hereafter specify by notice in writing to
the other Party. Any such notice or other communication shall be addressed as aforesaid and given by:

 

		(a)	delivered personally;

 

		(b)	sent by an internationally recognized overnight courier
service such as Federal Express; or

 

		(c)	e-mail transmission,

 

Philips’
details:

 

	PHILIPS MEDICAL SYSTEMS NEDERLAND B.V.
	Address:	
        PHILIPS MEDICAL SYSTEMS NEDERLAND B.V.

        P.O. Box 10.000

        5680 DA Best, The Netherlands

 

    	- 23 -

     

    

  

	Attention:	[Redacted – Personal Information], Operations Manager MR Best
	Email:	[Redacted – Personal Information]
	With copy to:	
        Legal Department PMSN BV 

Veenpluis 4-6

        5684 PC Best

 Building QX2

        Email:

 

The Company’s details:

 

	PROFOUND MEDICAL INC.
	Address:	
        Profound Medical Inc.

        2400 Skymark Avenue, Unit #6

        Mississauga, ON, L4W
        5K5, Canada

	Attention:	Arun Menawat
	E-mail:	[Redacted – Personal Information]
	With copy to:	
        Torys LLP

        Suite 3000, P.O. Box 270

        79 Wellington Street West

        TD Centre

        Toronto, ON M5K 1N2

        Attention: Cheryl Reicin

 

Any
notice or other communication will be deemed to have been duly given: (A) on the date of service if served personally; (B) on
the Business Day after delivery to an international overnight courier service, provided receipt of delivery has been
confirmed; or (C) on the date of transmission if sent via e-mail transmission, provided confirmation of receipt is obtained
promptly after completion of transmission and provided that transmission via e-mail is followed promptly by delivery via one
of the methods in Clause 18.3(a) or (b) above.

 

		18.4	Assignment

 

This
Agreement will be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.
This Agreement may not be assigned by either Party, in whole or in part, to any Third Party without the prior written consent
of the other Party, except that either Party may assign this Agreement as a whole, and all of its rights and obligations
hereunder, without the consent of the other Party, but upon written notice to the other Party (a) to an Affiliate, or (b) in
case of a transfer of all, or substantially all, stock or assets of such Party or the relevant business activity through
which such Party acts in this Agreement to a Third Party or to any partnership or other venture in which such business
activity is to participate. Except as provided above, without prior written consent of the other Party, any assignment or
pledge of rights under this Agreement by a Party to a Third Party shall have no effect vis-à-vis such Third Party.

 

    	- 24 -

     

    

 

 

		18.5	Independent Contractors

 

The Parties
to this Agreement are independent contractors and nothing in this Agreement shall operate to create a relationship of agency, partnership
or employment between the Parties and neither Party shall have any right or authority to act on behalf of the other nor to bind
the other by contract or otherwise (except as expressly permitted by the terms of this Agreement).

 

		18.6	Headings

 

Headings used
in this Agreement are for convenience only and shall not affect the interpretation.

 

		18.7	Amendments and Waiver

 

No amendment
of this Agreement shall be effective unless such amendment is in writing and signed by or on behalf of each of the Parties. No
waiver of any provision of this Agreement shall be effective unless such waiver is in writing and signed by or on behalf of the
Party entitled to give such waiver.

 

		18.8	Disputes and Applicable Law

 

This Agreement
(including any dispute hereunder) and the documents to be entered into pursuant to it, save as expressly otherwise provided therein,
will be governed by and construed in accordance with the Laws of the Netherlands. The applicability of the UN Convention on Contracts
for the International Sale of Goods (Vienna convention) is explicitly excluded.

 

Any dispute
arising out of or in connection with this Agreement shall be resolved in the manner provided in Sections 12.1 and 12.2 of the Purchase
Agreement.

 

		18.9	Counterparts

 

This Agreement
may be executed in multiple counterparts, each of which shall be deemed an original. Signatures submitted by facsimile and electronically
transmitted signatures as to which authenticity can reasonably be confirmed, shall be valid.

 

		18.10	Third Party Rights

 

Save as expressly
otherwise stated, this Agreement does not contain a stipulation in favour of a Third Party.

 

    	- 25 -

     

    

 

		18.11	Costs

 

Except as otherwise
provided in this Agreement, all costs which a Party has incurred or shall incur in preparing, concluding or performing this Agreement
are for that Party’s own account.

 

		18.12	Insurance

 

Philips shall
fully comply with the terms of the Quality Agreement regarding its obligations and responsibilities with respect to maintaining
the required level of insurance.

 

		18.13	Further Assurances

 

Each Party shall
at its own costs and expenses from time to time execute such documents and perform such acts and things as the other Party may
reasonably require to give the other Party the full benefit of this Agreement.

 

    	- 26 -

     

    

 

IN WITNESS WHEREOF, this Agreement
has been duly executed and delivered by the duly authorized representatives of the parties as of the dates set forth below.

 

	PHILIPS MEDICAL SYSTEMS	 	PROFOUND MEDICAL INC.
	NEDERLAND B.V.	 	 
	 	 	 
	By:	/s/ Iwald
    Mons	 	By:	/s/ Arun Menawat
	 	 	 	 	 
	Name:	Iwald Mons	 	Name:	Arun Menawat
	 	 	 	 	 
	Title:	M&A Project Leader	 	Title:	Chief Executive Officer
	 	 	 	 	 
	Date:	July 31, 2017	 	Date:	July 31, 2017

 

     

     

    

 

[Redacted – Commercially
Sensitive – Schedules concerning Product specifications, details, pricing, lead times, production plan and transition details]

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