Document:

Exhibit 10.1

 

 

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY
HARMFUL IF PUBLICLY DISCLOSED. 

 

Note Purchase
Agreement

 

This
Note Purchase Agreement (this “Agreement”), dated as of February 8, 2021, is entered into by and among
Nemaura Medical Inc., a Nevada corporation (“Company”), Dermal
Diagnostics Limited, an England and Wales corporation (“Dermal Diagnostics”), Trial
Clinic Limited, an England and Wales corporation (“Trial Clinic”, and together with Dermal Diagnostics
and Company, “Borrower”), and Uptown Capital, LLC, a Utah limited
liability company, its successors and/or assigns (“Investor”).

A.       Borrower
and Investor are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded by
the Securities Act of 1933, as amended (the “1933 Act”), and the rules and regulations promulgated thereunder
by the United States Securities and Exchange Commission (the “SEC”).

B.       Investor
desires to purchase and Borrower desires to issue and sell, upon the terms and conditions set forth in this Agreement, a Secured
Promissory Note, in the form attached hereto as Exhibit A, in the original principal amount of $24,015,000.00 (the “Note”).

C.       Dermal
Diagnostics and Trial Clinic are subsidiaries of Company that (i) are involved in Company’s ongoing operations, (ii) hold
and/or control various assets, and (iii) are co-borrowers under the Note.

D.       Borrower
issued to Chicago Venture Partners, L.P. (“CVP”), a promissory note dated April 15, 2020 which is secured by,
among other things, a Security Agreement (“CVP Security Agreement”) dated as of September 14, 2020 pursuant
to which Trial Clinic and Dermal Diagnostics granted to CVP a first-position security interest (intended to have effect as a first
fixed charge under English law) to secure all Obligations (as defined in the CVP Security Agreement).

E.       Pursuant
to an Assignment and Assumption Agreement dated as of December 30, 2020, CVP assigned to Investor (then named Irving Park Capital,
LLC) all its rights under the promissory note referred to above and all documents related to the promissory note including, without
limitation, the CVP Security Agreement.

F.       Each
of Investor, Trial Clinic and Dermal Diagnostics agrees that Trial Clinic’s and Dermal Diagnostics’ obligations under
this Agreement are Obligations (as defined in the CVP Security Agreement) and are secured by the CVP Security Agreement.

G.       The
proceeds from the Note will provide substantial benefits to each of Company, Dermal Diagnostics and Trial Clinic.

H.       This
Agreement, the Note, the Security Agreement (as defined below), and all other certificates, documents, agreements, resolutions
and instruments delivered to any party under or in connection with this Agreement, as the same may be amended from time to time,
are collectively referred to herein as the “Transaction Documents”.

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NOW, THEREFORE,
in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Company and Investor hereby agree as follows:

1.                  
Purchase and Sale of Note.

1.1.            
Purchase of Note. Borrower shall issue and sell to Investor and Investor shall purchase from Borrower the Note. In
consideration thereof, Investor shall pay the Purchase Price (as defined below) to Borrower.

1.2.            
Form of Payment. On the Closing Date (as defined below), Investor shall pay the Purchase Price to Borrower via wire
transfer of immediately available funds against delivery of the Note.

1.3.            
Closing Date. Subject to the satisfaction (or written waiver) of the conditions set forth in Section 5 and Section
6 below, the date of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall
be February 8, 2021, or another mutually agreed upon date. The closing of the transactions contemplated by this Agreement (the
“Closing”) shall occur on the Closing Date by means of the exchange by email of .pdf documents, but shall be
deemed for all purposes to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

1.4.            
Collateral for the Note. The Note shall be secured by the collateral set forth in that certain Security Agreement
attached hereto as Exhibit B listing all of Borrower’s assets as security for Borrower’s obligations under the
Transaction Documents (the “Security Agreement”).

1.5.            
Original Issue Discount; Transaction Expense Amount. The Note carries an original issue discount of $4,000,000.00
(the “OID”). In addition, Borrower agrees to pay $15,000.00 to Investor to cover Investor’s legal fees,
accounting costs, due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of the
Note (the “Transaction Expense Amount”), all of which amount is included in the initial principal balance of
the Note. The “Purchase Price”, therefore, shall be $20,000,000.00, computed as follows: $24,015,000.00 initial
principal balance, less the OID, less the Transaction Expense Amount.

2.                  
Investor’s Representations and Warranties. Investor represents and warrants to Borrower that as of the Closing
Date: (i) this Agreement has been duly and validly authorized; (ii) this Agreement constitutes a valid and binding agreement of
Investor enforceable in accordance with its terms; and (iii) Investor is an “accredited investor” as that term is defined
in Rule 501(a) of Regulation D of the 1933 Act.

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3.                  
Borrower Representation and Warranties.

3.1.            
Company’s Representations and Warranties. Company represents and warrants to Investor that as of the Closing
Date: (i) Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation
and has the requisite corporate power to own its properties and to carry on its business as now being conducted; (ii) Company is
duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction where the nature of the business
conducted or property owned by it makes such qualification necessary; (iii) Company has registered its shares of common stock,
$0.001 per share (the “Common Stock”), under Section 12(g) of the Securities Exchange Act of 1934, as amended
(the “1934 Act”), and is obligated to file reports pursuant to Section 13 or Section 15(d) of the
1934 Act; (iv) each of the Transaction Documents and the transactions contemplated hereby and thereby, have been duly and validly
authorized by Company and all necessary actions have been taken; (v) this Agreement, the Note, the Security Agreement, and the
other Transaction Documents have been duly executed and delivered by Company and constitute the valid and binding obligations of
Company enforceable in accordance with their terms; (vi) the execution and delivery of the Transaction Documents by Company and
the consummation by Company of the other transactions contemplated by the Transaction Documents do not and will not conflict with
or result in a breach by Company of any of the terms or provisions of, or constitute a default under (a) Company’s certificate
of incorporation or bylaws, each as currently in effect, (b) any indenture, mortgage, deed of trust, or other material agreement
or instrument to which Company is a party or by which it or any of its properties or assets are bound, or (c) any existing applicable
law, rule, or regulation or any applicable decree, judgment, or order of any court, United States federal, state or foreign regulatory
body, administrative agency, or other governmental body having jurisdiction over Company or any of Company’s properties or
assets; (vii) no further authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory
organization, or stock exchange or market or the stockholders or any lender of Company is required to be obtained by Company for
the issuance of the Note to Investor or the entering into of the Transaction Documents; (viii) none of Company’s filings
with the SEC contained, at the time they were filed, any untrue statement of a material fact or omitted to state any material fact
required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they
were made, not misleading; (ix) Company has filed all reports, schedules, forms, statements and other documents required to be
filed by Company with the SEC under the 1934 Act on a timely basis or has received a valid extension of such time of filing and
has filed any such report, schedule, form, statement or other document prior to the expiration of any such extension; (x) there
is no action, suit, proceeding, inquiry or investigation before or by any court, public board or body pending or, to the knowledge
of Company, threatened against Company before or by any governmental authority or non-governmental department, commission, board,
bureau, agency or instrumentality or any other person; (xi) Company has not consummated any financing transaction that has not
been disclosed in a periodic filing or current report with the SEC under the 1934 Act; (xii) Company is not, nor has it been at
any time in the previous twelve (12) months, a “Shell Company,” as such type of “issuer” is described in
Rule 144(i)(1) under the 1933 Act; (xiii) Investor shall have no obligation with respect to any commissions, placement agent or
finder’s fees or similar payments (“Broker Fees”) or with respect to any claims made by or on behalf of
other persons for fees of a type contemplated in this subsection that may be due in connection with the transactions contemplated
hereby and Company shall indemnify and hold harmless each of Investor, Investor’s employees, officers, directors, stockholders,
managers, agents, and partners, and their respective affiliates, from and against all claims, losses, damages, costs (including
the costs of preparation and attorneys’ fees) and expenses suffered in respect of any such claimed or existing Broker Fees;
(xiv) neither Investor nor any of its officers, directors, members, managers, employees, agents or representatives has made any
representations or warranties to Company or any of its officers, directors, employees, agents or representatives except as expressly
set forth in the Transaction Documents and, in making its decision to enter into the transactions contemplated by the Transaction
Documents, Company is not relying on any representation, warranty, covenant or promise of Investor or its officers, directors,
members, managers, employees, agents or representatives other than as set forth in the Transaction Documents; (xv) Company acknowledges
that the State of Utah has a reasonable relationship and sufficient contacts to the transactions contemplated by the Transaction
Documents and any dispute that may arise related thereto such that the laws and venue of the State of Utah, as set forth more specifically
in Section 8.2 below, shall be applicable to the Transaction Documents and the transactions contemplated therein; (xvi) the proceeds
from the Note will provide substantial benefits to Company; and (xvii) Company has performed due diligence and background research
on Investor and its affiliates including, without limitation, John M. Fife, and, to its satisfaction, has made inquiries with respect
to all matters Company may consider relevant to the undertakings and relationships contemplated by the Transaction Documents including,
among other things, the following: http://investing.businessweek.com/research/stocks/people/person.asp?personId=7505107&ticker=UAHC;SEC
Civil Case No. 07-C-0347 (N.D. Ill.); SEC Civil Action No. 07-CV-347 (N.D. Ill.); and FINRA Case #2011029203701. In addition, various
affiliates of Investor are involved in ongoing litigation with the SEC regarding broker-dealer registration (see SEC Civil
Case No. 1:20-cv-05227 (N.D. Ill.)). Company, being aware of the matters described in subsection (xvii) above, acknowledges and
agrees that such matters, or any similar matters, have no bearing on the transactions contemplated by the Transaction Documents
and covenants and agrees it will not use any such information as a defense to performance of its obligations under the Transaction
Documents or in any attempt to avoid, modify, offset or reduce such obligations.

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3.2.            
Dermal Diagnostics Representations and Warranties. Dermal Diagnostics represents and warrants to Investor that as
of the Closing Date: (i) Dermal Diagnostics is a corporation duly organized, validly existing and in good standing under the laws
of its state of incorporation and has the requisite corporate power to own its properties and to carry on its business as now being
conducted; (ii) Dermal Diagnostics is duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction
where the nature of the business conducted or property owned by it makes such qualification necessary; (iii) each of the Transaction
Documents and the transactions contemplated hereby and thereby, have been duly and validly authorized by Dermal Diagnostics and
all necessary actions have been taken; (iv) this Agreement, the Note, the Security Agreement and the other Transaction Documents
have been duly executed and delivered by Dermal Diagnostics and constitute the valid and binding obligations of Dermal Diagnostics
enforceable in accordance with their terms; (v) the execution and delivery of the Transaction Documents by Dermal Diagnostics and
the consummation by Dermal Diagnostics of the other transactions contemplated by the Transaction Documents do not and will not
conflict with or result in a breach by Dermal Diagnostics of any of the terms or provisions of, or constitute a default under (a)
Dermal Diagnostics’ formation documents or bylaws, each as currently in effect, (b) any indenture, mortgage, deed of trust,
or other material agreement or instrument to which Dermal Diagnostics is a party or by which it or any of its properties or assets
are bound, or (c) any existing applicable law, rule, or regulation or any applicable decree, judgment, or order of any court, United
States federal, state or foreign regulatory body, administrative agency, or other governmental body having jurisdiction over Dermal
Diagnostics or any of Dermal Diagnostics’ properties or assets; (vi) no further authorization, approval or consent of any
court, governmental body, regulatory agency, self-regulatory organization, or stock exchange or market or the stockholders or any
lender of Dermal Diagnostics is required to be obtained by Dermal Diagnostics for the issuance of the Note to Investor or the entering
into of the Transaction Documents; (vii) there is no action, suit, proceeding, inquiry or investigation before or by any court,
public board or body pending or, to the knowledge of Dermal Diagnostics, threatened against or affecting Dermal Diagnostics before
or by any governmental authority or non-governmental department, commission, board, bureau, agency or instrumentality or any other
person, wherein an unfavorable decision, ruling or finding would adversely affect the validity or enforceability of, or the authority
or ability of Dermal Diagnostics to perform its obligations under, any of the Transaction Documents; (viii) with respect to any
Broker Fees that will or would become due and owing by Dermal Diagnostics to any person or entity as a result of this Agreement
or the transactions contemplated hereby, any such Broker Fees will be made in full compliance with all applicable laws and regulations
and only to a person or entity that is a registered investment adviser or registered broker-dealer; (ix) Investor shall have no
obligation with respect to any Broker Fees or with respect to any claims made by or on behalf of other persons for fees of a type
contemplated in this subsection that may be due in connection with the transactions contemplated hereby and Dermal Diagnostics
shall indemnify and hold harmless each of Investor, Investor’s employees, officers, directors, stockholders, managers, agents,
and partners, and their respective affiliates, from and against all claims, losses, damages, costs (including the costs of preparation
and attorneys’ fees) and expenses suffered in respect of any such claimed or existing Broker Fees; (x) neither Investor nor
any of its officers, directors, members, managers, employees, agents or representatives has made any representations or warranties
to Dermal Diagnostics or any of its officers, directors, employees, agents or representatives except as expressly set forth in
the Transaction Documents and, in making its decision to enter into the transactions contemplated by the Transaction Documents,
Dermal Diagnostics is not relying on any representation, warranty, covenant or promise of Investor or its officers, directors,
members, managers, employees, agents or representatives other than as set forth in the Transaction Documents; (xi) Dermal Diagnostics
acknowledges that the State of Utah has a reasonable relationship and sufficient contacts to the transactions contemplated by the
Transaction Documents and any dispute that may arise related thereto such that the laws and venue of the State of Utah, as set
forth more specifically in Section 8.2 below, shall be applicable to the Transaction Documents and the transactions contemplated
therein; (xii) the proceeds from the Note will provide substantial benefits to Dermal Diagnostics; and (xiii) Dermal Diagnostics
has performed due diligence and background research on Investor and its affiliates including, without limitation, John M. Fife,
and, to its satisfaction, has made inquiries with respect to all matters Dermal Diagnostics may consider relevant to the undertakings
and relationships contemplated by the Transaction Documents including, among other things, the following: http://investing.businessweek.com/research/stocks/people/person.asp?personId=7505107&ticker=UAHC;SEC
Civil Case No. 07-C-0347 (N.D. Ill.); SEC Civil Action No. 07-CV-347 (N.D. Ill.); and FINRA Case #2011029203701. In addition, various
affiliates of Investor are involved in ongoing litigation with the SEC regarding broker-dealer registration (see SEC Civil
Case No. 1:20-cv-05227 (N.D. Ill.)). Dermal Diagnostics, being aware of the matters described in subsection (xiii) above, acknowledges
and agrees that such matters, or any similar matters, have no bearing on the transactions contemplated by the Transaction Documents
and covenants and agrees it will not use any such information as a defense to performance of its obligations under the Transaction
Documents or in any attempt to avoid, modify or reduce such obligations.

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3.3.            
Trial Clinic Representations and Warranties. Trial Clinic represents and warrants to Investor that as of the Closing
Date: (i) Trial Clinic is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation
and has the requisite corporate power to own its properties and to carry on its business as now being conducted; (ii) Trial Clinic
is duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction where the nature of the
business conducted or property owned by it makes such qualification necessary; (iii) each of the Transaction Documents and the
transactions contemplated hereby and thereby, have been duly and validly authorized by Trial Clinic and all necessary actions have
been taken; (iv) this Agreement, the Note, the Security Agreement and the other Transaction Documents have been duly executed and
delivered by Trial Clinic and constitute the valid and binding obligations of Trial Clinic enforceable in accordance with their
terms; (v) the execution and delivery of the Transaction Documents by Trial Clinic and the consummation by Trial Clinic of the
other transactions contemplated by the Transaction Documents do not and will not conflict with or result in a breach by Trial Clinic
of any of the terms or provisions of, or constitute a default under (a) Trial Clinic’s formation documents or bylaws, each
as currently in effect, (b) any indenture, mortgage, deed of trust, or other material agreement or instrument to which Trial Clinic
is a party or by which it or any of its properties or assets are bound, or (c) any existing applicable law, rule, or regulation
or any applicable decree, judgment, or order of any court, United States federal, state or foreign regulatory body, administrative
agency, or other governmental body having jurisdiction over Trial Clinic or any of Trial Clinic’s properties or assets; (vi)
no further authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory organization,
or stock exchange or market or the stockholders or any lender of Trial Clinic is required to be obtained by Trial Clinic for the
issuance of the Note to Investor or the entering into of the Transaction Documents; (vii) there is no action, suit, proceeding,
inquiry or investigation before or by any court, public board or body pending or, to the knowledge of Trial Clinic, threatened
against or affecting Trial Clinic before or by any governmental authority or non-governmental department, commission, board, bureau,
agency or instrumentality or any other person, wherein an unfavorable decision, ruling or finding would adversely affect the validity
or enforceability of, or the authority or ability of Trial Clinic to perform its obligations under, any of the Transaction Documents;
(viii) with respect to any Broker Fees that will or would become due and owing by Trial Clinic to any person or entity as a result
of this Agreement or the transactions contemplated hereby, any such Broker Fees will be made in full compliance with all applicable
laws and regulations and only to a person or entity that is a registered investment adviser or registered broker-dealer; (ix) Investor
shall have no obligation with respect to any Broker Fees or with respect to any claims made by or on behalf of other persons for
fees of a type contemplated in this subsection that may be due in connection with the transactions contemplated hereby and Trial
Clinic shall indemnify and hold harmless each of Investor, Investor’s employees, officers, directors, stockholders, managers,
agents, and partners, and their respective affiliates, from and against all claims, losses, damages, costs (including the costs
of preparation and attorneys’ fees) and expenses suffered in respect of any such claimed or existing Broker Fees; (x) neither
Investor nor any of its officers, directors, members, managers, employees, agents or representatives has made any representations
or warranties to Trial Clinic or any of its officers, directors, employees, agents or representatives except as expressly set forth
in the Transaction Documents and, in making its decision to enter into the transactions contemplated by the Transaction Documents,
Trial Clinic is not relying on any representation, warranty, covenant or promise of Investor or its officers, directors, members,
managers, employees, agents or representatives other than as set forth in the Transaction Documents; (xi) Trial Clinic acknowledges
that the State of Utah has a reasonable relationship and sufficient contacts to the transactions contemplated by the Transaction
Documents and any dispute that may arise related thereto such that the laws and venue of the State of Utah, as set forth more specifically
in Section 8.2 below, shall be applicable to the Transaction Documents and the transactions contemplated therein; (xii) the proceeds
from the Note will provide substantial benefits to Trial Clinic; and (xiii) Trial Clinic has performed due diligence and background
research on Investor and its affiliates including, without limitation, John M. Fife, and, to its satisfaction, has made inquiries
with respect to all matters Trial Clinic may consider relevant to the undertakings and relationships contemplated by the Transaction
Documents including, among other things, the following: http://investing.businessweek.com/research/stocks/people/person.asp?personId=7505107&ticker=UAHC;SEC
Civil Case No. 07-C-0347 (N.D. Ill.); SEC Civil Action No. 07-CV-347 (N.D. Ill.); and FINRA Case #2011029203701. In addition, various
affiliates of Investor are involved in ongoing litigation with the SEC regarding broker-dealer registration (see SEC Civil
Case No. 1:20-cv-05227 (N.D. Ill.)). Trial Clinic, being aware of the matters described in subsection (xiii) above, acknowledges
and agrees that such matters, or any similar matters, have no bearing on the transactions contemplated by the Transaction Documents
and covenants and agrees it will not use any such information as a defense to performance of its obligations under the Transaction
Documents or in any attempt to avoid, modify or reduce such obligations.

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4.                  
Company Covenants. Until all of Borrower’s obligations under the Note are paid and performed in full, or within
the timeframes otherwise specifically set forth below, Company will at all times comply with the following covenants: (i) Company
will timely file on the applicable deadline all reports required to be filed with the SEC pursuant to Sections 13 or 15(d)
of the 1934 Act, and will take all reasonable action under its control to ensure that adequate current public information with
respect to Company, as required in accordance with Rule 144 of the 1933 Act, is publicly available, and will not terminate its
status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would
permit such termination; (ii) the Common Stock shall be listed or quoted for trading on any of (a) NYSE, (b) NASDAQ, (c) OTCQX,
or (d) OTCQB; (iii) trading in Company’s Common Stock will not, for a period of fifteen (15) consecutive days, be suspended,
halted, chilled, frozen, reach zero bid or otherwise cease trading on Company’s principal trading market; (iv) Borrower will
not enter into any financing transaction with John Kirkland or any entity owned by or affiliated with John Kirkland; (v) if Company
purchases [_____________] by July 1, 2021, Company will cause [_____________] to guarantee repayment of the Note using a form of
guaranty designated by Investor; and (vi) if Company does not purchase [_____________] by July 1, 2021, then Company will cause
all companies purchased by Company after the Closing Date until the Note is paid in full to guarantee repayment of the Note using
a form of guaranty designated by Investor.

5.                  
Conditions to Borrower’s Obligation to Sell. The obligation of Borrower hereunder to issue and sell the Note
to Investor at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions:

5.1.            
Investor shall have executed this Agreement and delivered the same to Borrower.

5.2.            
Investor shall have delivered the Purchase Price to Borrower in accordance with Section 1.2 above.

6.                  
Conditions to Investor’s Obligation to Purchase. The obligation of Investor hereunder to purchase the Note
at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions, provided that
these conditions are for Investor’s sole benefit and may be waived by Investor at any time in its sole discretion:

6.1.            
Borrower shall have executed this Agreement, the Note and the Security Agreement and delivered the same to Investor.

6.2.            
Company shall have delivered to Investor a fully executed Secretary’s Certificate substantially in the form attached
hereto as Exhibit C evidencing Borrower’s approval of the Transaction Documents.

6.3.            
Borrower shall have delivered to Investor fully executed copies of all other Transaction Documents required to be executed
by Borrower herein or therein.

7.                  
OFAC; Patriot Act.

7.1.            
OFAC Certification. Borrower certifies that (i) it is not acting on behalf of any person, group, entity, or nation
named by any Executive Order or the United States Treasury Department, through its Office of Foreign Assets Control (“OFAC”)
or otherwise, as a terrorist, “Specially Designated Nation”, “Blocked Person”, or other banned or blocked
person, entity, nation, or transaction pursuant to any law, order, rule or regulation that is enforced or administered by OFAC
or another department of the United States government, and (ii) Borrower is not engaged in this transaction on behalf of, or instigating
or facilitating this transaction on behalf of, any such person, group, entity or nation.

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7.2.            
Foreign Corrupt Practices. Neither Borrower, nor any of its subsidiaries, nor any director, officer, agent, employee
or other person acting on behalf of Borrower or any subsidiary has, in the course of his actions for, or on behalf of, Borrower,
used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity;
made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; violated
or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe, rebate, payoff,
influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

7.3.            
Patriot Act. Borrower shall not (i) be or become subject at any time to any law, regulation, or list of any government
agency (including, without limitation, the OFAC) that prohibits or limits Investor from making any advance or extension of credit
to Borrower or from otherwise conducting business with Borrower, or (ii) fail to provide documentary and other evidence of Borrower’s
identity as may be requested by Investor at any time to enable Investor to verify Borrower’s identity or to comply with any
applicable law or regulation, including, without limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318.
Borrower shall comply with all requirements of law relating to money laundering, anti-terrorism, trade embargos and economic sanctions,
now or hereafter in effect. Upon Investor’s request from time to time, Borrower shall certify in writing to Investor that
Borrower’s representations, warranties and obligations under this Section 7.3 remain true and correct and have not been breached.
Borrower shall immediately notify Investor in writing if any of such representations, warranties or covenants are no longer true
or have been breached or if Borrower has a reasonable basis to believe that they may no longer be true or have been breached. In
connection with such an event, Borrower shall comply with all requirements of law and directives of governmental authorities and,
at Investor’s request, provide to Investor copies of all notices, reports and other communications exchanged with, or received
from, governmental authorities relating to such an event. Borrower shall also reimburse Investor any expense incurred by Investor
in evaluating the effect of such an event on the loan secured hereby, in obtaining any necessary license from governmental authorities
as may be necessary for Investor to enforce its rights under the Transaction Documents, and in complying with all requirements
of law applicable to Investor as the result of the existence of such an event and for any penalties or fines imposed upon Investor
as a result thereof.

8.                  
Miscellaneous. The provisions set forth in this Section 8 shall apply to this Agreement, as well as all other Transaction
Documents as if these terms were fully set forth therein; provided, however, that in the event there is a conflict between any
provision set forth in this Section 8 and any provision in any other Transaction Document, the provision in such other Transaction
Document shall govern.

8.1.            
Arbitration of Claims. The parties shall submit all Claims (as defined in Exhibit D) arising under this Agreement
or any other Transaction Document or any other agreement between the parties and their affiliates or any Claim relating to the
relationship of the parties to binding arbitration pursuant to the arbitration provisions set forth in Exhibit D attached
hereto (the “Arbitration Provisions”). For the avoidance of doubt, the parties agree that the injunction described
in Section 8.3 below may be pursued in an arbitration that is separate and apart from any other arbitration regarding all other
Claims arising under the Transaction Documents. The parties hereby acknowledge and agree that the Arbitration Provisions are unconditionally
binding on the parties hereto and are severable from all other provisions of this Agreement. By executing this Agreement, Borrower
represents, warrants and covenants that Borrower has reviewed the Arbitration Provisions carefully, consulted with legal counsel
about such provisions (or waived its right to do so), understands that the Arbitration Provisions are intended to allow for the
expeditious and efficient resolution of any dispute hereunder, agrees to the terms and limitations set forth in the Arbitration
Provisions, and that Borrower will not take a position contrary to the foregoing representations. Borrower acknowledges and agrees
that Investor may rely upon the foregoing representations and covenants of Borrower regarding the Arbitration Provisions.

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8.2.            
Governing Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning
the construction, validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State
of Utah, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Utah. Each party consents
to and expressly agrees that the exclusive venue for arbitration of any dispute arising out of or relating to any Transaction Document
or the relationship of the parties or their affiliates shall be in Salt Lake County, Utah. Without modifying the parties’
obligations to resolve disputes hereunder pursuant to the Arbitration Provisions, for any litigation arising in connection with
any of the Transaction Documents, each party hereto hereby (i) consents to and expressly submits to the exclusive personal jurisdiction
of any state or federal court sitting in Salt Lake County, Utah, (ii) expressly submits to the exclusive venue of any such court
for the purposes hereof, and (iii) waives any claim of improper venue and any claim or objection that such courts are an inconvenient
forum or any other claim, defense or objection to the bringing of any such proceeding in such jurisdiction or to any claim that
such venue of the suit, action or proceeding is improper. Finally, Borrower covenants and agrees to name Investor as a party in
interest in, and provide written notice to Investor in accordance with Section 8.11 below prior to bringing or filing any action
(including without limitation any filing or action against any person or entity that is not a party to this Agreement) that is
related in any way to the Transaction Documents or any transaction contemplated herein or therein, and further agrees to timely
name Investor as a party to any such action. Borrower acknowledges that the governing law and venue provisions set forth in this
Section 8.2 are material terms to induce Investor to enter into the Transaction Documents and that but for Borrower’s agreements
set forth in this Section 8.2 Investor would not have entered into the Transaction Documents.

8.3.            
Specific Performance. Borrower acknowledges and agrees that Investor may suffer irreparable harm in the event that
Borrower fails to perform any material provision of this Agreement or any of the other Transaction Documents in accordance with
its specific terms. It is accordingly agreed that Investor shall be entitled to one or more injunctions to prevent or cure breaches
of the provisions of this Agreement or such other Transaction Document and to enforce specifically the terms and provisions hereof
or thereof, this being in addition to any other remedy to which the Investor may be entitled under the Transaction Documents, at
law or in equity. Borrower specifically agrees that following an Event of Default (as defined in the Note) under the Note, Investor
shall have the right to seek and receive injunctive relief from a court or an arbitrator prohibiting Borrower from issuing any
of its common or preferred stock to any party unless the Note is being paid in full simultaneously with such issuance. Borrower
specifically acknowledges that Investor’s right to obtain specific performance constitutes bargained for leverage and that
the loss of such leverage would result in irreparable harm to Investor. For the avoidance of doubt, in the event Investor seeks
to obtain an injunction from a court or an arbitrator against Borrower or specific performance of any provision of any Transaction
Document, such action shall not be a waiver of any right of Investor under any Transaction Document, at law, or in equity, including
without limitation its rights to arbitrate any Claim pursuant to the terms of the Transaction Documents, nor shall Investor’s
pursuit of an injunction prevent Investor, under the doctrines of claim preclusion, issues preclusion, res judicata or other similar
legal doctrines, from pursuing other Claims in the future in a separate arbitration.

8.4.            
Counterparts. Each Transaction Document may be executed in any number of counterparts, each of which shall be deemed
an original, but all of which together shall constitute one instrument. The parties hereto confirm that any electronic copy of
another party’s executed counterpart of a Transaction Document (or such party’s signature page thereof) will be deemed
to be an executed original thereof.

    	8  

    	 

    

 

8.5.            
Document Imaging. Investor shall be entitled, in its sole discretion, to image or make copies of all or any selection
of the agreements, instruments, documents, and items and records governing, arising from or relating to any of Borrower’s
loans, including, without limitation, this Agreement and the other Transaction Documents, and Investor may destroy or archive the
paper originals. The parties hereto (i) waive any right to insist or require that Investor produce paper originals, (ii) agree
that such images shall be accorded the same force and effect as the paper originals, (iii) agree that Investor is entitled to use
such images in lieu of destroyed or archived originals for any purpose, including as admissible evidence in any demand, presentment
or other proceedings, and (iv) further agree that any executed facsimile (faxed), scanned, emailed, or other imaged copy of this
Agreement or any other Transaction Document shall be deemed to be of the same force and effect as the original manually executed
document.

8.6.            
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect
the interpretation of, this Agreement.

8.7.            
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall
be deemed modified to conform to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision hereof.

8.8.            
Entire Agreement. This Agreement, together with the other Transaction Documents, contains the entire understanding
of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein,
neither Borrower nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters. For the
avoidance of doubt, all prior term sheets or other documents between Borrower and Investor, or any affiliate thereof, related to
the transactions contemplated by the Transaction Documents (collectively, “Prior Agreements”), that may have
been entered into between Borrower and Investor, or any affiliate thereof, are hereby null and void and deemed to be replaced in
their entirety by the Transaction Documents. To the extent there is a conflict between any term set forth in any Prior Agreement
and the term(s) of the Transaction Documents, the Transaction Documents shall govern.

8.9.            
No Reliance. Borrower acknowledges and agrees that neither Investor nor any of its officers, directors, members,
managers, representatives or agents has made any representations or warranties to Borrower or any of its officers, directors, representatives,
agents or employees except as expressly set forth in the Transaction Documents and, in making its decision to enter into the transactions
contemplated by the Transaction Documents, Borrower is not relying on any representation, warranty, covenant or promise of Investor
or its officers, directors, members, managers, agents or representatives other than as set forth in the Transaction Documents.

8.10.         
Amendments. No provision of this Agreement may be waived or amended other than by an instrument in writing signed
by both parties hereto.

8.11.         
Notices. Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein)
and shall be deemed effectively given on the earliest of: (i) the date delivered, if delivered by personal delivery as against
written receipt therefor or by email to an executive officer, or by facsimile (with successful transmission confirmation), (ii)
the earlier of the date delivered or the third business day after deposit, postage prepaid, in the United States Postal Service
by certified mail, or (iii) the earlier of the date delivered or the third business day after mailing by express courier, with
delivery costs and fees prepaid, in each case, addressed to each of the other parties thereunto entitled at the following addresses
(or at such other addresses as such party may designate by five (5) calendar days’ advance written notice similarly given
to each of the other parties hereto):

    	9  

    	 

    

 

If to Borrower:

 

Nemaura Medical Inc.

Attn: Dewan Chowdhury

57 West 57th Street

Manhattan, New York 10019

 

With a copy to (which copy shall not constitute notice):

 

Anthony L.G., PLLC

Attn: Laura Anthony

625 N. Flagler Drive, Suite 600

West Palm Beach, FL 33401

 

If to Investor:

 

Uptown Capital, LLC

Attn: John Fife

303 East Wacker Drive, Suite 1040

Chicago, Illinois 60601

 

With a copy to (which copy shall not constitute notice):

 

Hansen Black Anderson Ashcraft PLLC

Attn: Jonathan K. Hansen

3051 West Maple Loop Drive, Suite 325

Lehi, Utah 84043

 

8.12.         
Successors and Assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or
to be performed by Investor hereunder may be assigned by Investor to its affiliates, in whole or in part, without the need to obtain
Borrower’s consent thereto. Except as set forth above, neither Investor nor Borrower may assign its rights or obligations
under this Agreement or delegate its duties hereunder without the prior written consent of the other party.

8.13.         
Survival. The representations and warranties of the parties and the agreements and covenants set forth in this Agreement
shall survive the Closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of each party. Each
party agrees to indemnify and hold harmless the other and all its respective officers, directors, employees, attorneys, and agents
for loss or damage arising as a result of or related to any breach or alleged breach by the other party of any of its representations,
warranties and covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement
of expenses as they are incurred.

8.14.         
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

    	10  

    	 

    

 

8.15.         
Rights and Remedies Cumulative. All rights, remedies, and powers conferred in this Agreement and the Transaction
Documents are cumulative and not exclusive of any other rights or remedies, and shall be in addition to every other right, power,
and remedy that any party may have, whether specifically granted in this Agreement or any other Transaction Document, or existing
at law, in equity, or by statute, and any and all such rights and remedies may be exercised from time to time and as often and
in such order as such party may deem expedient.

8.16.         
Attorneys’ Fees and Cost of Collection. In the event any suit, action or arbitration is filed by either party
against the other to interpret or enforce any of the Transaction Documents, the unsuccessful party to such action agrees to pay
to the prevailing party all costs and expenses, including attorneys’ fees incurred therein, including the same with respect
to an appeal. The “prevailing party” shall be the party in whose favor a judgment is entered, regardless of whether
judgment is entered on all claims asserted by such party and regardless of the amount of the judgment; or where, due to the assertion
of counterclaims, judgments are entered in favor of and against both parties, then the arbitrator shall determine the “prevailing
party” by taking into account the relative dollar amounts of the judgments or, if the judgments involve nonmonetary relief,
the relative importance and value of such relief. Nothing herein shall restrict or impair an arbitrator’s or a court’s
power to award fees and expenses for frivolous or bad faith pleading. If (i) the Note is placed in the hands of an attorney
for collection or enforcement prior to commencing arbitration or legal proceedings, or is collected or enforced through any arbitration
or legal proceeding, or Investor otherwise takes action to collect amounts due under the Note or to enforce the provisions of the
Note, or (ii) there occurs any bankruptcy, reorganization, receivership of Borrower or other proceedings affecting Borrower’s
creditors’ rights and involving a claim under the Note; then Borrower shall pay the costs incurred by Investor for such collection,
enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including, without
limitation, attorneys’ fees, expenses, deposition costs, and disbursements.

8.17.         
Waiver. No waiver of any provision of this Agreement shall be effective unless it is in the form of a writing signed
by the party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any
other provision or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing
waiver or consent or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in
writing.

8.18.         
Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS
SUCH PARTY MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT,
ANY OTHER TRANSACTION DOCUMENT, OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL
RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER, EACH PARTY
HERETO ACKNOWLEDGES THAT SUCH PARTY IS KNOWINGLY AND VOLUNTARILY WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

8.19.         
Time is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement
and the other Transaction Documents. 

8.20.         
Voluntary Agreement. Borrower has carefully read this Agreement and each of the other Transaction Documents and has
asked any questions needed for Borrower to understand the terms, consequences and binding effect of this Agreement and each of
the other Transaction Documents and fully understand them. Borrower has had the opportunity to seek the advice of an attorney of
Borrower’s choosing, or has waived the right to do so, and is executing this Agreement and each of the other Transaction
Documents voluntarily and without any duress or undue influence by Investor or anyone else.

    	11  

    	 

    

 

8.21.         
Joint and Several Obligations. To the extent applicable, any references in this Agreement and each of the other Transaction
Documents to Borrower refer to each person or entity constituting Borrower jointly and severally, and all promises, agreements,
covenants, waivers, consents, representations, warranties, and other provisions in this Agreement are made by and are binding upon
each such undersigned person or entity, jointly and severally.

[Remainder of page intentionally left blank;
signature page follows]

 

 

    	12  

    	 

    

IN WITNESS WHEREOF,
the undersigned Investor and Borrower have caused this Agreement to be duly executed as of the date first above written.

 

INVESTOR:

 

Uptown
Capital, LLC

 

 

By: /s/ John M. Fife

John M. Fife, President 

 

BORROWER:

 

Nemaura
Medical Inc.

 

 

By:/s/ Dewan F.H. Chowdhury

Name: Dewan F.H. Chowdhury

Title: Chairman and CEO

 

Dermal
Diagnostics Limited

 

 

By:/s/ Dewan F.H. Chowdhury

Name: Dewan F.H. Chowdhury

Title: Chairman and CEO

 

 

Trial
Clinic Limited

 

 

By:/s/ Dewan F.H. Chowdhury

Name: Dewan F.H. Chowdhury

Title: Chairman and CEO

 

 

 

ATTACHED EXHIBITS:

 

		Exhibit	A                   
Note

		Exhibit	B                   
Security Agreement

		Exhibit	C                   
Secretary’s Certificate

		Exhibit	D                   
Arbitration Provisions

 

 

    	  

    	 

    

Exhibit
D

 

ARBITRATION PROVISIONS

 

1.       Dispute
Resolution. For purposes of this Exhibit D, the term “Claims” means any disputes, claims, demands,
causes of action, requests for injunctive relief, requests for specific performance, liabilities, damages, losses, or controversies
whatsoever arising from, related to, or connected with the transactions contemplated in the Transaction Documents and any communications
between the parties related thereto, including without limitation any claims of mutual mistake, mistake, fraud, misrepresentation,
failure of formation, failure of consideration, promissory estoppel, unconscionability, failure of condition precedent, rescission,
and any statutory claims, tort claims, contract claims, or claims to void, invalidate or terminate the Agreement (or these Arbitration
Provisions (defined below)) or any of the other Transaction Documents. The parties to this Agreement (the “parties”)
hereby agree that the Claims may be arbitrated in one or more Arbitrations pursuant to these Arbitration Provisions (one for an
injunction or injunctions and a separate one for all other Claims). The parties hereby agree that the arbitration provisions set
forth in this Exhibit D (“Arbitration Provisions”) are binding on each of them. As a result, any attempt
to rescind the Agreement (or these Arbitration Provisions) or declare the Agreement (or these Arbitration Provisions) or any other
Transaction Document invalid or unenforceable for any reason is subject to these Arbitration Provisions. These Arbitration Provisions
shall also survive any termination or expiration of the Agreement. Any capitalized term not defined in these Arbitration Provisions
shall have the meaning set forth in the Agreement.

2.       Arbitration.
Except as otherwise provided herein, all Claims must be submitted to arbitration (“Arbitration”) to be conducted
exclusively in Salt Lake County, Utah and pursuant to the terms set forth in these Arbitration Provisions. Subject to the arbitration
appeal right provided for in Paragraph 5 below (the “Appeal Right”), the parties agree that the award of the
arbitrator rendered pursuant to Paragraph 4 below (the “Arbitration Award”) shall be (a) final and binding upon
the parties, (b) the sole and exclusive remedy between them regarding any Claims, counterclaims, issues, or accountings presented
or pleaded to the arbitrator, and (c) promptly payable in United States dollars free of any tax, deduction or offset (with respect
to monetary awards). Subject to the Appeal Right, any costs or fees, including without limitation attorneys’ fees, incurred
in connection with or incident to enforcing the Arbitration Award shall, to the maximum extent permitted by law, be charged against
the party resisting such enforcement. The Arbitration Award shall include default interest (as defined or otherwise provided for
in the Note, “Default Interest”) (with respect to monetary awards) at the rate specified in the Note for Default
Interest both before and after the Arbitration Award. Judgment upon the Arbitration Award will be entered and enforced by any state
or federal court sitting in Salt Lake County, Utah.

3.       The
Arbitration Act. The parties hereby incorporate herein the provisions and procedures set forth in the Utah Uniform Arbitration
Act, U.C.A. § 78B-11-101 et seq. (as amended or superseded from time to time, the “Arbitration Act”).
Notwithstanding the foregoing, pursuant to, and to the maximum extent permitted by, Section 105 of the Arbitration Act, in the
event of conflict or variation between the terms of these Arbitration Provisions and the provisions of the Arbitration Act, the
terms of these Arbitration Provisions shall control and the parties hereby waive or otherwise agree to vary the effect of all requirements
of the Arbitration Act that may conflict with or vary from these Arbitration Provisions.

4.       Arbitration
Proceedings. Arbitration between the parties will be subject to the following:

4.1       Initiation
of Arbitration. Pursuant to Section 110 of the Arbitration Act, the parties agree that a party may initiate Arbitration by
giving written notice to the other party (“Arbitration Notice”) in the same manner that notice is permitted
under Section 8.11 of the Agreement; provided, however, that the Arbitration Notice may not be given by email or fax. Arbitration
will be deemed initiated as of the date that the Arbitration Notice is deemed delivered to such other party under Section 8.11
of the Agreement (the “Service Date”). After the Service Date, information may be delivered, and notices may
be given, by email or fax pursuant to Section 8.11 of the Agreement or any other method permitted thereunder. The Arbitration Notice
must describe the nature of the controversy, the remedies sought, and the election to commence Arbitration proceedings. All Claims
in the Arbitration Notice must be pleaded consistent with the Utah Rules of Civil Procedure.

 

    	1  

    	 

    

 

4.2       Selection
and Payment of Arbitrator.

(a) Within ten (10)
calendar days after the Service Date, Investor shall select and submit to Company the names of three (3) arbitrators that are designated
as “neutrals” or qualified arbitrators by Utah ADR Services (http://www.utahadrservices.com) (such three (3) designated
persons hereunder are referred to herein as the “Proposed Arbitrators”). For the avoidance of doubt, each Proposed
Arbitrator must be qualified as a “neutral” with Utah ADR Services. Within five (5) calendar days after Investor has
submitted to Company the names of the Proposed Arbitrators, Company must select, by written notice to Investor, one (1) of the
Proposed Arbitrators to act as the arbitrator for the parties under these Arbitration Provisions. If Company fails to select one
of the Proposed Arbitrators in writing within such 5-day period, then Investor may select the arbitrator from the Proposed Arbitrators
by providing written notice of such selection to Company.

(b) If Investor fails
to submit to Company the Proposed Arbitrators within ten (10) calendar days after the Service Date pursuant to subparagraph (a)
above, then Company may at any time prior to Investor so designating the Proposed Arbitrators, identify the names of three (3)
arbitrators that are designated as “neutrals” or qualified arbitrators by Utah ADR Service by written notice to Investor.
Investor may then, within five (5) calendar days after Company has submitted notice of its Proposed Arbitrators to Investor, select,
by written notice to Company, one (1) of the Proposed Arbitrators to act as the arbitrator for the parties under these Arbitration
Provisions. If Investor fails to select in writing and within such 5-day period one (1) of the three (3) Proposed Arbitrators selected
by Company, then Company may select the arbitrator from its three (3) previously selected Proposed Arbitrators by providing written
notice of such selection to Investor.

(c) If a Proposed Arbitrator
chosen to serve as arbitrator declines or is otherwise unable to serve as arbitrator, then the party that selected such Proposed
Arbitrator may select one (1) of the other three (3) Proposed Arbitrators within three (3) calendar days of the date the chosen
Proposed Arbitrator declines or notifies the parties he or she is unable to serve as arbitrator. If all three (3) Proposed Arbitrators
decline or are otherwise unable to serve as arbitrator, then the arbitrator selection process shall begin again in accordance with
this Paragraph 4.2.

(d) The date that the
Proposed Arbitrator selected pursuant to this Paragraph 4.2 agrees in writing (including via email) delivered to both parties to
serve as the arbitrator hereunder is referred to herein as the “Arbitration Commencement Date”. If an arbitrator
resigns or is unable to act during the Arbitration, a replacement arbitrator shall be chosen in accordance with this Paragraph
4.2 to continue the Arbitration. If Utah ADR Services ceases to exist or to provide a list of neutrals and there is no successor
thereto, then the arbitrator shall be selected under the then prevailing rules of the American Arbitration Association.

(e) Subject to Paragraph
4.10 below, the cost of the arbitrator must be paid equally by both parties. Subject to Paragraph 4.10 below, if one party refuses
or fails to pay its portion of the arbitrator fee, then the other party can advance such unpaid amount (subject to the accrual
of Default Interest thereupon), with such amount being added to or subtracted from, as applicable, the Arbitration Award.

4.3       Applicability
of Certain Utah Rules. The parties agree that the Arbitration shall be conducted generally in accordance with the Utah Rules
of Civil Procedure and the Utah Rules of Evidence. More specifically, the Utah Rules of Civil Procedure shall apply, without limitation,
to the filing of any pleadings, motions or memoranda, the conducting of discovery, and the taking of any depositions. The Utah
Rules of Evidence shall apply to any hearings, whether telephonic or in person, held by the arbitrator. Notwithstanding the foregoing,
it is the parties’ intent that the incorporation of such rules will in no event supersede these Arbitration Provisions. In
the event of any conflict between the Utah Rules of Civil Procedure or the Utah Rules of Evidence and these Arbitration Provisions,
these Arbitration Provisions shall control.

4.4       Answer
and Default. An answer and any counterclaims to the Arbitration Notice shall be required to be delivered to the party initiating
the Arbitration within twenty (20) calendar days after the Arbitration Commencement Date. If an answer is not delivered by the
required deadline, the arbitrator must provide written notice to the defaulting party stating that the arbitrator will enter a
default award against such party if such party does not file an answer within five (5) calendar days of receipt of such notice.
If an answer is not filed within the five (5) day extension period, the arbitrator must render a default award, consistent with
the relief requested in the Arbitration Notice, against a party that fails to submit an answer within such time period.

 

    	2  

    	 

    

 

4.5       Related
Litigation. The party that delivers the Arbitration Notice to the other party shall have the option to also commence concurrent
legal proceedings with any state or federal court sitting in Salt Lake County, Utah (“Litigation Proceedings”),
subject to the following: (a) the complaint in the Litigation Proceedings is to be substantially similar to the claims set forth
in the Arbitration Notice, provided that an additional cause of action to compel arbitration will also be included therein, (b)
so long as the other party files an answer to the complaint in the Litigation Proceedings and an answer to the Arbitration Notice,
the Litigation Proceedings will be stayed pending an Arbitration Award (or Appeal Panel Award (defined below), as applicable) hereunder,
(c) if the other party fails to file an answer in the Litigation Proceedings or an answer in the Arbitration proceedings, then
the party initiating Arbitration shall be entitled to a default judgment consistent with the relief requested, to be entered in
the Litigation Proceedings, and (d) any legal or procedural issue arising under the Arbitration Act that requires a decision of
a court of competent jurisdiction may be determined in the Litigation Proceedings. Any award of the arbitrator (or of the Appeal
Panel (defined below)) may be entered in such Litigation Proceedings pursuant to the Arbitration Act.

4.6       Discovery.
Pursuant to Section 118(8) of the Arbitration Act, the parties agree that discovery shall be conducted as follows:

(a) Written discovery
will only be allowed if the likely benefits of the proposed written discovery outweigh the burden or expense thereof, and the written
discovery sought is likely to reveal information that will satisfy a specific element of a claim or defense already pleaded in
the Arbitration. The party seeking written discovery shall always have the burden of showing that all of the standards and limitations
set forth in these Arbitration Provisions are satisfied. The scope of discovery in the Arbitration proceedings shall also be limited
as follows:

(i)       To
facts directly connected with the transactions contemplated by the Agreement.

(ii)       To
facts and information that cannot be obtained from another source or in another manner that is more convenient, less burdensome
or less expensive than in the manner requested.

(b) No party shall be
allowed (i) more than fifteen (15) interrogatories (including discrete subparts), (ii) more than fifteen (15) requests for admission
(including discrete subparts), (iii) more than ten (10) document requests (including discrete subparts), or (iv) more than three
(3) depositions (excluding expert depositions) for a maximum of seven (7) hours per deposition. The costs associated with depositions
will be borne by the party taking the deposition. The party defending the deposition will submit a notice to the party taking the
deposition of the estimated attorneys’ fees that such party expects to incur in connection with defending the deposition.
If the party defending the deposition fails to submit an estimate of attorneys’ fees within five (5) calendar days of its
receipt of a deposition notice, then such party shall be deemed to have waived its right to the estimated attorneys’ fees.
The party taking the deposition must pay the party defending the deposition the estimated attorneys’ fees prior to taking
the deposition, unless such obligation is deemed to be waived as set forth in the immediately preceding sentence. If the party
taking the deposition believes that the estimated attorneys’ fees are unreasonable, such party may submit the issue to the
arbitrator for a decision. All depositions will be taken in Utah.

(c) All discovery requests
(including document production requests included in deposition notices) must be submitted in writing to the arbitrator and the
other party. The party submitting the written discovery requests must include with such discovery requests a detailed explanation
of how the proposed discovery requests satisfy the requirements of these Arbitration Provisions and the Utah Rules of Civil Procedure.
The receiving party will then be allowed, within five (5) calendar days of receiving the proposed discovery requests, to submit
to the arbitrator an estimate of the attorneys’ fees and costs associated with responding to such written discovery requests
and a written challenge to each applicable discovery request. After receipt of an estimate of attorneys’ fees and costs and/or
challenge(s) to one or more discovery requests, consistent with subparagraph (c) above, the arbitrator will within three (3) calendar
days make a finding as to the likely attorneys’ fees and costs associated with responding to the discovery requests and issue
an order that (i) requires the requesting party to prepay the attorneys’ fees and costs associated with responding to the
discovery requests, and (ii) requires the responding party to respond to the discovery requests as limited by the arbitrator within
twenty-five (25) calendar days of the arbitrator’s finding with respect to such discovery requests. If a party entitled to
submit an estimate of attorneys’ fees and costs and/or a challenge to discovery requests fails to do so within such 5-day
period, the arbitrator will make a finding that (A) there are no attorneys’ fees or costs associated with responding to such
discovery requests, and (B) the responding party must respond to such discovery requests (as may be limited by the arbitrator)
within twenty-five (25) calendar days of the arbitrator’s finding with respect to such discovery requests. Any party submitting
any written discovery requests, including without limitation interrogatories, requests for production subpoenas to a party or a
third party, or requests for admissions, must prepay the estimated attorneys’ fees and costs, before the responding party
has any obligation to produce or respond to the same, unless such obligation is deemed waived as set forth above.

 

    	3  

    	 

    

 

(d) In order to allow
a written discovery request, the arbitrator must find that the discovery request satisfies the standards set forth in these Arbitration
Provisions and the Utah Rules of Civil Procedure. The arbitrator must strictly enforce these standards. If a discovery request
does not satisfy any of the standards set forth in these Arbitration Provisions or the Utah Rules of Civil Procedure, the arbitrator
may modify such discovery request to satisfy the applicable standards, or strike such discovery request in whole or in part.

(e) Each party may submit
expert reports (and rebuttals thereto), provided that such reports must be submitted within sixty (60) days of the Arbitration
Commencement Date. Each party will be allowed a maximum of two (2) experts. Expert reports must contain the following: (i) a complete
statement of all opinions the expert will offer at trial and the basis and reasons for them; (ii) the expert’s name and qualifications,
including a list of all the expert’s publications within the preceding ten (10) years, and a list of any other cases in which
the expert has testified at trial or in a deposition or prepared a report within the preceding ten (10) years; and (iii) the compensation
to be paid for the expert’s report and testimony. The parties are entitled to depose any other party’s expert witness
one (1) time for no more than four (4) hours. An expert may not testify in a party’s case-in-chief concerning any matter
not fairly disclosed in the expert report.

4.6       Dispositive
Motions. Each party shall have the right to submit dispositive motions pursuant Rule 12 or Rule 56 of the Utah Rules of Civil
Procedure (a “Dispositive Motion”). The party submitting the Dispositive Motion may, but is not required to,
deliver to the arbitrator and to the other party a memorandum in support (the “Memorandum in Support”) of the
Dispositive Motion. Within seven (7) calendar days of delivery of the Memorandum in Support, the other party shall deliver to the
arbitrator and to the other party a memorandum in opposition to the Memorandum in Support (the “Memorandum in Opposition”).
Within seven (7) calendar days of delivery of the Memorandum in Opposition, as applicable, the party that submitted the Memorandum
in Support shall deliver to the arbitrator and to the other party a reply memorandum to the Memorandum in Opposition (“Reply
Memorandum”). If the applicable party shall fail to deliver the Memorandum in Opposition as required above, or if the
other party fails to deliver the Reply Memorandum as required above, then the applicable party shall lose its right to so deliver
the same, and the Dispositive Motion shall proceed regardless.

4.7       Confidentiality.
All information disclosed by either party (or such party’s agents) during the Arbitration process (including without limitation
information disclosed during the discovery process or any Appeal (defined below)) shall be considered confidential in nature. Each
party agrees not to disclose any confidential information received from the other party (or its agents) during the Arbitration
process (including without limitation during the discovery process or any Appeal) unless (a) prior to or after the time of disclosure
such information becomes public knowledge or part of the public domain, not as a result of any inaction or action of the receiving
party or its agents, (b) such information is required by a court order, subpoena or similar legal duress to be disclosed if such
receiving party has notified the other party thereof in writing and given it a reasonable opportunity to obtain a protective order
from a court of competent jurisdiction prior to disclosure, or (c) such information is disclosed to the receiving party’s
agents, representatives and legal counsel on a need to know basis who each agree in writing not to disclose such information to
any third party. Pursuant to Section 118(5) of the Arbitration Act, the arbitrator is hereby authorized and directed to issue a
protective order to prevent the disclosure of privileged information and confidential information upon the written request of either
party.

4.8       Authorization;
Timing; Scheduling Order. Subject to all other portions of these Arbitration Provisions, the parties hereby authorize and direct
the arbitrator to take such actions and make such rulings as may be necessary to carry out the parties’ intent for the Arbitration
proceedings to be efficient and expeditious. Pursuant to Section 120 of the Arbitration Act, the parties hereby agree that an Arbitration
Award must be made within one hundred twenty (120) calendar days after the Arbitration Commencement Date. The arbitrator is hereby
authorized and directed to hold a scheduling conference within ten (10) calendar days after the Arbitration Commencement Date in
order to establish a scheduling order with various binding deadlines for discovery, expert testimony, and the submission of documents
by the parties to enable the arbitrator to render a decision prior to the end of such 120-day period.

 

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4.9       Relief.
The arbitrator shall have the right to award or include in the Arbitration Award (or in a preliminary ruling) any relief which
the arbitrator deems proper under the circumstances, including, without limitation, specific performance and injunctive relief,
provided that the arbitrator may not award exemplary or punitive damages.

4.10       Fees
and Costs. As part of the Arbitration Award, the arbitrator is hereby directed to require the losing party (the party being
awarded the least amount of money by the arbitrator, which, for the avoidance of doubt, shall be determined without regard to any
statutory fines, penalties, fees, or other charges awarded to any party) to (a) pay the full amount of any unpaid costs and fees
of the Arbitration, and (b) reimburse the prevailing party for all reasonable attorneys’ fees, arbitrator costs and fees,
deposition costs, other discovery costs, and other expenses, costs or fees paid or otherwise incurred by the prevailing party in
connection with the Arbitration.

5.       Arbitration
Appeal.

5.1       Initiation
of Appeal. Following the entry of the Arbitration Award, either party (the “Appellant”) shall have a period
of thirty (30) calendar days in which to notify the other party (the “Appellee”), in writing, that the Appellant
elects to appeal (the “Appeal”) the Arbitration Award (such notice, an “Appeal Notice”) to
a panel of arbitrators as provided in Paragraph 5.2 below. The date the Appellant delivers an Appeal Notice to the Appellee is
referred to herein as the “Appeal Date”. The Appeal Notice must be delivered to the Appellee in accordance with
the provisions of Paragraph 4.1 above with respect to delivery of an Arbitration Notice. In addition, together with delivery of
the Appeal Notice to the Appellee, the Appellant must also pay for (and provide proof of such payment to the Appellee together
with delivery of the Appeal Notice) a bond in the amount of 110% of the sum the Appellant owes to the Appellee as a result of the
Arbitration Award the Appellant is appealing. In the event an Appellant delivers an Appeal Notice to the Appellee (together with
proof of payment of the applicable bond) in compliance with the provisions of this Paragraph 5.1, the Appeal will occur as a matter
of right and, except as specifically set forth herein, will not be further conditioned. In the event a party does not deliver an
Appeal Notice (along with proof of payment of the applicable bond) to the other party within the deadline prescribed in this Paragraph
5.1, such party shall lose its right to appeal the Arbitration Award. If no party delivers an Appeal Notice (along with proof of
payment of the applicable bond) to the other party within the deadline described in this Paragraph 5.1, the Arbitration Award shall
be final. The parties acknowledge and agree that any Appeal shall be deemed part of the parties’ agreement to arbitrate for
purposes of these Arbitration Provisions and the Arbitration Act.

5.2       Selection
and Payment of Appeal Panel. In the event an Appellant delivers an Appeal Notice to the Appellee (together with proof of payment
of the applicable bond) in compliance with the provisions of Paragraph 5.1 above, the Appeal will be heard by a three (3) person
arbitration panel (the “Appeal Panel”).

(a) Within ten (10)
calendar days after the Appeal Date, the Appellee shall select and submit to the Appellant the names of five (5) arbitrators that
are designated as “neutrals” or qualified arbitrators by Utah ADR Services (http://www.utahadrservices.com) (such five
(5) designated persons hereunder are referred to herein as the “Proposed Appeal Arbitrators”). For the avoidance
of doubt, each Proposed Appeal Arbitrator must be qualified as a “neutral” with Utah ADR Services, and shall not be
the arbitrator who rendered the Arbitration Award being appealed (the “Original Arbitrator”). Within five (5)
calendar days after the Appellee has submitted to the Appellant the names of the Proposed Appeal Arbitrators, the Appellant must
select, by written notice to the Appellee, three (3) of the Proposed Appeal Arbitrators to act as the members of the Appeal Panel.
If the Appellant fails to select three (3) of the Proposed Appeal Arbitrators in writing within such 5-day period, then the Appellee
may select such three (3) arbitrators from the Proposed Appeal Arbitrators by providing written notice of such selection to the
Appellant.

(b) If the Appellee
fails to submit to the Appellant the names of the Proposed Appeal Arbitrators within ten (10) calendar days after the Appeal Date
pursuant to subparagraph (a) above, then the Appellant may at any time prior to the Appellee so designating the Proposed Appeal
Arbitrators, identify the names of five (5) arbitrators that are designated as “neutrals” or qualified arbitrators
by Utah ADR Service (none of whom may be the Original Arbitrator) by written notice to the Appellee. The Appellee may then, within
five (5) calendar days after the Appellant has submitted notice of its selected arbitrators to the Appellee, select, by written
notice to the Appellant, three (3) of such selected arbitrators to serve on the Appeal Panel. If the Appellee fails to select in
writing within such 5-day period three (3) of the arbitrators selected by the Appellant to serve as the members of the Appeal Panel,
then the Appellant may select the three (3) members of the Appeal Panel from the Appellant’s list of five (5) arbitrators
by providing written notice of such selection to the Appellee.

 

    	5  

    	 

    

 

(c) If a selected
Proposed Appeal Arbitrator declines or is otherwise unable to serve, then the party that selected such Proposed Appeal Arbitrator
may select one (1) of the other five (5) designated Proposed Appeal Arbitrators within three (3) calendar days of the date a chosen
Proposed Appeal Arbitrator declines or notifies the parties he or she is unable to serve as an arbitrator. If at least three (3)
of the five (5) designated Proposed Appeal Arbitrators decline or are otherwise unable to serve, then the Proposed Appeal Arbitrator
selection process shall begin again in accordance with this Paragraph 5.2; provided, however, that any Proposed Appeal Arbitrators
who have already agreed to serve shall remain on the Appeal Panel.

(d)The date that
all three (3) Proposed Appeal Arbitrators selected pursuant to this Paragraph 5.2 agree in writing (including via email) delivered
to both the Appellant and the Appellee to serve as members of the Appeal Panel hereunder is referred to herein as the “Appeal
Commencement Date”. No later than five (5) calendar days after the Appeal Commencement Date, the Appellee shall designate
in writing (including via email) to the Appellant and the Appeal Panel the name of one (1) of the three (3) members of the Appeal
Panel to serve as the lead arbitrator in the Appeal proceedings. Each member of the Appeal Panel shall be deemed an arbitrator
for purposes of these Arbitration Provisions and the Arbitration Act, provided that, in conducting the Appeal, the Appeal Panel
may only act or make determinations upon the approval or vote of no less than the majority vote of its members, as announced or
communicated by the lead arbitrator on the Appeal Panel. If an arbitrator on the Appeal Panel
ceases or is unable to act during the Appeal proceedings, a replacement arbitrator shall be chosen in accordance with Paragraph
5.2 above to continue the Appeal as a member of the Appeal Panel. If Utah ADR Services ceases to exist or to provide a list
of neutrals, then the arbitrators for the Appeal Panel shall be selected under the then prevailing rules of the American Arbitration
Association.

(d) Subject to Paragraph
5.7 below, the cost of the Appeal Panel must be paid entirely by the Appellant.

5.3       Appeal
Procedure. The Appeal will be deemed an appeal of the entire Arbitration Award. In conducting the Appeal, the Appeal Panel
shall conduct a de novo review of all Claims described or otherwise set forth in the Arbitration Notice. Subject to the foregoing
and all other provisions of this Paragraph 5, the Appeal Panel shall conduct the Appeal in a manner the Appeal Panel considers
appropriate for a fair and expeditious disposition of the Appeal, may hold one or more hearings and permit oral argument, and may
review all previous evidence and discovery, together with all briefs, pleadings and other documents filed with the Original Arbitrator
(as well as any documents filed with the Appeal Panel pursuant to Paragraph 5.4(a) below). Notwithstanding the foregoing, in connection
with the Appeal, the Appeal Panel shall not permit the parties to conduct any additional discovery or raise any new Claims to be
arbitrated, shall not permit new witnesses or affidavits, and shall not base any of its findings or determinations on the Original
Arbitrator’s findings or the Arbitration Award.

5.4       Timing.

(a)       Within
seven (7) calendar days of the Appeal Commencement Date, the Appellant (i) shall deliver or cause to be delivered to the Appeal
Panel copies of the Appeal Notice, all discovery conducted in connection with the Arbitration, and all briefs, pleadings and other
documents filed with the Original Arbitrator (which material Appellee shall have the right to review and supplement if necessary),
and (ii) may, but is not required to, deliver to the Appeal Panel and to the Appellee a Memorandum in Support of the Appellant’s
arguments concerning or position with respect to all Claims, counterclaims, issues, or accountings presented or pleaded in the
Arbitration. Within seven (7) calendar days of the Appellant’s delivery of the Memorandum in Support, as applicable, the
Appellee shall deliver to the Appeal Panel and to the Appellant a Memorandum in Opposition to the Memorandum in Support. Within
seven (7) calendar days of the Appellee’s delivery of the Memorandum in Opposition, as applicable, the Appellant shall deliver
to the Appeal Panel and to the Appellee a Reply Memorandum to the Memorandum in Opposition. If the Appellant shall fail to substantially
comply with the requirements of clause (i) of this subparagraph (a), the Appellant shall lose its right to appeal the Arbitration
Award, and the Arbitration Award shall be final. If the Appellee shall fail to deliver the Memorandum in Opposition as required
above, or if the Appellant shall fail to deliver the Reply Memorandum as required above, then the Appellee or the Appellant, as
the case may be, shall lose its right to so deliver the same, and the Appeal shall proceed regardless.

(b)        Subject
to subparagraph (a) above, the parties hereby agree that the Appeal must be heard by the Appeal Panel within thirty (30) calendar
days of the Appeal Commencement Date, and that the Appeal Panel must render its decision within thirty (30) calendar days after
the Appeal is heard (and in no event later than sixty (60) calendar days after the Appeal Commencement Date).

 

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5.5       Appeal
Panel Award. The Appeal Panel shall issue its decision (the “Appeal Panel Award”) through the lead arbitrator
on the Appeal Panel. Notwithstanding any other provision contained herein, the Appeal Panel Award shall (a) supersede in its entirety
and make of no further force or effect the Arbitration Award (provided that any protective orders issued by the Original Arbitrator
shall remain in full force and effect), (b) be final and binding upon the parties, with no further rights of appeal, (c) be the
sole and exclusive remedy between the parties regarding any Claims, counterclaims, issues, or accountings presented or pleaded
in the Arbitration, and (d) be promptly payable in United States dollars free of any tax, deduction or offset (with respect to
monetary awards). Any costs or fees, including without limitation attorneys’ fees, incurred in connection with or incident
to enforcing the Appeal Panel Award shall, to the maximum extent permitted by law, be charged against the party resisting such
enforcement. The Appeal Panel Award shall include Default Interest (with respect to monetary awards) at the rate specified in the
Note for Default Interest both before and after the Arbitration Award. Judgment upon the Appeal Panel Award will be entered and
enforced by a state or federal court sitting in Salt Lake County, Utah.

5.6       Relief.
The Appeal Panel shall have the right to award or include in the Appeal Panel Award any relief which the Appeal Panel deems
proper under the circumstances, including, without limitation, specific performance and injunctive relief, provided that the Appeal
Panel may not award exemplary or punitive damages.

5.7       Fees
and Costs. As part of the Appeal Panel Award, the Appeal Panel is hereby directed to require the losing party (the party being
awarded the least amount of money by the arbitrator, which, for the avoidance of doubt, shall be determined without regard to any
statutory fines, penalties, fees, or other charges awarded to any party) to (a) pay the full amount of any unpaid costs and fees
of the Arbitration and the Appeal Panel, and (b) reimburse the prevailing party (the party being awarded the most amount of money
by the Appeal Panel, which, for the avoidance of doubt, shall be determined without regard to any statutory fines, penalties, fees,
or other charges awarded to any part) the reasonable attorneys’ fees, arbitrator and Appeal Panel costs and fees, deposition
costs, other discovery costs, and other expenses, costs or fees paid or otherwise incurred by the prevailing party in connection
with the Arbitration (including without limitation in connection with the Appeal).

6.        Miscellaneous.

6.1       Severability.
If any part of these Arbitration Provisions is found to violate or be illegal under applicable law, then such provision shall
be modified to the minimum extent necessary to make such provision enforceable under applicable law, and the remainder of the Arbitration
Provisions shall remain unaffected and in full force and effect.

6.2       Governing
Law. These Arbitration Provisions shall be governed by the laws of the State of Utah without regard to the conflict of laws
principles therein.

6.3       Interpretation.
The headings of these Arbitration Provisions are for convenience of reference only and shall not form part of, or affect the interpretation
of, these Arbitration Provisions.

6.4       Waiver.
No waiver of any provision of these Arbitration Provisions shall be effective unless it is in the form of a writing signed by the
party granting the waiver.

6.5       Time
is of the Essence. Time is expressly made of the essence with respect to each and every provision of these Arbitration Provisions.

[Remainder of page intentionally left blank]

 

 

7Exhibit 10.2

 

Secured
Promissory Note

	Effective Date: February 8, 2021	U.S. $24,015,000.00

 

FOR VALUE RECEIVED,
Nemaura Medical Inc., a Nevada corporation (“Company”), Dermal
Diagnostics Limited, an England and Wales corporation (“Dermal Diagnostics”), and Trial
Clinic Limited, an England and Wales corporation (“Trial Clinic,” and together with Dermal Diagnostics,
“Borrower”), jointly and severally promise to pay to Uptown Capital,
LLC, a Utah limited liability company, or its successors or assigns (“Lender”), $24,015,000.00 and any
fees, charges, and late fees accrued hereunder on the date that is twenty-four (24) months after the Purchase Price Date (the “Maturity
Date”) in accordance with the terms set forth herein. This Secured Promissory Note (this “Note”) is
issued and made effective as of February 8, 2021 (the “Effective Date”). This Note is issued pursuant to that
certain Note Purchase Agreement dated February 8, 2021, as the same may be amended from time to time, by and between Borrower and
Lender (the “Purchase Agreement”). Certain capitalized terms used herein are defined in Attachment 1
attached hereto and incorporated herein by this reference.

This Note carries
an OID of $4,000,000.00. In addition, Borrower agrees to pay $15,000.00 to Lender to cover Lender’s legal fees, accounting
costs, due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of this Note (the
“Transaction Expense Amount”), all of which amount is fully earned and included in the initial principal balance
of this Note. The purchase price for this Note shall be $20,000,000.00 (the “Purchase Price”), computed as follows:
$24,015,000.00 original principal balance, less the OID, less the Transaction Expense Amount. The Purchase Price shall be payable
by Lender by wire transfer of immediately available funds.

1.                  
Payment; Prepayment; Monitoring Fee.

1.1.            
Payment. All payments owing hereunder shall be in lawful money of the United States of America and delivered to Lender
at the address or bank account furnished to Borrower for that purpose. All payments shall be applied first to (a) costs of collection,
if any, then to (b) fees and charges, if any, then to (c) accrued and unpaid monitoring fees, and thereafter, to (d) principal.

1.2.            
Prepayment. Borrower shall have the right to prepay all or any portion of the Outstanding Balance. If Borrower exercises
its right to prepay this Note, Borrower shall make payment to Lender of an amount in cash equal to 110% multiplied by the portion
of the Outstanding Balance Borrower elects to prepay.

1.3.            
Monitoring Fee. Beginning on March 1, 2021 and continuing on the first day of each month thereafter until this Note
has been paid in full, a monitoring fee equal to 0.833% of the then-current Outstanding Balance will automatically be added to
the Outstanding Balance.

2.                  
Security. This Note is secured by the Security Agreement (as defined in the Purchase Agreement), executed by Borrower
in favor of Lender encumbering the collateral set forth therein, as more specifically set forth in the Security Agreement, all
the terms and conditions of which are hereby incorporated into and made a part of this Note.

3.                  
Redemption. Beginning on the date that is six (6) months after the Purchase Price Date, Lender shall have the right,
exercisable at any time in its sole and absolute discretion, to redeem any amount of this Note up to the Maximum Monthly Redemption
Amount (such amount, the “Redemption Amount”) per calendar month by providing written notice to Borrower (each,
a “Redemption Notice”). For the avoidance of doubt, Lender may submit to Borrower one (1) or more Redemption
Notices in any given calendar month so long as the aggregate amount being redeemed in such month does not exceed the Maximum Monthly
Redemption Amount. Upon receipt of any Redemption Notice, Borrower shall pay the applicable Redemption Amount in cash to Lender
within five (5) Trading Days of Borrower’s receipt of such Redemption Notice.

    	1  

    	 

    

 

4.                  
Defaults and Remedies.

4.1.            
Defaults. The following are events of default under this Note (each, an “Event of Default”): (a)
Borrower fails to pay any principal, monitoring or other fees, charges, or any other amount when due and payable hereunder; (b)
a receiver, trustee or other similar official shall be appointed over Borrower or a material part of its assets and such appointment
shall remain uncontested for twenty (20) days or shall not be dismissed or discharged within sixty (60) days; (c) Borrower becomes
insolvent or generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable
grace periods, if any; (d) Borrower makes a general assignment for the benefit of creditors; (e) Borrower files a petition for
relief under any bankruptcy, insolvency or similar law (domestic or foreign); (f) an involuntary bankruptcy proceeding is commenced
or filed against Borrower; (g) Borrower or any pledgor, trustor, or guarantor of this Note defaults or otherwise fails to observe
or perform any covenant, obligation, condition or agreement of Borrower or such pledgor, trustor, or guarantor contained herein
or in any other Transaction Document (as defined in the Purchase Agreement); (h) the occurrence of a Fundamental Transaction without
Lender’s prior written consent; (i) any representation, warranty or other statement made or furnished by or on behalf of
Borrower or any pledgor, trustor, or guarantor of this Note to Lender herein, in any Transaction Document, or otherwise in connection
with the issuance of this Note is false, incorrect, incomplete or misleading in any material respect when made or furnished; and
(j) any United States money judgment, writ or similar process is entered or filed against Borrower or any subsidiary of Borrower
or any of its property or other assets for more than $4,000,000.00, and shall remain unvacated, unbonded or unstayed for a period
of twenty (20) calendar days unless otherwise consented to by Lender. The occurrence of any event described above in Section 4.1(g)
– (j) shall not be considered an Event of Default hereunder if such event is cured within fifteen (15) days of the occurrence
thereof.

4.2.            
Remedies. At any time and from time to time after Lender becomes aware of the occurrence of any Event of Default,
Lender may accelerate this Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable
in cash at the Mandatory Default Amount. Notwithstanding the foregoing, at any time following the occurrence of any Event of Default,
Lender may, at its option, elect to increase the Outstanding Balance by applying the Default Effect (subject to the limitation
set forth below) via written notice to Borrower without accelerating the Outstanding Balance, in which event the Outstanding Balance
shall be increased as of the date of the occurrence of the applicable Event of Default pursuant to the Default Effect, but the
Outstanding Balance shall not be immediately due and payable unless so declared by Lender (for the avoidance of doubt, if Lender
elects to apply the Default Effect pursuant to this sentence, it shall reserve the right to declare the Outstanding Balance immediately
due and payable at any time and no such election by Lender shall be deemed to be a waiver of its right to declare the Outstanding
Balance immediately due and payable as set forth herein unless otherwise agreed to by Lender in writing). Notwithstanding the foregoing,
upon the occurrence of any Event of Default described in clauses (b), (c), (d), (e) or (f) of Section 4.1, the Outstanding Balance
as of the date of acceleration shall become immediately and automatically due and payable in cash at the Mandatory Default Amount,
without any written notice required by Lender. At any time following the occurrence of any Event of Default, upon written notice
given by Lender to Borrower, monitoring fees shall accrue on the Outstanding Balance beginning on the date the applicable Event
of Default occurred at a rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable
law (“Default Monitoring Fees”). In connection with acceleration described herein, Lender need not provide,
and Borrower hereby waives, any presentment, demand, protest or other notice of any kind, and Lender may immediately and without
expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it
under applicable law. Such acceleration may be rescinded and annulled by Lender at any time prior to payment hereunder and Lender
shall have all rights as a holder of the Note until such time, if any, as Lender receives full payment pursuant to this Section
4.2. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon. Nothing
herein shall limit Lender’s right to pursue any other remedies available to it at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief.

    	2  

    	 

    

 

5.                  
Unconditional Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and
enforceable obligation of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights
of offset it now has or may have hereafter against Lender, its successors and assigns, and agrees to make the payments called for
herein in accordance with the terms of this Note.

6.                  
Waiver. No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by
the party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any
other provision or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing
waiver or consent or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in
writing.

7.                  
Opinion of Counsel. In the event that an opinion of counsel is needed for any matter related to this Note, Lender
has the right to have any such opinion provided by its counsel.

8.                  
Governing Law; Venue. This Note shall be construed and enforced in accordance with, and all questions concerning
the construction, validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of
Utah, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Utah. The provisions set
forth in the Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference.

9.                  
Arbitration of Disputes. By its issuance or acceptance of this Note, each party agrees to be bound by the Arbitration
Provisions (as defined in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

10.              
Cancellation. After repayment of the entire Outstanding Balance, this Note shall be deemed paid in full, shall automatically
be deemed canceled, and shall not be reissued.

11.              
Amendments. The prior written consent of both parties hereto shall be required for any change or amendment to this
Note.

12.              
Assignments. Borrower may not assign this Note without the prior written consent of Lender. This Note may be offered,
sold, assigned or transferred by Lender without the consent of Borrower, so long as such transfer is in accordance with applicable
federal and state securities laws.

13.              
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall
be given in accordance with the subsection of the Purchase Agreement titled “Notices.”

14.              
Liquidated Damages. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or
provisions of this Note, Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because
of the parties’ inability to predict future rates, future share prices, future trading volumes and other relevant factors.
Accordingly, Lender and Borrower agree that any fees, balance adjustments, Default Monitoring Fees or other charges assessed under
this Note are not penalties but instead are intended by the parties to be, and shall be deemed, liquidated damages.

 

    	3  

    	 

    

 

15.              
Severability. If any part of this Note is construed to be in violation of any law, such part shall be modified to
achieve the objective of Borrower and Lender to the fullest extent permitted by law and the balance of this Note shall remain in
full force and effect.

16.              
Joint and Several Obligations. To the extent applicable, any references in this Note to Borrower refer to each person
or entity constituting Borrower jointly and severally, and all promises, agreements, covenants, waivers, consents, representations,
warranties, and other provisions in this Note are made by and are binding upon each such undersigned person or entity, jointly
and severally.

[Remainder of page intentionally left blank;
signature page follows]

 

 

 

    	4  

    	 

    

IN WITNESS WHEREOF,
Borrower has caused this Note to be duly executed as of the Effective Date.

BORROWER:

Nemaura
Medical Inc.

 

 

By: /s/ Dewan F.H. Chowdhury

Name: Dewan F.H. Chowdhury

Title: Chairman and CEO

 

 

Dermal
Diagnostics Limited

 

 

By: /s/ Dewan F.H. Chowdhury

Name: Dewan F.H. Chowdhury

Title: Chairman and CEO

 

 

Trial
Clinic Limited

 

 

By: /s/ Dewan F.H. Chowdhury

Name: Dewan F.H. Chowdhury

Title: Chairman and CEO

 

 

ACKNOWLEDGED, ACCEPTED AND AGREED:

LENDER:

Uptown
Capital, LLC

 

 

By: /s/ John M. Fife

John M. Fife, President

 

 

 

    	  

    	 

    

 

ATTACHMENT 1

DEFINITIONS

 

For purposes
of this Note, the following terms shall have the following meanings:

A1.             
“Default Effect” means multiplying the Outstanding Balance as of the date the Event of Default occurred
by ten percent (10%).

A2.             
“DTC” means the Depository Trust Company or any successor thereto.

A3.             
“DTC/FAST Program” means the DTC’s Fast Automated Securities Transfer program.

A4.             
“DWAC” means the DTC’s Deposit/Withdrawal at Custodian system.

A5.             
“DWAC Eligible” means that (a) Company’s Common Stock is eligible at DTC for full services pursuant
to DTC’s operational arrangements, including without limitation transfer through DTC’s DWAC system; (b) Company has
been approved (without revocation) by DTC’s underwriting department; (c) Company’s transfer agent is approved as an
agent in the DTC/FAST Program; and (d) Company’s transfer agent does not have a policy prohibiting or limiting delivery of
Common Stock via DWAC.

A6.             
“Fundamental Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly
or indirectly, in one or more related transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries
is the surviving corporation) any other person or entity, or (ii) Borrower or any of its subsidiaries shall, directly or indirectly,
in one or more related transactions, sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially
all of its respective properties or assets to any other person or entity, or (iii) Borrower or any of its subsidiaries shall,
directly or indirectly, in one or more related transactions, allow any other person or entity to make a purchase, tender or exchange
offer that is accepted by the holders of more than 50% of the outstanding shares of voting stock of Borrower (not including any
shares of voting stock of Borrower held by the person or persons making or party to, or associated or affiliated with the persons
or entities making or party to, such purchase, tender or exchange offer), or (iv) Borrower or any of its subsidiaries shall,
directly or indirectly, in one or more related transactions, consummate a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other person or
entity whereby such other person or entity acquires more than 50% of the outstanding shares of voting stock of Borrower (not including
any shares of voting stock of Borrower held by the other persons or entities making or party to, or associated or affiliated with
the other persons or entities making or party to, such stock or share purchase agreement or other business combination), or (v) Borrower
or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize or reclassify
the Common Stock, other than an increase in the number of authorized shares of Borrower’s Common Stock, or reverse splits
of its outstanding and authorized shares of Common Stock to meet Nasdaq listing requirements or (b) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations
promulgated thereunder) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act),
directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding voting stock of Borrower.

A7.             
“Mandatory Default Amount” means the Outstanding Balance following the application of the Default Effect.

A8.             
“Maximum Monthly Redemption Amount” means $400,000.00 until January 31, 2022 and $2,000,000.00 thereafter.

A9.             
“OID” means an original issue discount.

A10.          
“Other Agreements” means, collectively, (a) all existing and future agreements and instruments between,
among or by Borrower (or an affiliate), on the one hand, and Lender (or an affiliate), on the other hand, and (b) any financing
agreement or a material agreement that affects Borrower’s ongoing business operations.

A11.          
“Outstanding Balance” means as of any date of determination, the Purchase Price, as reduced or increased,
as the case may be, pursuant to the terms hereof for payment, offset, or otherwise, plus the OID, the Transaction Expense Amount,
accrued but unpaid monitoring fees, collection and enforcements costs (including attorneys’ fees) incurred by Lender, transfer,
stamp, issuance and similar taxes and fees incurred under this Note.

 

    	  

    	 

    

 

A12.          
“Purchase Price Date” means the date the Purchase Price is delivered by Lender to Borrower.

A13.          
“Trading Day” means any day on which the New York Stock Exchange (or such other principal market for
the Common Stock) is open for trading. For purposes of determining Borrower’s cash payment deadline under this Note, such
“Trading Day” shall exclude any day on which banking institutions in Dalian, China are authorized or required by law
or other governmental action to close.

 

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