Document:

Exhibit 10.21

 

 

 

10 December 2019

 

Prosser Enterprises Ltd ATF Prosser Family Trust 91 Hawkesbury
Crescent, Farrer,

ACT, 2607

 

Dear Nick,

 

LETTER OF VARIATION – OPPORTUNITY FOR EARLIER
CONVERSION

 

We refer to the converting note agreement which you (Investor)
executed with MyFiziq Limited (ACN 602 111 115) (Company) on or about 10th April 2018 (Agreement).

 

As you would be aware, the converting note which you hold
in accordance with the Agreement is currently due to mature on 31 December 2019 (Maturity Date).

 

This letter agreement is intended to vary your Agreement
to:

 

	(a)	extend the Maturity Date to 30 June 2020; and

 

	(b)	capitalise any interest owing to you as at the date of this letter agreement and any future interest payments due to you prior to
the Maturity Date.

 

Terms defined in the Agreement have the corresponding meaning
where used in this letter agreement (unless otherwise specified).

 

By this letter agreement, the Agreement is varied as follows:

 

Maturity Date: 30 June 2020.

 

Interest Payment Dates: Interest will accrue to the
Investor/s quarterly in arrears and the interest accrued to 31 December 2019 will be paid as follows:

 

i. $20,000 by 30 November 2019

 

 ii. The balance of approximately $38,630.14 by 31 January 2019

 

iii. Interest
will be paid on a monthly basis on the 1st of each calendar month at a rate of 8%pa being
$3,333p,

 

All interest accrued from 1 January 2020 shall be capitalised
(thereafter forming part of the Principal) and repaid on the Maturity Date.

 

Upon execution by all parties, this letter shall form a
binding deed varying the Agreement on the terms and conditions above.

 

     

     

    

 

To record your agreement to the above variation of the Agreement,
please execute this letter agreement where indicated below and return it to me.

 

For the avoidance of doubt, all remaining terms of the Agreement
remain unaltered other than as varied by this deed.

 

Yours sincerely

 

/s/ Steven Richards

Mr Steven Richards Company Secretary
MyFiziq Limited

 

    2

     

    

 

EXECUTED by the Parties as a deed.

 

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

 

	 	 	 
	/s/ Vlado Bosanac	 	/s/ Steven Richards
	Signature of director	 	Signature company secretary
	 	 	 
	Vlado Bosanac	 	Steven Richards
	Name of director	 	Name of company secretary

 

	EXECUTED by Prosser Enterprises Ltd	)  ATF Prosser Family Trust)
	ACN [123 704 405]	)	 	 	 
	in accordance with section 127 of the	)	     	    
	Corporations Act 2001 (Cth):	 	 	 	 

 

	/s/ Nicholas Prosser	 	 
	Signature of sole director	 	Signature of director/company secretary*

 

	Nicholas Prosser	 	 
	Name of sole director	 	Name of director/company secretary*

 

 

3Exhibit 10.22

 

	 	MYFIZIQ COMMERCIAL CONTRACT	 

 

CONTRACT REFERENCE: MYQ010007

 

DATE OF AGREEMENT

 

This Commercial Contract is applicable from 01/04/2019.

 

PARTIES

 

MyFiziq Limited ABN 85 602 111 115 of Unit 5, 71-73
South Perth Esplanade, South Perth Western Australia 6151 (“MyFiziq”), (“Licensor”).

 

Body Composition Technologies Pty Limited ABN 17 620
646 531 of Unit 5, 71-73 South Perth Esplanade, South Perth Western Australia 6151 (“BCT”), (“Licensee”).

 

RECITALS

 

	A.	Intellectual Property Rights are documented in the IP Licence Agreement between
MyFiziq and BCT dated 22/09/2017.

	B.	The Licensee sector (Field) rights are documented in the IP Licence Agreement between
MyFiziq and BCT dated 22/09/2017 and in the shareholders Deed between MyFiziq and BCT dated on or about the 22nd of September, 2017 or
as subsequently amended from time to time.

	C.	The Licensee has the right to exploit the Licensed SDKs from MyFiziq in the Licensee
Field as documented in the IP Licence Agreement.

	D.	The Licensee wishes to engage the Licensor, and the Licensor wishes to accept the
engagement, to perform the Services, on the following terms and conditions.

 

THE PARTIES AGREE AS FOLLOWS:

 

		1.	Subsequent agreements

 

Within thirty (30) days of the Commencement Date, the parties
agree to enter into:

 

		1.	a Data Processing Agreement which documents both parties’
requirements under data protection laws including the Privacy Act and GDPR in relation to the processing of Active User data on the MyFiziq
Services.

 

		2.	a Support Agreement which documents the support services to
be provided by MyFiziq during the contract Term, the steps for reporting issues / incidents, as well as response and resolution time
frames.

 

The Software Development Kit
EULA shown in Schedule 4 will be used by the Licensee to document the rights and obligations in relation to any Software Development
Kit EULA with third parties.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 1 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

Definitions and Interpretation

 

Definitions

 

In this Commercial Contract, the following words have
the following meanings, unless expressly agreed otherwise:

 

3D
Model means a virtual 3D representation of a User's human body shape.

 

Active
User means a single user of the Licensed SDKs who can be identified by a unique identification reference, email address
or username who has either created or accessed an account in MyFiziq’s Platform via the Licensee Field.

 

Additional
Commercial Contract means as specified in clause 3.1.

 

Australian
Consumer Law means schedule 2 to the Competition and Consumer Act

2010 (Cth).

 

Avatar
means 3D Model.

 

Business
Day means Monday – Friday excluding public holidays In Western Australia.

 

Business
Hours means 9:00am – 5:00pm on Business Days.

 

Commencement
Date means the Commencement Date as set out in Schedule 1.

 

Commercial
Contract means this MyFiziq Commercial Contract including Schedules 1, 2, 3 and 4.

 

Confidential
Information means as defined in clause 0.

 

Documentation
means as set out in Schedule 1.

 

EULA
means the MyFiziq Software Development Kit End User Licence Agreement.

 

Fees
means as set out in Schedule 1.

 

Force
Majeure Event means war, strike, lockout, natural disaster, flood, earthquake, act of God, or other circumstances beyond
the reasonable control of MyFiziq.

 

GDPR
means the General Data Protection Regulation (GDPR) (EU) 2016/679.

 

GST
has the meaning given by the A New Tax System (Goods and Services Tax) Act

1999 (Cth)).

 

Initial
Term means the initial term set out in Schedule 1. The Initial Term commences on the Commencement Date.

 

Insolvency
Event means: (a) where the party is an individual, that party commits an act of bankruptcy or is declared bankrupt or
insolvent or that party's estate otherwise becomes liable to be dealt with under any law relating to bankruptcy or insolvency; or
(b) where the party is a company, (b) the party ceases to (or is unable to) pay its creditors (or any class of them) in the ordinary
course of business, (c) a receiver, receiver and manager, administrator, liquidator or similar officer is appointed to the party,
(d) the party enters into, or resolves to, enter into, a scheme or arrangement, compromise or composition with any class of
creditors; (e) a resolution is passed or an application to a court is taken for the winding up, dissolution or administration of the
party, (f) any liquidator, receiver or manager enters into possession of any of the assets of the party, (g) the party applies for,
consents to, or acquiesces in the appointment of a trustee or receiver, or (h) except to reconstruct or amalgamate while solvent on
terms approved by the other party, the party enters into or resolves or proposes to enter into a scheme of arrangement, compromise
or re-construction with any of its creditors or members.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 2 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

Intellectual
Property Rights means all copyright, trademark rights, patent rights, and design rights, whether registered or unregistered,
and all other rights to intellectual property as defined under article 2 of the convention establishing the World Intellectual Property
Organization, and all rights to enforce any of the foregoing rights.

 

Licensee
means as set out on the first page of this Agreement.

 

Licensee Field means the medical, insurance
and medical research sectors as documented in the IP Licence Agreement between MyFiziq and BCT dated 22/09/2017.

 

Licensee
Materials means software, data, logos and other materials and information supplied by or on behalf of the Licensee to MyFiziq
in connection with this Commercial Contract. For the avoidance of doubt, Licensee Materials do not include the Licensed SDKs or Platform
or the Documentation.

 

Licensed
SDKs means as specified in Schedule 1.

 

Licensor
means as set out on the first page of this Agreement.

 

Moral
Rights has the meaning given to that term in the Copyright Act 1968 (Cth).

 

Payment
Terms means as set out in Schedule 1.

 

Personal
Property Securities Register means the Personal Property Securities Register established under the Personal Property
Securities Act 2009 (Cth).

 

Platform
means as specified in Schedule 1. Privacy Act means
the Privacy Act 1988 (Cth). Renewal Term means as set out
in clause 2.2.

 

SDK
has the meaning given to it in the EULA in Schedule 4.

 

SDK
Documentation means as set out in Schedule 1.

 

SDK
support means as set out in clause 3 of the EULA in Schedule 4.

 

Services
means the Implementation Services in clause 4, and the Cloud Services in clause 5.

 

Silhouette
means the image of a user represented as a solid shape or a single colour, with the interior of a silhouette being featureless.

 

Term
means the Initial Term and any Renewal Terms.

 

User
means Active User.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 3 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		1.1.	Interpretation

 

In this Commercial Contract:

 

		(a)	Headings and underlining’s are for convenience only and
do not affect the construction of this Commercial Contract.

 

		(b)	A provision of this Commercial Contract will not be interpreted against a party
because the party prepared or was responsible for the preparation of the provision, or because the party's legal representative prepared
the provision.

 

		(c)	A reference to a statute or regulation includes amendments thereto.

 

		(d)	A reference to a clause, subclause or paragraph is a reference to a clause, subclause
or paragraph of this Commercial Contract.

 

		(e)	A reference to a subclause or paragraph is a reference to the subclause or paragraph
in the clause in which the reference is made.

 

		(f)	The recitals are correct and form part of this Commercial Contract.

 

		(g)	A reference to time is to time in Western Australia.

 

		(h)	A reference to a person includes a reference to an individual, a partnership,
a company, a joint venture, government body, government department, and any other legal entity.

 

		(i)	The words "includes", "including" and similar expressions are
not words of limitation.

 

		(j)	To the extent of any inconsistency between the provisions of this Commercial Contract
and the IP Licence Agreement between MyFiziq and BCT dated 22/09/2017 the IP Licence Agreement shall prevail.

 

		(k)	To the extent of any inconsistency between the provisions of this Commercial Contract
and the Shareholders Deed between MyFiziq and BCT dated on or about the 22nd of September, 2017 or as subsequently amended from time to
time the Shareholders Deed shall prevail.

 

		(l)	To the extent of any inconsistency between the provisions of the EULA, or Support
Agreement and this Commercial Contract, this Commercial Contract will prevail.

 

		(m)	To the extent of any inconsistency between the provisions of the Data Processing
Agreement, and this Commercial Contract, this Commercial Contract will prevail, except where inconsistent with the Privacy Act, the GDPR
and any other applicable data protection laws (collectively, "Data Protection Laws") in which case the interpretation provisions
of the relevant Data Protection Laws will prevail.

 

		(n)	Reference to A$ is to Australian currency, and US$ is to the currency of the United
States of America.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 4 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		2.	Term

 

		2.1.	The Contract commences on the Commencement Date and shall continue for the Initial
Term.

 

		2.2.	Upon expiry of the Initial Term, the Contract shall automatically renew for subsequent
terms each equivalent to the length of the Initial Term (each a "Renewal Term"), until and unless terminated earlier:

 

		(a)	by either party providing at least 90 days written notice prior
to the expiry of the Initial Term or the then subsequent Renewal Term, in which case if such notice is provided this Commercial Contract
will terminate at the expiry of the Initial Term or the then current Renewal Term; or

 

		(b)	otherwise in accordance with this Commercial Contract.

 

		3.	Additional Commercial Contracts

 

		3.1.	The Parties may enter into further commercial contracts (each an Additional
Commercial Contract) by completing and executing an agreement in the form set out in Schedule 3.

 

		3.2.	Where the Parties enter into an Additional Commercial Contract, the terms of this
Commercial Contract will be incorporated into the Additional Commercial Contract and apply with the necessary changes.

 

		4.	Implementation Services

 

		4.1.	MyFiziq will supply the Licensee with the Licensed SDKs, Documentation and setup
the Platform free of charge to the Licensee.

 

		4.2.	MyFiziq will also provide services (“Implementation Services”)
which will be charged as per the Ad Hoc rate for the specific level required to provide assistance in Schedule 2 – Additional Fees.

 

		5.	Cloud Services

 

		5.1.	Once the Platform has been setup, MyFiziq will also provide the following cloud
monitoring services (“Cloud Services”):

 

		(a)	MyFiziq will provide 24/7 monitoring of the Platform through a third-party managed service from Itoc
Pty Ltd (“Itoc”) ABN: 17 156 344 811 of 6D / 31 James Street, Fortitude Valley, Brisbane, Queensland,
Australia, 4008.

 

		(b)	Cloud monitoring will be charged as per the Monitoring Fees in Schedule 1.

 

		6.	Fees

 

		6.1.	The Licensee must pay the Fees to MyFiziq in accordance with the Payment Terms.

 

		6.2.	The Fees are exclusive of all taxes, duties and customs including GST and the Licensee
agrees to pay MyFiziq all taxes, duties and customs, including GST, in respect of any Supply (as that term is defined in the A New
Tax System (Goods and Services Tax) Act 1999 (Cth)) made by MyFiziq under this Commercial Contract. The Licensee must pay all such
taxes, duties and customs, including GST, at the same time as the Fees.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 5 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		7.	Ownership of Intellectual Property

 

		7.1.	All Intellectual Property Rights owned by or proprietary to, a party as at the date of this Commercial
Contract will at all times remain owned by that party.

 

		7.2.	The Licensee agrees and acknowledges that this Commercial Contract does not transfer
or assign any Intellectual Property Rights to it.

 

		8.	Liability

 

		8.1.	Neither party is liable to the other party for any indirect, special or consequential
loss or damage incurred by the other party, including liability for loss of profits, loss of business opportunity, loss of savings, or
loss of data.

 

		8.2.	For any loss that is not otherwise excluded, MyFiziq is only liable for loss directly
incurred by the Licensee as a result of one or more breaches by MyFiziq of its obligations under this Commercial Contract. However, MyFiziq's
liability for all such direct loss (i.e. for any loss or damage which falls under the first limb of Hadley v Baxendale (1854) 9
ex 341 being that which arises naturally, according to the usual course of things) is capped, in the aggregate, at an amount equivalent
to the Fees paid by the Licensee under this Commercial Contract, and which cap is reduced to the extent the Licensee or any Force Majeure
Event caused or was responsible for such loss.

 

		8.3.	The goods and services supplied under this Commercial Contract may come with implied
non-excludable guarantees which are regulated by the Australian Consumer Law. The extent of the implied guarantees depends on whether
the Licensee is a 'consumer' of goods or services within the meaning of that term pursuant to the Australian Consumer Law as amended.
Where the Licensee is a 'consumer' for the purposes of the Australian Consumer Law, MyFiziq is required to provide and shall be deemed
to have provided the following mandatory statement to the Licensee: "Our goods come with guarantees that cannot be excluded under
the Australian Consumer Law. You are entitled to a replacement or refund for a major failure and for compensation for any other reasonably
foreseeable loss or damage. You are also entitled to have the goods repaired or replaced if the goods fail to be of acceptable quality
and the failure does not amount to a major failure."

 

		8.4.	If the goods or services supplied by MyFiziq to the Licensee are supplied to the
Licensee as a 'consumer' of goods or services within the meaning of that term in the Australian Consumer Law as amended the Licensee will
have the benefit of certain non-excludable rights and remedies in respect of the goods or services and nothing in these terms and conditions
excludes or restricts or modifies any condition, warranty, guarantee, right or remedy which pursuant to the Competition and Consumer
Act 2010 (Cth) is so conferred. However,

 

		8.5.	If the goods or services are subject to a non-excludable condition, warranty,
guarantee, right or remedy implied by the Australian Consumer Law and the goods or services are not ordinarily acquired for personal,
domestic or household use or consumption, then pursuant to s 64A of the Australian Consumer Law, MyFiziq limits its liability for breach
of any such non-excludable warranty, guarantee, right or remedy implied by the Australian Consumer Law (other than a guarantee implied
by sections 51, 52 or 53 of the Australian Consumer Law) or expressly given by MyFiziq to the Licensee, in respect of each of the goods
and services, where it is fair and reasonable to do so, at the option of MyFiziq, to one or more of the following:

 

		(a)	if the breach relates to goods:

 

		(i)	the replacement of the goods or the supply of equivalent goods;

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 6 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		(ii)	the repair of such goods;

 

		(iii)	the payment of the cost of replacing the goods or of acquiring equivalent goods; or

 

		(iv)	the payment of the cost of having the goods repaired; and

 

		(b)	if the breach relates to services:

 

		(i)	the supplying of services again; or

 

		(ii)	the payment of the cost of having the services supplied again.

 

		8.6.	Where MyFiziq elects to repair goods, the Licensee agrees that the goods may be
replaced by refurbished goods of the same type rather than being repaired and refurbished parts may be used to repair goods. The Licensee
acknowledges that where the goods are repaired and are capable of retaining user-generated data, it is possible that the repair of the
goods may result in loss of data.

 

		8.7.	Any warranty against defects provided by MyFiziq to the Licensee as a 'consumer'
under the Australian Consumer Law is in addition to other rights and remedies of the Licensee under a law in relation to the goods or
services to which the warranty relates.

 

		8.8.	All conditions, warranties and guarantees implied in this Commercial Contract
are excluded, to the extent possible by law.

 

		9.	MyFiziq’s insurance obligations

 

		9.1.	For the duration of this Commercial Contract MyFiziq must:

 

		(a)	Take out and maintain appropriate public liability and indemnity insurance with
a minimum limit of A$10,000,000. MyFiziq to provide copies of the relevant certificates of currency of insurance to the Licensee upon
request.

 

		10.	Indemnity from MyFiziq for third party IP infringement claims

 

		10.1.	MyFiziq agrees to indemnify the Licensee against any loss and damage that may
be incurred by the Licensee directly as a result of a claim that the Licensee's use of the Licensed SDKs in accordance with this Commercial
Contract breaches the Intellectual Property Rights of any third party ("IP Claim"), provided that:

 

		(b)	the Licensee notifies MyFiziq immediately upon receipt by the Licensee of notice
of any IP Claim or upon the Licensee suspecting or having reasonable cause to suspect that such an IP Claim may be made;

 

		(c)	the Licensee not making any admission or settlement of such IP Claim without MyFiziq's
prior written consent;

 

		(d)	the Licensee giving MyFiziq sole control of the defence and any negotiations for
compromise; and

 

		(e)	the Licensee providing such assistance as MyFiziq reasonably requires.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 7 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		10.2.	If the Licensed SDKs become the subject of any such IP Claim referred to in sub-
clause 10.1, the Licensee must permit MyFiziq if, and as MyFiziq considers appropriate:

 

		(a)	to replace all or part of the Licensed SDKs with functionally equivalent SDK;
and/or

 

		(b)	to modify the Licensed SDKs as necessary to avoid such claim; and/or

 

		(c)	to procure a license from the relevant complainant to continue using the Licensed
SDKs.

 

		10.3.	If in the above circumstances MyFiziq is unable to procure for the Licensee the
right to continue using the Licensed SDKs, or to provide the Licensee with functionally equivalent non-infringing SDK, or to modify the
Licensed SDKs as necessary to avoid the IP Claim, this Commercial Contract and the licenses granted by MyFiziq to the Licensee under this
Commercial Contract may be terminated by MyFiziq at any time.

 

		10.4.	MyFiziq shall have no liability under this Commercial Contract or otherwise for
any claim of Intellectual Property Rights infringement in respect of the Licensed SDKs to the extent such claim is caused by or arises
out of:

 

		(a)	the Licensee's use of the Licensed SDKs in combination with Licensed SDKs or hardware
not supplied or approved in writing by MyFiziq;

 

		(b)	any modification or enhancement of or to the Licensed SDKs made by the Licensee
or any third party;

 

		(c)	use of any version of the Licensed SDKs other than specified in the Software Development
Kit EULA clauses 3.1 SDK Versions and 3.2 SDK Support of the EULA, if such claim could have been avoided by the use of such latest supplied
version;

 

		(d)	where the claim for infringement arises in respect of a feature of the Licensed
SDKs which was requested by the Licensee or which is specified in any requirements specification provided to MyFiziq by the Licensee which
sets out the Licensee's requirements for the Licensed SDKs;

 

		(e)	the Licensee Materials; or

 

		(f)	the Licensee's breach of this Commercial Contract.

 

		11.	Indemnity from Licensee

 

		11.1.	The Licensee indemnifies MyFiziq in respect of all and any loss and damage incurred
by MyFiziq as a result of any breach by the Licensee of its obligations under this Commercial Contract or as a result of any Licensee
Materials. The Licensee warrants that all Licensee Materials, and all use thereof by MyFiziq for the purposes of this Commercial Contract,
will not infringe the rights of any person or breach any law or regulation.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 8 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

Confidentiality

 

		11.2.	Each party agrees and acknowledges that it may receive confidential information
of the other party during the Term of this Commercial Contract ("Confidential Information").

 

		11.3.	The Licensee agrees and acknowledges that the Licensed SDKs, Platform and Documentation
constitutes and contains confidential and proprietary information of MyFiziq.

 

		11.4.	MyFiziq agrees and acknowledges that the Licensee Materials constitutes and contains
confidential and proprietary information of the Licensee.

 

		11.5.	Each party (the first party) agrees and acknowledges to take all prudent steps
to ensure that the Confidential Information of the other party will be received and held by the first party in strict confidence and will
not be disclosed by the first party, except:

 

		(a)	with the prior written consent of the other party;

 

		(b)	where disclosed to the employees or professional advisors of the first party on a confidential basis;

 

		(c)	as required by the rules of any stock exchange; or

 

		(d)	as required by a court of competent jurisdiction, and then, only to the extent
required, and provided that the first party must promptly notify the other party of such requirement of disclosure and provide full particulars
to the other party of the disclosure.

 

		11.6.	Confidential Information does not include any information:

 

		(a)	that is independently developed, obtained or known by a party, without breaching any obligation of confidence
to the other party; or

 

		(b)	that is in the public domain, except where due to a breach of this Commercial Contract or any breach
of any obligation of confidence.

 

		12.	Termination

 

		12.1.	Either party may terminate this Commercial Contract if the other party (the "Defaulting
Party") is in material breach of this Commercial Contract and the breach is not capable of remedy, or where the breach is capable
of remedy and the Defaulting Party fails to remedy the breach within thirty (30) days of notice.

 

		12.2.	Either party may terminate this Commercial Contract by written notice to the other
party if the other party suffers an Insolvency Event.

 

		12.3.	The Licensee may terminate this Commercial Contract by providing ninety (90) days
written notice to MyFiziq in the event:

 

		(a)	Licensee sells its business, or

 

		(b)	if a majority of the shares in the Licensee are acquired by a third party.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 9 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		12.4.	Upon termination of this Commercial Contract, Licensee shall pay all monies or
Fees specified in Schedule 1 owed and due up to unpaid Fees specified in Schedule 1, up till the date of termination of this Commercial
Contract. Any provisions of this Commercial Contract that, in order to fulfil the purposes of such provisions, need to survive the termination
or expiration of this Commercial Contract, shall be deemed to survive for as long as necessary to fulfil such purposes.

 

		12.5.	Termination does not affect any accrued rights of either party.

 

		13.	Notices

 

		13.1.	A notice under this Commercial Contract shall be sent by hand delivery, post or
email, using the address specified at the top of the first page of this Commercial Contract or the email address for the recipient’s
Representative specified in Schedule 1.

 

		13.2.	Any notice issued by hand shall be deemed delivered upon delivery.

 

		13.3.	Any notice issued by post shall be deemed delivered five (5) Business Days after
posting if posted domestically, or twenty (20) Business Days after posting if posted internationally.

 

		13.4.	Any notice issued via email shall be deemed to be delivered upon the email being
successfully sent, provided that if an email is sent out of Business Hours, it shall be deemed to be delivered at 9am on the next business
day.

 

		14.	Dispute Resolution

 

		14.1.	If a dispute arises between the parties out of or relating to this Commercial Contract
("Dispute"), any party to the Dispute must seek to resolve it strictly in accordance with the provisions of this clause. Compliance
with the provisions of this clause is a condition precedent to seeking relief in any court in respect of the Dispute, except as otherwise
provided in this clause.

 

		14.2.	A party seeking to resolve a Dispute must notify the existence and nature of the
Dispute to the other party ("Notification"). Upon receipt of a Notification, each party must refer resolution of the Dispute
to their chief executives (or nominees).

 

		14.3.	If the Dispute has not been resolved within one (1) calendar month of the Notification,
then each party will be entitled to pursue such course of action as it determines.

 

		14.4.	Nothing in this clause shall limit either party's right to seek urgent interlocutory
relief from any court of competent jurisdiction at any time.

 

		15.	General

 

		15.1.	Amendment: This Commercial Contract may only be amended by a written document
signed by the parties.

 

		15.2.	Further Assurance: Each party shall sign and execute and do all deeds, acts,
and things as may reasonably be required by the other party to carry out and give effect to the terms and conditions of this Commercial
Contract.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 10 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		15.3.	Assignment: Each party (the first party) may not assign, transfer, license
or novate its rights or obligations under this Commercial Contract without the prior written consent of the other party.

 

		15.4.	Costs: Each party shall bear its own costs of and incidental to the preparation,
negotiation and execution of this Commercial Contract.

 

		15.5.	Severability: If any provision of this Commercial Contract is deemed invalid
by a court of competent jurisdiction, the remainder of this Commercial Contract shall remain enforceable.

 

		15.6.	Relationship: The parties are independent contractors and this Commercial
Contract does not create any relationship of partnership, joint venture, or employer and employee or otherwise.

 

		15.7.	Australian Consumer Law: The exclusions and limitations of liability set
out in this Commercial Contract shall apply to the fullest extent permissible at law, but the parties do not exclude or limit liability
which may not be excluded or limited by law. Without limiting the foregoing provisions, MyFiziq does not exclude liability under the Australian
Consumer Law which is prohibited from being excluded. The parties acknowledge and agree that the limitations and exclusions of liability
contained in this Commercial Contract constitute an allocation of risks that form part of the negotiated commercial terms of this Commercial
Contract.

 

		15.8.	Waiver: A provision of, or right under, this Commercial Contract may only
be waived in writing signed by the party granting the waiver. A failure or delay in exercise, or partial exercise, of a power, right,
authority or remedy arising from a default or breach under this Commercial Contract does not result in a waiver of that power, right,
authority or remedy.

 

		15.9.	Counterparts: This Commercial Contract may be executed in counterparts and
by electronic mail counterparts provided that no binding agreement shall be reached until the executed counterparts are exchanged.

 

		15.10.	Jurisdiction: This Commercial Contract will be interpreted in accordance
with the laws in force in Western Australia. The parties irrevocably submit to the exclusive jurisdiction of the courts situated in Western
Australia in relation to any dispute concerning this Commercial Contract.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

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    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

If the terms and conditions set out above are acceptable,
please execute this Commercial Contract in the appropriate place below.

 

Signed as an agreement.

 

Signed for and on behalf of Body Composition Technologies
Pty Limited by its authorised representative:

 

	/s/ Martin Otway	 
	Martin Otway (Director)	 

 

	EXECUTED by MYFIZIQ LTD	)
	ACN 602 111 115	)
	in accordance with section 127 of the	)
	Corporations Act 2001 (Cth):	)

 

	/s/ Vlado Bosanac	 	/s/ David Tabb
	Signature of director	 	Signature
	 	 	 
	 	 	 
	Vlado Bosanac (CEO)	 	David Tabb (COO)
	Name of director	 	Name of Chief Operations Officer

 

Schedule
1

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

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    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

Licensee
FieldThe medical, insurance and medical research sectors

 

Licensed
SDKs:MyFiziq will supply the following iOS & Android SDKs:

 

		●	Image Capture SDK

		●	Input SDK

		●	Onboarding SDK

		●	Track SDK

		●	Profile SDK

		●	Billing SDK

		●	Support SDK.

 

 Platform: In conjunction with the Licensed SDKs, MyFiziq will also supply the following:

 

		●	Cloud based Anthropometric measurement inference utilizing the following services:

 

		o	AWS (Amazon Web Services) Lambda

		o	AWS S3

		o	AWS Cognito

		o	AWS CloudFront

		o	AWS DynamoDB

		o	AWS API Gateway**

 

Refer to the Data Processing Agreement for specific
MyFiziq cloud services architecture information.

 

Data
Protection:MyFiziq data is encrypted ‘in Flight’ and ‘At Rest’ and incorporates the following
data protection:

 

		●	Data sent using TLS 1.2 (TLS_ECDHE_RSA_WITH_AES_128_GCM_SHA256)

 

		●	Data securely stored in AWS S3 using SSE-S3 encryption (AES256)

		●	Data Residency

		●	Monitoring and Logging: AWS CloudWatch, Datadog (via managed service)

		●	Identity and Access Control: AWS IAM, AWS Cognito.

 

Documentation:Documentation
includes:

 

SDK Documentation

 

		●	iOS SDK documentation

		●	Android SDK documentation.

 

Support Documentation as set out in Schedule
1 – Support &Service Levels of the Support Agreement.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

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    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

	Commencement Date:	 	01/04/2019
	 	 	 
	Initial Term	 	24 Months.
	 	 	 
	Fees:	 	The Fees are: the BCT re-imbursement charges that include but are not limited to: office rent, AWS tenancy monthly fees, backend managed services monthly fees, utilisation of MyFiziq staff for day to day business, research and technical capabilities as per the rate card in Schedule 2 – Additional Fees.
	 	 	 
	Fees Currency:	 	All Fees will be charged in A$ Dollars.
	 	 	 
	Payment Terms:	 	Submission of Invoices:
	 	 	 
	 	 	MyFiziq will generate an invoice on the first day of each month for the previous month’s Fees.
	 	 	 
	 	 	Invoice Delivery Method:
	 	 	 
	 	 	On the first day of each month, invoices will be sent electronically to the Licensee’s Representative’s email address.
	 	 	 
	 	 	Invoice Due Date
	 	 	 
	 	 	Invoices shall be paid within fourteen (14) calendar days of the invoice date.
	 	 	 
	 	 	Accepted Payment Methods:
	 	 	 
	 	 	Electronic Funds Transfer. The Licensee is to bear all bank charges related to payment.
	 	 	 
	 	 	Payment Disputes:
	 	 	 
	 	 	Licensee shall notify MyFiziq in writing of any payment dispute, include detailed information on the basis of the dispute, prior to the due date of any invoice. Failure to provide such notification prior to the due date of an invoice shall constitute a waiver by the Licensee of any such dispute. If MyFiziq engages an attorney to enforce this Commercial Contract, and a court rules in MyFiziq’s favour, the Licensee agrees to pay MyFiziq’s reasonable attorneys’ fees, court costs, expert fees, and other litigation expenses.
	 	 	 
	 	 	Late Payment Notices:
	 	 	 
	 	 	A late payment notice will be issued by MyFiziq to the Licensee’s Representative’s email address in the event an invoice is unpaid by the Invoice Due Date.
	 	 	 
	 	 	The first late payment notice will be issued by MyFiziq to the Licensee’s Representative’s email address seven (7) days after the Invoice Due Date in the event an invoice is unpaid. 
	 	 	 
	 	 	The second late payment notice will be issued by MyFiziq to the Licensee’s Representative’s email address fourteen (14) days after the Invoice Due Date in the event an invoice is unpaid.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

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    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

	 	 	Demand Notice:
	 	 	 
	 	 	A Demand notice is a final reminder letter that an invoice has not been paid by the Licensee prior to MyFiziq taking legal action. A Demand Notice will be issued by MyFiziq to the Licensee’s Representative’s email address fourteen (14) days after the second Late Payment Notice in the event the invoice has not been paid.
	 	 	 
	 	 	Right to Payment.
	 	 	 
	 	 	Licensee shall reimburse MyFiziq for all costs, including reasonable attorney’s fees, court costs, and other fees, in the event MyFiziq incurs same in an effort to enforce its rights, including its right to payment, under this Commercial Contract.

 

	MyFiziq's Representative	 	COO | David Tabb | +61 422 052 805 | david@myfiziq.com
	 	 	 
	Licensee's	 	Martin Otway
	Representative	 	P: +65 9199 9278
	 	 	E: martin@bodycompositiontech.com
	 	 	81 Anson Road / Suite 8.22 / Singapore 079908

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

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    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

Schedule 2

 

Additional
Fees

 

Professional Services

 

 

	Staff Name	 	Role	 	MYQ

Base
Rate
	 	 	Charge

Factor	 	 	BCT Charge Rate	 
	Terence	 	CTO	 	$	134.77	 	 	 	2	 	 	$	269.54	 
	Amar	 	CSO	 	$	134.77	 	 	 	2	 	 	$	269.54	 
	Dave	 	COO	 	$	98.27	 	 	 	1.5	 	 	$	147.40	 
	Ryan	 	CDO	 	$	67.38	 	 	 	2	 	 	$	134.77	 
	Steve	 	CFO	 	$	84.23	 	 	 	1.5	 	 	$	134.76	 
	Phil	 	Senior iOS Engineer	 	$	78.62	 	 	 	2	 	 	$	157.23	 
	Sean	 	iOS Engineer	 	$	56.15	 	 	 	1.75	 	 	$	98.27	 
	Amita	 	iOS Engineer	 	$	47.73	 	 	 	1.75	 	 	$	83.53	 
	Tim	 	QA	 	$	49.13	 	 	 	2	 	 	$	98.27	 
	Luke	 	Cloud Developer	 	$	67.38	 	 	 	2	 	 	$	134.77	 
	Adam	 	Senior Android Engineer	 	$	73.00	 	 	 	2	 	 	$	146.00	 
	Nigel	 	Android Engineer	 	$	61.77	 	 	 	2	 	 	$	123.54	 
	Sam	 	Android Engineer	 	$	47.73	 	 	 	2	 	 	$	95.46	 
	Victoria	 	Android Developer	 	$	47.73	 	 	 	2	 	 	$	95.46	 
	Neeraj	 	MLCV Engineer	 	$	70.19	 	 	 	1	 	 	$	70.19	 

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

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    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

Schedule 3

 

THIS COMMERCIAL CONTRACT is made the                day of               20[xx]

 

 

BETWEEN

 

 

MYFIZIQ LIMITED (ABN 85 602 111 115) of Unit
5, 71-73 South Perth Esplanade, South Perth Western Australia 6151 (Licensor);

 

AND

 

[Insert Licensee Company Name] [ABN] of [Insert Licensee
Company Address] (“Licensee”).

 

 

RECITALS

 

 

		A.	The Parties have entered into a Commercial Contract dated on
or about [XX] [month] 2019 (Original Commercial
Contract).

 

		B.	Clause 3 of the Original Commercial Contract provides for the
Parties to enter into Additional Commercial Contracts.

 

		C.	The Licensor has agreed to licence the Licensed SDKs to the
Licensee on the terms of this Agreement, which is an Additional Commercial Contract for the purposes of the Original Commercial Contract.

 

IT IS AGREED as follows:

 

		(a)	This Agreement is an Additional Commercial Contract for the
purposes of the Original Commercial Contract.

 

		(b)	The terms and conditions of the Original Commercial Contract
are incorporated into and apply to this Additional Commercial Contract with the necessary changes.

 

		(c)	The key terms of the Licence granted under this Additional Commercial
Contract are as follows (which shall apply as the Licence Schedule for the purposes of this Additional Commercial Contract):

 

		1.	Licensee Products

 

[insert]

 

		2.	Licensed SDKs

 

[insert]

 

		3.	Platform

 

[insert]

 

		4.	Data Protection

 

[insert]

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

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    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		5.	Documentation

 

[insert]

 

		6.	Commencement Date

 

[insert]

 

		7.	Initial Term

 

[insert]

 

		8.	Fees

 

[insert]

 

		9.	Fees Currency

 

[insert]

 

		10.	Payment Terms

 

[insert]

 

		11.	Monthly Subscriber Fees

 

[insert]

 

		12.	Additional Fees

 

[insert]

 

EXECUTED by the Parties as an
agreement.

 

[Note: Signing blocks from
final Commercial Contract to be inserted for each Additional Commercial Contract entered into. Signing blocks have been removed from this
Schedule in the final Commercial Contract to avoid confusion.]

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 18 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

Schedule 4

 

COMMERCIAL CONTRACT REFERENCE:
BCT010XX

 

This BCT Software Development
Kit End User License Agreement(“EULA”) is made and entered into, by and between Body Composition Technologies Pty Ltd
Limited ABN 17 620 646 531of Unit 5, 71 - 73 South Perth Esplanade, South Perth Western Australia 6151 Australia (“BCT”)
and [Insert Licensee Company Name] [ABN] of [Insert Licensee Company Address] (“Licensee”).

 

By downloading and/or using the
BCT Software Development Kit and/or any update and/or upgrade to the BCT Software Development Kit (the “SDK”), the
Licensee will be deemed to have wholly and unconditionally agreed to be legally bound by the terms and conditions of this EULA. If the
Licensee does not wish to accept the following terms and conditions, the Licensee must not and cannot download and/or use the SDK for
any purpose and must immediately delete the SDK from all Licensee computer systems and electronic devices.

 

TERMS AND CONDITIONS:

 

(Note: please see clause 12 for definitions and
interpretation provisions)

 

		2.	Licence

 

		2.1.	The SDK comprises a set of software development tools that allows the creation
of applications (“Applications”) incorporating BCT’s image capture, avatar creation and circumference measurement
production processes. The software development tools include libraries (including a binary library), documentation, sample code (including
Example-ObjC, which is provided as source code for the sake of providing an example integration of the SDK into an Application;
and Example-Swift (which is the same as Example-ObjC, just a Swift code version)) and other materials supplied to the Licensee
via BCT in connection with those software development tools (collectively, “BCT Licensed IP”). For the avoidance of
doubt, the SDK includes the BCT Licensed IP.

 

		2.2.	BCT hereby grants to the Licensee a non-exclusive, non-assignable, non-sublicensable
licence for the Term for the Licensee to use the SDK to create Applications incorporating BCT Licensed IP in accordance with the Documentation
(the "Licence").

 

		2.3.	The
                                            Licensee must not use the SDK or any BCT Licensed IP in any way other than pursuant to the
                                            License, except with respect to any parts of the BCT Licensed IP that BCT may elect to release
                                            to the Licensee as open source software under the Apache 2.0 license. If BCT so elects to
                                            release to the Licensee any parts of the BCT Licensed IP as open source software under the
                                            Apache 2.0 license, the Licensee must only use those parts of the BCT Licensed IP pursuant
                                            to the Apache 2.0 license. The Licensee agrees and acknowledges that certain parts of the
                                            SDK comprise of Open Source Software and the Licensee’s use of those parts of the SDK
                                            is governed by the applicable Open Source Licenses. Those applicable Open Source Licenses
                                            and the components of the SDK that are governed by those Open Source Licenses are as follows:

 

		●	AFNetworking - [MIT - https://github.com/AFNetworking/AFNetworking

		●	GBDeviceInfo
                                            - [Apache 2.0] -

		●	PureLayout
                                            - [MIT] - https://github.com/PureLayout/PureLayout/blob/master/LICENSE

		●	AWS-SDK-IOS
                                            - [Apache 2.0] - https://github.com/aws/aws-sdk-ios

		●	InterfaCSS
                                            - [MIT] - https://github.com/tolo/InterfaCSS

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 19 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		●	SHEmailValidator
                                            - [Apache 2.0] - https://github.com/spothero/SpotHeroEmailValidator-iOS

		●	Lottie
                                            - [Apache 2.0] - https://github.com/airbnb/lottie-ios

		●	JBChartView
                                            - [Apache 2.0] - https://github.com/Jawbone/JBChartView

		●	JWT
                                            - [MIT] - https://github.com/yourkarma/JWT

		●	OpenCV
                                            - [BSD] - https://github.com/opencv/opencv

		●	Tiny-AES-c
                                            - [Unlicense] - https://github.com/kokke/tiny-AES-c

		●	Jsoncpp
                                            - [MIT] - https://github.com/open-source-parsers/jsoncpp

		●	RCP
                                            Dev_Tones - https://rcptones.com/dev_tones/#tab-id-13

 

		3.	Licence Restrictions

 

		3.1.	Subject to clause 2.3, if the Licensee has entered into a Commercial
Contract with BCT, the Licensee must not use the SDK except pursuant to the Commercial Contract.

 

		3.2.	Subject to clause 2.3, the Licensee must not do or authorise the commission of
any act that would or might invalidate or be inconsistent with BCT's Intellectual Property Rights in the SDK. Without limiting the foregoing
provisions, the Licensee agrees and acknowledges that the Licensee must not and shall not, and will not permit any person to (unless expressly
permitted under any provision of the Commercial Contract or this EULA):

 

		(a)	license, sublicense, resell, on-sell, assign, transfer, distribute, or provide
others with access to, the SDK;

 

		(b)	"frame", "mirror" or serve any of the SDK on any web server
or other computer server over the Internet or any other network; or

 

		(c)	copy, alter, modify, create derivative works from, reproduce, distribute, resell,
transfer to a third party, reverse assemble, disassemble, reverse engineer, decompile, reverse compile or enhance the SDK (except as expressly
permitted by the Copyright Act 1968 (Cth)).

 

		3.3.	The Licensee must not use the SDK in any way which is in breach of any statute,
regulation, law or legal right of any person.

 

		4.	SDKs

 

		4.1.	SDK versions

 

		(a)	BCT follow’s the Semantic Versioning 2.0.0 scheme where a version number
comprises of: MAJOR.MINOR.PATCH.

 

		(b)	MAJOR indicates the year, eg: `Version 19.x.x` is a version released in year 2019.

 

		(c)	MINOR either indicates the Long-Term Support (LTS) (guaranteed 12-month support)
version if it equals 1, anything else is variably supported. Eg: `Version 19.1.x` is the LTS, and anything else `Version 19.0.x` or `Version
19.2.x` only has latest as supported.

 

		(d)	PATCH is for interface non-breaking bug fixes, so throughout the year LTS will
have updates, eg: `Version 19.0.1`, etc...

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

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    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		4.2.	SDK support

 

		(a)	BCT will support LTS versions for 12 months unless BCT deem
an update is required. In the event an update is required the Licensee will be notified and provided a 6- month grace period to update
to the new LTS SDK version (“SDK Support”).

 

		4.3.	SDK implementation audit

 

		(a)	Once Product Integration is complete of either initial Licensed SDKs or SDK version
update(s), the Licensee agrees to allow BCT access to a pre-release version of the Licensee Products integrated with the Licensed SDKs,
for the purpose of conducting an implementation audit (“SDK Implementation Audit”) as documented in Schedule 1 - SDK
Implementation Audit Checklist.

 

		(b)	In the event BCT deems an SDK implementation audit is not required, the Licensee
has the option to request a SDK implementation audit.

 

		(c)	From the date the Licensee notifies BCT that the Licensee Products integrated
with the Licensed SDKs are ready for implementation audit, BCT has 5 Business Days to conduct the audit and provide an audit report.

 

		(d)	From the date that BCT submits the audit report to the Licensee, the Licensee has
10 Business Days to either challenge or rectify any SDK audit Non-Conformance’s prior to releasing the Licensee Products integrated
with the Licensed SDKs to Licensee users.

 

		5.	Ownership of Intellectual Property

 

		5.1.	If BCT has entered into a Commercial Contract with the Licensee, the ownership
of Intellectual Property connected with this Agreement is as set out in the Commercial Contract.

 

		5.2.	If BCT has not entered into a Commercial Contract with the Licensee, the ownership
of Intellectual Property in connection with this Agreement will be dealt with in accordance with the following clauses:

 

		(a)	The Licensee agrees and acknowledges that this EULA does not transfer or assign
any Intellectual Property Rights to the Licensee.

 

		(b)	As between the Licensee and BCT, BCT owns all Intellectual Property Rights in the
SDK and the Documentation.

 

		(c)	Subject to clause 2.3, the Licensee has no rights in the SDK or the Documentation
or in any modification or enhancement thereof, other than the rights granted to the Licensee pursuant to the Licence.

 

		(d)	The Licensee must not take any step to invalidate or prejudice BCT's Intellectual
Property Rights in the SDK or the Documentation or otherwise. Without limiting the foregoing provisions, the Licensee must not register
any security interest or purchase money security interest on the Personal Property Securities Register, or otherwise encumber or charge
the Licensee’s rights in respect of the SDK or the Documentation or under any licence granted by BCT to the Licensee.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

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    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		6.	Liability

 

		6.1.	Neither party is liable to the other party for any indirect, incidental, special
or consequential loss or damage incurred by the other party, including liability for loss of profits, loss of business opportunity, loss
of savings, or loss of data, even if the party has been advised of the possibility thereof.

 

		6.2.	To the maximum extent possible by law, we shall also have no liability for any
direct loss or damage (i.e for any loss which falls under the first limb of Hadley v Baxendale (1854) 9 ex 341 being that which
arises naturally, according to the usual course of things).

 

		6.3.	The SDK may come with implied non-excludable guarantees which are regulated by
the Australian Consumer Law. The extent of the implied guarantees depend on whether the Licensee is a ‘consumer’ of goods
or services within the meaning of that term pursuant to the Australian Consumer Law as amended. Where the Licensee is a ‘consumer’
for the purposes of the Australian Consumer Law, BCT is required to provide and shall be deemed to have provided the following mandatory
statement to the Licensee: “Our goods come with guarantees that cannot be excluded under the Australian Consumer Law. The Licensee
is entitled to a replacement or refund for a major failure and for compensation for any other reasonably foreseeable loss or damage. The
Licensee is also entitled to have the goods repaired or replaced if the goods fail to be of acceptable quality and the failure does not
amount to a major failure.”

 

		6.4.	If the SDK is supplied to the Licensee in the Licensee’s capacity as a 'consumer'
within the meaning of that term in the Australian Consumer Law as amended the Licensee will have the benefit of certain non-excludable
rights and remedies in respect of the SDK and nothing in this EULA excludes or restricts or modifies any condition, warranty, guarantee,
right or remedy which pursuant to the Competition and Consumer Act 2010 (Cth) is so conferred. However, if the SDK is subject to
a non-excludable condition, warranty, guarantee, right or remedy implied by the Australian Consumer Law and the SDK is not ordinarily
acquired for personal, domestic or household use or consumption, then pursuant to s 64A of the Australian Consumer Law, BCT limits its
liability for its breach of any such non-excludable warranty, guarantee, right or remedy implied by the Australian Consumer Law (other
than a guarantee implied by sections 51, 52 or 53 of the Australian Consumer Law) or expressly given by BCT to the Licensee, in respect
of the SDK, at BCT’s option, to one or more of the following:

 

		(a)	if the breach relates to goods:

 

		(v)	the replacement of the goods or the supply of equivalent goods;

 

		(vi)	the repair of such goods;

 

		(vii)	the payment of the cost of replacing the goods or of acquiring equivalent goods; or

 

		(viii)	the payment of the cost of having the goods repaired; and

 

		(b)	if the breach relates to services:

 

		(iii)	the supplying of the services again; or

 

		(iv)	the payment of the cost of having the services supplied again.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

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    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		6.5.	If BCT elects to repair goods, the goods may be replaced by refurbished goods
of the same type rather than being repaired. Refurbished parts may be used to repair goods. The Licensee acknowledges that where the goods
are repaired and are capable of retaining user-generated data, it is possible that the repair of the goods may result in loss of data.

 

		6.6.	Any warranty against defects provided by BCT to the Licensee as a ‘consumer’
under the Australian Consumer Law is in addition to other of the Licensee’s rights and remedies under a law in relation to the goods
or services to which the warranty relates.

 

		6.7.	Except with respect to any non-excludable warranty, guarantee, right or remedy
that may be implied by the Australian Consumer Law into this EULA, all conditions, warranties and guarantees implied in this EULA are
excluded, to the extent possible by law.

 

		7.	Indemnity

 

		7.1.	Each party must indemnify, defend and hold the other party and its affiliates,
officers, directors, personnel, staff, suppliers, licensees, and other customers harmless from and against any and all liability, loss
and costs, including reasonable attorneys' fees incurred by such parties, in connection with or arising out of:

 

		(a)	the first party’s violation of this EULA; and/or

 

		(b)	the first party’s breach of any applicable laws or regulations.

 

		8.	Confidentiality

 

		8.1.	Each party to this EULA agrees and acknowledges that it may receive confidential
information of the other party during the Term of this EULA ("Confidential Information").

 

		8.2.	The Licensee agrees and acknowledges that the Documentation and the SDK constitutes
and contains confidential and proprietary information of BCT.

 

		8.3.	Each party (the “first party”) agrees and acknowledges to take all
prudent steps to ensure that the Confidential Information of the other party will be received and held by the first party in strict confidence
and will not be disclosed by the first party, except:

 

		(a)	with the prior written consent of the other party;

 

		(b)	where disclosed to the employees or professional advisors of the first party on
a confidential basis;

 

		(c)	as required by the rules of any stock exchange; or

 

		(d)	as required by a court of competent jurisdiction, and then, only to the extent
required, and provided that the first party must promptly notify the other party of such requirement of disclosure and provide full particulars
to the other party of the disclosure.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

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    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		8.4.	Confidential Information does not include any information:

 

		(a)	that is independently developed, obtained or known by a party, without breaching
any obligation of confidence to the other party; or

 

		(b)	that is in the public domain, except where due to a breach of this EULA or any
breach of any obligation of confidence.

 

		9.	Term and Termination

 

		9.1.	If BCT has entered into a Commercial Contract with the Licensee, the Licensee
and BCT each have the right to terminate this EULA pursuant to the Commercial Contract.

 

		9.2.	The Licensee and BCT each may terminate this EULA at any time without notice for
any reason or no reason.

 

		9.3.	Irrespective of whether BCT has or has not entered into a Commercial Contract
with the Licensee, BCT may terminate this EULA at any time without notice for the Licensee’s breach of this EULA if the Licensee
fails to comply with any term or condition of this EULA at any time.

 

		9.4.	This EULA will automatically and immediately terminate upon expiry of the Term.

 

		9.5.	Upon termination, the Licensee must immediately uninstall and cease use of the
SDK, and destroy all copies of it that are in the Licensee’s possession or control. Further, the Licensee must ensure that all copies
of the SDK that the Licensee have provided to any person at any time are also uninstalled and no longer used at any time upon termination
of this EULA.

 

		9.6.	Termination of this EULA does not affect any of the Licensee’s or BCT’s accrued rights.

 

		10.	Dispute Resolution

 

		10.1.	If BCT has entered into a Commercial Contract with the Licensee, any dispute in connection with this
Agreement will be dealt with in accordance with the dispute resolution clauses as set out in the Commercial Contract.

 

		10.2.	If BCT has not entered into a Commercial Contract with the Licensee, any dispute in connection with
this Agreement will be dealt with in accordance with the following dispute resolution clauses:

 

		(a)	If a dispute arises between the Licensee and BCT out of or relating to this EULA
("Dispute"), any party to the Dispute must seek to resolve it strictly in accordance with the provisions of this clause. Compliance
with the provisions of this clause is a condition precedent to seeking relief in any court in respect of the Dispute, except as otherwise
provided in this clause.

 

		(b)	A party seeking to resolve a Dispute must provide written notice of the existence
and nature of the Dispute to the other party ("Notification"). Upon receipt of a Notification, each party must refer resolution
of the Dispute to their chief executives (or nominees).

 

		(c)	If the Dispute has not been resolved within one (1) calendar month of the Notification,
then each party will be entitled to pursue such course of action as it determines.

 

		(d)	Nothing in this clause shall limit either party's right to seek urgent interlocutory relief from any
court of competent jurisdiction at any time.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 24 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		11.	General

 

		11.1.	Amendment: The Licensee may not amend this EULA. BCT may amend this EULA
at any time. Any such amendments will take effect 3 Business Days after BCT notifies the Licensee of them. If the Licensee is not satisfied
with the amendments made by BCT to this EULA the Licensee the Licensee must terminate this EULA by written notice to BCT within 2 Business
Days after the Licensee is notified of the amendments.

 

		11.2.	Assignment: The Licensee may not assign, transfer, license or novate the
Licensee’s rights or obligations under this EULA without BCT’s prior written consent. BCT may assign or novate its rights
or obligations at any time in connection with the sale or merger of BCT’s business, shares, Intellectual Property Rights or other
assets.

 

		11.3.	Severability: If any provision of this EULA is deemed invalid by a court
of competent jurisdiction, the remainder of this EULA shall remain enforceable.

 

		11.4.	Relationship: The Licensee and BCT are independent contracting entities
and this EULA does not create any relationship of partnership, joint venture, or employer and employee or otherwise.

 

		11.5.	Australian Consumer Law: The exclusions and limitations of liability set
out in this EULA shall apply to the fullest extent permissible at law, but the parties do not exclude or limit liability which may not
be excluded or limited by law. Without limiting the foregoing provisions, BCT does not exclude liability under the Australian Consumer
Law which is prohibited from being excluded. The parties acknowledge and agree that the limitations and exclusions of liability contained
in this EULA constitute an allocation of risks that form part of the commercial terms of this EULA.

 

		11.6.	Entire agreement: This EULA (and the Commercial Contract, if any) constitutes
the entire agreement between the parties and to the extent possible by law, supersedes all prior understandings, representations, arrangements
and licences between the parties regarding its subject matter.

 

		11.7.	Jurisdiction: This EULA will be interpreted in accordance with the laws
in force in Western Australia. The parties irrevocably submit to the non-exclusive jurisdiction of the courts situated in Western Australia.

 

		12.	Definitions and Interpretation

 

		12.1.	Definitions

 

In this EULA, the following words have the following
meanings, unless expressly agreed in writing to the contrary by the Licensee and BCT:

 

Applications
means as defined in clause 2.1.

 

Australian
Consumer Law means schedule 2 to the Competition and Consumer Act 2010 (Cth).

 

Business
Day means Monday – Friday excluding public holidays in Western Australia.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 25 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

Business
Hours means 9:00am – 5:00pm on Business Days.

 

Commencement
Date means the date that the Licensee first uses, executes or accesses the SDK or if there is a Commercial Contract, the
commencement date set out in that Commercial Contract.

 

Confidential
Information means as defined in clause 0.

 

Documentation
means any documents, user guides and/or explanatory materials supplied by BCT with or in connection to the SDK.

 

Force
Majeure Event means war, strike, lockout, natural disaster, flood, earthquake, act of God, or other circumstances beyond
the reasonable control of BCT.

 

Insolvency
Event means: (a) where the party is an individual, that party commits an act of bankruptcy or is declared bankrupt or insolvent
or that party's estate otherwise becomes liable to be dealt with under any law relating to bankruptcy or insolvency; or (b) where the
party is a company, (b) the party ceases to (or is unable to) pay its creditors (or any class of them) in the ordinary course of business,
(c) a receiver, receiver and manager, administrator, liquidator or similar officer is appointed to the party, (d) the party enters into,
or resolves to, enter into, a scheme or arrangement, compromise or composition with any class of creditors; (e) a resolution is passed
or an application to a court is taken for the winding up, dissolution or administration of the party, (f) any liquidator, receiver or
manager enters into possession of any of the assets of the party, (g) the party applies for, consents to, or acquiesces in the appointment
of a trustee or receiver, or (h) except to reconstruct or amalgamate while solvent on terms approved by the other party, the party enters
into or resolves or proposes to enter into a scheme of arrangement, compromise or re-construction with any of its creditors or members.

 

Intellectual
Property Rights means all copyright, trademark rights, patent rights, and design rights, whether registered or unregistered,
and all other rights to intellectual property as defined under article 2 of the convention establishing the World Intellectual Property
Organization, and all rights to enforce any of the foregoing rights.

 

Licence
means as set out in clause 2.2.

 

Licensee
Products means as set out in Schedule 1 of the Commercial Contract. Licensed
SDKs means as specified in Schedule 1 of the Commercial Contract. BCT
Licensed IP means as defined in clause 2.1.

Personal
Property Securities Register means the Personal Property Securities Register established under the Personal Property
Securities Act 2009 (Cth).

 

Product
Integration means the integration of the Licensed SDKs into the Licensee Products, including all associated design, development,
testing and implementation under a Commercial Contract between the parties.

 

Term
means twelve (12) months from the Commencement Date, unless there is a Commercial Contract in place, in which case the
Term shall be as defined in the Commercial Contract.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 26 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

		12.2.	Interpretation

 

In this EULA:

 

		(a)	Headings and underlining’s are for convenience only and do not affect the
construction of this EULA.

 

		(b)	A provision of this EULA will not be interpreted against a party because the party
prepared or was responsible for the preparation of the provision, or because the party's legal representative prepared the provision.

 

		(c)	Currency refers to Australian Dollars.

 

		(d)	A reference to a statute or regulation includes amendments thereto.

 

		(e)	A reference to a clause, subclause or paragraph is a reference to a clause, subclause
or paragraph of this EULA.

 

		(f)	A reference to a subclause or paragraph is a reference to the subclause or paragraph
in the clause in which the reference is made.

 

		(g)	The recitals are correct and form part of this EULA.

 

		(h)	A reference to time is to time in Western Australia.

 

		(i)	A reference to a person includes a reference to an individual, a partnership, a
company, a joint venture, government body, government department, and any other legal entity.

 

		(j)	The words "includes", "including" and similar expressions are not words of limitation.

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

    Page 27 of 28

    	 	MYFIZIQ COMMERCIAL CONTRACT	 

    

 

Schedule
1

 

SDK Implementation Audit
Checklist

 

Auditor name: ___________________________________________________________

 

Licensee Company Name: ________________ Audit
Date:_________________________

 

Licensed SDK(s) audited (include version numbering):

 

 

 

 

 

	☐	Within the implemented BCT Licensed SDKs there are no bugs or UX/UI blockers (eg all buttons work)
	☐	No offensive language
	☐	No unreadable text
	☐	New User - Able to create a new account
	☐	New User - Able to create first avatar
	☐	Returning user – Able to create second avatar
	☐	6 avatar accuracy test - minimum 97% average accuracy in comparison to ISAK physical measurements
	☐	6 avatar repeatability test – minimum 97% average repeatability test

 

Note: This checklist is to be used for initial Product
Integration and, at the discretion of BCT may be used on any subsequent SDK version updates.

 

There were 
_____ Non-Conformance’s in this audit.

 

Description of Non-Conformance’s (write N/A if 0)

 

 

 

 

 

 

 

Comments (if applicable)

 

 

 

 

 

Auditor Signature: ________________________________________________________

 

Licensee Representative Name: ______________________________________________

 

Licensee Representative Signature: ___________________________________________

 

Unit 5,
71-73 South Perth Esplanade | South Perth | 6151 | Western Australia

ABN 85 602 111 115 | www.MyFiziq.com 

 

Page 28 of 28

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