Document:

Exhibit 10.1

[***]
= Certain information has been excluded from this exhibit because it (i) is not material
and (ii) would be competitively harmful if publicly disclosed.

 

MANUFACTURING
AND SUPPLY AGREEMENT

 

This
Agreement is made and entered into this 28th day of June, 2022

 

BETWEEN:

 

ALR
TECHNOLOGIES SG PTE. LTD.

of 1 North Bridge Road, #06-29 High Street Centre, Singapore, 179094

(hereinafter
known as “ALRT”)

 

		AND	

 

INFINOVO
MEDICAL CO., LTD. 

of
3rd Floor, 6th Building, No. 888, Zhujiang Road, Rudong, 226400,

Jiangsu,
China

(hereinafter
known as “MNFR”)

 

(hereinafter
referred to individually as a “Party” and together as “the Parties”).

 

WHEREAS:

A.
       ALRT has created the Diabetes Solution (as defined in Exhibit A) for human health which bundles
its application with third party glucose meters, related accessories and diabetes test supplies to improve health outcomes for diabetes
patients globally.;

B.
       ALRT now wishes to advance the Diabetes Solution with Continuous Glucose Monitoring (“CGM”)
and has adapted the Diabetes Solution for animal health, under the brand “GluCurve”. References to the Diabetes Solution
under this Agreement are solely for the purpose of its relation to the GluCurve;

C.
       ALRT is seeking a manufacturer to provide a turnkey manufacturing and assembly solution for
the CGM System (as defined herein) to be included as part of the GluCurve;

D.
       MNFR is engaged in the development and manufacture of diabetes management products, including
the CGM System;

E.       MNFR
has represented that it could provide such services to ALRT and wishes to manufacture the CGM System for ALRT for the Animal Health Market;

F.
       The Parties wish to enter into this agreement whereby MNFR will be the manufacturer of the
CGM System for Animal Health, subject to the terms stated herein. The Parties further agree that as a condition of this Agreement, ALRT
will not market or sell the CGM Systems provided by MNFR to ALRT under this Agreement for the Human Health market, under any brand name,
including but not limited to, the Diabetes Solution or GluCurve.

    	 

    	 

    

 

NOW
THEREFORE, for valuable consideration received, the Parties agree as follows:

 

1.       Definitions

 

In
this Agreement (including the recitals), the following terms shall have the following respective meanings:

“Affiliate”
means any Person which directly or indirectly controls, is controlled by, or is under common control with, such Person; as used herein,
the term "control" or “controls” means possession of the power to direct, or cause the direction of the management
and policies of such Person, whether through the ownership of more than 50% of the voting securities, by contract, law or otherwise,
and the term “controlled” shall have the meaning correlative to the foregoing.

 

“Agreement”
means this Manufacturing and Supply Agreement and the exhibits referenced herein.

 

“Business
Day” means Monday through Friday inclusively, except for public holidays in Singapore and/or China.

 

“CGM
System” has the meaning ascribed in Exhibit A.

 

“Confidential
Information” has the meaning ascribed in clause 13.

 

“Effective
Date” means the later of 1 August 2022 and the date on which the conditions set forth in clause 4(a) are satisfied.

 

“GluCurve”
means that diabetes management system for animal health as more particularly described in Exhibit A hereto.

 

“Intellectual
Property” means (i) all documents, records, trade secrets, engineering reports and drawings, know-how, production manuals,
quality assurance procedures and manuals, training manuals and documentation, formulae, studies, data and information comprising or otherwise
relating to the products of either Party; (ii) all copyrights, patents and patents pending pertaining to the products of either Party,
together with all other copyrights, patents and patent applications which may at any time in the future be granted or made for any enhancement,
derivative, modification or replacement of any product of either Party; (iii) all current and future names, insignias, labels, slogans
and other identification schemes, trademarks, service marks and trade names and/or applications that have been used by or that may be
used from time to time by ALRT in connection with the GluCurve of Diabetes Solution; all of which is the exclusive property of ALRT,
except for the MNFR name, logo or other aspects of MNFR brand that are not related to ALRT, the Diabetes Solution, GluCurve or this Agreement.

 

“Law”
means standards, ordinances, rules, codes, policies, directions, guidelines and protocols having the force of law, other lawful requirements
of any governmental authority now or hereafter in effect, and general principles of common law and equity, binding on the applicable
Person referred to in the context in which the word is used;

 

“Market”
means the animal health markets.

 

“Person”
means any person, individual, firm, association, syndicate, partnership, joint venture, trustee, trust, foundation, corporation,
division of a corporation, unincorporated organization or other entity or a government agency or political subdivision thereof.

 

“Phase-Out
of CGM Systems” means shall mean the decision made by the Parties’ mutual understanding to discontinue the manufacture
of one or more of P3 or PETS-DX.

 

“Raw
Materials” means any and all raw materials, inventory and components needed by MNFR to manufacture, label or package a CGM
Systems according to the terms and conditions of this Agreement.

 

    	 

    	 

    

 

“Specifications”
means the specifications for the components of CGM System as defined in Exhibit B, including, but not limited to, design and component
specifications, manufacturing, testing, labeling, packaging and storing instructions, and standards of quality and which may be amended
from time to time by mutual agreement and/or pursuant to the provisions of this Agreement, in particular clause 6(b).

 

“Term”
means the term of this Agreement, being the period commencing on the Effective Date and terminating as set forth in clause 4 hereof.

 

“Territory”
means worldwide.

 

The
following appendices are attached hereto:

 

Exhibit
A Description of the CGM System

Exhibit
B Specifications of the CGM System

Exhibit
CPrice of the CGM System

Exhibit
D Order Forecast

Exhibit
E Quality Agreement

 

2.       Scope
of Agreement

 

(a)
       Grant of Licence: ALRT hereby grants to MNFR the licence to:

		(i)	utilize
                                            the ALRT and GluCurve brand name for the specific and limited purpose of manufacturing and
                                            assembling the branded CGM System in the name of ALRT, and

		(ii)	have
                                            access to, and use of ALRT’s Intellectual Property to the extent necessary to undertake
                                            such manufacturing and assembly,

which
licence will continue during the Term of this Agreement,  and terminate at the end of the Term. Further, except as permitted by clause
10(a)(iii) of this Agreement, MNFR shall not use any knowledge or skill gained from the grant of this licence to develop or manufacture
systems similar to the GluCurve.

 

(b)
       Terms of Manufacture: MNFR agrees to manufacture, test, label, package, store and supply
the CGM System for and on behalf of ALRT, under the ALRT brand, and ALRT agrees to order and purchase CGM System under the ALRT brand
from MNFR, all on the terms and conditions as stated herein.

 

(c)       With
respect to the CGM System:

		(i)	ALRT
                                            will provide MNFR with the responsibility for the sourcing and manufacturing of all components
                                            of the CGM System for the GluCurve;

		(ii)	the
                                            list of components which may be manufactured or supplied by MNFR may be increased from time
                                            to time upon both Parties agreeing in writing thereto and amending Exhibit B accordingly.

		(iii)	ALRT
                                            may sell the CGM System at its sole discretion in the Markets and the Territory without any
                                            reference to MNFR. ALRT in its sole discretion shall determine the price at which it sells
                                            the GluCurve offering.

		(iv)	ALRT
                                            shall have the sole right to sell the CGM System for the Market and the Territory.

    	 

    	 

    

 

		(v)	MNFR
                                            shall not sell, market or distribute the CGM System in any manner, whether directly or indirectly,
                                            for or in the Market during the term of this Agreement and for a period of two (2) years
                                            thereafter. Nothing within this Agreement will limit MNFR’s ability to sell, market,
                                            or distribute the CGM System in any manner for markets other than the Market.

		(vi)	MNFR
                                            will not seek to establish any relationship (commercial or otherwise) with ALRT ́s customers,
                                            clients, employees, distributors, partners, sub-distributors or business associates, without
                                            ALRT ́s written consent which may be withheld at ALRT’s sole and absolute discretion.

		(vii)	During
                                            the Term and for a period of two (2) years thereafter, MNFR and its Affiliates shall promptly
                                            notify ALRT whenever MNFR and/or its Affiliates receive an inquiry or order from a customer
                                            or client, distributor, partner, sub-distributor or business associate of ALRT.

 

(d)
       Currency: All dollar amounts herein are in United States dollars unless otherwise stipulated.

 

3.
       Pre-Production Contributions 

 

The
Parties have agreed to provide pre-production contributions for their mutual benefit.

 

		(a)	ALRT
                                            has agreed to provide the following:

 

		·	Trademark
                                            and logo artwork for all packaging manual and packaging design, 

·        
Validation, non-inferiority and other relevant studies 

·        
Operating manuals to operate the CGM System for animal use 

·        
Marketing materials to be used for sales and distribution of GluCurve

·        
Market research for the Market

 

		(b)	MNFR
                                            has agreed to provide the following:

 

		·	Advancements
                                            to the CGM System, including new models as outlined in Schedule C

		·	Samples
                                            of the CGM System for testing and evaluation purposes from the time to time as reasonably
                                            requested by ALRT.

		·	Support
                                            required by ALRT for any upgrades of the protocol and firmware for the CGM System and anything
                                            else reasonably required by ALRT to integrate the GluCurve with the CGM System as upgraded
                                            by MNFR from time to time

		·	User
                                            manual and safety information for the CGM System. MNFR shall furnish ALRT with appropriate
                                            operating instructions, and with such product information as is customary in this particular
                                            market. All Documentation, operating instructions and information shall be in English language.

 

The
responsibility for any other amounts required for production which are to be incurred in advance of production activities commencing
will be mutually agreed upon prior to production.

    	 

    	 

    

 

4.       Term
and Termination

 

(a)       Effective
Date. This Agreement shall not come into effect, and none of its terms (except the confidentiality obligations in clause 13) shall
be binding on the Parties until and unless:

 

		(i)	ALRT
                                            has on or before July 31, 2022 entered into a binding distribution agreement for the sale
                                            and distribution of the CGM Systems for GluCurve (the “Distribution Agreement”)
                                            [***]; and

 

(ii)       The
Parties have on or before July 31, 2022 entered into a binding quality agreement, the form and substance of which is set out in Exhibit
E.

 

(b)       Term.
This Agreement shall commence on the Effective Date and shall continue until the earlier of:

 

		(i)	three
                                            (3) years, or

		(ii)	this
                                            Agreement being terminated in accordance with the provisions hereof;

 

otherwise
this Agreement shall automatically renew for consecutive one (1) year periods thereafter, until notice of termination is provided by
either Party at least six (6) months in advance of the commencement of a new term, or unless sooner terminated as provided herein.

 

(c)       Termination.
Notwithstanding anything otherwise contained in this Agreement, a Party shall have the right to terminate this Agreement, upon the happening
of any one or more of the following events:

		(i)	if
                                            a Party fails to comply with or is in breach of any other material representation, warranty,
                                            covenant, or obligation imposed upon it by this Agreement, and such default is not cured
                                            by the defaulting Party within ninety (90) days after receipt of written notice to cure from
                                            the other Party;

		(ii)	any
                                            act of gross negligence or willful misconduct of a Party; and such default is not be cured
                                            within thirty (30) days after receipt of written notice to cure from the other Party;

		(iii)	if
                                            the other Party becomes insolvent or ceases to carry on business, or takes any action to
                                            liquidate its assets, or stops making payments in the usual course of business, provided
                                            that the foregoing shall not be construed so as to prohibit a bona fide reorganization of
                                            a Party;

		(iv)	if
                                            the other Party makes an assignment for the benefit of its creditors, or a petition for bankruptcy
                                            is filed against such party and such petition is not dismissed within ninety (90) days, or
                                            such other Party is adjudicated bankrupt; or

		(v)	forthwith
                                            and without notice, if a receiver or any other person with like powers is appointed to take
                                            charge of and liquidate all or any part of the other Party’s business, property or
                                            assets, or if an order is made or resolution passed for the winding-up or the liquidation
                                            of such Party or if such Party adopts or takes any corporate proceedings for its dissolution
                                            or liquidation.

 

(d)
       Effect of Termination. Upon the termination of this Agreement, all legal obligations,
rights and duties arising out of this Agreement shall terminate except for such legal obligations, rights and duties as may have accrued
prior to the effective date of termination.

    	 

    	 

    

 

		(i)	In
                                            the event this Agreement is terminated, each Party will transfer and deliver to the other
                                            Party any property in its possession which is owned by other Party including but not limited
                                            to any tools, tooling, dies, molds and other equipment, materials designed and intellectual
                                            property developed and under this Agreement.

 

		(ii)	In
                                            the event this Agreement is terminated MNFR will return to ALRT all Confidential Information
                                            and Intellectual Property pertaining to ALRT and its Products.

 

		(iii)	In
                                            the event this Agreement is terminated ALRT will return to MNFR all Confidential Information
                                            pertaining to MNFR and its products.

 

		(iv)	This
                                            Agreement does not terminate or expire by termination if there is a change of control or
                                            other changes in the structure or ownership of the Parties, provided that such change of
                                            struture or ownership is not pursuant to clauses 4(c)(iii) to (v) above. All rights and obligations
                                            will be transferred to the new owners/controllers and/or structure. The aforementioned shall
                                            not apply to any assignment, which shall be subject to clause 15(d).

 

		(v)	In
                                            any case of termination pursuant to clauses 4(c)(iii) to (v) above, MNFR is obligated to
                                            continue producing and supplying the CGM System to ALRT in accordance with this Agreement
                                            for a period of one (1) year, so as to enable ALRT to perform its obligations, which prior
                                            to such termination, have been entered into by ALRT with third parties in the ordinary course
                                            of business. The same applies in any case of Phase-out of CGM Systems.

 

		(e)	For
                                            the avoidance of doubt, if the conditions precedent under clause 4(a) above are not met or
                                            satisfied, this Agreement shall:

 

		(i)	Be
                                            immediately null and void, including without limitation ALRT’s guarantee of purchase
                                            orders under clause 14 below;

 

		(ii)	The
                                            Parties shall not have any obligations or rights hereunder except that the Parties’
                                            obligations of confidentiality under clause 13 shall, mutatis mutandis, continue to apply;
                                            and

 

		(iii)	Except
                                            for any breach under clause 13, neither Party shall have any claim whatsoever against the
                                            other Party under this Agreement.

 

5.       Representations,
and Warranties and Covenants

 

(a)
       ALRT represents to MNFR that:

		(i)	ALRT
                                            is the owner of GluCurve, and has the rights to use the Intellectual Property associated
                                            therewith;

		(ii)	ALRT
                                            is a Singapore company, in good standing with the Accounting and Corporate Regulatory Authority;

		(iii)	ALRT
                                            has the authority to enter into this Agreement, and upon execution hereof, this Agreement
                                            will be binding upon ALRT in accordance with its terms; and

		(iv)	Entering
                                            into this Agreement does not breach or violate the terms of any other agreement to which
                                            ALRT is a party.

		(v)	ALRT
                                            will have adequate working capital and financial capacity so as to be able to pay for the
                                            CGM System ordered under the terms of the Agreement;

		(vi)	ALRT
                                            will maintain compliance with all applicable Laws during the Term; and

		(vii)	ALRT,
                                            at its reasonable efforts, will provide sufficient documents and information to coordinate
                                            with MNFR for its internal audit purpose.

 

    	 

    	 

    

(b)
       MNFR represents to ALRT that:

		(i)	MNFR
                                            is a Chinese company, in good standing with the Accounting and Corporate Regulatory Authority

		(ii)	MNFR
                                            has the authority to enter into this Agreement, and upon execution hereof, this Agreement
                                            will be binding upon MNFR in accordance with its terms;

		(iii)	MNFR
                                            can, and has the ability credentials and experience to, manufacture, assemble and ship the
                                            CGM System in accordance with the specifications, pricing and production volumes in accordance
                                            with this Agreement.

		(iv)	MNFR
                                            shall to the best of its ability, provide adequate resources to fulfill all its obligations
                                            hereunder during the term of this Agreement.

		(v)	MNFR
                                            shall provide adequate resources to fulfill all its obligations hereunder during the term
                                            of this Agreement including without limitation engineering, manufacturing and quality assurance.

		(vi)	MNFR
                                            shall have adequate working capital and financial capacity so as to be able to order components
                                            and complete the CGM System manufacturing cycle per the order terms from ALRT;

		(vii)	MNFR
                                            has the physical capacity within its existing premises to undertake its obligations hereunder;

		(viii)	MNFR
                                            has the necessary personnel, knowledge and expertise to manufacture the CGM System to the
                                            Specifications stated herein;

		(ix)	MNFR
                                            will manufacture, test, label and package the CGM System to agreed and documented Specifications,
                                            and in accordance with ISO13485 as defined by the International Organization for Standardization;

		(x)	MNFR
                                            will maintain compliance with all applicable Laws during the duration of the Agreement with
                                            respect to its manufacturing facilities, employees and manufacturing processes;

		(xi)	CGM
                                            Systems shall be manufactured in MNFR’s facilities located at Suzhou, Building 1, Biobay,
                                            No.218, Sangtian Street, Suzhou, Jiangsu,215123, or Nantong, 3rd Floor, 6th Building, No.
                                            888, Zhujiang Road., Rudong, 226400, Jiangsu, China, unless otherwise agreed by the Parties;

		(xii)	MNFR
                                            shall not sub-contract any of its rights to manufacture the CGM Systems hereunder to a third
                                            party without the prior written approval of ALRT

		(xiii)	MNFR
                                            shall, at its expense, be responsible for obtaining and maintaining any permits or approvals
                                            from government authorities which are required in connection with the performance of its
                                            obligations hereunder;

		(xiv)	MNFR
                                            shall permit representatives of ALRT to visit and inspect MNFR’s facilities for the
                                            purpose of i) observing the manufacturing, testing, labeling, packaging and storing of CGM
                                            Systems and ii) to allow representatives of ALRT to inspect the quality of its manufacturing
                                            and quality assurance processes. ALRT agrees to give MNFR 48-hours advance notice of any
                                            proposed visit to the facilities. Any such visits shall be during normal business hours on
                                            Business Days; and

		(xv)	Entering
                                            into this Agreement does not breach or violate the terms of any other agreement to which
                                            MNFR is a party.

 

    	 

    	 

    

6.
       Specifications

 

The
initial Specifications of the CGM Systems are listed in Exhibit B. The Parties agree that the initial CGM System will be as described
in Exhibit B as P3. The Parties agree that the P3 CGM System will be superseded to PETS-DX as described in Exhibit B and that such transition
will occur by June 2023. It is expected the Parties will continually work collaboratively toward refining the engineering, process engineering,
design criteria, and development of each component, with a view to determining the optimal design and manufacturing method for each component.

 

(a)
       With respect to P3, MNFR will be solely responsible for ensuring it meets the Specifications.

 

(b)       With
respect to PETS-DX,

 

		(i)	MNFR
                                            will produce the PETS-DX in accordance with the Specifications.

		(ii)	[***]

		(iii)	MNFR
                                            will be solely responsible for ensuring PETS-DX is non-inferior to the Specifications of
                                            P3 and will provide sufficient reports and evidence as reasonably requested by ALRT.

 

		(iv)	Once
                                            PETS-DX is available to ALRT in a manner which is non-inferior to the Specifications of P3,
                                            ALRT may seek to change the Specifications for any component of CGM System from time to time,
                                            and in each instance it will deliver to MNFR written notice of such change, and the Parties
                                            will work toward accommodating such Specification changes. These changes will take into consideration
                                            in-process parts inventoried, and effects on cost structures that may adversely affect both
                                            ALRT and MNFR. The time period of such changes will be cooperatively established so as to
                                            limit the production costs of the CGM System. If any Specification change requested by ALRT
                                            affects MNFR’s costs of manufacturing, testing, labeling, packaging or storing the
                                            CGM System adversely, the Parties will negotiate, in good faith, an adjustment to the pricing
                                            set forth in Exhibit C hereof. Any changes to the Specifications shall be incorporated in
                                            this Agreement as a written amendment to Exhibit B hereto. Both Parties will operate co-operatively
                                            applying sound business judgement.

 

(c)       Either
Party may at any time request that the CGM System be modified in order to comply with any applicable safety, regulatory or other statutory
requirements. If the changes induced by such modification materially affect the nature or quality of the CGM System, the Parties will
negotiate, in good faith, an adjustment to the pricing set forth in Exhibit C hereof for a modification required pursuant to this clause
(6)(c).

 

(d)       This
clause 6 shall be subject to clause 11.

 

    	 

    	 

    

7.       Order
Forecasts and Orders

 

(a)
       Order Forecast: The Parties have prepared the order forecast in Exhibit D to this Agreement
based on the mutual understanding of the demand from ALRT distributors and the production capacity of MNFR. MNFR will meet and maintain
the production capacity under Exhibit D for the Term of this Agreement in accordance with clause 14. Orders will become binding upon
submission of a Purchase Order (defined below) by ALRT and confirmation by MNFR in accordance with clause 7(b). Adherence to the order
forecast by both Parties is mandatory. The parties may amend the production capacity requirements by mutual agreement.

 

(b)       Order
Submission Procedures:

 

		(ii)	All
                                            Purchase Orders submitted must have a minimum 90 day lead-time as determined by that starting
                                            date of the Purchase Order being submitted and the date the CGM Systems can be picked up
                                            for shipment;

 

		(iii)	All
                                            orders submitted by ALRT will be done by the issuance of a formal purchase order approved
                                            by a duly authorized representative of ALRT (the "Purchase Order”). The quantity
                                            and description of the CGM System shall be specified in the Purchase Order and such description
                                            shall conform with the Specifications in Exhibit B to this Agreement.;

 

		(iv)	MNFR
                                            will require five (5) Business Days to provide a proforma invoice to ALRT to confirm the
                                            order quantity and delivery date. The quantity and the delivery date included wthin the Pro-Forma
                                            Invoice shall comply with the terms of the Purchase Order and the Agreement, unless otherwise
                                            mutually agreed to by the parties.

 

		(v)	MNFR
                                            shall be under no obligation to supply additional quantities of in excess of binding purchase
                                            orders of ALRT, but if additional quantities are requested by ALRT, MNFR shall make best
                                            efforts to supply such additional quantities.

 

All
orders will be shipped FOB (Incoterms 2010) from MNFR’s manufacturing facilities or warehouses. Packing list and final invoice
shall be sent fifteen (15) days before delivery All freight, insurance and other shipping expenses will be managed and paid by ALRT directly
with the best-efforts cooperation of MNFR.

 

		(c)	Payment
                                            Terms

 

		(i)	P3
                                            CGM Systems Purchase Orders and Invoices

[***]

 

		(ii)	PETS-DX
                                            CGM Systems Purchase Orders and Invoices

[***]

 

(d)       Raw
Materials: MNFR shall use its best endeavors to maintain at all times sufficient stocks of materials required to fulfill its obligations
under this Agreement, including without limitation for the purposes of manufacturing and supplying the CGM System to ALRT in accordance
with the Specifications.

 

(e)       If
subsequent to a purchase order being placed by ALRT, and manufacturing activities being initiated, ALRT requests that the CGM Systems
not be shipped until a date later than specified in the Proforma Invoice. MNFR will shall store the CGM System up to ten (10) days after
the delivery date on Proforma Invoice. After ten (10) Business Days, MNFR shall have the discretion to impose a penalty on ALRT based
on 1% of the value of the unpaid Purchase Order per day on any units that are not shipped according to ALRT’s request. Upon expiry
of the 10 Business Days, ownership of the CGM Systems will transfer to ALRT. At ALRT’s request MNFR shall store the units and may
impose a reasonable charge on ALRT for storage fees. Any remaining balance owed by ALRT for the CGM Systems and storage fees will be
paid immediately prior to the CGM System being shipped. Should the CGM Systems stored expire and not be usable, MNFR will dispose of
the CGM System. No amount will be refundable to ALRT and any balance owing will be immediately repayable. Any penalty charged will be
received by MNFR as an addition to the payment of next Purchase Order.

 

(f)       In
the event the MNFR fails to meet its delivery obligations for any Purchase Order under this Agreement, ALRT shall be entitled to recover
liquidated damages from MNFR in a quantum equal to one per cent (1%) of the value of the purchase order per day on any units that are
not ready for shipment in accordance with delivery date on Proforma Invoice. For clarity, the value used for the determination of such
liquidated damages is a genuine and authentic pre-estimate of damages based on the price of the CGM System as indicated on the Proforma
Invoice and in accordance with Clause 8 of this Agreement, and is not by way of penalty. Any such liquidated damages due to ALRT may
be reduced from the invoice amount related to the delayed CGM System, if such invoice remains unpaid by ALRT. If the invoice has been
paid by ALRT, MNFR will issue ALRT a payment for the amount of the damages at the time of shipment.

 

    	 

    	 

    

 

8.       Price

 

MNFR
shall charge ALRT, and ALRT shall pay MNFR, the prices outlined in Exhibit C for the CGM System based on each component of the CGM System
outlined in Exhibit C. The Parties agree that the price of P3 will be fixed for the duration of the Term. The Parties agree that the
prices of PETS-DX may be amended (up or down) on each anniversary date (or at another mutually agreeable date on an annual basis) of
the signing of this Agreement if:

		(i)	the
                                            underlying costs for Raw Materials or labour change; or

		(ii)	Specifications
                                            are amended; or

		(iii)	upon
                                            the mutual agreement of the Parties.

Provided
that all proposed price changes by MNFR must be verifiable and supported by reasonable documentation for the review of ALRT and must
be validated by ALRT, acting reasonably. MNFR recognizes that price increases proposed hereunder must be able to be passed onto ALRT’s
customers and be within the parameters of market conditions.

 

9.       Warranty

 

(a)               
MNFR warrants that all CGM Systems received by ALRT under this Agreement shall be free from defects in design, material and workmanship
and meet all Specifications as described in Exhibit B and per ALRT’s instructions, for twelve (12) months from the date the end
customer (patient) has purchased the product. 

 

(b)              
ALRT shall have the right to inspect and test the CGM System prior to its shipment from the MNFR facilities and shall have the right
to inspect the production logs and quality assurance documents related to the CGM System produced for ALRT under this Agreement.

 

(c)               
ALRT shall, promptly following receipt of the shipment, examine the CGM System and satisfy itself that it meets the Specifications. ALRT
will notify MNFR in writing if any CGM System received does not meet Specifications. If MNFR agrees with ALRT that any
rejected CGM System is defective, MNFR will replace such defective CGM System with replacement CGM System free of defect and this
replacement of CGM System shall constitute the sole and exclusive liability of MNFR in respect to the defective CGM System.

 

(d)              
ALRT will use commercially reasonable efforts to analyze the CGM System returned for replacement by visual inspection and testing functionality
in accordance with a protocol to be mutually determined by ALRT and MNFR, and will regularly report the results of such analysis to MNFR.
ALRT will provide MNFR with appropriate documentation of defective CGM System including model, serial numbers and the nature of the defect.
MNFR shall pay any costs and damages associated with the return of the defective CGM System to it. MNFR will issue a credit note for
the amount ALRT paid for the defective CGM System or ship a replacement, at ALRT’s discretion. Replaced CGM System will be warranted
for defects in design, material and workmanship for the remainder of the warranty period of the defective CGM Systems. For all unused
but replaced items, ALRT will consult with MNFR on disposal procedures to undertake and will provide proper evidence of CGM Systems disposed.

 

(e)               
Should more than 10% of a production run of CGM Systems provided by MNFR to ALRT be defective, MNFR will replace the whole production
batch and will promptly undertake systematic repairs to their equipment to remedy the defect.

 

    	 

    	 

    

 

10.
       Ownership and Non-Competition

 

(a)       The
following are fundamental terms of this Agreement:

		(i)	all
                                            of each Party’s Intellectual Property is and shall remain the exclusive property of
                                            each Party, and this Agreement gives the other Party no rights therein;

		(ii)	all
                                            future enhancements, improvements, derivatives, modifications and replacements of the GluCurve,
                                            whether based on existing ALRT products, or derived independently which may in any way compete
                                            with an existing or future products, shall be the sole property of ALRT, whether created
                                            of designed or in any way influenced by MNFR;

		(iii)	all
                                            future enhancements, improvements, derivatives, modifications and replacements of the CGM
                                            System, whether based on existing products, or derived independently which may in any way
                                            compete with an existing or future product, shall be the sole property of MNFR provided that
                                            the foregoing does not use any of ALRT’s Intellectual Property;

		(iv)	[***];

		(v)	MNFR
                                            acknowledges that GluCurve is a registered trademark and ALRT is the legal and beneficial
                                            owner and proprietor of that trademark.

 

		(b)	MNFR
                                            will indemnify and hold ALRT harmless from and against any and all losses, damages, liabilities,
                                            costs and expenses (including, without limitation, reasonable attorneys’ fees) arising
                                            from: (i) a claim brought by any third party that the manufacturing, testing, labeling, packing,
                                            storing or supply of the CGM System by MNFR infringes any utility model, design, copyright,
                                            trademark or other intellectual property right of such third party, other than a patent,
                                            or (ii) a claim brought by any third party against ALRT for any loss, damage, cost, expense
                                            or liability arising from defects in the CGM System;

 

		(c)	ALRT
                                            will indemnify and hold MNFR harmless from and against any and all losses, damages, liabilities,
                                            costs and expenses (including, without limitation, reasonable attorneys’ fees) arising
                                            from: (i) a claim brought by any third party that the GluCurve, excluding the CGM System,
                                            infringes any patent, utility model, design, copyright, trademark or other intellectual property
                                            right of such third party, (ii) a claim brought by any third party against MNFR for any loss,
                                            damage, cost, expense or liability arising from defects in the GluCurve not arising from
                                            the CGM System and (iii) [***].

 

		(d)	For
                                            clarity, in addition to that described in clause 10(c)(iii) ALRT will also be responsible
                                            for any claim brought by a third party that the sales, distribution and marketing of the
                                            CGM System infringes any patent of such third party, except for as described in clause 6(b).

    	 

    	 

    

 

11.
       Research, Development and Future Products

 

In
the event that, during the Term of this Agreement, MNFR intends to produce, distribute, promote and/or sell any new CGM System, or new
products that supersede or are comparable to the CGM System, MNFR shall promptly so notify ALRT in writing and shall provide ALRT with
information as is reasonably necessary for ALRT’s evaluation of interest for that new product for the animal health market under
this Agreement. If ALRT has interest in the new product for the animal health market, MNFR shall have an obligation to provide such new
product to ALRT for sale on terms to be mutually agreed between the Parties. Nothing herein shall grant ALRT the right to sell any CGM
System, or any new product, in any market other than the animal health market.

 

12.       Insurance

 

(a)       During
the Term and for a period of 2 years after delivery of the last CGM System to ALRT hereunder, each Party will maintain an adequate insurance
program which is sufficient to adequately protect against the risks associated with its ongoing business, including the risks which might
possibly arise in connection with the use of CGM System and the GluCurve and the transactions contemplated by this Agreement. Accordingly,
for the initial year under this Agreement each Party shall have minimum insurance coverage of $5,000,000. The amount of coverage required
under this Agreement will be reviewed annually to assess if additional amounts are required for the ensuing year.

 

(b)       As
stated under clause 10(b), MNFR declares that it assumes full product liability for all direct and indirect personal injuries and losses,
damages, liabilities, costs and expenses (including, without limitation, reasonable attorneys’ fees) as a result of the CGM System.

 

13.       Confidentiality

 

(a)       For
purposes hereof, “Confidential Information” means all documents, software, reports, data, records, forms, tools, products,
services, methodologies, present and future research, technical knowledge, marketing plans, trade secrets, and other materials obtained
by a Party from the other in the course of this Agreement, whether tangible or intangible and whether or not stored, compiled, or stored
physically, electronically, graphically, in writing, or by any means now known or later invented. Confidential Information includes but
is not restricted to records and information (i) that has been marked as proprietary or confidential; (ii) whose confidential nature
has been made known by either Party; or (iii) that due to its character and nature, a reasonable person under like circumstances would
treat as confidential. Notwithstanding the foregoing, Confidential Information does not include information which: (i) is already known
to the recipient at the time of disclosure; (ii) is or becomes publicly known through no wrongful act or failure of recipient; (iii)
is independently developed by recipient without benefit of the other Party’s Confidential Information; or (iv) is received from
a third party which is not under and does not thereby breach an obligation of confidentiality.

 

(b)       Each
Party agrees to protect the other Party’s Confidential Information at all times and in the same manner as each protects the confidentiality
of its own proprietary and confidential materials, but in no event with less than a reasonable standard of care. Neither Party shall,
except with respect to those of its employees with a need to know under this Agreement, use or disclose to any person, firm or entity
any Confidential Information of the other Party without such other Party’s express, prior written permission during the Term and
for a period of three years thereafter; provided, however, that notwithstanding the foregoing, a Party may disclose Confidential Information
to the extent that it is required to be disclosed pursuant to a statutory or regulatory provision or court order.

 

    	 

    	 

    

(c)       Upon
the termination or expiration of this Agreement for any reason, or upon the disclosing Party’s earlier request, the receiving Party
will deliver to the disclosing Party all of the disclosing Party’s property or Confidential Information in tangible form that the
receiving Party may have in its possession or control, unless retention of such Confidential Information is required by law.

 

(d)       Each
of ALRT and MNFR acknowledge that a violation of any part of this section 13 could cause immediate and irreparable harm for which money
damages would be inadequate. Therefore, the harmed Party will be entitled to injunctive relief for the other Party’s breach of
any of its obligations under this section without proof of actual damages and without the posting of bond or other security. Such remedy
shall not be deemed to be the exclusive remedy for such violation, but shall be in addition to all other remedies available at law or
in equity.

 

14.
       Guarantee of Purchase Orders

 

(a)       MNFR
will invest for the production capacity of PETS-DX during the Term of the Agreement to meet the forecasts of PETS-DX CGM Systems in Exhibit
D. ALRT and MNFR have developed the forecasts in Exhibit D on the basis of the production line capacity increases and ALRT considers
it fundamental to this Agreement that the production line capacity increases proceed in accordance with the terms of this clause 14.

 

(b)       Upon
satisfaction of PETS-DX in accordance with clause 6(b), ALRT will provide MNFR a guarantee of Purchase Orders under this Agreement as
described herein.

 

		(i)	[***]

		(ii)	The
                                            form of the guarantee will be a Letter of Credit

		(iii)	ALRT
                                            and MNFR agree that PETS-DX production line and the CGM Systems produced thereunder must,
                                            at all times, meet the Specifications.

		(iv)	[***]

		(v)	[***]

 

(c)       If
at anytime there is a balance owing under the guarantee and if the Agreement is terminated as a result of:

 

		(i)	The
                                            PETS-DX CGM System produced by MNFR does not conform to the Specifications listed in Exhibit
                                            B;

		(ii)	MNFR’s
                                            failure to deliver CGM Systems ordered by ALRT according to the quantity and date listed
                                            in Proforma Invoice for three (3) consecutive Purchase Orders, or

		(iii)	MNFR’s
                                            failure to provide Proforma Invoices in accordance with the Forecast for three (3) consecutive
                                            months.

 

[***].
ALRT will have no liability to MNFR and the guarantee will immediately be relinquished back to ALRT. Upon receipt of the payment from
MNFR to ALRT no further payments will be owing by MNFR to ALRT. The liquidated damages in the preceding sentences are a genuine pre-estimate
of damages which ALRT would incur if MNFR does not perform its critical obligations in clause 14(c).

 

(d)       If
at anytime there is a balance owing under the guarantee and if the Agreement is terminated as a result of ALRT’s failure to purchase
CGM Systems in accordance with the Forecast for three (3) consecutive months, then ALRT will immediately repay MNFR the remaining guaranteed
amount owing under this Agreement. Once that payment is issued, ALRT will have no further liability to MNFR and the guarantee will be
fully extinguished.

 

(e)
For the other situation of termination listed in clause 4(b) of this agreement, the breaching party will immediately repay the other
party the remaining guaranteed amount owing under this Agreement.

 

    	 

    	 

    

 

15.       General
Provisions

 

(a)       Independent
Contractors. It is understood that both Parties hereto are independent contractors and engage in the operation of their own respective
businesses. Neither Party hereto is to be considered the agent of the other for any purpose whatsoever, and neither Party has any authority
to enter into any contract or assume any obligation for the other Party or to make any warranty or representation on behalf of the other
Party. Each Party shall be fully responsible for its own employees, servants and agents; and the employees, servants and agents of one
Party shall not be deemed to be employees, servants and agents of the other Party for any purpose whatsoever.

 

(b)       Public
Announcements. Neither Party will make any public announcements which name or otherwise involve the other without the prior written
consent of the other Party, unless ALRT is so required by regulatory authorities.

 

(c)       Definitive
Agreement. This Agreement, including the exhibits, constitutes the entire agreement of the Parties on the subject hereof and supersedes
all prior understandings and instruments on such subject. This Agreement may not be modified other than by a written instrument executed
by duly authorized representatives of the Parties. There are no representations, warranties, conditions, terms or collateral agreements,
express, implied or statutory, between the Parties related to the subject matter of this Agreement except as expressly contemplated in
this Agreement.

 

(d)       Non-Assignment.
No Party may assign or transfer any of its rights or interests herein to any third party without the written consent of the other Parties.
Each Party may assign or transfer its rights or interests to an Affiliate without consent, provided that the Party provides the other
Party with 30 days’ written notice.

 

(e)       Waiver.
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether
or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. Continuation of manufacture
and sales of the CGM System to ALRT following expiration or termination of this Agreement for any cause shall not be deemed a renewal
of or continuation of this Agreement or the creation of a new agreement on these or other terms.

 

(f)       Severability.
In the event that any term or provision of this Agreement shall be held to be invalid, void or unenforceable, then the remainder of this
Agreement shall not be affected, impaired or invalidated, and each such other term and provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law.

 

(g)       Governing
Law. This Agreement shall be governed by the laws of England and Wales.

 

(h)       Arbitration.
Any dispute arising out of or in connection with this contract, including any question regarding
its existence, validity or termination, shall be referred to and finally resolved by arbitration under the LCIA Rules, which Rules are
deemed to be incorporated by reference into this clause. The number of arbitrators shall be three (3).The seat, or legal place, of arbitration
shall be London, England. The language to be used in the arbitral proceedings shall be English. 

 

(i)       Notice.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person or by registered or certified mail (postage prepaid, return receipt requested)
and by email to the respective Parties at the following addresses (or at such other address as notified by the respective Parties in
advance):

 

    	 

    	 

    

 

If
to ALRT:

 

Address:1
North Bridge Road, #06-29 High Street Centre,

Singapore,
179094

Attention:Sidney
Chan

Email
Address:sidney.chan@alrt.com

Telephone:
65 9275 0491

 

With
a copy to 

 

Attention:Ben
Szeto

Email
Address:ben.szeto@alrt.com

 

If
to MNFR:

 

Attention:Rongen
Cheng

 Address: 3rd Floor, 6th Building, No. 888, Zhujiang RoadRudong, 226400, Jiangsu, China

Email
Address:info@infinovo.com

Telephone:
+86(513)81900808

 

 

(j)       Headings.
The division of this Agreement and the recitals and headings are for convenience of reference only and will not affect the construction
or interpretation hereof.

 

(k)       Further
Assurances. Each Party will at all times after the execution of this Agreement, at the request of the other Party, but without further
consideration, do all such further acts, and execute and deliver all such further documents and instruments as the other Party may reasonably
request in order to fully perform and carry out the terms and intent of this Agreement.

 

(l)       Costs.
All fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by
the Party incurring such fees, costs or expenses.

 

(m)       Force
Majeure. No failure or omission by either Party in the performance of any obligation under this Agreement shall be deemed
a breach of this Agreement or create any liability if the same arises on account of force majeure which directly affects the obligation
that cannot be performed. For the purpose of this Agreement, Force Majeure shall mean an event or cause beyond the control of the
affected Party, as the case may be, such as acts of God, acts or omissions of any government, or agency thereof, rebellion, insurrection,
riot, sabotage, invasion, restrictions, pandemic, strike, sustained supply chain disruptions, lock out and transportation embargoes (each
a “Force Majeure Event”), provided that upon the occurrence of a Force Majeure Event or an event that a Party (the “Affected
Party”) considers may subsequently lead it to claim Force Majeure, the Affected Party notifies the other Party in writing as soon
as reasonably practicable and without any delay or demur the details of the nature of the actual or anticipated force majeure, an estimate
of the likely duration of such Force Majeure (to the extent possible), the Affected Party’s obligations under this Agreement that
are directly and indirectly affected by such Force Majeure and the actions being taken both to mitigate the impact such Force Majeure
may have on the Affected Party as well as to remedy the Force Majeure. If Force Majeure continues for a period of more than 6 months,
without the Parties hereto being able to develop an alternative satisfactory arrangement, then either Party has the option of immediately
terminating this Agreement. Without prejudice to anything in this Clause 15(m), the Affected Party shall provide a notice to the other
Party once the event or circumstances causing the Force Majeure has been remedied or has ceased.

 

    	 

    	 

    

 

(n)       Execution.
This Agreement may be executed in counterparts, which together shall be considered one and the same agreement and each of which shall
be deemed an original. Counterparts may be executed and delivered by facsimile, electronic mail or other transmission method and any
counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

 

[Signature
Page to Follow]

    	 

    	 

    

 

IN
WITNESS WHEREOF, and intending to be legally bound, the Parties have duly executed this Agreement by their authorized representatives
as of the date first written above.

 

 

ALR
TECHNOLOGIES SG PTE. LTD. 

 

 

 

By:
/s/Sidney Chan 

Name:
Sidney Chan

Title:
Chairman and CEO 

 

 

Infinovo
Medical Co., Ltd. 

 

 

 

By:
/s/Rongen Cheng_______________________

Name:
Rongen Cheng

Title:
CEO

 

    	 

    	 

    

Exhibit
A

Description
of the GluCurve System

 

The
Diabetes Solution was developed as a comprehensive approach to human diabetes care. ALRT has no
right to sell any CGM Systems in the human health marketplace under any brand name. ALRT has developed its GluCurve for animal health
from the Diabetes Solution, and the GluCurve has the following key features: 

 

		·	patient
                                            management software for diabetic companion animals; 

		·	insulin
                                            dose calculators; 

		·	insulin
                                            therapy guidelines; 

		·	prescription
                                            tracking and history, and 

		·	comparative glucose
                                            curves.

 

GluCurve
consists of the following components: 

 

		·	ALRT
                                            GluCurve App

		·	CGM
                                            Transmitter 

		·	CGM
                                            Applicator and Sensor (the ”CGM Inserter”)

 

Whereas

		·	The
                                            CGM sensor is inside the applicator so it is referred to as the sensor but it is really both
                                            pieces as is being referred to as the CGM Inserter. The CGM applicator uses a guide needed
                                            to place the electrode into the skin and then retracts the needle while at the same time
                                            presses  the adhesive pad surrounding the CGM sensor housing (that holds the transmitter)
                                            to the skin. The CGM transmitter then clips into the CGM sensor housing.

		·	The
                                            CGM Transmitter and CGM Inserter are collectively referred to as the ”CGM System”

		·	MNFR
                                            will manufacture and supply the CGM System to ALRT as specified in Exhibit B.

		·	ALRT
                                            will provide MNFR with shipping directions for the CGM System sold to Vetrinary Clinics in
                                            the Territory 

		·	MNFR
                                            will bundle the CGM System into ALRT branded packaging and will ship the CGM System in accordance
                                            with the shipping directions provided by ALRT 

		·	End
                                            customers will purchase the GluCurve from the Vetrinary clinics 

		·	End
                                            customers will download the GluCurve App from the Android App Store, the Apple App store
                                            and other places where software applications are typically downloaded.

 

 

    	 

    	 

    

Exhibit
B

Specifications
of the CGM System

 

Current
Model Transmitter (“P3”)

 

	P3
    CGM SYSTEM SPECIFICATION
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

    [***]

	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	SMARTPHONE
    APP
	COMPATIBILITY
    WITH ANDROID SYSTEMS	YES
	COMPATIBILITY
    WIH iOS SYSTEMS	YES

 

Infinovo
is working on New Model CGM (“PETS-DX”) which will include each of the CGM Transmitter and CGM Inserter into one piece.
The parties have agreed that once the PETS-DX is ready, ALRT will be able to order it under this agreement.

 

	PETS-DX
    CGM SYSTEM SPECIFICATION
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	SMARTPHONE
    APP
	COMPATIBILITY
    WITH ANDROID SYSTEMS	YES
	COMPATIBILITY
    WIH iOS SYSTEMS	YES

 

 

    	 

    	 

    

Exhibit
C

Price
of the CGM System

 

All
prices are in United States Dollars (“USD”). All prices and price arrangements between the Parties are Confidential Information.

PETS-DX
CGM System - [***] per PETS-DX CGM System

P3
CGM System - [***] per P3 CGM System for the first [***] P3 CGM Systems. Thereafter, [***] per P3 CGM System

 

 

    	 

    	 

    

 

Exhibit
D

Forecast 

 

This
forecast is for the manufacture and supply of units of P3 CGM Systems and PETS-DX CGM Systems during the term of this Agreement. Whereas
CGM Systems are as described in the Agreement, Exhibit A and Exhibit B.

 

[***]

 

    	 

    	 

    

Exhibit
E

Quality
AgreementExhibit 10.1

 

Execution Version

 

INVESTMENT ADVISORY
AND MANAGEMENT AGREEMENT

 

BETWEEN

 

New
Mountain Guardian IV BDC, L.L.C.

 

AND

 

NEW MOUNTAIN FINANCE
ADVISERS BDC, L.L.C.

 

This
Agreement (this "Agreement") is made this 3rd day of May, 2022, by and between NEW
MOUNTAIN GUARDIAN IV BDC, L.L.C., a Delaware limited liability company (the "Fund"), and NEW MOUNTAIN
FINANCE ADVISERS BDC, L.L.C., a Delaware limited liability company (the "Adviser").

 

WHEREAS,
the Fund is a closed-end management investment company that intends to elect to be treated as a business development company ("BDC")
under the Investment Company Act of 1940, as amended (the "Investment Company Act");

 

WHEREAS,
the Adviser is an investment adviser that is registered under the Investment Advisers Act of 1940, as amended (the "Advisers
Act"); and

 

WHEREAS, the
Fund desires to retain the Adviser to furnish investment advisory services to the Fund on the terms and conditions hereinafter set forth,
and the Adviser wishes to be retained to provide such services;

 

NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

 

1.             Duties
of the Adviser.

 

(a)            The
Fund hereby employs the Adviser to act as the investment adviser to the Fund and to manage the investment and reinvestment of the assets
of the Fund, subject to the supervision of the Board of Directors of the Fund (the "Board"), for the period and
upon the terms herein set forth. In the performance of its duties, the Adviser shall at all times conform to, and act in accordance with,
any requirements imposed by (i) the provisions of the Investment Company Act, and of any rules or regulations in force thereunder,
subject to the terms of any exemptive order applicable to the Fund; (ii) any other applicable provision of law; (iii) the provisions
of the limited liability company agreement of the Fund, as amended and/or restated from time to time (the "LLC Agreement");
(iv) the investment objectives, policies and restrictions applicable to the Fund, as they may be amended from time to time by the
Board upon written notice to the Adviser; and (v) any other policies and determinations of the Board provided in writing to the Adviser.
Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement,
(i) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing
such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Fund; (iii) execute, monitor
and service the Fund’s investments; (iv) determine the securities and other assets that the Fund will purchase, retain, or
sell; (v) perform due diligence on prospective portfolio companies; (vi) vote, exercise consents and exercise all other rights
appertaining to such securities and other assets on behalf of the Fund; and (vii) provide the Fund with such other investment advisory,
research and related services as the Fund may, from time to time, reasonably require for the investment of its funds. Subject to the supervision
of the Board, the Adviser shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the Fund,
including the execution and delivery of all documents relating to the Fund’s investments and the placing of orders for other purchase
or sale transactions on behalf of the Fund. In the event that the Fund determines to acquire debt financing, the Adviser will arrange
for such financing on the Fund’s behalf. If it is necessary for the Adviser to make investments on behalf of the Fund through a
special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to
make such investments through such special purpose vehicle (in accordance with the Investment Company Act).

 

     

     

    

 

(b)           The
Adviser hereby accepts such employment and agrees during the term hereof to render the services described herein for the compensation
provided herein.

 

(c)           The
Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized
herein, shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

 

(d)           The
Adviser shall keep and preserve for the period required by the Investment Company Act any books and records relevant to the provision
of its investment advisory services to the Fund and shall specifically maintain all books and records in accordance with Section 31(a) of
the Investment Company Act with respect to the Fund’s portfolio transactions and shall render to the Board such periodic and special
reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Fund are the property of the
Fund and will surrender promptly to the Fund any such records upon the Fund’s request, provided that the Adviser may retain a copy
of such records.

 

2.             Fund’s
Responsibilities and Expenses Payable by the Fund.

 

All investment professionals
of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder,
and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the
Adviser and not by the Fund, including salaries of the Adviser’s employees and senior advisors (excluding salary, benefits, directors’
fees, stock options and other compensation received by senior advisors for serving on board of directors, serving in executive management
roles or performing the functional equivalent of such roles) and other expenses incurred in maintaining the Adviser’s place of business.

 

The Fund will bear all legal
and other expenses costs and expenses incurred in connection with the Fund’s formation and organization and the offering of the
units of limited liability company interests of the Fund (“Units”), including (other than any placement fees, which will be
borne by the Adviser directly or pursuant to waivers of the management fee) all out-of-pocket legal, tax (including U.S. federal, state,
local and foreign taxes), accounting, printing, data room, consultation, administrative, travel, meal, accommodation and U.S. and non-U.S.
filing fees and expenses of the Fund or the Adviser (including with respect to any registration or licensing of the Fund or the Adviser
for marketing under any national private placement or similar regime outside of the United States including those in member states of
the European Union).

 

In addition to the Base Management
Fee and Incentive Fee, except as noted above, the Fund will bear all other costs, expenses and liabilities that in the good faith judgment
of the Adviser are incurred by or arise out of the operation and activities of the Fund, subject to the above cap, as described further
in the LLC Agreement.

 

3.             Compensation
of the Adviser.

 

(a)            The
Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management
fee (“Base Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter
set forth. The Fund shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise
direct. To the extent permitted by applicable law, the Adviser may elect, or the Fund may adopt a deferred compensation plan pursuant
to which the Adviser may elect, to defer all or a portion of its fees hereunder for a specified period of time.

 

    2

     

    

 

(b)           The
Base Management Fee shall be calculated at an annual rate of 1.15% of the Fund’s Managed Capital (as defined below) as of the last
day of the applicable quarter. For the period from the date of this Agreement through the one-year anniversary of the Initial Drawdown
Date (as defined in the LLC Agreement), the Base Management Fee shall be reduced by 50% (for the avoidance of doubt, this results in a
Base Management Fee of 0.575% of the Fund’s Managed Capital through the one-year anniversary of the Initial Drawdown Date). If the
one-year anniversary of the Initial Drawdown Date occurs on a date other than the last day of a calendar quarter, the management fee shall
be prorated for such calendar quarter and calculated based on the number of days in such period up to, and including, the one-year anniversary
of the Initial Drawdown Date. For services rendered under this Agreement, the Base Management Fee will be payable quarterly in arrears.
“Managed Capital” means the aggregate Contributed Capital from all the holders of the Units (the “Unitholders”)
(including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions
and less any cumulative realized losses since inception (calculated net of any subsequently reversed realized losses and net of any realized
gains). “Contributed Capital” means, with respect to an investor holding capital commitments, the aggregate
amount of capital contributions from such investor’s capital commitments that have been funded by such investor to purchase Units.
For the avoidance of doubt, Contributed Capital will not take into account distributions of the Fund’s investment income (i.e.,
proceeds received in respect of interest payments, dividends or fees, net of expenses) to the investors. Base Management Fees for any
partial month or quarter will be appropriately prorated.

 

(c)           The
Incentive Fee shall consist of two parts as follows:

 

(i)             One
part of the Incentive Fee (the “Income Incentive Fee”) will be calculated and payable quarterly in arrears based
on the Fund’s Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, “Pre-Incentive
Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other
than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees
that the Fund receives from Portfolio Companies) accrued during the calendar quarter, minus the Fund’s operating expenses for the
quarter (including the Base Management Fee, expenses payable under the Fund’s administration agreement, and any interest expense
and distributions paid on any issued and outstanding preferred units, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment
Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK
interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income
does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive
Fee Net Investment Income, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediately preceding
calendar quarter, will be compared to a “hurdle rate” of 1.75% per quarter (7.0% annualized), subject to a “catch-up”
provision measured as of the end of each calendar quarter. The Fund will pay the Adviser an Incentive Fee with respect to the Fund’s
Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no Incentive Fee in any calendar quarter in which
the Fund’s Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75% (the “preferred return”
or “hurdle”); (2) 100% of the Fund’s Pre-Incentive Fee Net Investment Income with respect to that portion of such
Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.059% in any calendar quarter
(8.235% annualized); this portion of the Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal
to 2.059%) is referred to herein as the “catch-up.” The “catch-up” is meant to provide the Adviser
with an incentive fee of 15% on all of the Fund’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when
the Company’s Pre-Incentive Fee Net Investment Income exceeds 2.059% in any calendar quarter; and (3) 15% of the amount of
the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.059% in any calendar quarter (8.235% annualized) payable
to the Adviser once the hurdle is reached and the catch-up is achieved, (15% of all Pre-Incentive Fee Net Investment Income thereafter
is allocated to the Adviser). These calculations will be appropriately prorated for any period of less than three months and adjusted
for any equity capital raises or repurchases during the relevant calendar quarter.

 

(ii)            The
second part of the Incentive Fee (“Incentive Fee on Capital Gains”) will be determined and payable in arrears
as of the end of each calendar year (or upon termination of this Agreement as set forth below), The Fund will pay the Adviser an Incentive
Fee with respect to the Fund’s cumulative realized capital gains computed net of all realized capital losses and unrealized capital
depreciation since inception (“Cumulative Net Realized Gains”) based on the waterfall below:

 

(A) First,
no Incentive Fee is payable to the Adviser on Cumulative Net Realized Gains until total return of capital distributions, distributions
of net investment income and distributions of net realized capital gains to Unitholders is equal to total Contributed Capital;

 

    3

     

    

 

(B) Second,
no Incentive Fee is payable to the Adviser on Cumulative Net Realized Gains until the Fund has paid cumulative distributions equal to
an annualized, cumulative internal rate of return of 7% on the total contributed capital to the Fund calculated from the date that each
such amount was due to be contributed to the Fund until the date each such distribution is paid;

 

(C) Third,
upon a distribution that results in cumulative distributions exceeding the amounts in clause (A) and (B) above, an Incentive
Fee on Capital Gains payable to the Adviser equal to 100% of the amount of Cumulative Net Realized Gains until the Adviser has received
(together with amounts the Adviser has received under Income Incentive Fees) an amount equal to 15% of the sum of (x) the cumulative
distributions to Unitholders made pursuant to clause (B) above, (y) Income Incentive Fee paid to the Adviser and (z) amounts
paid to the Adviser pursuant to this clause (C); and

 

(D) Thereafter,
an Incentive Fee on Capital Gains equal to 15% of additional undistributed Cumulative Net Realized Gains;

 

provided
that, in no event will the Incentive Fee on Capital Gains paid to the Adviser exceed the amount permitted by Section 205(b)(3) of
the Advisers Act.

 

(d)           Upon
termination of the Fund, the Adviser shall be required to return an amount of the Incentive Fee to the Fund (the “Clawback
Amount”) to the extent that: (i) the Adviser has received a cumulative Incentive Fee in excess of 15% of the sum of
(A) the Fund’s cumulative distributions other than return of capital contributions and (B) the cumulative Incentive Fee
paid to the Adviser; or (ii) the Unitholders have not received a 7% cumulative internal rate of return, in both instances, determined
on an aggregate basis covering all transactions of the Fund; provided that in no event shall the Clawback Amount be more than the Incentive
Fee received by the Adviser less taxes paid or payable by the Adviser and its direct and indirect owners with respect to such Incentive
Fee determined using the Assumed Tax Rate.

 

The
“Assumed Tax Rate” will mean the highest combined effective marginal U.S. federal (including Medicare tax),
state and local tax rates applicable to individuals that are resident in New York, New York and taking into account deductibility of state
and local taxes for U.S. federal income tax purposes and the character of such income and the rate applicable to the imposition of any
entity-level taxes.

 

(e)           The
Adviser or its Affiliates (as defined in the LLC Agreement) may from time to time receive compensation from a company in which the Fund
holds an investment, including monitoring fees, financial arranging services, loan administration or servicing, break-up fees, directors’
fees and/or other similar advisory fees (collectively, “Transaction Fees”). To the extent the Adviser or its Affiliates receive
any Transaction Fees, the Base Management Fee (and, if necessary, the Incentive Fee) shall be reduced by the allocable portion of such
fees attributable to the Fund, as determined pro rata based on the amount of capital committed to the relevant investment by the Fund,
any other funds or accounts managed by the Adviser and its Affiliates and/or any account owned or controlled by the Adviser or an Affiliate.

 

4.             Covenants
of the Adviser.

 

(a)            The
Adviser represents and warrants that it is duly registered and authorized as an investment adviser under the Advisers Act and the Adviser
agrees to maintain effective all material requisite registrations, authorizations and licenses, as the case may be, until the termination
of this Agreement.

 

(b)           The
Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws
governing its operations and investments.

 

    4

     

    

 

5.             Excess
Brokerage Commissions.

 

The
Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Fund to pay a member of a national
securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission
another member of such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good
faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty
of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities, that such amount
of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer,
viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund’s portfolio.

 

6.             Limitations
on the Employment of the Adviser.

 

The
services of the Adviser to the Fund are not exclusive, and the Adviser may engage in any other business or render similar or different
services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts
or commingled pools of capital, however structured, having investment objectives similar to those of the Fund, so long as its services
to the Fund hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner,
officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business,
whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving
as a director of, or providing consulting services to, one or more of the Fund’s portfolio companies, subject to applicable law).
So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for
the Fund. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood
that directors, officers, employees and Unitholders of the Fund are or may become interested in the Adviser and its affiliates, as directors,
officers, employees, partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees,
partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Fund as Unitholders
or otherwise.

 

7.             Responsibility
of Dual Directors, Officers and/or Employees.

 

If
any person who is a manager, partner, officer, senior advisor or employee of the Adviser or the Administrator is or becomes a director,
officer and/or employee of the Fund and acts as such in any business of the Fund, then such manager, partner, officer, senior advisor
and/or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity solely for the Fund, and not as a manager,
partner, officer, senior advisor or employee of the Adviser or the Administrator or under the control or direction of the Adviser or the
Administrator, even if paid by the Adviser or the Administrator.

 

8.             Limitation
of Liability of the Adviser; Indemnification.

 

The
Adviser and its officers, managers, agents, employees, controlling persons, members (or their owners) and any other person or entity affiliated
with it, shall not be liable to the Fund for any error of judgment or mistake of law or for any action taken or omitted to be taken by
the Adviser or for any loss suffered by the Fund in connection with the performance of any of the Adviser’s duties or obligations
under this Agreement or otherwise as an investment adviser of the Fund (except to the extent specified in Section 36(b) of the
Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings)
with respect to the receipt of compensation for services), and the Fund shall indemnify, defend and protect the Adviser (and its officers,
managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser) (collectively,
the "Indemnified Parties") and hold them harmless from and against all damages, liabilities, costs and expenses
(including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason
of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right
of the Fund or its security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations
under this Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the preceding sentence of this Section 8
to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed
to entitle the Indemnified Parties to indemnification in respect of, (a) any liability or losses arising solely from a claim between
or among Indemnified Parties or (b) any liability to the Fund or its security holders to which the Indemnified Parties would otherwise
be subject by reason of (i) breach of the LLC Agreement or this Agreement, (ii) willful misfeasance, bad faith, fraud or gross
negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser’s duties and obligations
under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance
by the SEC or its staff thereunder), or (iii) violation of any law, including, but not limited to, violation of any federal or state
securities law, that has a material adverse effect on the Fund (collectively, “Disabling Conduct”). The Adviser
shall not be liable under this Agreement or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud
or bad faith of any broker or other agent; provided that such broker or other agent shall have been selected, engaged or retained and
monitored by the Adviser in good faith, unless such action or inaction was made by reason of Disabling Conduct, or in the case of a criminal
action or proceeding, where the Adviser had reasonable cause to believe its conduct was unlawful.

 

    5

     

    

 

9.             Effectiveness,
Duration and Termination of Agreement.

 

(a)           This
Agreement shall continue in effect for two years from the date hereof and thereafter shall continue automatically for successive annual
periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Board, or by the vote of
a majority of the outstanding voting securities of the Fund and (B) the vote of a majority of the Fund’s directors who are
not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment
Company Act) of any such party, in accordance with the requirements of the Investment Company Act. Notwithstanding the foregoing, this
Agreement may be terminated (i) by the Fund at any time, without the payment of any penalty, upon giving the Adviser 60 days’
written notice (which notice may be waived by the Adviser), provided that such termination by the Fund shall be directed or approved by
the vote of a majority of the directors of the Fund in office at the time or by the vote of the holders of a majority of the voting securities
of the Fund at the time outstanding and entitled to vote, or (ii) by the Adviser on 60 days’ written notice to the Fund (which
notice may be waived by the Fund).

 

(b)           This
Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of
the Investment Company Act).

 

10.           Notices.

 

Any
notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal
office.

 

11.           Amendments.

 

This
Agreement may be amended by mutual written consent, but the consent of the Fund must be obtained in conformity with the requirements of
the Investment Company Act.

 

12.           Entire
Agreement; Governing Law.

 

This
Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof, except as it relates to any fee waivers or expense limitation arrangements agreed to by the Adviser that
are and remain in effect as of the date of this Agreement. This Agreement shall be construed in accordance with the laws of the State
of New York and in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable
laws of the State of New York or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter
shall control.

 

[Remainder of Page Intentionally Left Blank]

 

    6

     

    

 

*               *              *

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

 

	 	NEW MOUNTAIN GUARDIAN IV BDC, L.L.C.
	 	 
	 	

By:	
    

      /s/ Adam Weinstein

	 	 	Name:	Adam Weinstein
	 	 	Title:	Director and Executive Vice President
	 	 	 	 
	 	

NEW MOUNTAIN FINANCE ADVISERS BDC, L.L.C.
	 	 
	 	

By:	
    

      /s/ Adam Weinstein

	 	 	Name:	Adam Weinstein
	 	 	Title:	Authorized Person

 

    7

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