Document:

EXHIBIT
10.1

 

Share
Sale Agreement

 

No
More Knots Holdings Pty Ltd ACN 656 670 736 (the Buyer)

 

Jentrevorkel
Pty Ltd ACN 141 848 311 as trustee for The KJTT

Investment
Trust (the Seller)

 

Kelly
Renae Townsend (the Guarantor)

 

    	 

    	 

    

 

Share
Sale Agreement

 

 

	Details	6
	 	 
	Agreed
    terms	7
	 	 	 
	1.	Defined
    terms & interpretation	7
	1.1	Defined
    terms	7
	1.2	Interpretation	12
	1.3	Headings	13
	 	 	 
	2.	Conditions
    Precedent	13
	 	 	 
	2.1	Conditions	13
	2.2	Waiver
    of Conditions	14
	2.3	Conduct
    of the parties	14
	2.4	Failure
    of Condition (Buyer)	14
	2.5	Failure
    of Condition (Seller)	14
	2.6	Effect
    of termination	15
	 	 	 
	3.	Sale
    and purchase	15
	 	 	 
	3.1	Agreement
    to sell and purchase Shares	15
	3.2	Waiver
    of pre-emptive rights	15
	 	 	 
	4.	Purchase
    Price	15
	 	 	 
	4.1	Amount
    and payment	15
	4.2	Adjustment
    of the Purchase Price	16
	4.3	Indebtedness	16
	4.4	Cleared
    funds	17
	4.5	Apportionment
    of Purchase Price	17
	 	 	 
	5.	Property
    Valuation costs	17
	 	 	 
	6.	Completion	17
	 	 	 
	6.1	Time
    and place	17
	6.2	Obligations
    of the Seller	17
	6.3	Obligations
    of the Buyer	18
	6.4	Simultaneous
    actions at Completion	19
	6.5	Records	19
	6.6	Property
    Transactions	19
	 	 	 
	7.	Completion
    Accounts	19
	 	 	 
	7.1	Completion
    Accounts	19
	7.2	Basis
    of preparation	20
	7.3	Access
    to information	20
	7.4	Review
    of Completion Accounts	20
	7.5	Independent
    Accountant	20
	 	 	 
	8.	Obligations
    before Completion	21
	 	 	 
	8.1	Continuity
    of business	21
	8.2	Restrictions
    on actions prior to Completion	21
	8.3	Dividends	23

 

    	Share Sale Agreement | page 2

    	 

    

 

	9.	Title
    and risk	23
	 	 	 
	9.1	Title	23
	9.2	Possession	23
	 	 	 
	10.	Trading
    responsibilities	23
	 	 	 
	10.1	Profits
    and Losses	23
	10.2	Liabilities	23
	10.3	Receivables	23
	 	 	 
	11.	Assignment
    or novation of Business Contracts	24
	 	 	 
	11.1	Assignment	24
	11.2	Consent
    to transfer of Business Contracts	24
	11.3	Performance
    of Business Contracts	24
	11.4	Use
    or occupation pending transfer	24
	11.5	Seller
    and Service Entity to cooperate generally	25
	11.6	Buyer’s
    indemnity	25
	11.7	Seller’s
    indemnity	25
	11.8	Transfer
    of Business Contract unavailable	25
	11.9	Change
    of control provisions in contracts	26
	 	 	 
	12.	Warranties
    by Seller	26
	 	 	 
	12.1	Warranties	26
	12.2	Reliance
    of Buyer	26
	12.3	Indemnity	26
	12.4	Application
    of the Warranties	26
	12.5	Qualifications	26
	12.6	Financial
    limits on Claims	26
	12.7	Time
    limits on Claims	27
	12.8	Other
    limits on Claims	27
	12.9	Maximum
    aggregate liability for Claims	27
	12.10	Exclusions	27
	12.11	Warranty
    payments	27
	12.12	Deduction
    from payments	28
	12.13	Benefits
    or credits received by a Company or the Purchaser	28
	 	 	 
	13.	Tax
    indemnity	28
	 	 	 
	13.1	Indemnity	28
	13.2	Payment
    of Tax Claims	28
	13.3	Notification
    of potential Tax Claims	28
	13.4	Conduct
    of Tax Claims	29
	13.5	No
    discussions with Revenue Authority	29
	13.6	Refunds	29
	13.7	Purchase
    Price adjustment	29
	 	 	 
	14.	Representations
    by the Buyer	30
	 	 	 
	14.1	Representations	30
	 	 	 
	15.	Employees
    and Contractors	30
	 	 	 
	15.1	Offers
    of employment	30
	15.2	Release
    of employment of Transferring Employees	30
	15.3	Seller’s
    payment obligations	30
	15.4	Prior
    Service	31
	15.5	Assumption
    of leave benefits	31
	15.6	Seller’s
    indemnity	31
	15.7	Seller’s
    Obligations	31
	15.8	Contractor
    Agreements	31

 

    	Share Sale Agreement | page 3

    	 

    

 

	16.	Restraint	32
	 	 	 
	16.1	Defined
    terms	32
	16.2	Prohibited
    activities	32
	16.3	Duration
    of prohibition	32
	16.4	Geographic
    application of prohibition	33
	16.5	Interpretation	33
	16.6	Exceptions	33
	16.7	Acknowledgments	33
	 	 	 
	17.	Guarantee
    and indemnity	34
	 	 	 
	17.1	Guarantee	34
	17.2	Indemnity	34
	17.3	Liability
    to continue	34
	17.4	No
    release	34
	 	 	 
	18.	Confidentiality
    and publicity	35
	 	 	 
	18.1	Confidentiality	35
	18.2	Announcements	35
	 	 	 
	19.	GST	35
	 	 	 
	19.1	Interpretation	35
	19.2	GST
    gross up	35
	19.3	Going
    concern	35
	19.4	Reimbursements	35
	19.5	Tax
    invoice	36
	 	 	 
	20.	Notices
    and other communications	36
	 	 	 
	20.1	Service
    of notices	36
	20.2	Effective
    on receipt	36
	 	 	 
	21.	Miscellaneous	36
	 	 	 
	21.1	Alterations	36
	21.2	Approvals
    and consents	36
	21.3	Assignment	36
	21.4	Costs	36
	21.5	Stamp
    duty	36
	21.6	Survival	37
	21.7	Counterparts
    and Electronic Copies	37
	21.8	No
    merger	37
	21.9	Entire
    agreement	37
	21.10	Further
    action	37
	21.11	Severability	37
	21.12	Waiver	37
	21.13	Relationship	37
	21.14	Governing
    law and jurisdiction	37

 

    	Share Sale Agreement | page 4

    	 

    

 

	Schedule
    1 - Officers (clause 6.2)	38
	Schedule
    2 - Properties	39
	Schedule
    3 - Warranties	40
	Schedule
    4 –Employees	48
	Schedule
    5 - Contractors	49
	Schedule
    6 - Business Plant and Equipment	51
	Schedule
    7 – Consultancy Agreement	57
	Schedule
    8 – Valuation Advisory Reports	60
	 	 
	Signing
    page	109

 

    	Share Sale Agreement | page 5

    	 

    

 

Details

 

 

	Date	18
    March 2022
	 	 
	Parties	 

 

	No
    More Knots	 	Address:
    62 Astor Terrace, Spring Hill QLD 4000	 	Buyer
	 	 	 	 	 
	Holdings Pty Ltd ACN

                                                         656 670 736
	 	Email: ali@premalife.com.au

                                                                                 
	 	 

 

	Jentrevorkel
    Pty Ltd

    ACN
    141 848 311 as

    trustee
    for the KJTT Investment Trust ABN
	 	Address:
    Level 18, 344 Queen Street, Brisbane QLD 4000	 	Seller

 

	Kelly
    Renae Townsend	 	Address: 237 Hulcombe Road, Highvalue QLD 4520

                                                                                 

                                                                                 

                                                                                 
	 	Guarantor

 

Background

 

	 	A.	The
    Seller legally owns the Shares.
	 	B.	The
    Seller has agreed to sell and the Buyer has agreed to buy the Shares on the terms and conditions set out in this Agreement.
	 	C.	In
    consideration of the Buyer agreeing to enter into this Agreement at the request of the Guarantor, the Guarantor has agreed to guarantee
    the obligations of the Seller under this Agreement.

 

    	Share Sale Agreement | page 6

    	 

    

 

Agreed
terms

 

 

	 	1.	Defined
    terms & interpretation
	 	 	 
	 	1.1	Defined
    terms
	 	 	 
	 	 	In
    this document:
	 	 	 
	 	 	Accounting
    Standards means the Australian Accounting Standards.
	 	 	 
	 	 	Accounts
    means the pro forma balance sheets or consolidated balance sheets of the Business as at the Accounts Date and the pro forma profit
    and loss statements or consolidated profit and loss statements of the Business for the financial year ending on the Accounts Date.
	 	 	 
	 	 	Accounts
    Date means 15 March 2022.
	 	 	 
	 	 	Adjusted
    EBITDA means the EBITDA on the consolidated basis of the Companies for the year ending 30 June 2022 and is to be determined with
    the Accounting Standards. The EBITDA is to be calculated based on pre and post completion earnings and is to be notionally adjusted
    to remove the impacts of the following items:

 

	 	(a)	Private
    expenditure incurred by the Seller prior to Completion;
	 	 	 
	 	(b)	Extra-ordinary
    items;
	 	 	 
	 	(c)	Small
    capital purchases (expensed 100% via the profit and loss); and
	 	 	 
	 	(d)	Expenditure
    relating to new growth projects where the expenditure exceeds associated revenues.

 

Assessment
means any letter, request, advice, notice, demand, notice of assessment, amended assessment or determination, deemed assessment,
other communication, instrument or document lodged under self-assessment or issued, served or made by or on behalf of a Revenue Authority,
whether before or after the date of this document, as a result of which a Company is liable to make a payment for Tax or is not entitled
to any credit, rebate, refund, relief, allowance, deduction, or tax loss.

 

Assets
means the assets held by the Companies including:

 

	 	(a)	the
    Minimum Cash Balance;
	 	 	 
	 	(b)	the
    Goodwill;
	 	 	 
	 	(c)	the
    Plant and Equipment;
	 	 	 
	 	(d)	the
    Book Debts;
	 	 	 
	 	(e)	the
    Stock;
	 	 	 
	 	(f)	the
    Business Contracts;
	 	 	 
	 	(g)	the
    Property Leases;
	 	 	 
	 	(h)	the
    NMK IP;
	 	 	 
	 	(i)	the
    NMK Records; and
	 	 	 
	 	(j)	all
    other property, rights and assets of the Seller and the Service Entity used exclusively in the Business,

 

but
does not include the Excluded Assets.

 

    	Share Sale Agreement | page 7

    	 

    

 

Associate
means in relation to a party to this document:

 

	 	(a)	a
    related body corporate of the party or a company in which the party beneficially owns not less than 50% of the securities;
	 	 	 
	 	(b)	a
    trust (whether a unit trust, investment trust or other form of trust) of which the party is a beneficiary and from which the party
    has received 50% or more of the distributions made from that trust in the last two years before the date of this document;
	 	 	 
	 	(c)	a
    limited partnership whose general partner is a related body corporate of the party;
	 	 	 
	 	(d)	a
    general partnership all of whose general partners are related bodies corporate of the party;
	 	 	 
	 	(e)	a
    trust (whether a unit trust, investment trust or other form of trust) of which a related body corporate of the party is the responsible
    entity, trustee, manager or investment adviser of the trust;
	 	 	 
	 	(f)	where
    the party is a limited partnership, general partnership or a trust, any custodian of all or any of the assets of that limited partnership,
    general partnership or trust; or
	 	 	 
	 	(g)	where
    the party is an individual, the spouse, former spouse, mother, father, brother, sister or child over the age of 18 of the shareholder,

 

but
does not include a Company.

 

Business
means the businesses conducted by the Companies of providing massage, myotherapy, and related goods and services to clients in Brisbane
from the Properties.

 

Business
Contract/s means the agreements, arrangements, understandings and orders entered into, made or accepted by or on behalf of the Companies
and the Service Entity in the conduct of the Business that are not fully performed as at the Completion Date.

 

Business
Day means a day that is not a Saturday, Sunday, public holiday or bank holiday in Queensland, Australia.

 

Business
Hours means from 9.00am to 5.00pm on a Business Day.

 

Business
Names means the business names as used exclusively by the Seller and the Companies in the Business at Completion (including but not
limited to ‘No More Knots’ and ‘NMK’) and all associated goodwill.

 

Claim
includes a claim, notice, demand, action, proceeding, litigation, investigation, judgment, damage, loss, cost, expense or liability
however arising, whether present, unascertained, immediate, future or contingent, whether based in contract, tort or statute and whether
involving a third party or a party to this document.

 

Companies
mean:

 

	 	(a)	No
    More Knots Pty Ltd ACN 100 811 381;
	 	 	 
	 	(b)	No
    More Knots (Taringa) Pty Ltd ACN 146 411 869; and
	 	 	 
	 	(c)	No
    More Knots (Newmarket) Pty Ltd ACN 158 638 889.

 

Completion
means completion of the sale and purchase of the Shares contemplated by this document as specified in clause 6.1.

 

Completion
Accounts mean the accounts to be prepared in accordance with clause 7.

 

    	Share Sale Agreement | page 8

    	 

    

 

Completion
Date means 10 Business Days after all of the Conditions Precedents have been satisfied or waived, or such other date as agreed between
the parties.

 

Completion
Payment means $2,450,000 (being 85% of $3,000,000 less the Deposit).

 

Conditions
Precedent means the conditions contained in clause 2.1.

 

Conditions
Precedent Date means 1 April 2022.

 

Confidential
Information means:

 

	 	(a)	all
    information of, used by, related to or connected with the Business or the Companies, or their transactions, operations and affairs;
	 	 	 
	 	(b)	all
    other information treated by the Seller or Company as confidential;
	 	 	 
	 	(c)	all
    notes, data, reports and other records (whether or not in tangible form) based on, incorporating or derived from information referred
    to in paragraphs (a) or (b); and
	 	 	 
	 	(d)	all
    copies (whether or not in tangible form) of the information, notes, reports and records referred to in paragraphs (a), (b) or (c),
	 	 	 
	 	but excluding:
	 	 	 
	 	(e)	information
    available to the public (other than through disclosure by either party or by a person to whom either party disclosed the Confidential
    Information); and
	 	 	 
	 	(f)	information
    the parties can prove they lawfully possessed before obtaining it in connection with this agreement.

 

Consultancy
Agreement means the agreement between Kelly Renae Townsend and the Buyer or a nominee of the Buyer a proforma of which is contained
in Schedule 8 of this agreement.

 

Contractors
means all the persons contracted by the Service Entity and seconded by the Companies to conduct the Business, including those persons
listed in section 2 of Schedule 6.

 

Corporations
Act means the Corporations Act 2001 (Cth).

 

Deposit
means $100,000 paid to the trust account of the Seller’s solicitor on behalf of the Buyer.

 

Determination
Date means the day 10 Business Days after the date on which the Completion Accounts become final and binding on the Seller and the
Buyer under this document.

 

Domain
Names means the domain names used exclusively by the Asset Seller and the Company in the Business at Completion (including but not
limited to www.nomoreknots.com.au) and all associated goodwill.

 

Earnout
Payment 1 means $150,000, less any amounts due by any of the Seller or Guarantor under this Agreement that remain outstanding as
of the Earnout Payment 1 Date.

 

Earnout
Payment 2 means $150,000, less any amounts due by any of the Seller or Guarantor under this Agreement that remain outstanding as
of the Earnout Payment 2 Date.

 

Earnout
Payment 3 means $150,000, less any amounts due by any of the Seller or Guarantor under this Agreement that remain outstanding as
of the Earnout Payment 3 Date.

 

Earnout
Payment 1 Date means five Business Days after the date the audited financial accounts for the Business for the period 1 July 2021
to 30 June 2022 (the Test Period) have been completed.

 

    	Share Sale Agreement | page 9

    	 

    

 

Earnout
Payment 2 Date means 31 December 2022.

 

Earnout
Payment 3 Date means 31 December 2022.

 

Employee/s
means all the persons employed by the Seller or the Service Entity in the conduct of the Business at the Completion Date, including
those persons listed in section 1 of Schedule 4.

 

Encumbrance
includes mortgage, charge, lien, restriction against transfer, encumbrance and other third party interest.

 

Excluded
Assets means the following assets of the Seller:

 

	 	(a)	cash
    in hand, on deposit or at bank exceeding the Minimum Cash Balance; and
	 	 	 
	 	(b)	security
    deposits.

 

Financial
Statements means the audited financial statements (including income statement, balance sheet, statement of cash flows, directors’
report, auditors’ report and notes attached to or intended to be read with the financial statements) of the Companies for the financial
year ended on the Accounts Date and as at the Accounts Date;

 

Goodwill
means the goodwill of the Business.

 

Income
Tax means tax levied on profits by a Revenue Authority in any jurisdiction in which the Business operates (excluding any deferred
tax liability and deferred tax asset).

 

Independent
Accountant means a chartered accountant or firm of chartered accountants appointed under clause 7.5.

 

Intellectual
Property Rights means all intellectual property and proprietary rights (whether registered or unregistered) including:

 

	 	(a)	business
    names;
	 	 	 
	 	(b)	trade
    or service marks;
	 	 	 
	 	(c)	brand
    names and logos;
	 	 	 
	 	(d)	websites,
    domain names and social media accounts or profiles;
	 	 	 
	 	(e)	any
    right to have information (including confidential information) kept confidential; and

 

patents,
patent applications, drawings, discoveries, inventions, improvements, trade secrets, technical data, formulae, computer programs, data
bases, know-how, logos, designs, design rights, copyright and similar industrial or intellectual property rights

 

Know
How means the information or knowhow owned by, in the possession or control of the Asset Seller relating to the Business.

 

Liabilities
includes all liabilities (whether actual, contingent or prospective), losses, damages, costs and expenses of whatever description.

 

Material
Adverse Change means a material and adverse change or event in relation to the structure, business, financial or trading position
of the Business or any member of the Companies or in relation to the condition, assets or liabilities, profitability or prospects of
any member of the Companies;

 

Minimum
Cash Balance means the amount of $20,000.00.

 

Net
Debt Amount means the amount of any debt facilities maintained by the Companies less the Minimum Cash Balance.

 

    	Share Sale Agreement | page 10

    	 

    

 

NMK
IP means all Intellectual Property Rights owned by, used by or licensed to the Service Entity and used in the conduct of the Business,
including:

 

	 	(a)	the
    Business Names;
	 	 	 
	 	(b)	the
    Trade Marks;
	 	 	 
	 	(c)	the
    Domain Names;
	 	 	 
	 	(d)	any
    right to have information (including confidential information) kept confidential; and
	 	 	 
	 	(e)	the
    Know How.

 

NMK
Records means those Records created, used or maintained by the Service Entity exclusively in relation to the conduct of the Business.

 

Plant
and Equipment means all plant, equipment, machinery, spare parts, furniture, fixtures, fittings, office machines, computer equipment
and other assets, fittings or chattels owned by the Seller and used in the conduct of the Business, including those items listed in section
1 of Schedule 6.

 

Properties
means the properties used by the Business, at the date of this document, as set out in Schedule 2.

 

Property
Leases means the property leases set out in Schedule 2.

 

Property
Lease Guarantee means the bank guarantees, bond amounts, security deposits or any other security amounts paid by the Companies, an
Associate and/or Kelly Renae Townsend, as specified in each of the Property Leases, to secure the performance of any obligations under
the Property Leases.

 

Property
Transaction Agreements means the contract for the sale of:

 

	 	(a)	85
    Juliette Street, Greenslopes QLD 4120 described as Lot 272 on RP37423 between Kelly Renae Townsend and Rayont Properties Pty Ltd
    ACN 611 166 413 As Trustee; and
	 	 	 
	 	(b)	44
    Marquis Street, Greenslopes QLD 4120 described as Lot 280 on RP37423 between the Service Entity and Rayont Properties Pty Ltd ACN
    611 166 413 As Trustee.

 

Property
Valuations means the valuation advisory reports prepared by Jones Lang LaSalle for Kelly Renae Townsend, for the property’s
as specified in clause 5 and attached in Schedule 8.

 

Purchase
Price means an amount determined in accordance with clause 4.1.

 

Records
means all original and copy records, documents, books, files, reports, accounts, plans, correspondence, letters and papers of every
description and other material regardless of their form or medium including (without limitation) certificates of registration, minute
books and statutory books and registers.

 

Revenue
Authority means any person or agency authorised by law to impose, collect or otherwise administer any Tax.

 

Service
Entity means Gnome Orwerk Pty Ltd ACN 100 811 327.

 

Shares
means:

 

	 	(a)	100
    ordinary shares in No More Knots Pty Ltd ACN 100 811 381;
	 	 	 
	 	(b)	100
    ordinary shares in No More Knots (Taringa) Pty Ltd ACN 146 411 869; and
	 	 	 
	 	(c)	100
    ordinary shares in No More Knots (Newmarket) Pty Ltd ACN 158 838 889.

 

    	Share Sale Agreement | page 11

    	 

    

 

Stock
means all stocks, inventory, consumables, and other stock in trade owned relating to the Business at the Completion Date including
goods in transit and stock ordered by and paid for by the Seller before Completion but not received by Completion.

 

Tax
means all forms of taxes, duties, imposts, charges, withholdings, rates, levies or other governmental impositions of whatever nature
and by whatever authority imposed, assessed or charged and includes capital gains tax, fringe benefits tax, income tax, prescribed payments
tax, superannuation guarantee charge, PAYG withholding, undistributed profits tax, payroll tax, value added tax, sales tax, GST, group
tax, land tax, import duty, excise, stamp duty, municipal and water rates, withholdings of any nature whatever imposed by a Revenue Authority
together with all costs, charges, interest, penalties, fines, expenses and other additional statutory charges, incidental or related
to the imposition, but for the avoidance of doubt excludes any deferred tax liability or deferred tax asset.

 

Tax
Claim means a Claim arising out of an alleged or actual breach of a Tax Warranty or under the indemnity in clause 13.

 

Tax
Warranties means the Warranties set out in Warranty 11 in Schedule 3.

 

Title
Warranties means the Warranties set out in Warranty 1, Warranty 2, Warranty 3 and Warranty 4 in Schedule 3.

 

Trade
Marks means the registered and unregistered trade marks owned by the Seller or the Companies, including those listed in Schedule
5, and all associated goodwill.

 

Transferring
Employees means Employees who accept an offer of employment referred to in clause 15.1 from the Buyer.

 

Warranties
means each of the representations and warranties given under clause 12 and set out in Schedule 3.

 

Working
Capital Amount means the amount of capital required for the ordinary operation of the business over a fortnightly cycle.

 

	 	1.2	Interpretation

 

In
this document, except where the context otherwise requires:

 

	 	(a)	the
    singular includes the plural and vice versa, and a gender includes other genders;
	 	 	 
	 	(b)	another
    grammatical form of a defined word or expression has a corresponding meaning;
	 	 	 
	 	(c)	a
    reference to a clause, paragraph, schedule or annexure is to a clause or paragraph of, or schedule or annexure to, this document,
    and a reference to this document includes any schedule or annexure;
	 	 	 
	 	(d)	a
    reference to a document or instrument includes the document or instrument as novated, altered, supplemented or replaced from time
    to time;
	 	 	 
	 	(e)	a
    reference to A$, $A, dollar or $ is to Australian currency;
	 	 	 
	 	(f)	a
    reference to time is to Brisbane, Australia time;
	 	 	 
	 	(g)	a
    reference to a party is to a party to this document, and a reference to a party to a document includes the party’s executors,
    administrators, successors and permitted assigns and substitutes;
	 	 	 
	 	(h)	a
    reference to a person includes a natural person, partnership, body corporate, association, governmental or local authority or agency
    or other entity;

 

    	Share Sale Agreement | page 12

    	 

    

 

	 	(i)	a
    reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments,
    re-enactments or replacements of any of them;
	 	 	 
	 	(j)	a
    word or expression defined in the Corporations Act has the meaning given to it in the Corporations Act;
	 	 	 
	 	(k)	the
    meaning of general words is not limited by specific examples introduced by including, for example or similar expressions;
	 	 	 
	 	(l)	any
    agreement, representation, warranty or indemnity by two or more parties (including where two or more persons are described in the
    same defined term) binds them jointly and severally;
	 	 	 
	 	(m)	any
    agreement, representation, warranty or indemnity in favour of two or more parties (including where two or more persons are included
    in the same defined term) is for the benefit of them jointly and severally;
	 	 	 
	 	(n)	a
    rule of construction does not apply to the disadvantage of a party because the party was responsible for the preparation of this
    document or any part of it;
	 	 	 
	 	(o)	if
    a day on or by which an obligation must be performed or an event must occur is not a Business Day, the obligation must be performed
    or the event must occur on or by the next Business Day; and
	 	 	 
	 	(p)	a
    reference to except as disclosed is to something fairly and accurately disclosed in this document or in the Disclosure Letter.

 

	 	1.3	Headings

 

Headings
are for ease of reference only and do not affect interpretation.

 

	 	2.	Conditions
    Precedent
	 	 	 
	 	2.1	Conditions

 

The
sale of the Shares contemplated by this agreement and Completion is conditional on the following Conditions Precedent:

 

	 	(a)	The
    Seller procuring the Employees to each enter into a new employment agreement with the Buyer or a nominee of the Buyer on terms acceptable
    to the Buyer;
	 	 	 
	 	(b)	The
    Seller procuring Contractors to each enter into a new contractor agreement with the Buyer or a nominee of the Buyer on terms acceptable
    to the Buyer;
	 	 	 
	 	(c)	The
    Buyer receiving approval from the Rayont Inc board as to the terms and conditions of this agreement;
	 	 	 
	 	(d)	Kelly
    Renae Townsend and the Buyer or a nominee of the Buyer entering into a Consultancy Agreement on terms agreed between the relevant
    parties;
	 	 	 
	 	(e)	The
    Buyer entering into a binding agreement with a financier under which that financier agrees to provide on Completion the funds necessary
    for the Buyer to satisfy its obligations under this agreement and otherwise on and subject to such other terms and conditions as
    are acceptable to the Buyer (Financial Accommodation) and such agreement is not terminated by the financier at any time before
    Completion;
	 	 	 
	 	(f)	All
    conditions precedent to draw down under the Financial Accommodation have been satisfied or waived (by the Buyer’s financer);

 

    	Share Sale Agreement | page 13

    	 

    

 

	 	(g)	The
    Seller, at its expense, obtaining consent to the deemed assignment of the Property Leases by the relevant landlords, to the Buyer
    or a nominee of the Buyer on or before Completion Date, provided that:

 

	 	(i)	the
    relevant parties enter into a deed of consent assigning the Seller/the Service Entity’s interests in the Property Leases to
    the Buyer or a nominee of the Buyer; and
	 	 	 
	 	(ii)	in
    the event the consent has not been forthcoming by the Completion Date, then the Completion Date will be extended until 48 hours after
    consent has been given; and
	 	 	 
	 	(iii)	all
    parties sign all documents and do all things to obtain the landlord’s consent; and
	 	 	 
	 	(iv)	the
    parties agree that the condition of consent includes the unconditional release of the Seller from the Property Lease Guarantees;
    and
	 	 	 
	 	(v)	the
    Buyer provides a replacement of any Property Lease Guarantee paid or guaranteed by the Companies and/or Kelly Renae Townsend under
    the Property Leases;

 

	 	(h)	The
    Buyer reimburses the Seller for the total invoiced amount paid for the Property Valuations as set out in clause 5; and
	 	 	 
	 	(i)	The
    Property Transaction Agreements becoming unconditional.

 

	 	2.2	Waiver
    of Conditions

 

A
Condition may only be waived in writing by a party entitled to the benefit of that Condition (as set out in clause 2.1) and will be effective
only to the extent specifically set out in that waiver.

 

	 	2.3	Conduct
    of the parties

 

Each
party must use all reasonable endeavours within its own capacity to ensure that each Condition is satisfied as soon as reasonably practicable
after execution of this agreement and in any event before 5.00pm on the Conditions Precedent Date.

 

	 	2.4	Failure
    of Condition (Buyer)

 

The
Buyer may terminate this agreement by giving notice in writing to the Seller if:

 

	 	(a)	a
    Condition Precedent is or becomes incapable of being satisfied and has not been waived;
	 	 	 
	 	(b)	each
    Condition Precedent is not satisfied, or waived by the Buyer, before 5.00pm on the Conditions Precedent Date; or
	 	 	 
	 	(c)	a
    Condition Precedent, having been satisfied, does not remain satisfied in all respects at all times before Completion.

 

	 	2.5	Failure
    of Condition (Seller)

 

The
Seller may terminate this agreement by giving notice in writing to the Buyer if:

 

	 	(a)	a
    Condition Precedent is or becomes incapable of being satisfied and has not been waived;

 

    	Share Sale Agreement | page 14

    	 

    

 

	 	(b)	each
    Condition Precedent is not satisfied, or waived by the Seller, before 5.00pm on the Conditions Date; or
	 	 	 
	 	(c)	a
    Condition Precedent, having been satisfied, does not remain satisfied in all respects at all times before Completion.

 

	 	2.6	Effect
    of termination

 

On
termination of this agreement under clause 2.4:

 

	 	(a)	Clauses
    17, 20 and 21 continue to apply;
	 	 	 
	 	(b)	the
    Seller will instruct the Seller’s solicitor to pay the Deposit to the Buyer immediately on termination of this agreement;
	 	 	 
	 	(c)	accrued
    rights and remedies of a party are not affected; and
	 	 	 
	 	(d)	subject
    to clauses 2.6(a) and (b), the parties are released from further performing their obligations under this agreement.

 

	 	3.	Sale
    and purchase
	 	 	 
	 	3.1	Agreement
    to sell and purchase Shares

 

On
Completion, the Seller as legal and beneficial owner of the Shares agree to sell the Shares to the Buyer, and the Buyer agrees to buy
the Shares from the Seller:

 

	 	(a)	free
    from Encumbrances;
	 	 	 
	 	(b)	with
    all rights, including dividend and voting rights, attached or accrued to them on or after the date of this document; and
	 	 	 
	 	(c)	subject
    to this document.

 

	 	3.2	Waiver
    of pre-emptive rights

 

The
Seller and its Associates waive in favour of the Buyer any rights of pre-emption which the Seller or its Associates have or may have
in respect of the sale of any of the Shares.

 

	 	4.	Purchase
    Price
	 	 	 
	 	4.1	Amount
    and payment

 

	 	(a)	The
    purchase price for the sale of the Shares is:

 

	 	(i)	the
    Completion Payment payable on Completion;
	 	 	 
	 	(ii)	the
    Earnout Payment 1, payable on the Earnout Payment 1 Date if the Adjusted EBITDA for the Business during the Test Period is $700,000
    or more;
	 	 	 
	 	(iii)	the
    Earnout Payment 2 is payable on the Earnout Payment 2 Date if:

 

	 	(A)	Kelly
    Renae Townsend remains engaged in the Business, and assists the Buyer with a new Business location, in accordance with the Consultancy
    Agreement, for the period from Completion until the Earnout Payment 2 Date (or earlier if agreed by the parties); or
	 	 	 
	 	(B)	the
    Buyer elects not to proceed with the launch of a new Business location.

 

    	Share Sale Agreement | page 15

    	 

    

 

	 	(iv)	the
    Earnout Payment 3 is payable on the Earnout Payment 3 Date, if Kelly Renae Townsend remains engaged in the Business, in accordance
    with the Consultancy Agreement, for the period from Completion until the Earnout Payment 3 Date (or earlier if agreed by the parties).

 

subject
to adjustment under clause 4.2.

 

	 	4.2	Adjustment
    of the Purchase Price

 

	 	(a)	If
    the Working Capital Amount is more than the Minimum Cash Amount, then on the Determination Date the Buyer must pay an amount equal
    to the excess to the Seller.
	 	 	 
	 	(b)	If
    the Working Capital Amount is less than Minimum Cash Amount, then on the Determination Date the Seller must pay an amount equal to
    the shortfall to the Buyer.
	 	 	 
	 	(c)	If
    the Net Debt Amount is less than zero, then on the Determination Date the Buyer must pay an amount to the Seller equal to the amount
    less than zero (expressed as a positive figure).
	 	 	 
	 	(d)	If
    the Net Debt Amount is more than zero, then on the Determination Date the Seller must pay to the Buyer an amount equal to the amount
    more than zero.
	 	 	 
	 	(e)	If
    Income Tax is payable by any of the Companies in relation to the period on or before the Completion Date, then on the Determination
    Date the Seller must pay an amount equal to the Income Tax to the Buyer.
	 	 	 
	 	(f)	If
    any Income Tax is refundable to any of the Companies or they are otherwise entitled to a credit or adjustment in relation to the
    period on before the Completion Date, then on the Determination Date the Buyer must pay an amount equal to the Income Tax refundable,
    the entitlement to a credit or adjustment to the Seller.
	 	 	 
	 	(g)	On
    the Determination Date, the Seller must pay an amount equal to

 

	 	(i)	70%
    of 100% of the accrued annual leave;
	 	 	 
	 	(ii)	70%
    of 100% of the accrued time in lieu (relating to the flexi-days not taken);
	 	 	 
	 	(iii)	70%
    of 100% of the accrued long service leave for Transferring Employees with at least 5 years continuous service;
	 	 	 
	 	(iv)	30%
    of 70% of the accrued personal leave (sick/carer’s leave); and of the Transferring Employees as at Completion (the Employee
    Entitlement Amount).

 

	 	(h)	The
    Seller must provide an updated list of Employee Entitlement Amount at least Two (2) Business Days prior to Completion.

 

	 	4.3	Indebtedness

 

Prior
to Completion the Seller will procure that:

 

	 	(a)	the
    Seller and each of its Associates have each discharged in full any indebtedness of such person or entity to the Companies (whether
    or not then due for payment); and
	 	 	 
	 	(b)	the
    Companies have each discharged in full any indebtedness of such person to any of the Seller and each of its Associates (whether or
    not then due for payment), with effect from the Completion Date.

 

    	Share Sale Agreement | page 16

    	 

    

 

	 	4.4	Cleared
    funds

 

All
payments under this clause 4 must be paid by bank cheque, or electronic funds transfer to an account or accounts nominated by the Seller
or otherwise in cleared funds.

 

	 	4.5	Apportionment
    of Purchase Price

 

The
parties acknowledge and agree the Purchase Price will be apportioned by each parties own accountant for each parties’ own purposes.

 

	 	5.	Property
    Valuation costs

 

The
Buyer will reimburse the Seller for the total invoiced amount paid, as set out in the table below for the Property Valuations conducted
on each of the following property’s:

 

	Property	 	Invoiced amount,
 $ incl GST
	 
	85 Juliette Street, Greenslopes QLD 4120	 	$	1,650	 
	Greenslopes	 	$	2,145	 
	285 Enoggera Road, Newmarket QLD 4051	 	$	3,080	 
	 	 	$	6,875	 

 

	 	6.	Completion

 

	 	6.1	Time
    and place

 

Completion
will take place at 2.00pm on the Completion Date at the offices of Steindls Lawyers or another time and place agreed by the parties.

 

	 	6.2	Obligations
    of the Seller

 

At
or before Completion, the Seller must:

 

	 	(a)	deliver
    to the Buyer duly executed and completed transfers in favour of the Buyer of the Shares, together with the relevant share certificates
    (if any);
	 	 	 
	 	(b)	produce
    to the Buyer any power of attorney or other authority under which the transfers of the Shares are executed;
	 	 	 
	 	(c)	deliver
    to the Buyer duly executed releases, in a form reasonably acceptable to the Buyer, from any Encumbrance(s) over the Shares or the

    assets of the Companies;
	 	 	 
	 	(d)	evidence
    that the Companies have been released from any obligations, guarantees or securities given by the Companies;
	 	 	 
	 	(e)	provide
    evidence that the assets of the Companies are free from Encumbrances;
	 	 	 
	 	(f)	cause
    the board of directors of each Company to resolve that the transfers of the Shares be approved and registered;
	 	 	 
	 	(g)	cause
    the persons notified in writing by the Buyer before Completion to be appointed as directors and secretary (as applicable) of the
    Companies with effect from Completion;

 

    	Share Sale Agreement | page 17

    	 

    

 

	 	(h)	cause
    the resignation of the persons listed in the second and third columns of the table in Schedule 1 as directors and secretary (as applicable)
    of each Company with effect from Completion and procure those persons to provide the relevant Company with an acknowledgment that
    he or she has no claim against the Company for breach of contract, loss of office, redundancy, compensation, payment or repayment
    of loans or otherwise;
	 	 	 
	 	(i)	cause
    the revocation, with effect from Completion, of all authorities relating to bank accounts of each Company;
	 	 	 
	 	(j)	deliver
    to the Buyer all Records relating to the Companies (other than those which the Seller are entitled to retain under clause 6.5);
	 	 	 
	 	(k)	deliver
    to the Buyer all keys and codes required to gain access to the Properties used by the Companies, all computer systems and all other
    assets sold under this document, by making them available at those Properties;
	 	 	 
	 	(l)	deliver
    to the Buyer the common seal (if any) and corporate registers of each Company;
	 	 	 
	 	(m)	deliver
    fully executed copies of the Property Leases;
	 	 	 
	 	(n)	deliver
    fully executed copies of the new employment agreements;
	 	 	 
	 	(o)	deliver
    fully executed copies of the new contractor agreements;
	 	 	 
	 	(p)	deliver
    a fully executed copy of the Consultancy Agreement; and
	 	 	 
	 	(q)	do
    all other things necessary or desirable to transfer the Shares to enable the Buyer to exercise any rights or receive any benefits
    in connection with the Shares.
	 	 	 
	 	(r)	all
    of the Assets, title to which passes by delivery at the places where they are located;
	 	 	 
	 	(s)	deliver
    duly executed transfers or assignments of any other Assets which the Seller is able to obtain before Completion;
	 	 	 
	 	(t)	deliver
    all documents of title held relating to the Assets, by leaving them at the Properties where they are located;
	 	 	 
	 	(u)	the
    NMK Records by delivery at the places where they are located;
	 	 	 
	 	(v)	confirmation
    that no Encumbrances are registered over the Assets;
	 	 	 
	 	(w)	deliver
    duly executed forms or consents reasonably required by the Buyer to enable the utility services provided to the Business at the Properties
    (including gas, water, electricity, sewerage and telephone, facsimile and other communication services (with the benefit of the same
    numbers)) to be transferred to the Buyer with effect from the Completion Date;
	 	 	 
	 	(x)	deliver
    all other documents of title to the Assets, together with executed transfers and assignments necessary to vest legal title to the
    Assets in the Business;
	 	 	 
	 	(y)	deliver
    original copies of the Business Contracts; and
	 	 	 
	 	(z)	deliver
    any other document or thing reasonably necessary to give full effect to this document as it relates to the Assets.

 

	 	6.3	Obligations
    of the Buyer

 

The
Buyer must at Completion:

 

	 	(a)	pay
    the Completion Payment; and

 

    	Share Sale Agreement | page 18

    	 

    

 

	 	(b)	deliver to the Seller:

 

	 	(i)	duly
    executed counterparts of any document to be delivered by the Seller at Completion to which the Buyer or any related body corporate
    of the Buyer is a party;
	 	 	 
	 	(ii)	written
    consents to act by persons nominated by the Buyer as directors, secretaries and other relevant officers of each Company;
	 	 	 
	 	(iii)	and
    if necessary, execute the securities, specified in schedule 9 which are required as security for the part of the Purchase Price which
    is paid after Completion in accordance with clause 4.1(a)(ii), 4.1(a)(iii) and 4.1(a)(iv).
	 	 	 
	 	(iv)	to
    the extent that the parties have been able to obtain such for the Business Contracts by Completion, a deed of assignment or deed
    of novation duly executed by all parties other than the Seller.

 

	 	6.4	Simultaneous
    actions at Completion

 

In
respect of Completion:

 

	 	(a)	the
    obligations of the parties under this document are interdependent so that no delivery or payment is taken to have been made until
    all deliveries and payments have been made; and
	 	 	 
	 	(b)	all
    actions required to be performed will be taken to have occurred simultaneously on the Completion Date.

 

	 	6.5	Records

 

The
Seller may retain after Completion copies of any Records necessary for the Seller to comply with any applicable law (including, without
limitation, any applicable Tax law) and to prepare Tax or other returns required of them by law.

 

	 	6.6	Property
    Transactions

 

	 	(a)	This
    agreement is interdependent with the Property Transaction Agreements and neither the Seller nor the Buyer is obliged to complete
    under this agreement unless each of the Property Transaction Agreements are able to complete on the Completion Date.
	 	 	 
	 	(b)	If
    the Buyer is entitled to terminate the Property Transaction Agreement prior to Completion, then the Buyer will also be entitled to
    immediately terminate this agreement for convenience and the Seller will procure the refund of the Deposit to the Buyer within five
    Business Days of the date of termination.
	 	 	 
	 	(c)	If
    this agreement is terminated under pursuant to this clause, the parties must comply with clause 2.6 of this agreement.

 

	 	7.	Completion
    Accounts

 

	 	7.1	Completion
    Accounts

 

The
Buyer must as soon as practicable, and in any event no later than 40 Business Days after Completion, produce a consolidated list of assets
and liabilities of the Business as at the close of business on the Business Day prior to the Completion Date and a determination of the
Working Capital Amount, the Net Debt Amount, the Employee Entitlement Amount, and whether any Income Tax is payable or refundable by
any of the Companies in relation to the period on or before the Completion Date.

 

    	Share Sale Agreement | page 19

    	 

    

 

	 	7.2	Basis
    of preparation

 

The
Completion Accounts must be prepared, and the Working Capital Amount, the Net Debt Amount, the Employee Entitlement Amount, and the Income
Tax payable/refundable must be calculated, in accordance with the principles used to prepare and complete the Accounts.

 

	 	7.3	Access
    to information

 

The
Seller must ensure that all information and assistance requested by the Buyer is given to them to enable preparation the Completion Accounts
and must permit representatives of the Buyer to have reasonable access to and to take extracts from or make copies of any records retained
by the Seller to prepare the Completion Accounts.

 

	 	7.4	Review
    of Completion Accounts

 

	 	(a)	If
    the Seller does not dispute the Completion Accounts or the Working Capital Amount, the Net Debt Amount, the Employee Entitlement
    Amount, and the Income Tax payable/refundable within 10 Business Days after the date on which it is given a copy of them under clause
    7.1 (Final Objection Date), they will be taken to be the final Completion Accounts and the Working Capital Amount, the Net
    Debt Amount, the Employee Entitlement Amount, and the Income Tax payable/refundable will be final and binding on the parties. If
    the Seller disputes the Completion Accounts before the Final Objection Date, they must give the Buyer a notice (Dispute Notice)
    before the Final Objection Date setting out:

 

	 	(i)	reasonable
    details of each matter in dispute; and
	 	 	 
	 	(ii)	the
    reasons why each matter is disputed.

 

	 	(b)	Within
    10 Business Days of receiving a Dispute Notice, the Buyer must give the Seller a response in writing on the disputed matters (Response).
	 	 	 
	 	(c)	If
    the Seller and the Buyer have not resolved the dispute within 10 Business Days of the Buyer giving the Response, the dispute must
    promptly be submitted for determination to the Independent Accountant to determine the matter or matters in dispute in accordance
    with clause 7.5 and the final Completion Accounts and Working Capital Amount will be those provided under clause 7.1 as varied by
    the determination of the Independent Accountant.

 

	 	7.5	Independent
    Accountant

 

	 	(a)	Any
    disputed matter referred to the Independent Accountant must be resolved in accordance with the procedures set out in this clause.
	 	 	 
	 	(b)	The
    Independent Accountant must be agreed by the Buyer and the Seller. If the Buyer and the Seller cannot agree within 20 Business Days
    of delivery of the Response by the Buyer, then the Independent Accountant will be nominated, at the request of either the Buyer or
    the Seller, by the President of the Law Society of Queensland or his or her nominee on instruction that the selected accountant be
    a chartered accountant with at least 10 years’ experience that is or has been a partner of a national firm.
	 	 	 
	 	(c)	The
    disputed matters must be referred to the Independent Accountant by written submission which must include copies of relevant documentation
    relating to the dispute and reference to the relevant provisions of this agreement.

 

    	Share Sale Agreement | page 20

    	 

    

 

	 	(d)	The
    Independent Accountant must be instructed to finish its determination as soon as practicable and in any event no later than 20 Business
    Days after its appointment (or other period agreed by the Buyer and the Seller).
	 	 	 
	 	(e)	Each
    of the Buyer and the Seller must promptly supply the Independent Accountant with any information, assistance and cooperation requested
    in writing by the Independent Accountant in connection with its determination.
	 	 	 
	 	(f)	All
    correspondence between the Independent Accountant and a party must be copied to the other parties.
	 	 	 
	 	(g)	The
    Independent Accountant shall act as an independent expert and not an arbitrator. The Independent Accountant’s decision will
    be conclusive, final and binding on the parties (except in the case of manifest error or negligence).
	 	 	 
	 	(h)	The
    costs of the Independent Accountant will be paid by the Buyer and Seller equally.

 

	 	8.	Obligations
    before Completion

 

	 	8.1	Continuity
    of business

 

Until
Completion, Seller must procure that the Companies do not, do anything other than carry on the Business in the ordinary course.

 

	 	8.2	Restrictions
    on actions prior to Completion

 

	 	(a)	Until
    Completion the Seller must not and must procure that the Service Entity do not, unless the Buyer otherwise agrees (which agreement
    must not be unreasonably withheld or delayed):

 

	 	(i)	takes
    any action that the Buyer considers (acting reasonably) would have a material and adverse affect on the financial position or performance
    of the Business;
	 	 	 
	 	(ii)	enters
    into, varies or terminates, or gives any consent, approval, release or waiver under, a contract or commitment relating to the Assets
    or the Business;
	 	 	 
	 	(iii)	enters
    into, varies or terminates, or gives any consent, approval, release or waiver under, a contract or commitment with the Seller where
    that entry, variation, termination or provision of consent, release or waiver, results in a Material Adverse Change;
	 	 	 
	 	(iv)	acquires,
    disposes of or agrees to acquire or dispose of an Asset (other than in the ordinary course of business);
	 	 	 
	 	(v)	creates
    an Encumbrance over any of the Assets;
	 	 	 
	 	(vi)	ceases
    operating any of its undertakings or makes any substantial change in the operations of any of its undertakings;
	 	 	 
	 	(vii)	enters
    into or resolves to enter into any compromise, arrangement, scheme or other form of arrangement with a creditor, receiver, receiver
    and manager, administrator or other controller in relation to any of its assets or undertakings other than in the ordinary course
    of business;
	 	 	 
	 	(viii)	hires
    a person or ends the employment of an Employee, or alters the terms of employment or benefits of an Employee;
	 	 	 
	 	(ix)	engages
    a contractor or ends the engagement of a Contractor, or alters the terms of engagement of a Contractor;

 

    	Share Sale Agreement | page 21

    	 

    

 

	 	(x)	revalues
    any of the Assets; or
	 	 	 
	 	(xi)	does
    or omits to do anything that would make any Warranty false or inaccurate in a material sense.

 

	 	(b)	Until
    Completion the Seller must, unless the Buyer otherwise agrees (which agreement must not be unreasonably withheld or delayed), ensure
    that no Company:

 

	 	(i)	takes
    any action that the Buyer considers (acting reasonably) would have a material and adverse affect on its financial position or performance;
	 	 	 
	 	(ii)	enters
    into, varies or terminates, or gives any consent, approval, release or waiver under, a contract or commitment relating to its business;
	 	 	 
	 	(iii)	enters
    into, varies or terminates, or gives any consent, approval, release or waiver under, a contract or commitment with any Company where
    that entry, variation, termination or provision of consent, release or waiver, results in a Material Adverse Change;
	 	 	 
	 	(iv)	enters
    into, varies or repays a contract or commitment relating to borrowings or other financial accommodation where that entry, variation
    or repayment results in a The Seller Warranty;
	 	 	 
	 	(v)	incurs
    capital expenditure (other than in the ordinary course of business);
	 	 	 
	 	(vi)	incurs
    any liability or discharges or settles any liability (other than in the ordinary course of business);
	 	 	 
	 	(vii)	acquires,
    disposes of or agrees to acquire or dispose of an Asset (other than in the ordinary course of business);
	 	 	 
	 	(viii)	creates
    an Encumbrance over any of its Assets;
	 	 	 
	 	(ix)	ceases
    operating any of its undertakings or makes any substantial change in the operations of any of its undertakings;
	 	 	 
	 	(x)	enters
    into or resolves to enter into any compromise, arrangement, scheme or other form of arrangement with a creditor, receiver, receiver
    and manager, administrator or other controller in relation to any of its assets or undertakings other than in the ordinary course
    of business;
	 	 	 
	 	(xi)	hires
    a person or ends the employment of an employee, or alters the terms of employment or benefits of an employee without the prior consent
    of the Buyer which cannot unreasonably be withheld;
	 	 	 
	 	(xii)	engages
    a contractor or ends the engagement of a contractor, or alters the terms of engagement of a contractor without the prior consent
    of the Buyer which cannot unreasonably be withheld;
	 	 	 
	 	(xiii)	allots
    or issues, or agrees to allot or issue, any shares or other securities (including any options or convertible securities) in its capital;
	 	 	 
	 	(xiv)	redeems,
    buys back, reduces or cancels any shares or other securities in its capital;
	 	 	 
	 	(xv)	varies
    or cancels any rights or restrictions attached to shares or other securities in its capital;
	 	 	 
	 	(xvi)	alters
    (including by way of consolidation or division) its capital in any way;
	 	 	 
	 	(xvii)	modifies
    or repeals its constitution;

 

    	Share Sale Agreement | page 22

    	 

    

 

	 	(xviii)	revalues
    any Assets; or
	 	 	 
	 	(xix)	does
    or omits to do anything that would make any Warranty false or inaccurate in a material sense.

 

	 	8.3	Dividends

 

Notwithstanding
any other provision of this document, the parties acknowledge and agree that nothing will limit or prevent the Companies from declaring
and paying a dividend at any time up to and including the Completion Date provided that the Seller must ensure that as at the Completion
Date the Companies have sufficient cash to cover:

 

	 	(a)	any
    withholding tax payable by the Companies in connection with the declaration and payment of the dividends; and
	 	 	 
	 	(b)	any
    undrawn cheques from the Companies that are outstanding as at the Completion Date.

 

	 	9.	Title
    and risk

 

	 	9.1	Title

 

Title
to the Shares passes to the Buyer at Completion.

 

	 	9.2	Possession

 

Possession
of the Assets and risk related to the Assets is given and taken at Completion.

 

	 	10.	Trading
    responsibilities

 

	 	10.1	Profits
    and Losses

 

Subject
to Completion occurring, all profits and losses relating to the conduct of the Business:

 

	 	(a)	in
    the period up to and including the Completion Date, belong to the Seller; and
	 	 	 
	 	(b)	in
    the period from the Completion Date, belong to the Buyer.

 

	 	10.2	Liabilities

 

Subject
to Completion occurring, and subject to clauses 10.1, 11.3 and 11.6, all Liabilities relating to the conduct of the Business:

 

	 	(a)	in
    the period up to and including the Completion Date, are the responsibility of the Seller and the Seller will indemnify the Buyer
    from and against those Liabilities (irrespective of whether the Liability arises before or after the Completion Date); and
	 	 	 
	 	(b)	on
    and from the Completion Date, are the responsibility of the Buyer and the Buyer indemnifies the Seller from and against those Liabilities.

 

	 	10.3	Receivables

 

	 	(a)	The
    Seller will use their reasonable endeavours to procure the assignment of the bank accounts used exclusively for the Business from
    the Seller to the Buyer at Completion.
	 	 	 
	 	(b)	If
    all or any of the bank accounts of the Business cannot be assigned by the Seller to the Buyer at Completion, the Seller must ensure
    a representative, nominated by the Buyer in writing to the Buyer, has exclusive authority to operate those bank accounts on behalf
    of the Buyer.
	 	 	 
	 	(c)	The
    Buyer will indemnify the Seller for all fees and penalties payable in relation to the bank accounts from Completion.

 

    	Share Sale Agreement | page 23

    	 

    

 

	 	11.	Assignment
    or novation of Business Contracts

 

	 	11.1	Assignment

 

	 	(a)	Subject
    to Completion, and on and with effect from the Completion Date, the Seller will procure from the Service Entity an assignment to
    the Buyer of all of the Service Entity’s rights under, benefits of and interests in and the Buyer will assume the burden of
    the Business Contracts in accordance with this clause 11.
	 	 	 
	 	(b)	This
    document does not constitute an assignment or an attempted assignment of any Business Contract if an assignment or attempted assignment
    requires the consent of the counterparty to the Business Contract and would constitute a breach of that Business Contract if an assignment
    were made without that consent.

 

	 	11.2	Consent
    to transfer of Business Contracts

 

	 	(a)	If
    the consent of any third party is required for the transfer of a material Business Contract to the Buyer under clause 11.1, the Seller
    will, from the date of execution of this agreement until Completion, use their best efforts to obtain the consent of that party on
    terms reasonably acceptable to the Buyer.
	 	 	 
	 	(b)	Pending
    the transfer of a material Business Contract to the Buyer under clause 11.1, the Seller must ensure that:

 

	 	(i)	hold
    the benefits of the Business Contract on trust for the Buyer and account to the Buyer promptly after receipt by it for the value
    of any benefit of the Business Contract that arises (or relates to the period) after the Completion Date;
	 	 	 
	 	(ii)	enforce
    the Business Contract against any counterparty to it in the manner that the Buyer reasonably directs (and promptly following such
    direction) from time to time, at the expense of the Buyer; and
	 	 	 
	 	(iii)	not
    agree to any termination, amendment or variation of or waiver of any of the Seller’s or the Service Entity’s rights under
    the Business Contract without the prior written approval of the Buyer.

 

	 	11.3	Performance
    of Business Contracts

 

	 	(a)	The
    Seller must ensure that the Service Entity will perform and observe all obligations of the Seller and the Service Entity under the
    Business Contracts which are due to be performed (or relate to the period) on or before Completion.
	 	 	 
	 	(b)	The
    Buyer must, to the extent it lawfully can, assume, perform and observe all obligations of the Seller and the Service Entity under
    the Business Contracts which are due to be performed (or relate to the period) after Completion.
	 	 	 
	 	(c)	The
    Seller must procure that the Service Entity will, at the request and expense of and with the assistance of the Buyer, use its reasonable
    efforts to perform any obligation of it under the material Business Contracts which arises on or before Completion .

 

	 	11.4	Use
    or occupation pending transfer

 

If
the Property Leases have not been transferred to the Buyer by Completion under clause 2.1(g), the Seller must, to the extent they lawfully
can, allow the Buyer to use or occupy the relevant Property, the subject of the Property Lease, as licensee from Completion until the
transfer is completed.

 

    	Share Sale Agreement | page 24

    	 

    

 

	 	11.5	Seller
    and Service Entity to cooperate generally

 

Pending
the transfer of a Business Contract to the Buyer under clause 11.1 and to give effect to the allocation of responsibility for performance
of and Liability for a Business Contract under clauses 11.3 and 11.6, the Seller must fully cooperate with the Buyer in any reasonable
arrangements designed to provide for the Buyer the benefits of the Business Contract subject to the Buyer assuming the burden of the
Business Contract, including the Seller duly performing the Business Contract by subcontracting the obligations involved to the Buyer
on the same terms as those in the Business Contract or delegating management and performance of the Business Contract to the Buyer to
the extent reasonably practicable to do so.

 

	 	11.6	Buyer’s
    indemnity

 

Subject
to Completion occurring, the Buyer indemnifies the Seller from and against all Liabilities suffered, paid or incurred by the Seller from:

 

	 	(a)	any
    breach, non-performance or non-observance of any obligation of the Buyer under a Business Contract which is due to be performed (or
    relates to the period) after the Completion Date, except to the extent that any such Liability is suffered, paid or incurred from
    acts, omissions of or events caused or contributed to by the Seller or the Service Entity (other than at the direction of the Buyer);
	 	 	 
	 	(b)	any
    Claim made by a counterparty under a Business Contract arising from events, acts or omissions occurring after the Completion Date
    except to the extent that any such Liability is suffered, paid or incurred from acts, omissions of or events caused or contributed
    to by the Seller or the Service Entity (other than at the direction of the Buyer); and
	 	 	 
	 	(c)	any
    breach by the Buyer of clause 11.3.

 

	 	11.7	Seller’s
    indemnity

 

Subject
to Completion occurring, the Seller indemnifies the Buyer from and against all Liabilities suffered, paid or incurred by the Buyer from:

 

	 	(a)	any
    breach, non-performance or non-observance of any obligation of the Service Entity under a Business Contract which is due to be performed
    (or relates to the period) up to and including the Completion Date, except to the extent that any such Liability is suffered, paid
    or incurred from acts, omissions of or events caused or contributed to by the Buyer (other than at the direction of the Service Entity);
	 	 	 
	 	(b)	any
    Claim made by a counterparty under a Business Contract arising from events, acts or omissions occurring up to and including the Completion
    Date except to the extent that any such Liability is suffered, paid or incurred from acts, omissions of or events caused or contributed
    to by the Buyer (other than at the direction of the Asset Seller); and
	 	 	 
	 	(c)	any
    breach by the Asset Seller of clause 11.3.

 

	 	11.8	Transfer
    of Business Contract unavailable

 

If,
despite their reasonable efforts the Seller and the Buyer are unable to (including because any third party consent required cannot be
obtained) transfer a Business Contract under clause 11.1 within one month from Completion:

 

	 	(a)	the
    Buyer may, by written notice to the Seller, require the Seller to use their best efforts to procure that the Business Contract is
    terminated with, in so far as reasonably practicable; and

 

    	Share Sale Agreement | page 25

    	 

    

 

	 	(b)	the
    Buyer agrees that they will then not have any further claim or right against the Seller in relation to that Business Contract under
    this document.

 

There
will be no adjustment to the Purchase Price as a result of any such termination, non assignment or non novation.

 

	 	11.9	Change
    of control provisions in contracts

 

If
any Business Contract, Property Leases or any statutory licences, consents, approvals or authorisations necessary for carrying on the
Business requires the consent of a third party to the continuation of that contract, licence, consent, approval or authorisation as a
result of the Buyer acquiring the Shares:

 

	 	(a)	the
    Seller must, between the date of this document and Completion, use their best efforts to obtain the consent of that party on terms
    reasonably acceptable to the Buyer; and
	 	 	 
	 	(b)	the
    Seller must provide all assistance and information reasonably required by the Buyer to secure such consents.

 

	 	12.	Warranties
    by Seller

 

	 	12.1	Warranties

 

The
Seller warrants to the Buyer that the Warranties are true in all material aspects, at the date of this document and will remain true
and accurate until Completion and on Completion.

 

	 	12.2	Reliance
    of Buyer

 

The
Seller acknowledges that the Buyer enters into this document in reliance on the Warranties.

 

	 	12.3	Indemnity

 

The
Seller indemnifies the Buyer against all Claims and Liabilities arising from or connected with a breach of any Warranty.

 

	 	12.4	Application
    of the Warranties

 

Each
of the Warranties:

 

	 	(a)	remains
    in full force and effect after Completion;
	 	 	 
	 	(b)	is
    separate and independent and is not limited by reference to any other Warranty.

 

	 	12.5	Qualifications

 

The
Warranties are given subject to and qualified by, and the Buyer is not entitled to claim that any fact, matter or circumstance causes
any of the Warranties to be breached if and to the extent, but only to the extent, that the fact, matter or circumstance:

 

	 	(a)	is
    fairly and accurately disclosed or recorded in this document; or
	 	 	 
	 	(b)	the
    Claim relates to a thing done or not done after the date of this document at the request of or with the approval of the Buyer.

 

	 	12.6	Financial
    limits on Claims

 

	 	(a)	The
    Seller has no liability for a Claim for a breach of any Warranty (including under clause 12.3) unless the amount of the Claim in
    respect of that breach exceeds $5,000 for individual Claims and $60,000 for aggregate Claims.

 

    	Share Sale Agreement | page 26

    	 

    

 

	 	(b)	The
    Seller and the Guarantor are jointly and severally liable in respect of any Claim made for breach of the Warranties.

 

	 	12.7	Time
    limits on Claims

 

The
Seller has no liability for breach of any Warranty unless:

 

	 	(a)	in
    the case of a Claim relating to any Warranty including under clause 12.3, the Buyer has given written notice of the Claim to the
    Seller on or before 24 months after the Completion Date, and the Claim has been settled or legal proceedings in a court of competent
    jurisdiction in respect of the Claim have been commenced by the Buyer against the Seller within 12 months of the Claim being notified
    by the Buyer; or
	 	 	 
	 	(b)	in
    the case of a Claim relating to a Tax Warranty, the Buyer has given written notice of the Claim to the Seller on or before 48 months
    after the Completion Date, and the Claim has been settled or legal proceedings in a court of competent jurisdiction in respect of
    the Claim have been commenced by the Buyer against the Seller within 12 months of the Claim being notified by the Buyer.

 

	 	12.8	Other
    limits on Claims

 

	 	(a)	The
    liability of the Seller in respect of any Claim for breach of any Warranty otherwise under this document is reduced or extinguished
    (as the case may be) to the extent that:

 

	 	(i)	the
    subject matter of any Claim is accurately provided for in the Completion Accounts; or
	 	 	 
	 	(ii)	the
    Claim has arisen as a result of or in consequence of any voluntary act, omission, transaction or arrangement of or on behalf of the
    Buyer after Completion (except where any act is required to comply with law); or
	 	 	 
	 	(iii)	the
    Claim is as a result of or in respect of, or where the Claim arises from, any increase in the rate of Tax liable to be paid or any
    imposition of Tax not in effect at the date of this document; or
	 	 	 
	 	(iv)	the
    Claim occurs or is increased as a result of legislation not in force or in effect at the date of this document; or
	 	 	 
	 	(v)	the
    Claim occurs as a result of a change after the date of this document in any law or interpretation of law.

 

	 	12.9	Maximum
    aggregate liability for Claims

 

	 	(a)	The
    maximum aggregate liability of the Seller as a result of all Claims for all breaches of Warranties under this agreement is limited
    to an amount equal to 100% of the Purchase Price.

 

	 	12.10	Exclusions

 

Clauses
12.6, 12.7 or 12.9 do not apply to any breach of the Tax Warranties or the Title Warranties.

 

	 	12.11	Warranty
    payments

 

Any
payment made in respect of a Claim for breach of a Warranty is deemed to be a reduction in the Purchase Price.

 

    	Share Sale Agreement | page 27

    	 

    

 

	 	12.12	Deduction
    from payments

 

The
Buyer will be entitled to set-off any amount owing by any of the Seller and Guarantor to the Buyer pursuant to this clause 12 or any
other part of this agreement from any payment owing to the Seller and Guarantor whether under this agreement or otherwise.

 

	 	12.13	Benefits
    or credits received by a Company or the Purchaser

 

If
any payment in respect of a Claim under the Warranties is made to the Buyer by or on behalf of the Seller and after the payment is made
to the Buyer or any Company receives or becomes unconditionally entitled to any benefit or credit in relation to the subject matter of
the Claim (including payment under any insurance policy), then the Buyer:

 

	 	(a)	must
    immediately notify the Seller of the benefit or credit; and
	 	 	 
	 	(b)	pay
    to the Seller an amount equal to the amount of the benefit or credit received by the Buyer or Company.

 

	 	13.	Tax
    indemnity

 

	 	13.1	Indemnity

 

The
Seller indemnifies the Buyer against all Claims and Liability arising from or connected with:

 

	 	(a)	an
    Assessment, as a result of which any Company or the Seller is liable to make a payment in respect of Income Tax or other Tax liabilities
    arising as a result of, or in respect of, or by reference to an event occurring, or deemed for any Tax purpose to occur, on or before
    Completion; or
	 	 	 
	 	(b)	a
    breach of any Tax Warranty.

 

	 	13.2	Payment
    of Tax Claims

 

Payments
in respect of a Tax Claim must be made to the Buyer by whichever is the later of:

 

	 	(a)	10
    Business Days before the latest date on which that payment of Tax may lawfully be made without incurring any penalty, additional
    tax, interest or general interest charge for late payment (allowing for any deferrals granted by the Revenue Authority) (Due Date);
    and
	 	 	 
	 	(b)	15
    Business Days after the Seller receives notice in writing from the Buyer providing relevant particulars of the Assessment (with copies
    of all supporting documentation).

 

	 	13.3	Notification
    of potential Tax Claims

 

If
the Buyer or a Company:

 

	 	(a)	receive
    a letter, request, demand, notice or communication (communication); or
	 	 	 
	 	(b)	intend
    to lodge a self-assessed return that will have effect as a deemed assessment (return), that may reasonably be related to or
    give rise to a Tax Claim, the Buyer must:
	 	 	 
	 	(c)	within
    20 Business Days after the receipt of the communication, inform the Seller and provide a copy of any document received relating to
    the communication;
	 	 	 
	 	(d)	not
    later than 20 Business Days before a lodgement of the return, inform the Seller and provide a copy of the return or the relevant
    parts of the return, and must consult in good faith with the Seller concerning the reasons for the return;

 

    	Share Sale Agreement | page 28

    	 

    

 

	 	(e)	subject
    to any applicable statutory obligations, not engage in any discussions, negotiations or confer with any representative of the Revenue
    Authority concerning the communication without first complying with the requirements of clauses 13.3(f); and
	 	 	 
	 	(f)	give
    the Seller reasonable access to the books and records within the possession of the Buyer and the Companies to enable the Seller to
    examine and consider the communication or return and to take copies of them at the expense of the Seller.

 

	 	13.4	Conduct
    of Tax Claims

 

	 	(a)	If
    the Buyer becomes aware of a Tax Claim, the Buyer must give timely and written notice of it to the Seller.
	 	 	 
	 	(b)	The
    Buyer must ensure that the Seller has, at the expense of the Seller, reasonable access to the personnel of the Buyer and the Companies
    (Purchaser Group) and to books and records within the custody, power, possession or control of the Purchaser Group to enable
    the Seller to examine and consider the Tax Claim.

 

	 	13.5	No
    discussions with Revenue Authority

 

Subject
to any applicable statutory obligations, the Buyer must not engage in any discussions or negotiations with or confer with, and must ensure
that no Company engages in any discussions or negotiations with or confers with, any representatives of the Revenue Authority concerning
the Tax Claim without first complying with the requirements of clause 13.3.

 

	 	13.6	Refunds

 

The
following procedure applies to refunds:

 

	 	(a)	If
    at any time after the Completion Date a Company receives a refund or credit in respect of any Tax levied on the Company in respect
    of a tax year or part of a tax year prior to Completion:

 

	 	(i)	the
    Buyer must promptly pay, or must ensure that the Company promptly pays, to the Share Seller an amount equal to the lesser of:

 

	 	(A)	the
    amount of the refund or credit (together with any interest paid by the Revenue Authority, less any Tax payable by the Company on
    that interest received and less any expenses incurred by the Company in relation to the refund or credit) to the extent that it has
    not been provided for in the Completion Accounts or in prior years’ accounts of the Company or another Company; and
	 	 	 
	 	(B)	the
    amount of any payment made under clause 4.2(f) which relates to the refund or credit, less any expenses incurred by the Buyer or
    the relevant Company in relation to the refund or credit; and

 

	 	(ii)	the
    payment by the Buyer under this provision is by way of, and has effect as, an increase in the Purchase Price.

 

	 	13.7	Purchase
    Price adjustment

 

If
any amount becomes due and payable by the Seller in respect of a Tax Claim, the amount must be treated as a decrease in the Purchase
Price.

 

    	Share Sale Agreement | page 29

    	 

    

 

	 	14.	Representations
    by the Buyer

 

	 	14.1	Representations

 

The
Buyer represents and warrants to the Seller that each of the following statements is true and accurate at the date of this document and
will be true and accurate on the Completion Date:

 

	 	(a)	it
    is validly existing under the laws of its place of incorporation or registration;
	 	 	 
	 	(b)	it
    has the power to enter into and perform its obligations under this document and to carry out the transactions contemplated by this
    document;
	 	 	 
	 	(c)	it
    has taken all necessary action to authorise its entry into and performance of this document and to carry out the transactions contemplated
    by this document; and
	 	 	 
	 	(d)	its
    obligations under this document are valid and binding and enforceable against it in accordance with their terms.

 

	 	15.	Employees
    and Contractors

 

	 	15.1	Offers
    of employment

 

	 	(a)	On
    or before the Completion Date, the Buyer must make offers to all of the Employees. The offers must be:

 

	 	(i)	in
    a form which offers to each Employee terms and conditions of employment that are substantially similar to, and no less favourable
    than, that Employee’s current terms and conditions of employment, and which states that the Buyer will recognise the Employee’s
    prior service with the Seller or Service Entity (as envisaged by clause 15.4) and will assume responsibility for all accrued and
    untaken or pro rata leave entitlements of the Employee (as envisaged by clause 15.5);
	 	 	 
	 	(ii)	conditional
    on the Employee granting a waiver of any entitlement to redundancy compensation or notice from the Seller or Service Entity;
	 	 	 
	 	(iii)	conditional
    on Completion occurring; and
	 	 	 
	 	(iv)	expressed
    to take effect on Completion.

 

	 	15.2	Release
    of employment of Transferring Employees

 

At
Completion, the Seller or Service Entity must release from their employment (with effect from Completion) all Transferring Employees
who have by Completion accepted an offer of employment made in accordance with clause 15.1.

 

	 	15.3	Seller’s
    payment obligations

 

On
the Completion Date, the Seller or Service Entity must, in respect of each Transferring Employee, pay:

 

	 	(a)	to
    the Transferring Employee all amounts to which that Transferring Employee is or may become entitled by law or under any agreement
    or arrangement, on termination of employment in connection with wages, salary, commission, bonuses or allowances accruing or arising
    in respect of the period up to and including the Completion Date (other than in respect of annual leave (unless requested by the
    Transferring Employee) and long service leave); and

 

    	Share Sale Agreement | page 30

    	 

    

 

	 	(b)	all
    employer superannuation due to be made by the Seller or Service Entity in respect of the period of employment up to and including
    the Completion Date in respect of that Transferring Employee.

 

	 	15.4	Prior
    Service

 

The
Buyer agrees that, subject to any relevant statute or agreement, for the purpose of calculating any benefit arising under any statute,
industrial instrument, award, agreement or contract of employment between the Buyer and a Transferring Employee, the period of service
(including any period of service deemed by law or agreement) which a Transferring Employee has had with the Seller or the Service Entity
immediately before and continuous with the commencement of employment with the Buyer is to be deemed service with the Buyer and the continuity
of the period of service of the Transferring Employee is to be deemed not broken because the Transferring Employee ceases to be an employee
of the Seller or Service Entity and becomes an employee of the Buyer.

 

	 	15.5	Assumption
    of leave benefits

 

The
Buyer will assume, recognise, and become solely responsible for all accrued and untaken or pro rata entitlements of each Transferring
Employee for annual leave, bereavement leave, sick leave and long service leave as at the Completion Date.

 

	 	15.6	Seller’s
    indemnity

 

Subject
to Completion occurring, the Seller indemnifies the Buyer against all Liabilities suffered, paid or incurred by the Buyer from:

 

	 	(a)	any
    Claim by any Transferring Employee for any wages, salary, commission, bonuses and other benefits or entitlements accruing to the
    Transferring Employee on or before the Completion Date (other than leave entitlements which the Buyer assumes under clause 15.5);
	 	 	 
	 	(b)	any
    breach by the Seller or Service Entity of their statutory, contractual or other legal obligations to a Transferring Employee on or
    prior to the Completion Date; and
	 	 	 
	 	(c)	any
    Claim arising by reason of, or in connection with, termination and/or redundancy payments to, or entitlements of any Transferring
    Employee arising from the release of his or her employment by the Seller or Service Entity as envisaged by clause 15.1(a)(iv), on
    or prior to the Completion Date.

 

	 	15.7	Seller’s
    Obligations

 

Subject
to Completion occurring, the Seller will pay and discharge:

 

	 	(a)	Compensation
    Claims: all liability for pay in lieu of notice, redundancy compensation, compensation for unjustifiable dismissal payable or becoming
    payable to any Employee as a result of that Employee not accepting employment with the Buyer.
	 	 	 
	 	(b)	Breach
    of Contract: all liability arising as a result of any breach by the Seller or the Service Entity occurring on or before Completion
    of any employment agreement between the Seller or Service Entity and any of the Employees.

 

	 	15.8	Contractor
    Agreements

 

	 	(a)	On
    or before the Completion Date, the Buyer or a nominee of the Buyer must make offers to Contractors to enter into new contractor agreements.
    The offers must be:

 

    	Share Sale Agreement | page 31

    	 

    

 

	 	(i)	in
    a form which offers to each Contractor terms and conditions that are substantially similar to, and no less favourable than, the existing
    contractor agreements;
	 	 	 
	 	(ii)	conditional
    on Completion occurring; and
	 	 	 
	 	(iii)	expressed
    to take effect on Completion.

 

	 	(b)	The
    Seller and/or the Service Entity must ensure that all amounts owing to the Contractors under the existing contractor agreements up
    to the Completion Date are paid.

 

	 	16.	Restraint
	 	 	 
	 	16.1	Defined
    terms

 

In
this clause 16:

 

Engage
in means to carry on, participate in, provide finance or services, or otherwise be directly or indirectly involved as a shareholder,
unitholder, director, consultant, adviser, contractor, principal, agent, manager, employee, beneficiary, partner, associate, trustee
or financier.

 

Prohibited
Persons means:

 

	 	(a)	the
    Seller;
	 	 	 
	 	(b)	the
    Guarantor; and
	 	 	 
	 	(c)	any
    Associate of the Seller (other than the Companies).

 

	 	16.2	Prohibited
    activities

 

The
Seller undertakes to the Buyer that the Prohibited Persons will not directly or indirectly:

 

	 	(a)	engage
    in a business or an activity that is:

 

	 	(i)	the
    same or similar to the Business or any material part of the Business; and
	 	 	 
	 	(ii)	in
    competition with the Business or any material part of the Business;

 

	 	(b)	solicit,
    canvass, approach or accept an approach from a person who was at any time during the six months ending on the Completion Date a customer
    of the Business with a view to obtaining their custom in a business that is the same or similar to the Business and is in competition
    with the Business;
	 	 	 
	 	(c)	interfere
    with the relationship between the Business and its customers, employees or suppliers as it relates to the Business; or
	 	 	 
	 	(d)	induce
    or help to induce an employee of the Business to leave their employment as it relates to the Business.

 

	 	16.3	Duration
    of prohibition

 

The
undertakings in clause 16.2 begin on the Completion Date and end:

 

	 	(a)	on
    the fifth anniversary of the Completion Date, or if that period is held to be invalid or unenforceable; then
	 	 	 
	 	(b)	on
    the fourth anniversary of the Completion Date, or if that period is held to be invalid or unenforceable; then
	 	 	 
	 	(c)	on
    the third anniversary of the Completion Date, or if that period is held to be invalid or unenforceable; then

 

    	Share Sale Agreement | page 32

    	 

    

 

		(d)	on
                                            the second anniversary of the Completion Date, or if that period is held to be invalid or
                                            unenforceable; then

 

		(e)	12
                                            months after the Completion Date.

 

		16.4	Geographic
                                            application of prohibition

 

The
undertakings in clause 16.2 apply only if the activity prohibited by clause 16.2 occurs within:

 

	 		(a)	the
                                            City of Brisbane, the City of Logan, and the City of the Gold Coast, or if that region is
                                            held to be invalid or unenforceable; then

 

	 		(b)	the
                                            City of Brisbane, or if that region is held to be invalid or unenforceable; then

 

	 		(c)	100Km
                                            radius of any of the Properties, or if that region is held to be invalid or unenforceable;
                                            then

 

	 		(d)	50Km
                                            radius of any of the Properties, or if that region is held to be invalid or unenforceable;
                                            then

 

	 		(e)	25Km
                                            radius of any of the Properties, or if that region is held to be invalid or unenforceable;
                                            then

 

	 		(f)	10Km
                                            radius of any of the Properties.

 

		16.5	Interpretation

 

Clauses
16.2, 16.3 and 16.4 have effect together as if they consisted of separate provisions, each being severable from the other. Each separate
provision results from combining each undertaking in clause 16.2, with each period in clause 16.3, and combining each of those combinations
with each area in clause 16.4. If any of those separate provisions is invalid or unenforceable for any reason, the invalidity or unenforceability
does not affect the validity or enforceability of any of the other separate provisions or other combinations of the separate provisions
of clauses 16.2, 16.3 and 16.4.

 

		16.6	Exceptions

 

This
clause 16 does not restrict a Prohibited Person from:

 

		(a)	performing
                                            any agreement with a Company or the Buyer; or

 

		(b)	holding
                                            5% or less of the shares of a listed company.

 

		16.7	Acknowledgments

 

The
Seller and the Guarantor acknowledge that:

 

		(a)	all
                                            the prohibitions and restrictions in this clause 16 are reasonable in the circumstances and
                                            necessary to protect the goodwill of the Business;

 

		(b)	damages
                                            are not an adequate remedy if a Prohibited Person breaches this clause 15; and

 

		(c)	the
                                            Buyer may apply for injunctive relief if:

 

		(i)	a
                                            Prohibited Person breaches or threatens to breach this clause 15; or

 

		(ii)	it
                                            believes a Prohibited Person is likely to breach this clause 15.

 

    	Share Sale Agreement | page 33

    	 

    

 

	 	17.	Guarantee
    and indemnity

 

	 	17.1	Guarantee

 

The
Guarantor guarantees to the Buyer that the Seller will promptly and completely observe and perform all of its respective obligations
under or in connection with this document, and on notice from the Buyer will promptly and completely observe and perform all of the Seller’s
respective obligations under or in connection with this document if any of the Seller fails to do so within the time stipulated by this
document (or within a reasonable time if no time is stipulated).

 

	 	17.2	Indemnity

 

If
the Seller is not bound by some or all of its respective obligations under this document, or if for any other reason the guarantee in
clause 17.1 is not effective, the Guarantor agrees, by way of indemnity and principal obligation, to indemnity the Buyer against any
Liability or Claim and to pay to the Buyer the amount which would have been payable by the Guarantor to the Buyer under the guarantee
in clause 17.1 had the guarantee been effective and the Seller been bound.

 

	 	17.3	Liability
    to continue

 

The
Guarantor remains liable under this clause 17 even if:

 

	 	(a)	the
    Seller:

 

	 	(i)	enters
    into any composition or scheme or deed of arrangement with creditors; or
	 	 	 
	 	(ii)	enters
    into receivership, administration or liquidation or is wound up or dissolved;

 

	 	(b)	the
    Buyer cannot for any reason enforce this document against the Seller;
	 	 	 
	 	(c)	the
    Buyer, for any reason, has not exercised or does not exercise all or any 1 or more of its rights or powers:

 

	 	(i)	against
    the Seller; or
	 	 	 
	 	(ii)	respecting
    any other security or surety against which the Buyer may claim to satisfy any liability of the Seller;

 

	 	(d)	the
    Buyer grants any time or other indulgence or concession to the Guarantor or the Seller; or
	 	 	 
	 	(e)	the
    Guarantor becomes a bankrupt or is otherwise incapacitated.

 

	 	17.4	No
    release

 

Until
the Buyer has received in full all money to which this clause 17 applies:

 

	 	(a)	this
    clause 17 continues to bind the Guarantor;
	 	 	 
	 	(b)	the
    Guarantor and any person controlled by the Guarantor is not entitled to prove in the liquidation of the Seller in competition with
    the Buyer; and
	 	 	 
	 	(c)	the
    Guarantor is not entitled to claim the benefit of any security which the Guarantor may hold.

 

    	Share Sale Agreement | page 34

    	 

    

 

	 	18.	Confidentiality
    and publicity

 

	 	18.1	Confidentiality

 

	 	(a)	A
    party may only disclose anything in respect of this document or the terms of sale of the Shares as required by applicable law but
    to the extent possible, it must consult with the other parties before making the disclosure and use its reasonable endeavours to
    agree on the form and content of the disclosure.
	 	 	 
	 	(b)	A
    party may disclose anything in respect of this document or the terms of the sale of the Shares to the officers, employees and professional
    advisers of that party and its related bodies corporate but it must use its reasonable endeavours to ensure all matters disclosed
    are kept confidential.
	 	 	 
	 	(c)	From
    Completion, the Seller and the Guarantor must keep confidential and must not use any Confidential Information relating to the Companies,
    the Assets, the Business, or the Buyer.

 

	 	18.2	Announcements

 

A
party must not make or authorise a press release or public announcement relating to the negotiations of the parties or the subject matter
or provisions of this document unless:

 

	 	(a)	it
    is required to be made by law or the Listing Rules of ASX or the rules of any other public stock exchange on which a party’s
    securities are quoted for trading; or
	 	 	 
	 	(b)	it
    has the prior written approval of each of the Buyer and the Guarantor.

 

	 	19.	GST

 

	 	19.1	Interpretation

 

Words
and expressions used in this clause 19 not defined will have the meaning given to those words or expressions in the A New Tax System
(Goods and Services Tax) Act 1999 (Cth), or similar legislation relating to GST.

 

	 	19.2	GST
    gross up

 

If
a Party makes a supply under or in connection with this Agreement in respect of which GST is payable, the consideration for the supply
but for the application of this clause 19.2 (GST exclusive consideration) is increased by an amount equal to the GST exclusive consideration
multiplied by the rate of GST prevailing at the time the supply is made.

 

	 	19.3	Going
    concern

 

	 	(a)	Notwithstanding
    clause 19.2, the Seller and the Buyer agree that the sale of the Business (through the sale of Shares) under this document is the
    supply of a GST-free going concern by the Seller to the Buyer for the purposes of section 38-325 of A New Tax System (Goods and
    Services Tax) Act 1999 (Cth).
	 	 	 
	 	(b)	The
    Buyer warrants and represents that it is registered for GST and will be so registered at Completion.
	 	 	 
	 	(c)	The
    Seller warrants and represents that it is registered for GST and will be so registered at Completion.

 

	 	19.4	Reimbursements

 

If
a Party must reimburse or indemnify another Party for a loss, cost or expense, the amount to be reimbursed or indemnified is first reduced
by any input tax credit the other Party is entitled to for the loss, cost or expense, and then increased in accordance with clause 19.2.

 

    	Share Sale Agreement | page 35

    	 

    

 

	 	19.5	Tax
    invoice

 

A
Party need not make a payment for a taxable supply made under or in connection with this Agreement until it receives a tax invoice for
the supply to which the payment relates.

 

	 	20.	Notices
    and other communications

 

	 	20.1	Service
    of notices

 

A
notice, demand, consent, approval or communication under this document (Notice) must be:

 

	 	(a)	in
    writing, in English and signed by a person duly authorised by the sender;
	 	 	 
	 	(b)	hand
    delivered or sent by prepaid post or email to the recipient’s address for Notices specified in the Details, as varied by any
    Notice given by the recipient to the sender; and
	 	 	 
	 	(c)	in
    relation to a Notice to the Seller need only be given to the Guarantor.

 

	 	20.2	Effective
    on receipt

 

A
Notice given in accordance with clause 20.1 takes effect when taken to be received (or at a later time specified in it), and is taken
to be received:

 

	 	(a)	if
    hand delivered, on delivery;
	 	 	 
	 	(b)	if
    sent by prepaid post, the second Business Day after the date of posting (or the seventh Business Day after the date of posting if
    posted to or from a place outside Australia);
	 	 	 
	 	(c)	if
    sent by email, at the date and time the email was sent, as recorded by the sender’s email server, unless the sender receives
    an automated delivery failure notice, in which case notice is deemed not to be given or received,

 

but
if the delivery, receipt or transmission is not on a Business Day or is after 5.00pm on a Business Day, the Notice is taken to be received
at 9.00am on the next Business Day.

 

	 	21.	Miscellaneous

 

	 	21.1	Alterations

 

This
document may be altered only in writing signed by each party.

 

	 	21.2	Approvals
    and consents

 

Except
where this document expressly states otherwise, a party may, in its discretion, give conditionally or unconditionally or withhold any
approval or consent under this document.

 

	 	21.3	Assignment

 

A
party may only assign this document or a right under this document with the prior written consent of each other party.

 

	 	21.4	Costs

 

Each
party must pay its own costs of negotiating, preparing and executing this document.

 

	 	21.5	Stamp
    duty

 

Any
stamp duty, duties or other taxes of a similar nature (including fines, penalties and interest) in connection with this document or any
transaction contemplated by this document, must be paid by the Buyer.

 

    	Share Sale Agreement | page 36

    	 

    

 

	 	21.6	Survival

 

Any
indemnity or any obligation of confidence under this document is independent and survives termination of this document. Any other term
by its nature intended to survive termination of this document survives termination of this document.

 

	 	21.7	Counterparts
    and Electronic Copies

 

This
document may be executed in counterparts. All executed counterparts constitute one document. A Party who has executed a counterpart of
this Deed may exchange it with another Party by faxing or sending by other electronic means the executed counterpart to that other Party,
and if requested by that other Party, will promptly deliver the original by hand or post. Failure to make that delivery will not affect
the validity of this Deed.

 

	 	21.8	No
    merger

 

The
rights and obligations of the parties under this document do not merge on completion of any transaction contemplated by this document.

 

	 	21.9	Entire
    agreement

 

		(a)	This
                                            document constitutes the entire agreement between the parties in connection with its subject
                                            matter and supersedes all previous agreements or understandings between the parties in connection
                                            with its subject matter.

 

		(b)	Each
                                            party warrants to each other party that it has relied entirely on its own investigations
                                            (including independent advice received by it) and has not relied on any representation, including
                                            negligent misrepresentation, of any other party about the matters contained in this agreement
                                            or the negotiations relating to or leading up to this agreement.

 

		21.10	Further
                                            action

 

Each
party must do, at its own expense, everything reasonably necessary (including executing documents) to give full effect to this document
and any transactions contemplated by it.

 

		21.11	Severability

 

A
term or part of a term of this document that is illegal or unenforceable may be severed from this document and the remaining terms or
parts of the term of this document continue in force.

 

		21.12	Waiver

 

A
party does not waive a right, power or remedy if it fails to exercise or delays in exercising the right, power or remedy. A single or
partial exercise of a right, power or remedy does not prevent another or further exercise of that or another right, power or remedy.
A waiver of a right, power or remedy must be in writing and signed by the party giving the waiver.

 

		21.13	Relationship

 

Except
where this document expressly states otherwise, it does not create a relationship of employment, trust, agency or partnership between
the parties.

 

		21.14	Governing
                                            law and jurisdiction

 

This
document is governed by the law of Queensland, Australia and each party irrevocably and unconditionally submits to the non-exclusive
jurisdiction of the courts of Queensland, Australia.

 

    	Share Sale Agreement | page 37ttoo-ex44_16.htm

Exhibit 4.4

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT

General

As of December 31, 2020, T2 Biosystems, Inc. had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). References herein to “we,” “us,” “our” and the “Company” refer to T2 Biosystems, Inc. and not to any of its subsidiaries.

The following description of our common stock and certain provisions of our amended and restated certificate of incorporation (our “charter”) and amended and restated bylaws (“bylaws”) are summaries and are qualified in their entirety by reference to the full text of our amended and restated certificate of incorporation and our amended and restated bylaws, each of which have been publicly filed with the Securities and Exchange Commission (the “SEC”).  We encourage you to read our amended and restated certificate of incorporation and our amended and restated bylaws and the applicable provisions of the Delaware General Corporation Law (the “DGCL”) for additional information. 

Common Stock

Our board of directors is authorized to direct us to issue up to 200,000,000 shares of common stock, $0.001 par value.  Holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders and do not have any cumulative voting rights. An election of directors by our stockholders is determined by a plurality of the votes cast by the stockholders entitled to vote in the election. Subject to the supermajority votes for some matters, other matters are decided by the affirmative vote of our stockholders having a majority in voting power of the votes cast by the stockholders present or represented and voting on such matter. Our directors may be removed only for cause and only by the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock entitled to vote thereon. In addition, the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock entitled to vote thereon is required to amend or repeal, or to adopt any provision inconsistent with, several of the provisions of our restated certificate of incorporation.

Dividend

Holders of our common stock are entitled to receive proportionately any dividends as may be declared by the board of directors, subject to any preferential dividend rights of any outstanding preferred stock that we may designate and issue in the future. The Company has not paid cash dividends on any of its shares of capital stock.

Other Rights and Preferences

Our common stock has no preemptive, subscription, redemption or conversion rights or sinking fund provisions.

Liquidation

In the event of our liquidation or dissolution, the holders of common stock are entitled to receive proportionately our net assets available for distribution to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock.

Fully Paid and Non-Assessable

All outstanding shares of common stock are fully paid and non-assessable.

 

 

Preferred Stock

Our board of directors is authorized to direct us to issue up to 10,000,000 shares of preferred stock in one or more series without shareholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

The purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock.

 

Staggered Board

 

Our board of directors is divided into three classes.  The directors in each class serve for a three year term, one class being elected each year by our stockholders.  This system of electing and removing directors may tend to discourage a third party from making a tender offer or otherwise attempting to obtain control of us, because it generally makes it more difficult for stockholders to replace a majority of the directors.

 

Anti-Takeover Effects of Delaware Law

We are subject to the provisions of Section 203 of the Delaware General Corporation Law. Under Section 203, we would generally be prohibited from engaging in any business combination with any interested stockholder for a period of three years following the time that this stockholder became an interested stockholder unless:

 

	
 
	
•
	
 
	
prior to this time, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

 

	
 
	
•
	
 
	
upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding shares owned by persons who are directors and also officers, and by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

 

	
 
	
•
	
 
	
at or subsequent to such time, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

Under Section 203, a “business combination” includes:

 

	
 
	
•
	
 
	
any merger or consolidation involving the corporation and the interested stockholder;

 

	
 
	
•
	
 
	
any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;

 

	
 
	
•
	
 
	
any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder, subject to limited exceptions;

 

	
 
	
•
	
 
	
any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or

 

	
 
	
•
	
 
	
the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

In general, Section 203 defines an interested stockholder as an entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by such entity or person.

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