Document:

Exhibit
10.2

 

"Pursuant to Item 601(b)(10)(iv) of
Regulation S-K, certain identified information marked with [*****] has been excluded from the exhibit because it is both (i) not material
and (ii) the type that the registrant treats as private or confidential.

 

委托加工知识产权授权书

 

Commissioned
Processing Intellectual Property Power of Attorney

 

授权人:                           
(定作方)

 

Licensor:
Gelteq Pty Ltd                 (fixed party)

 

被授权人:蜡笔小新(福建)食品工业有限公司(承揽方)

 

Licensee:
                            Limited (Contractor)

 

鉴于授权人和被授权人已经签订《委托加工合同》,并建立友好合作关系,为开展生产并进一步明确双方涉及知识产权权利义务,现定作方特此授权承揽方为且仅为履行《委托加工合同》之目的有权使用授权人持有和使用的下列商标及/知识产权,并委托承揽方根据《委托加工合同》的条款和条件印刷、印制商标及/或其他知识产权、印制企业印刷、印制带有授权人下列商标及/知识产权的产品、包装袋、包装纸、包装箱、说明书、吊牌等。本授权书第1条、第2
条、第3条明确授权人知识产权的内容。授权方无意通过本授权书的任何内容将授权人的知识产权所有权转让给被授权人。

 

In
view of the fact that the Licensor and the Licensee have signed the <Commissioned Processing Contract> and established friendly
and cooperative relations, in order to carry out production and further clarify the rights and obligations of the parties involved in
intellectual property rights, it is hereby authorized to authorize the Contractor to use the following trademarks and/or intellectual
property rights held and used by the authorizer solely for the performance of the contract by the Contractor, and to entrust the printing
of trademarks and/or other intellectual property rights, printing enterprises, printing products, bags, packaging paper, boxes, instructions,
tags, etc to the Contractor on the terms and conditions of the contract. Sections 1, 2 and 3 of this document specify the Licensor’s
Intellectual Property. Nothing in this document is intended to transfer ownership of the Licensor’s Intellectual Property to the
Licensee.

 

	1.	注册商标:

 

1,
Registered Trademarks:

 

中国授权商标注册证号:[*****]

 

China
Authorized Trademark Registration License No.: [*****]

 

授权人所在国注册商标证号:

 

Registered
trademark number in the country where the authorizer is located:

 

	Hypogel
	[*****]
	Gelteq
    (and Logo)	[*****]
	SportsGel
    (and logo)	[*****]
	MyHypo	[*****]
	Nutrigel	[*****]

 

     

     

    

 

	2.	专利权:

 

2,
Patent Rights:

 

中国授权专利权号:

 

China
Granted Patent Number:

 

	[*****]

	[*****]

 

	3.	授权人所在国专利权号:

 

3, Patent
number of the author’s country:

 

	[*****]

	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

 

4、授权期限:与双方签订的承揽合同期限一致。若承揽合同因任何原因被解除的,本授权书项下的授权将同时被撤销。

 

4,
the authorization period: with the contract signed by the two parties the same period except that if the contract is terminated for any
reason then the power of attorney granted under this document is revoked with immediate effect.

 

本授权书作为双方合同的附件,有相同的法律效力。被授权人无权根据本授权书要求授权人作出任何法律安排。

 

This
power of attorney, as an annex to the contract between the parties, has the same legal effect. The Licensee does not have the power to
bind the Licensor to any legal arrangements under this Power of Attorney.

 

以上商标证书、著作权登记证书、专利权证书、标识复印附页并加盖骑缝章。

 

The
above trademark certificate, copyright registration certificate, patent certificate, logo copy attached page and stamped with riding
seal.

 

    2

     

    

 

5、授权人在此确认授权人以上知识产权不侵犯任何第三人的知识产权。因此而产生纠纷的,授权人承担全部责任。如因此造成被授权人损失的,予以全额补偿。

 

5.
The licensor hereby confirms that the intellectual property rights of the Licensor do not infringe the intellectual property rights
of any third party. If a dispute arises as a result, the Licensor shall bear full responsibility. If the loss of the authorized person
is caused as a result, full compensation shall be paid.

 

6.被授权人同意仅在委托加工合同和本授权规定的范围内使用授权人的知识产权。

 

6.
The Licensee agrees that it will only use the Licensor’s Intellectual Property in accordance with the scope of the Manufacturing
Contract (also referred to here as the Commissioned Processing Contract) and the provisions of both this and the Manufacturing Contract.

 

7.被授权人同意在委托加工合同和本授权规定的范围内保护授权人的知识产权。

 

7.
The Licensee agrees to do all things required within the scope of the Manufacturing Contract (also referred to here as the Commissioned
Processing Contract) and the provisions of both this and the Manufacturing Contract to protect the Licensor’s intellectual property
rights in the Licensor’s Intellectual Property.

 

8.本授权书以中英文订立。两种语言文本间如有歧义,以中文文本为准。

 

8.
This authorization is made in Chinese and English. In case of any ambiguity between the two languages, the Chinese version shall prevail.

 

特此授权。

 

This
authorization is hereby granted.

 

授权人:

 

Licensor:
Gelteq Pty Ltd

 

/S/Nathan
Givoni 

 

Signed
by: Nathan Givoni - Director

 

年
月 日

 

Month
of year: 2021/08/24

 

3Exhibit
10.3

 

WASATCH FORMULATION DEVELOPMENT AGREEMENT

 

This Formulation Development Agreement (“Agreement”) is
entered into by and between Wasatch Product Development LLC, a Developer organized under the laws of Utah, having its principal
place of business at 427 West 11950 South, Draper, Utah 84020 (“Developer”) and Gelteq Pty Ltd a Developer organized under the
laws of Victoria, Australia, having its principal place of business at 641 Glenhuntly Rd, Caulfield Victoria 3162 (“Client”)
as of the 1st day of February , 2022 (“Effective Date”).

 

WHEREAS Developer has expertise in the Research (scientific
knowledge of nutrition and nutritive substances, and the identification of specific ingredient types and suppliers) and Development (formulation
and process expertise for the development of de novo formulations) of novel food and dietary supplement formulations (“Formulation”).

 

WHEREAS Developer also has the facility, manufacturing capability,
and expertise to process and manufacture the Formulation into a finished good product (“Finished Good Product”).

 

WHEREAS Client is a brand and/or distributor who wishes to engage
Developer to create food or dietary supplement formulation(s) (“Project”) for the purposes marketing and distributing Finished
Good Product by the Client.

 

NOW, THEREFORE in consideration of the mutual promises
and covenants set forth in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows
(see Exhibit A – Legal Terms for additional terms):

 

1.
PROJECT SCOPE

 

		a.	Client will outline the scope of the development project in
the Wasatch NPD - Phase 0 Concept Development Questionnaire.docx supplied by Developer.

 

		b.	Upon review, Developer will confirm the R&D Retainer (“Retainer”)
required to initiate the development Project.

 

		c.	If Client requests development work outside of the Project
Scope (“Additional Scope”) as outlined in 2.c., Developer will ask Client to complete an amendment to the Phase 0 Concept
document whereupon Developer will assess the additional Retainer required to complete the Additional Scope and will proceed with the
Additional Scope upon submission of the new Retainer by Client.

 

CONFIDENTIAL.
DO NOT COPY. DO NOT DISTRIBUTE

 

    WASATCH PRODUCT DEVELOPMENT LLC | 1152 WEST 2240 SOUTH SUITE A | WEST VALLEY CITY | 

     

    

 

2.
RETAINER

 

		a.	Purpose: Because Developer and Client are engaging
in the Project at-risk with no assurance that the formulation will proceed to commercialization and production at the Developer, the
purpose of the Retainer is to,

 

		i.	Act as a screening mechanism to ensure Client is committed
to the project and engaged in the development process.

 

		ii.	Create alignment between the Developer and Client to maximize
the efficiency of the development process.

 

		iii.	Defray development expenses by the Developer associated with
development tasks as outlined in section 2.b.

 

		b.	Amount: Typically, $2,500 but will be confirmed
in writing by Developer prior to the Client incurring any fees.

 

		c.	Development Scope

 

		i.	Review of Phase 0 Concept document.

 

		ii.	Research of scientific literature or other industry sources
to identify ingredients that meet specific marketing claims, structure/function claims, or other product specifications outlined by Client
in the Phase 0 Concept document.

 

		iii.	Development of concept formulation.

 

		iv.	Sourcing of ingredient samples.

 

		v.	Ingredient experimentation and creation of the Initial Bench-top
Sample.

 

		vi.	Potential adjustments to bench-top samples, no more than
two iterations budgeted:

 

		1.	Iteration #1 - formulation adjustment to the initial bench-top
sample to create a new version of the formula for evaluation by Client.

 

		2.	Iteration #2 – formulation adjustment to Iteration #1
to create a new version of the formula for evaluation by Client.

 

		vii.	Upon confirmation of the final Formulation by Client, the
creation of the Nutrition Facts or Supplement Facts panel by Developer and provision to Client.

 

		d.	Timeline

 

		i.	From completion and submission of the Phase 0 Concept document
by Client, Developer will typically be able to generate a Concept Formula within 1-2 weeks, identify and request ingredient samples from
suppliers within 1-3 weeks, receive ingredient samples from suppliers within 2-8 weeks, and the generate the Initial Bench-Top Sample
within 1-2 weeks of receipt of ingredients from suppliers.

 

		ii.	Please note the following factors and risks can increase
the Project timeline. Developer will apply its best efforts to pre-emptively avoid these factors and mitigate these risks:

 

		1.	Suppliers are not responsive to requests for ingredient samples

 

		2.	Suppliers delay shipment of ingredient samples

 

		3.	Client makes significant changes to the Project Scope after
the completion of the Initial Bench-Top Sample

 

CONFIDENTIAL.
DO NOT COPY. DO NOT DISTRIBUTE

 

    2
WASATCH PRODUCT DEVELOPMENT LLC | 1152 WEST 2240 SOUTH SUITE A | WEST VALLEY CITY | 

     

    

 

3.
MARKETING EXCLUSIVITY

 

		a.	The payment of the Retainer thereby grants to Client the right
to exclusively market the Finished Good Product during the period of time that the Developer is utilized as the sole contract manufacturing
supplier to manufacture Finished Good Product.

 

		b.	The parties agree that once the Formulation Ownership Transfer
has occurred, then the Client may utilize and market the Finished Good Product in any manner it desires.

 

4.
CLIENT IP

 

		a.	Client IP consists of the following:

 

		i.	all patents owned by the Client;

 

		ii.	all Trade marks developed by or owned by the Client;

 

		iii.	formulation provided by the Client; and

 

		iv.	production methods disclosed by the Client.

 

		b.	Developer agrees that the Client IP will remain owned by the
Client and that nothing in this Agreement transfers, or will be construed to transfer any ownership or interest in the Client IP to any
party.

 

		c.	The Client grants the Developer a royalty-free, non exclusive,
licence to use the Client IP solely for the purpose of the Developer creating Formulations for the Client as set out in this Agreement.

 

		d.	The Developer agrees that it will not, on its own, or through
any other party through any act, omission or negligence, breach any of the Client IP or seek to replicate, copy, circumvent or adapt
the Client IP and will not allow any third party do so. The Developer agrees that it will immediately notify the Client if there is any
actual or suspected breach of this clause 4 by the Developer or its personnel.

 

		e.	The Developer agrees that the Client IP has significant value
for the Client and that it will only disclose the Client IP to those of its employees who strictly need to know the details of the Client
IP for the purpose of the Developer creating Formulations for the Client and in making such disclosures will only disclose the minimum
amount of Client IP necessary to the employee for their relevant role in providing the services under this Agreement.

 

		f.	The Developer agrees that it will not use, or allow to be
used any of the Client IP:

 

		i.	or any information adapted from or arising out of the Client IP for any purpose other than as set out herein;

 

		ii.	for its own purpose;

 

		iii.	for its own profitability; or

 

		iv.	in relation to any other client or prospective client of the Developer.

 

		g.	The Developer agrees that it will immediately notify the Client
if there is any actual or suspected breach of this clause 4 by the Developer or its personnel.

 

CONFIDENTIAL.
DO NOT COPY. DO NOT DISTRIBUTE

 

    3
WASATCH PRODUCT DEVELOPMENT LLC | 1152 WEST 2240 SOUTH SUITE A | WEST VALLEY CITY | 

     

    

 

5.
INTELLECTUAL PROPERTY & OWNERSHIP TRANSFER

 

		a.	Intellectual Property for the Formulation does not include
any of the Client IP and is defined as, and consists of the following:

 

		i.	The specification of ingredient types/versions;

 

		ii.	The list of ingredients in gram weight per-serving;

 

		iii.	The list of commercial ingredient suppliers used to create the Formulation;

 

		iv.	Process instructions;

 

		v.	designation of the Formulation as a Trade Secret of its owner ; and

 

		vi.	excluding the Client IP.

 

		b.	Developer retains the rights to all intellectual property
associated with the Formulation until Ownership Transfer. Ownership Transfer of the Formulation Intellectual Property from the Developer
to the Client will happen under one of the following two conditions:

 

		i.	The payment of the Formulation Ownership Transfer price which will be calculated by the Developer and Disclosed to the Client upon
completion of Project, with an upper limit of $15,000

 

		ii.	Cumulative purchase order submission, production and payment of at least 1 million units (pouches) of Formulation by Client
at Developer’s manufacturing facility (“Cumulative Production”).

 

		c.	Ownership Transfer Method

 

		i.	Upon one of the aforementioned conditions as delineated in 5.b., Developer will deliver to Client in writing the Intellectual Property
for the Formulation as defined in 5.a. with an acknowledgement that Developer is designating the Formula as a Trade Secret of the Client
thenceforth subject to the Mutual Non-Disclosure Agreement that the parties will execute.

 

		ii.	The Developer agrees to sign all IP assignment and ownership transfer documents, and to procure their personnel to sign all IP assignment
and ownership transfer documents, required by the Client in order for the Client to secure protection for the Formulation, including if
desired by the Client, patent protection. Developer will charge $125/hour for Client-requested support to secure protection for the Formulation.

 

6.
ENTIRE AGREEMENT

 

		a.	This Agreement includes all attached exhibits, all of which
are herein incorporated by reference. This Agreement contains the entire understanding of the parties with respect to the matters herein
contained and supersedes all previous agreements and undertakings with respect thereto. This Agreement may be modified only by written
agreement signed by the parties.

 

CONFIDENTIAL.
DO NOT COPY. DO NOT DISTRIBUTE 

 

    4
WASATCH PRODUCT DEVELOPMENT LLC | 1152 WEST 2240 SOUTH SUITE A | WEST VALLEY CITY | 

     

    

 

IN WITNESS WHEREOF, the parties have authorized
their respective undersigned representatives to execute this Agreement effective as of the Effective Date.

 

	Authorized Signatory	 	Gelteq Pty Ltd
	 	 	 
	/S/ Authorized Signatory	 	/S/ Simon Szewach
	Signature	 	Signature
	 	 	 
	Authorized Signatory	 	Simon Szewach
	Printed Name	 	Printed Name
	 	 	 
	Vice President, Sales & Marketing – Wasatch Nutritionals 	 	Director
	Title	 	Title
	 	 	 
	Date 01/31/2022	 	Date 01/31/2022

 

CONFIDENTIAL.
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    5
WASATCH PRODUCT DEVELOPMENT LLC | 1152 WEST 2240 SOUTH SUITE A | WEST VALLEY CITY | 

     

    

 

Exhibit A – Legal Terms

 

1. Indemnification

 

		a.	Subject to the terms and conditions of this Agreement, each
party (the “Indemnitor”) agrees to indemnify, defend and hold the other party, its affiliates and their respective employees,
directors, officers and agents (the “Indemnitees”) harmless against any claim, liability, damages, losses, judgment, and
other expense (including but not limited to reasonable attorney’s fees and court costs) (“Liability”) arising out of
or resulting from any third party claims made or proceedings brought against the Indemnitees, or any of them, to the extent such Liability
arises in the execution of performance of this Agreement and results from the Indemnitor’s, or its employees’, agents’,
or subcontractors’

 

		i.	negligence or willful misconduct

 

		ii.	breach of this Agreement

 

		b.	A party entitled to indemnity under this Agreement shall

 

		i.	notify the Indemnitor in writing of the indemnified claim within ten (10) days after receiving notice thereof,

 

		ii.	give the Indemnitor sole control of the defense and settlement thereof, and

 

		iii.	provide all reasonable assistance in connection therewith, at the Indemnitor’s sole expense.

 

		c.	The Indemnitor shall not settle or compromise any indemnified
claim without the indemnified party’s express, written consent, which consent shall not be unreasonably withheld or delayed.

 

		d.	The indemnified party shall have the right to participate,
at its sole expense, in the defense of any indemnified claim, through a counsel of its own choosing.

 

2. Default

 

		a.	Either party must provide a written Notice of Default within
ten (10) days of the other party committing a breach of the Agreement.

 

		b.	Upon receipt of a Notice of Default, the receiving party has
a cure period of thirty (30 days) to remedy the Default.

 

		c.	In the event of a Notice of Default by Client, Client shall
immediately cease all sales of any product that pertains to the Notice of Default. Client’s continued sales of product subject
and subsequent to a Notice of Default will invalidate all claims made in the Notice of Default and immediately invalidate the Notice
of Default.

 

		d.	Either party may terminate the Agreement after Notice of Default
and expiration of 30- day period without a curing of breach.

 

		e.	Either party may terminate the Agreement immediately at any
time, in the event that the other party voluntarily commences bankruptcy proceedings or has a bankruptcy proceeding involuntarily commenced
against it.

 

CONFIDENTIAL.
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    6
WASATCH PRODUCT DEVELOPMENT LLC | 1152 WEST 2240 SOUTH SUITE A | WEST VALLEY CITY | 

     

    

 

3. Notices

 

All notices required or permitted under this Agreement will be in writing
and shall be considered as having been given if emailed with follow-up original mailed by U.S. first class mail, sent to the addresses
set forth at the beginning of the Agreement or to such other addresses as may be designated in advance by a party giving written notice
to the other party.

 

4. No Third Party Beneficiaries

 

This Agreement has been entered into for the sole benefit of Developer
and Client and in no event will any third-party benefits or obligations be created thereby.

 

5. Assignment

 

		a.	Neither party shall assign this Agreement nor any part thereof
without the prior written consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed; provided,
however, that either party may assign this Agreement, without the consent of the other,

 

		i.	to one of its Affiliates, so long as such party remains primarily liable hereunder and

 

		ii.	with prompt notice of assignment in connection with

 

		1.	the transfer or sale of substantially all of its business to
which this Agreement pertains or

 

		2.	a merger or consolidation of such party with another Developer.

 

		b.	Any permitted assignee shall assume all obligations of its
assignor under this Agreement.

 

6. Severability

 

If any of the provisions of this Agreement is or becomes illegal, unenforceable,
or invalid (in whole or in part for any reason), the remainder of this Agreement shall remain in full force and effect without being impaired
or invalidated in any way.

 

7. Governing Law; Jurisdiction

 

This Agreement shall be governed by, and construed in accordance with,
the laws of the State of Utah and the laws applicable therein.

 

CONFIDENTIAL.
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    7
WASATCH PRODUCT DEVELOPMENT LLC | 1152 WEST 2240 SOUTH SUITE A | WEST VALLEY CITY |

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