Document:

Exhibit 4.1

 

	NUMBER	 	SHARES

 

PURECYCLE TECHNOLOGIES, INC.

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

COMMON STOCK

 

	 	 	
        SEE REVERSE FOR

        CERTAIN DEFINITIONS

	 	 	 
	This Certifies that	 	CUSIP 74623V 103 
	is the owner of	 	 

 

FULLY PAID AND NON-ASSESSABLE SHARES
OF THE PAR VALUE OF $0.001 EACH

OF THE COMMON STOCK OF

 

 

transferable on the books of PureCycle
Technologies, Inc., a Delaware corporation (the “Corporation”) in person or by duly authorized attorney upon surrender
of this certificate properly endorsed. 

 

This certificate is not valid unless
countersigned by the Transfer Agent and registered by the Registrar.

 

Witness the facsimile seal of the Corporation
and the facsimile signatures of its duly authorized officers.

 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	CHAIRMAN	 	[INSERT SEAL HERE]	 	CHIEF EXECUTIVE OFFICER

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	TEN COM	-	as tenants in common	UNIF
    GIFT MIN ACT-	 	Custodian	 
	TEN ENT	-	as tenants by the entireties	 	 	(Cust)	 	(Minor)
	JT TEN	-	as joint tenants with right of survivorship	under Uniform Gifts to Minors  
	 	 	and not as tenants in common	Act	   	 	 
	 	 	 	 	(State)	 	 	 

 

Additional abbreviations may also be used
though not in the above list.

 

PureCycle Technologies, Inc.

 

The
Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series thereof of the Corporation and the qualifications,
limitations, or restrictions of such preferences and/or rights. This certificate and the shares represented thereby are
issued and shall be held subject to all the provisions of the Corporation’s Amended and Restated Certificate of Incorporation
and all amendments thereto and resolutions of the Board of Directors providing for the issue of shares of Common Stock (copies
of which may be obtained from the secretary of the Corporation), to all of which the holder of this certificate by acceptance
hereof assents.

 

For value received,                       hereby
sell, assign and transfer unto

 

     

     

    

 

	
        PLEASE INSERT SOCIAL SECURITY OR OTHER

        IDENTIFYING NUMBER OF ASSIGNEE
	 
	 	 
	 	 

	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	 
	 
	 

 

	 	 	 shares
	of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint	 	 
	 	 	 
	 	 	 Attorney
	to transfer the said stock on the books of the within named Corporation will full power of substitution in the premises.	 	 

 

	Dated_____________	 
	 	Notice:  	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).Exhibit 10.28

 

TECHNOLOGY SUBLICENSE AGREEMENT

 

This Technology Sublicense Agreement (this
 “Agreement”) of 13 November, 2019, by and among IMPACT RECYCLING LIMITED, incorporated and registered
in Scotland with company number SC489143 whose registered office is at 16 Abbotsinch Road, Grangemouth, Stirlingshire, FK39UX (“Sublicensor”),
and IMPACT LABORATORIES LIMITED, a limited company incorporated and registered in Scotland with company number SC230837
whose registered office is at 16 Abbotsinch Road, Grangemouth, Stirlingshire, FK39UX (“Licensor”) and PURECYCLE
TECHNOLOGIES, LLC, a Delaware limited liability company having a principal place of business at 3452 Lake Lynda Drive, Building
100, Suite 151, Orlando, FL 32817 (“Sublicensee”).

 

RECITALS:

 

WHEREAS, pursuant to a license agreement
between Sublicensor and Licensor dated 1 February, 2019 (“License Agreement”), Sublicensor has been granted an exclusive
license by Licensor with respect to certain patent rights relating to separation technology for plastics;

 

WHEREAS, Sublicensee desires to obtain from
Sublicensor, and Sublicensor desires to provide to Sublicensee subject to the terms and conditions set forth in this Agreement
and the License Agreement, a limited sublicense to use the Sublicensed Technology (as defined herein) in order to manufacture and
sell Licensed Products (as defined herein); and

 

WHEREAS, Licensor joins this Agreement for
the sole purpose of establishing its agreement to the terms of Section 13 hereof.

 

NOW, THEREFORE, in consideration of the
premises and the mutual promises herein contained, the Parties hereto (each, a “Party” and collectively, the
 “Parties”) agree as follows:

 

		1.	Definitions.

 

		1.1	The following terms shall have the stated meanings:

 

“BOSS Unit” means the
latest generation TwinBOSS unit which is expected to have a final design size and a tonnage throughput of between 2.7 and 3 mT
per hour.

 

“Confidential Information”
means all non-public, confidential, or proprietary information (including Proprietary Information) of the Disclosing Party, whether
in oral, written, electronic, or other form or media, whether or not such information is marked, designated, or otherwise identified
as “confidential” and any information that, due to the nature of its subject matter or circumstances surrounding its
disclosure, would reasonably be understood to be confidential or proprietary. Confidential Information does not include information
that the Receiving Party can demonstrate by documentation: (a) was already known to the Receiving Party without restriction
on use or disclosure prior to receipt of such information directly or indirectly from or on behalf of the Disclosing Party; (b) was
or is independently developed by the Receiving Party without reference to or use of any Confidential Information; (c) was
or becomes generally known by the public other than by breach of this Agreement by, or other wrongful act of, the Receiving Party;
or (d) was received by the Receiving Party from a third party who was not, at the time of receipt, under any obligation to the Disclosing Party or any other Person
to maintain the confidentiality of such information.

 

     

     

    

 

“CPI” means the Consumer Price
Index of the United States of America as published by the United States Department of Labor.

 

“Derivative Technology”
means any and all inventions and know-how discovered, created, or developed from or as a result of Sublicensee’s use of Sublicensed
Technology that are modifications of and/or enhancement of the Sublicensed Technology.

 

“Exclusive Field of Use”
means the field of separation technology for plastics in any form or application used to prepare feedstock for purification treatment
involving the P&G Technology.

 

“Effective Date” means
the date the Sublicensee discharges the Initial License Fee.

 

“Initial License Fee”
means the payment to be made under Article 3.1(a).

 

“Licensed Products” means
product(s) created through a process that is covered in whole or in part by an issued, unexpired claim or a pending claim
contained in a Patent.

 

“Longstop Date” means
31 May 2020.

 

“Net Sales” means the
gross sales of all Licensed Products by Sublicensee or its sub-sublicensees less rebates, credits for returns, customer
discounts given in the usual course of business and customer agreement defined incentives relating to the Licensed Product, in
each case actually allowed and taken.

 

“Non-exclusive Field of Use”
shall mean means the field of separation technology for plastics in any form or application other than in the Exclusive Field of
Use.

 

“Patents” means (i) the
patents and patent applications identified on Exhibit A, as such Exhibit A is revised from time to time by Sublicensor
to add any other patents and patent applications filed after the Effective Date relating to Licensed Products, (ii) all foreign
counterparts thereof, (iii) all divisionals, continuations, continuations-in-part of any of the foregoing, and any foreign
counterparts thereof, and (iv) all patents issuing on any of the foregoing, together with all registrations, reissues, re-examinations,
supplemental protection certificates, or extensions thereof, and any foreign counterparts thereof.

 

“P&G Technology”
means the technology invented by The Procter & Gamble Company described by the unexpired claim or a pending claim contained
in the patents identified on Exhibit B.

 

“Proprietary Information”
means any non-public information related to Patents, including but not limited to any claims and information contained in any pending
and unpublished patent applications.

 

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“Representatives” means
a Party’s employees, officers, directors, consultants, legal advisors and investors or potential investors.

 

“Sublicensor’s BOSS Unit
Cost” means the total cost incurred by the Sublicensor in producing, shipping, installing and commissioning a BOSS Unit
for use by the Sublicensee under this Technology Sublicense Agreement inclusive of any non-recoverable sales related costs, commissions
and royalties but exclusive of any fees charged by Sublicensor to any equipment manufacturer.

 

“Sublicensed Technology”
means the Patents.

 

“Territory” means worldwide.

 

		2	GRANT OF LICENSE.

 

2.1         Grant.
Subject to the terms and conditions of this Agreement, from the Effective Date Sublicensor hereby grants to Sublicensee a license
under the Patents to use the Sublicensed Technology during the term of this Agreement to develop, manufacture, market, distribute,
use and sell the Licensed Products, on a non-exclusive basis in the Non-exclusive Field of Use, and on an exclusive basis in the
Exclusive Field of Use. After the Effective Date and during the term of this Agreement, Sublicensor shall not grant any sublicense
to any party in the Territory for purposes of developing, making, marketing and selling the Licensed Products in the Exclusive
Field of Use. If the Sublicensee has not paid the Initial Licence Fee in full by the Longstop Date, this Agreement will automatically
terminate with immediate effect. In the event of termination under this clause 2.1:-

 

		(a)	the Sublicensor will have no liability to the Sublicensee and will be free to grant a sublicence to a third party and to use
the Sublicensed Technology as it wishes in accordance with the scope of the License; and

 

		(b)	the Sublicensee will have no liability to the Sublicensor resulting from such failure to pay; provided that, such event shall
not waive the rights of Sublicensor with respect to any breach of this Agreement not related to such nonpayment.

 

2.2         Sub-sublicense.
Sublicensee cannot sub-sublicense the Sublicensed Technology without the Sublicensor’s prior written consent, not to be unreasonably
withheld, conditioned or delayed. All sub-sublicenses under this Agreement:

 

		(a)	shall be in the Exclusive Field of Use;

 

		(b)	shall be in writing executed by both Sublicensee and its sub-sublicensee; and

 

		(c)	shall contain obligations of the sub-sublicensee substantially similar to those obligations of Sublicensee set forth in this
Agreement.

 

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Sublicensee shall provide a copy of the
executed version of each sub-sublicense agreement hereunder to Sublicensor within thirty (30) days after execution thereof by both
parties thereto.

 

2.3         Ownership.
Notwithstanding anything contained in this Agreement to the contrary, (i) as between Sublicensor and Sublicensee, Sublicensor
retains all ownership rights in and to Sublicensed Technology and its Proprietary Information, (ii) all rights not expressly
granted to Sublicensee hereunder are reserved to Sublicensor, and (iii) no license or other right is granted to Sublicensee
(either expressly or by implication) with respect to any other patent, technology or other intellectual property of Sublicensor,
which are expressly reserved to Sublicensor. Nothing in this Agreement shall be construed as granting by implication, estoppel,
or otherwise any licenses under patents of Sublicensor or Licensor or other persons other than Patents, regardless of whether such
patents are dominant or subordinate to any Patent. Sublicensee shall not, at any time, directly or indirectly (i) oppose the,
grant of, nor dispute the validity or enforceability of, nor cooperate in any suit, claim, counterclaim or defense against any
patent or claim included in any Patent and/or (ii) challenge the Sublicensed Technology, or other intellectual property rights
of Sublicensor or Licensor in and to the Sublicensed Technology.

 

2.4         Patent
Filing. Sublicensor in its sole discretion may file patent applications or their equivalents to protect the Sublicensed Technology,
and Sublicensor shall be solely responsible for the filing, prosecution and maintenance of all Patents and Sublicensor shall have
exclusive control over the filing, prosecution and maintenance of any Patents in the Territory. In the event, Sublicensee requests
for filing of any patent applications in any countries within the Territory where Sublicensor has no intention of otherwise filing
a patent application, Subject to the prior written approval of the Sublicensor and the Licensor, the Sublicensor will arrange for
the filing of the relevant patent applications in the approved countries, subject to the Sublicensee reimbursing the Sublicensor
in full for all reasonable documented fees, costs and expenses associated with such filing, prosecution and maintenance of any
such Patents, including any legal fees associated with such preparation, filings, prosecution and maintenance of such Patents incurred
by the Sublicensor and/or the Licensor in connection with the same. Such fees, costs and expenses shall be reimbursed by Sublicensee
promptly upon receipt of invoices from Sublicensor. Sublicensee shall at all times cooperate and shall provide all information
and documents which will enable Sublicensor to complete, file, prosecute and maintain the Patents. Sublicensee shall do, execute,
acknowledge and deliver, at its own expense, all agreements, documents and notices as may be reasonably requested by Sublicensor
to enable it to file, prosecute and maintain the Patents in the Territory.

 

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2.5         BOSS
Unit Purchases. Sublicensee will notify the Sublicensor if it wishes to purchase BOSS Units to be supplied to Sublicensee
or its sub-sublicensees and if it intends to use the relevant BOSS Unit(s) in the Exclusive Field of Use or the
Non-exclusive Field of Use or both. The BOSS Units will be supplied in accordance with this Article, subject to customary
terms with respect to production and delivery. In the event that Sublicensor cannot timely meet Sublicensee’s orders
for BOSS Units, Sublicensor will engage agents to assist with such production and delivery. If neither Sublicensor nor its
agents are able to timely meet Sublicensee’s orders for BOSS Units, Sublicensee after 90 days’ written notice to
Sublicensor, may engage its own agents for purposes of producing BOSS Units provided that, if the agents require any support
or additional information from the Sublicensor in order to produce the BOSS Units, they must enter into a support and
maintenance agreement with the Sublicensor in accordance with the terms of Article 10. Sublicensor will supply and
install the first two BOSS Units at Sublicensor’s BOSS Unit Cost under the following payment schedule:

 

(a)            20%
on order placement;

 

(b)            40%
30 days after order placement;

 

(c)            20%
60 days after order placement;

 

(d)            10%
when the BOSS Unit is ready to ship; and

 

(e)            10%
on commissioning.

 

After the first two BOSS Units purchased, the first BOSS Unit
purchased in any calendar year will be supplied and installed with a price equal to 200% of Sublicensor’s BOSS Unit Cost
(i.e. gross margin of 50%) and each subsequent BOSS Unit in any calendar year supplied and installed with a price equal to 180%
of Sublicensor’s BOSS Unit Cost. Beginning in 2020 and continuing throughout the term of this Agreement, no later than four
months prior to the end of each calendar year, Sublicensee and Sublicensor will negotiate a BOSS Unit build program for the following
calendar year and payments for BOSS Units purchased in such following year will be as follows:

 

(a)            20%
on order placement;

 

(b)            20%
30 days after order placement;

 

(c)            10%
60 days after order placement;

 

(d)            10%
when the BOSS Unit is ready to ship; and

 

(e)            40%
on commissioning.

 

		3	ROYALTIES; PAYMENT TERMS; ACCOUNTING; AUDITS

 

3.1         Royalties.
In consideration of the rights granted to the Sublicensee under this Agreement, the Sublicensee agrees to pay to Sublicensor the
license fees and royalties set forth in this Section 3.1.

 

		(a)	Initial License Fee. A one-time, nonrefundable initial fee of $2,500,000 , which shall be paid no later than the Longstop Date.

 

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		(b)	Royalties in the Exclusive Field of Use or Otherwise Using Same Technology. On all Licensed Products produced by
                                                             Sublicensor processed using the P&G Technology, whether during the period of any unexpired claim or a pending claim
                                                             contained in any of the patents or patent applications comprising the P&G Technology, or thereafter (during which period
                                                             thereafter Sublicensee’s rights would no longer be exclusive however the royalty payable during the remaining term of
                                                             this Agreement would remain the same), in any calendar year during
the term of this Agreement in a location where a Patent is issued and continuing over the life of such Patent, the Sublicensee
shall pay to Sublicensor a royalty as follows:

 

		(i)	$0.00/mT for all production volume from 0 - 228,000 mT as measured by volume of purified product produced after using the P&G
Technology;

 

		(ii)	$22.0/mT for all production volume above 228,000 mT up to 342,000 mT as measured by volume of purified product produced after
using the P&G Technology; and

 

		(iii)	$33.0/mT for all production volume above 342,000 mT as measured by volume of purified product produced after using the P&G
Technology.

 

For purposes of clarity, no royalty shall be due or
payable under this Section 3 with respect to materials generated that are not used for further processing using the P&G
Technology provided that the feed going into the BOSS Unit has a minimum of five percent by weight (5%) of the polyolefins targeted
for further processing using the P&G Technology and with these targeted polyolefins ultimately processed (immediately or after
stockpiling) in a commercial facility using the P&G Technology with said commercial facility having a name plate production
capacity of 10,000 mT per annum or greater. After December 31, 2022, royalties under this Section 3.1(b) shall be
increased annually each calendar year during the term of this Agreement per any increases in the CPI (or, in the event that a price
index for recycled polypropylene is established with general industry acceptance, such recycled polypropylene index) with a maximum
escalation of no more than two percent (2%) per annum.

 

		(c)	Royalties in the Non-exclusive Field of Use. On all Licensed Products produced by Sublicensor in the Non-exclusive Field of
Use and not described in Section 3.1(b) above (with respect to the period after any expired claim or pending claim
contained in any of the patents or patent applications comprising the P&G Technology), in any calendar year during the term
of this Agreement in a location where a Patent is issued and continuing over the life of such Patent, the Sublicensee shall pay
to Sublicensor a percentage royalty equal to 10% of Net Sales from such Licensed Product.

 

		(d)	Royalties for Non-Qualifying Feedstock. With respect to materials generated at a commercial facility using the P&G
                                                             Technology that are not used for further processing using the P&G Technology where either (i) the feed going into
                                                             the BOSS Unit has less than five percent by weight (5%) of the polyolefins targeted for further processing using the P&G Technology; or (ii) are processed at a commercial
facility using the P&G Technology but having a name plate production capacity of less than 10,000 mT per annum, in any calendar
year during the term of this Agreement in a location where a Patent is issued and continuing over the life of such Patent, the
Sublicensee shall pay to Sublicensor a percentage royalty equal to 10% of Net Sales from such Licensed Product.

 

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		(e)	Royalties shall be due and payable within 30 days following the end of each calendar quarter during which the end product produced
by the P&G Technology is sold.

 

3.2         Payment.
Sublicensee shall pay when due all amounts owing to Sublicensor pursuant to or in connection with this Agreement. All payments
in this Agreement are stated in U.S. Dollars, and all amounts payable to Sublicensor hereunder shall be calculated and paid in
U.S. Dollars. Any amounts payable by Sublicensee that are not paid when due, shall accrue interest beginning on the first day following
the period to which such payment relates, calculated at the annual rate of the sum of two percent (2%) plus the prime interest
rate quoted by Wall Street Journal (U.S. editions) on the date said payment is due, or on the date the payment is made, whichever
is higher, the interest being compounded on the last day of each payment period, provided that in no event shall said annual rate
exceed the maximum interest rate permitted by law in regard to such payments

 

3.3         Payment
Default. In the event Sublicensee fails to pay to Sublicensor any royalty payable under this Agreement, and such failure shall
continue for a period of 30 days after the giving by Sublicensor of written notice thereof to Sublicensee, Sublicensor shall have
the right to terminate this Agreement after the expiration of that 30-day period by providing written notice of such termination
to Sublicensee. In the event Sublicensor has the right to terminate this Agreement pursuant to this Section 3.5, Sublicensor
may, at its election and in lieu of termination, convert the exclusive license rights granted to Sublicensee for the Exclusive
Field of Use hereunder to a nonexclusive license. Sublicensor’s rights under this Section 3.3
shall be in addition to any and all rights and remedies available to Sublicensor in equity or at law.

 

3.4         Retention
of Records. While this Agreement remains in effect and for two years thereafter, Sublicensee shall keep full and accurate books
of account and copies of all documents and other material relating to this Agreement for the rolling prior five (5) year period
at Sublicensee’s principal office.

 

3.5         Audits
by Sublicensor. Sublicensor, by its duly authorized agents and representatives, shall have the right to inspect
Sublicensee’s operations, business offices, records, and other documents during normal business hours, to examine
Sublicensee s use of the Sublicensed Technology and to ensure Sublicensee’s compliance with this Agreement over the
prior period of up to two (2) years. At Sublicensor’s request, Sublicensee shall send samples of Licensed Products
to Sublicensor for analysis and shall submit current labels of Licensed Products to Sublicensor for inspection. The records
as described in Section 3.4 above shall be available for inspection, during normal business hours, upon
reasonable notice, by Sublicensor or by an independent certified public accountant retained by Sublicensor at
Sublicensor’s expense, for the purpose of verifying Sublicensee’s royalty statements and compliance with this
Agreement. For the purposes of conducting an audit, Sublicensee shall also make available to Sublicensor books of accounts
and records of sub-sublicenses in possession of Sublicensee or which Sublicensee can require sub-sublicensees to provide. In
the event that Sublicensee’s royalties calculated for any calendar year are in error by greater than five percent (5%),
Sublicensee shall in addition to paying Sublicensor any underpaid Royalty, reimburse Sublicensor for all reasonable
professional fees and other costs incurred by Sublicensor in conducting such audit and review, together with interest on the
overdue Royalty amount at a rate of 1.5% per month. All information and materials made available to or otherwise obtained or
prepared by or for the auditor in connection with such audit will be deemed Sublicensee’s Confidential Information and
will be subject to the auditor’s entry, prior to conducting the audit, into a written agreement with Sublicensee
containing confidentiality and restricted use obligations at least as restrictive as those set out in Section 14.

 

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3.6         Royalty
Statements. Sublicensee shall furnish to Sublicensor, at the same time it makes payment of royalties, a full and complete statement,
duly certified by an officer of Sublicensee to be true and accurate, showing the number of each type of Licensed Product in finished
goods inventory during the calendar quarter in question, the number of each type of Licensed Product sold during the calendar quarter
in question, the total gross sales revenues for each such Licensed Product, an itemization of all allowable deductions, if any,
the Net Sales price for each such Licensed Product and the amount of Royalties due with respect to all Licensed Product sales.

 

		4.	PATENT MARKING AND RECORDATION.

 

4.1         Patent
Marking. Sublicensee shall comply with all applicable United States and foreign statutes, rules and regulations related
to the marking of Licensed Product(s) and their packaging with patent notices, patent pending, patent number(s), copyrights,
trademark notices, or other intellectual property notices, and legends required to maintain the intellectual property rights licensed
in this Agreement.

 

4.2         Recordation
of License. If recordation of this Agreement or any part of it with a national or supranational governmental having jurisdiction
is necessary for Sublicensee to fully enjoy the rights, privileges, and benefits of this Agreement, Sublicensor shall, at its own
expense and as soon as practicable, record this Agreement or all such parts of this Agreement and information concerning the license
granted hereunder with each such appropriate national or supranational governmental authority.

 

		5.	OWNERSHIP OF DERIVATIVE TECHNOLOGY

 

Any Derivative Technology created by
the Sublicensee during the term of this Agreement shall be owned by Sublicensee. Upon creation of the Derivative Technology,
Sublicensee agrees to disclose such Derivative Technology to Sublicensor and shall provide such other information as is
reasonably required by the Sublicensor to evaluate the Derivative Technology effectively. The Sublicensee hereby grants to
Sublicensor (including the right to sub-license to the Licensor) an irrevocable, royalty-free, non-exclusive, transferrable,
worldwide license to use such Derivative Technology outside of the Exclusive Field of Use. Sublicensor agrees to execute all
documents reasonably requested by Sublicensee and provide reasonable assistance to Sublicensee, at Sublicensee’s sole
cost and expense, to enable Sublicensee to secure its rights in and to the Derivative Technology.

 

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		6.	REPRESENTATION AND WARRANTIES; DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY.

 

6.1         Sublicensor
represents and warrants to Sublicensee that (i) Sublicensor has the authority to enter into this Agreement and to perform
its obligations set forth in this Agreement, (ii) Sublicensor is not a party to any agreement that conflicts with this Agreement,
and (iii) Sublicensor has not granted to any third party any right, license, or privilege that conflicts with, or that would
be breached or otherwise violated by this Agreement. Sublicensor further represents and warrant to Sublicensee that:

 

		(a)	it is the owner or authorised licensor of the Patents and that it has and throughout the term of this Agreement will retain,
the full power and authority to grant the intellectual property and other rights granted in this Agreement without the further
consent of any third party;

 

		(b)	it is not aware that the Patents infringe any other party’s intellectual property rights and has received no notice or
correspondence to that effect; and

 

		(c)	it is not aware of any parties infringing on the Patents,

 

		(d)	as at the Effective Date, the Sublicensor is not the registered proprietor or licensees of any additional patents or patent
applications that the Sublicensee requires a licence to use in order to make, use, offer to sell, sell, and import the Licensed
Products in the Territory;

 

		(e)	Licensor has complied with all applicable laws in connection with the prosecution of the Patents, including any disclosure
requirements of all applicable patent offices, and has timely paid all filing and renewal fees payable with respect thereto; and

 

		(f)	there is no settled, pending, or threatened litigation, claim, or proceeding alleging that any Patent is invalid or unenforceable
(including any interference, nullity, opposition, inter parties, or post-grant review or similar invalidity or patentability proceedings
before any patent office), and it has no knowledge of any factual, legal, or other reasonable basis for any such litigation, claim,
or proceeding;

 

and acknowledges that Sublicensee is relying on such warranties
in entering into this Agreement.

 

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6.2         To
the extent permitted by law, nothing in this Agreement shall constitute any representation or warranty that:-

 

		(a)	any Patent (if a patent application) shall proceed to grant or, if granted, shall be valid; or

 

		(b)	the exercise by the Sublicensee of its rights granted under this Agreements will not infringe the rights of any person.

 

6.3         Sublicensee
represents and warrants to Sublicensor that:

 

		(a)	Sublicensee has the authority to enter into this Agreement and to perform its obligations set forth in this Agreement,

 

		(b)	Sublicensee has secured, and will maintain in full force and effect during the term of this Agreement, any and all permits,
licenses, consents and approvals required for use of the Sublicensed Technology and Derivative Technology and to perform Sublicensee’s
obligations under this Agreement;

 

		(c)	Sublicensee will only make use of the Patents in accordance with the terms of this Agreement;

 

		(d)	Sublicensee will comply with all regulations and practices in force or use in the Territory to safeguard the Licensor and/or
the Sublicensee’s rights in the Patents; and

 

		(e)	Sublicensee will promptly notify the Sublicensor of any of the matters listed in Section 12.5 arising in respect
of the Sublicensee.

 

6.4         Sublicensee
undertakes and covenants with the Licensor and the Sublicensee that for the term of this Agreement and for five years thereafter
it will not employ, contract with or in any way engage with any employee of the Licensor and the Sublicensor or any ex-employee
of the Licensor and the Sublicensor.

 

		7.	INDEMNIFICATION; LIMITATION OF LIABILITY

 

7.1         Sublicensor
Indemnification. Sublicensor hereby agrees to indemnify, defend and hold harmless Sublicensee, its affiliates, and their respective
directors, officers, employees and agents, from and against any and all liabilities, obligations, damages, penalties, fines, loss,
awards, judgments, costs, and expenses (including, without limitation, reasonable attorneys’ fees and costs), relating to
any claim, action or proceeding initiated or threatened (collectively “Losses”) arising out of (i) any failure
by Sublicensor to perform its obligations under this Agreement; or (ii) any breach by Sublicensor of a representation, warranty
or covenant set forth in this Agreement.

 

7.2         Sublicensee
Indemnification. Sublicensee shall indemnify, defend and hold harmless Sublicensor, its affiliates, Licensor, and their respective
directors, officers, employees and agents (the “Indemnitees”) from and against any Losses incurred by or imposed upon
the Indemnitees or any one of them as a result of (i) any failure by Sublicensee to perform its obligations under this Agreement
or by a sub-sublicensee to perform its obligations under a sub-sublicense agreement; or (ii) any breach by Sublicensee of
a representation, warranty or covenant set forth in this Agreement or by any of its sub-sublicensees’ breach of a representation,
warranty or covenant set forth in a sub-sublicense agreement.

 

7.3         Claims
Procedures. With respect to any claims falling within the scope of the foregoing indemnification: (i) each Party agrees
promptly to notify the other of and keep the other fully advised with respect to such claims and the progress of any suits in which
the other Party is not participating; and (ii) each Party shall have the right to participate, at its sole expense, in any
suit instituted against it.

 

    10

     

    

 

7.4         IN
NO EVENT SHALL EITHER PARTY, ITS SUBCONTRACTORS, EMPLOYEES, AFFILIATES OR SUBSIDIARIES, BE LIABLE TO THE OTHER UNDER THIS
AGREEMENT FOR ANY CONSEQUENTIAL, INDIRECT, PUNITIVE, INCIDENTAL OR SPECIAL DAMAGES, INCLUDING LOST PROFITS, WHETHER
FORESEEABLE OR UNFORESEEABLE (AND WHETHER OR NOT THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY THEREOF), ARISING FROM ANY CAUSE
OF ACTION WHATSOEVER, INCLUDING CONTRACT, WARRANTY, STRICT LIABILITY, OR NEGLIGENCE EXCEPT WITH RESPECT TO CLAIMS UNDER SECTIONS
7.1 AND 7.2, IN NO EVENT SHALL ANY PARTY’S AGGREGATE LIABILITY ARISING FROM OR RELATING TO THIS AGREEMENT EXCEED
THE TOTAL AMOUNT PAID TO SUBLICENSOR BY SUBLICENSEE IN THE SIX MONTHS PRECEDING ANY CLAIM MADE BY A PARTY. WITH RESPECT TO CLAIMS
UNDER SECTIONS 7.1 , IN NO EVENT SHALL THE SUBLICENSOR’S AGGREGATE LIABILITY EXCEED $3,000,000. WITH RESPECT
TO CLAIMS UNDER SECTIONS 7.2, IN NO EVENT SHALL THE SUBLICENSEE’S AGGREGATE LIABILITY EXCEED $10,000,000.

 

		8	INSURANCE.

 

8.1         Sublicensee
agrees to obtain and maintain at its own expense, product liability insurance coverage providing protection at a minimum, in the
amount of $6,000,000 USD per occurrence/$11,000,000 USD annual aggregate. Such coverage shall be in place from the time a BOSS
UNIT is delivered and as set forth in Section 8.2 for each location where a BOSS UNIT is operating in support of the Sublicensee’s
business.

 

8.2         Sublicensee
shall maintain such product liability insurance beyond the expiration or termination of this Agreement during (i) the period
(as contemplated by Section 12.7) that any Licensed Product relating to, or developed pursuant to, this Agreement is
being commercially distributed or sold by Sublicensee or by a sub-sublicensee or agent of Sublicensee and (ii) a period not
less than the statute of limitations for product liability claims in the state in which the Licensed Product is being used.

 

8.3         Sublicensee
shall, at its own expense, carry general liability (also known as public liability) insurance (with a minimum cover of $6,000,000
USD) and worker’s compensation (also known as employers’ liability) insurance (with a minimum cover of $10,000,000
USD) from the time a BOSS UNIT is delivered and as set forth in Section 8.2 for each location where a BOSS UNIT is operating
in support of the Sublicensee’s business and shall supply the Licensor with a copy of such policy on request.

 

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		9	INFRINGEMENT.

 

9.1         Each
of the Sublicensor and the Sublicensee shall immediately notify the other in writing, giving full particulars, if any of the following
matters come to its attention:

 

(a)         any
actual, suspected or threatened infringement of any of the Patents;

 

(b)         any
actual or threatened claim that any of the Patents is invalid;

 

(c)         any
actual or threatened opposition to any of the Patents;

 

(d)         any
claim made or threatened that exploitation of any of the Patents infringes the rights of any third party;

 

(e)         any
person applies for, or is granted, a patent by reason of which that person may be, or has been, granted rights which conflict with
any of the rights granted to the Sublicensee under this Agreement;

 

(f)          any
application is made for a compulsory licence under any Patent; or

 

(g)         any
other form of attack, charge or claim to which the Patents may be subject.

 

Such
notice shall include all information with respect to the infringement necessary to conduct a lawsuit, including any available
evidence of such infringement. The parties will meet reasonably promptly following notification of any matter under this Article 9
to decide what action, if any, should be taken by the Sublicensor in respect of the relevant infringement, challenge or breach.

 

9.2         Sublicensor
shall have the first right, but not the obligation, to institute and prosecute, at its own expense, all actions, suits or proceedings
against such violations, and Sublicensor may, for such purposes, join Sublicensee as a party plaintiff. Sublicensor shall keep
any recovery or damages for past infringement derived from any such actions, suits or proceedings.

 

9.3         If
Sublicensor fails to initiate proceedings to prevent, or otherwise respond to such violation of Sublicensed Technology within
6 months of receipt of written notice of such violation from Sublicensee, Sublicensee shall have the right upon written notice
to Sublicensor to initiate and/or prosecute at its sole cost and expense such legal or equitable proceedings as Sublicensee may
deem necessary or appropriate to prevent or terminate such infringement or to recover damages in respect thereof. In the event
Sublicensee institutes an action for infringement of any Sublicensed Technology under this Section 9.3 and a settlement
is entered into or monetary damages are awarded in a final non-appealable judgment, the amount paid as a result of such settlement
or the monetary damages awarded shall first be applied to the payment of Sublicensee’s reasonable out-of-pocket expenses,
including reasonable attorney’s fees incurred in bringing the action, and the balance of any such amount shall be divided
appropriately between Sublicensee, Licensor, and Sublicensor with reference to the relative monetary injury suffered by each as
a result of the infringement for which such amount is recovered. The Parties shall at all times use reasonable endeavors to cooperate
with each other and keep each other fully informed with respect to any proceedings initiated and/or prosecuted pursuant to this
Article 9.

 

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The Party not in control of the suit or
proceedings shall, at the request and expense of the controlling Party, render all reasonable assistance, including, providing
all information and documents in its possession and any witnesses as are or may be required in the conduct of any proceeding referred
to in this Article 9.

 

9.1         Each
Party shall promptly notify the other if any legal proceedings are commenced or threatened against either Party or any purchaser
of a Licensed Product sold by Sublicensee on the ground that the manufacture, use, sale or possession of the Licensed Product is
an infringement of a third party’s patent or other intellectual property rights.

 

		10.	SUPPORT AND MAINTENANCE OF BOSS UNITS.

 

An optional support and maintenance contract for the support
and/or maintenance of BOSS Units purchased or developed by Sublicensee or its sub-sublicensees will be provided by Sublicensor
to Sublicensee or its sub-sublicensees on the standard terms and conditions prevailing for such services at the time.

 

		11.	PUBLIC STATEMENTS OR RELEASES.

 

The Parties hereto agree that neither Party will make, issue
or release any public announcement, press release, statement or acknowledgment of the existence of, or reveal the status of, this
Agreement, or the transactions provided for herein without first obtaining the consent of the other Party, which shall not be unreasonably
withheld, conditioned or delayed. The Parties agree that upon execution of this Agreement, the Parties will issue a press release,
the content of which shall be mutually agreed to by the Parties. Nothing contained in this section shall prevent any party from
making such public announcements as such party may reasonably consider necessary in order to comply with the requirements of any
governmental entity having jurisdiction. In any event, neither party will issue a public announcement without providing the other
party a reasonable opportunity to review and comment on the proposed public announcement.

 

		12.	TERM; TERMINATION; EFFECT OF TERMINATION.

 

12.1       Term.
This Agreement commences on the Effective Date and unless terminated in accordance with Sections 12.2 through 12.4
shall remain in full force and effect until the last to expire of any of the Patents. In the event no patents are issued for any
patent application listed on Exhibit A, as such exhibit is revised by Sublicensor from time to time to add new patents and
patent applications, the term of this Agreement shall continue unless terminated in accordance with Sections 12.2 through
12.4.

 

12.2       Termination
of License Agreement. This Agreement shall automatically terminate upon the expiration or termination of the License Agreement
and, in lieu of this License Agreement, Sublicensee shall have a direct license with identical terms pursuant to Section 13.1.

 

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12.3       Material
Breach. In the event that either Party commits a breach of any material obligation under this Agreement by causes and reasons
within its control and responsibility, and the breaching Party fails to remedy the breach within 15 days after receipt of written
notice of that breach from the non-breaching Party, the non-breaching Party may, at its option and in addition to any other remedies
which it may have at law or in equity, terminate this Agreement after the expiration of such 15-day period by sending written notice
of termination to the breaching Party, and such termination shall be effective as of the date of the receipt of such notice.

 

12.4       Failure
to Pay Royalties. Sublicensor has the option to terminate this Agreement as provided in Section 3.3.

 

12.5       Bankruptcy.
Sublicensor shall have the right to immediately terminate this Agreement upon or after an Insolvency Event of Sublicensee. An “Insolvency
Event means, the occurrence of any one of the following events: (i) a court of competent jurisdiction shall have entered a
decree or order for relief in respect of Sublicensee in an involuntary proceeding under any applicable United States bankruptcy,
insolvency, reorganization or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee (or other similar official) of Sublicensee or of all or any substantial part of its property, or ordering the winding up
or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;
or (ii) Sublicensee shall have commenced a voluntary proceeding under any applicable United States bankruptcy, insolvency,
reorganization or other similar law now or hereafter in effect, or shall have consented to the entry of an order for relief in
an involuntary case under any such law, or shall have consented to the appointment of or taking possession by a receiver, liquidator,
assignee, custodian, trustee, (or other similar official) of the Party or of all or any substantial part of its property, or shall
have made an assignment for the benefit of creditors.

 

12.6       Except
as set forth in Section 12.7 and Section 12.8, upon expiration or termination of this Agreement prior to
the last to expire of any of the Patents, Sublicensee shall immediately (i) cease use of all Sublicensed Technology
and return all documents containing such Sublicensed Technology to Sublicensor, and (ii) cease practice of any inventions
covered by the Patents. Upon expiration or termination of this Agreement, Sublicensor shall not be liable or obligated to Sublicensee
with respect to any payments, exemplary, special or consequential damages, indemnifications or other compensation regarding such
expiration or termination, irrespective of whether such obligations or liabilities may be contemplated in the law of the Territory
or elsewhere, and Sublicensee hereby waives and relinquishes any rights, pursuant to law or otherwise, to any such payments, indemnifications
or compensation. Articles 5, 6, 7,14 and 15 and Sections 2.3, 2.4, 8.2, 12.6, 12.7 and 12.8 of this Agreement shall
survive the termination or expiration of this Agreement.

 

12.7       Sell-off
Rights. Notwithstanding the foregoing, if this Agreement expires in accordance with Section 12.1 upon the
expiration of the last to expire Patent, Sublicensee’s license to use Sublicensed Technology shall terminate except for
the production of and sale of Licensed Products for which production had begun prior to notice of such expiration or
termination. Sublicensee shall continue to sell such Licensed Product for up to six (6) months after such expiration or
termination of this Agreement. Immediately upon expiration or termination of this Agreement all rights of Sublicensee, except
as expressly stated in this Section 12.7, shall revert to Sublicensor and Sublicensee shall not be obligated to
make any payments pursuant to this Agreement, other than amounts accrued but unpaid as of the date of such expiration or
termination, and royalties due on Licensed Products sold by Sublicensee after the termination or expiration of this Agreement
in accordance with this Section 12.7, and for Licensed Products for which the sales proceeds are received by
Sublicensee after such date.

 

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12.8       Upon
expiration or termination of this Agreement pursuant to Section 12.1 (expiration of Patents), Sublicensee shall have the right
to continue, following the expiration of the Patents (“Expiration Date”), to use the Sublicensed Technology in connection
with the manufacture and sale of Licensed Products, throughout the world on a non-exclusive basis.

 

12.9       In
the event of expiration and/or termination of this Agreement for any reason, Sublicensee shall assign all of its rights and interests
in any existing sub-sublicense agreements to Sublicensor and Sublicensor shall have the right to collect royalties from such sub-sublicensees.
Sublicensee acknowledges that after the termination or expiration of this Agreement, Sublicensee shall have no right to collect
royalties or share in the royalties collected from the sub-sublicensees.

 

		13.	LICENSOR OBLIGATIONS.

 

13.1       Direct
License from Licensor. In the event that the License Agreement is terminated or Sublicensor’s rights thereunder are otherwise
limited in any manner that would negatively impact Sublicensee’s rights under this Agreement, for any reason, including,
without limitation, after any breach of the License Agreement by Sublicensor with immediate effect by serving written notice on
the Sublicensor and the Sublicensee the Licensor hereby joins this Agreement for the purpose of guaranteeing that, notwithstanding
any such termination of the License Agreement, Sublicensee’s rights under this Agreement shall not be disturbed or terminated
and Sublicensee shall be entitled to continue all of its rights under this Agreement; provided that, there exist no material defaults
by Sublicensee under this Agreement at such time. At all times after Licensor provides written notice to Sublicensee of such termination
or other event, Sublicensee shall thereafter pay all royalties under this Sublicense directly to Licensor and Sublicensee shall
be bound to Licensor under all the executory terms, covenants, and conditions of the Agreement for the balance of the term of this
Agreement with the same force and effect as if Licensor had been the original sublicensor under the Agreement. This attornment
shall be effective and self-operative without the execution of any further instruments evidencing Licensor’s succession to
the interest of Sublicensor under this Agreement.

 

13.2       Business
Confidential Information Received by Licensor. Sublicensor hereby agrees that no technical Confidential Information
provided by Sublicensee shall be disclosed by Sublicensor to Licensor. Sublicensor also agrees that non-technical
Confidential Information shared by Sublicensee related to the Sublicensee’s business and current, future and proposed
products and services of Sublicensee, including for example and without limitation, Sublicensee’s information
concerning financial information, procurement requirements, customer lists, business forecasts, sales information, marketing
plans and business plans, in each case whether or not marked as “confidential” or “proprietary” will
not be disclosed by the Sublicensor to the Licensor except any to which Sublicensor is required to share with Licensor under
the terms of the License. This information shall be maintained by Licensor as confidential and as a “Receiving
Party” under the terms of Section.14 below.

 

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13.3       For
the avoidance of doubt, the Licensor shall have no other rights, liabilities or obligations under this Agreement other than those
specified in this Section 13 and the Sublicensor and the Sublicensee, severally and not jointly, hereby agree to hold
the Licensor harmless against any and all Losses incurred by it under this Agreement arising out of any third party claim based
upon failure by such indemnifying party to perform its obligations under this Agreement.

 

13.4       Licensor
represents and warrants to Sublicensee that Licensor has the authority to enter into this Agreement, has taken any and all action
necessary under the License to approve this Agreement and to perform its obligations set forth in this Agreement.

 

		14.	CONFIDENTIALITY.

 

14.1       Confidentiality
Obligations. Each other Party (the “Receiving Party”) acknowledges that in connection with this Agreement it will
gain access to Confidential Information of the other Party (the “Disclosing Party”). As a condition to being furnished
with Confidential Information, the Receiving Party shall, during the Term and for three (3) years thereafter:

 

		(a)	not use the Disclosing Party’s Confidential Information other than as strictly necessary to exercise its rights and perform
its obligations under this Agreement; and

 

		(b)	maintain the Disclosing Party’s Confidential Information in strict confidence and, subject to Section 14.2, not
disclose the Disclosing Party’s Confidential Information without the Disclosing Party’s prior written consent, provided,
however, the Receiving Party may disclose the Confidential Information to its Representatives who:

 

		(i)	have a need to know the Confidential Information for purposes of the Receiving Party’s performance, or exercise of its
rights with respect to such Confidential Information, under this Agreement;

 

		(ii)	have been apprised of this restriction; and

 

		(iii)	are themselves bound by written nondisclosure agreements at least as restrictive as those set out in this Section 14,
provided further that the Receiving Party will be responsible for ensuring its Representatives’ compliance with, and will
be liable for any breach by its Representatives of, this Section 14.

 

The
Receiving Party shall use reasonable care, at least as protective as the efforts it uses with respect to its own confidential
information, to safeguard the Disclosing Party’s Confidential Information from use or disclosure other than as
permitted hereby.

 

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14.2       Exceptions.
If the Receiving Party becomes legally compelled to disclose any Confidential Information, the Receiving Party shall:

 

		(a)	provide prompt written notice to the Disclosing Party so the Disclosing Party may seek a protective order or other appropriate
remedy or waive its rights under Section 14; and

 

		(b)	disclose only the portion of Confidential Information it is legally required to furnish.

 

If a protective order or other remedy is not obtained, or the
Disclosing Party waives compliance under Section 14, the Receiving Party shall, at the Disclosing Party’s expense, use
reasonable efforts to obtain assurance that confidential treatment will be afforded the Confidential Information.

 

		15.	MISCELLANEOUS.

 

15.1       Assignment.
This Agreement shall be binding upon, inure to the benefit of and be enforceable by and against the parties and their respective
successors and permitted assigns. Neither Party may assign any of its rights of this Agreement or delegate any of its obligations
without the prior written consent of the other Party, which shall not be unreasonably withheld. Notwithstanding the foregoing,
either Party may assign this Agreement without such consent to any person or entity controlling, controlled by, or controlled in
conjunction with such Party or that acquires all or substantially all of the assets and business of the assigning Party by merger
or purchase, provided that such assignee person or entity assumes in writing all of the terms and conditions of this Agreement.
Any assignment in violation of this Section 15.1 is null and void.

 

15.2       Independent
Contractors. Sublicensee and Sublicensor are not and shall not be deemed or considered to be joint venturers, partners, agents,
servants, employees, fiduciaries, or representatives of each other, and no Party to this Agreement shall have the right or power
to bind or obligate any other Party to, or third party beneficiary of, this Agreement, except as set forth herein. Sublicensee
and Sublicensor shall each function at all times as an independent contractor hereunder, and shall pay all employment taxes, maintain
unemployment compensation accounts, and provide other benefits to its employees as required by law.

 

15.3       Notices.
All notices, requests, demands and other communications required to be given pursuant to this Agreement shall be in writing and
shall be deemed to have been duly given upon personal delivery, or five (5) days after being mailed by registered or certified
mail, return receipt requested, or one (1) business day after being sent by nationally recognized overnight courier, or on
the date of the transmission if sent by facsimile or e-mail (provided that notice shall be effective on the first business day
following the date of transmission if transmission is effected on a non-business day or after normal business hours). Notice to
the Parties shall be addressed to the addresses identified on the signature page of this Agreement.

 

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15.4       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, USA without regard
to principles of conflicts of law.

 

15.5       Entire
Agreement; Amendment. This Agreement, together with all exhibits attached hereto which are hereby incorporated by reference,
constitute the entire agreement between the Parties with respect to the subject matter hereof, and supersede any and all other
understandings and agreements, either oral or written, between the Parties hereto with respect to such subject matter. This Agreement
may not be altered, amended, or modified, except by written instrument signed by the Parties hereto.

 

15.6       Nonwaiver
of Rights. Failure of any Party hereto to enforce any of the provisions of this Agreement or any rights with respect thereto
or failure to exercise any election provided for herein shall in no way be considered to be a waiver of such provisions, rights
or elections or in any way affect the validity of this Agreement. In order to be enforceable, a waiver must be in writing and signed
by the Party against whom the waiver is to be enforced. The failure of any Party to exercise any of said provisions, rights, or
elections shall not preclude or prejudice such Party from later enforcing or exercising the same or any other provisions, rights,
or elections which it may have under this Agreement.

 

15.7       Headings.
The headings and captions used in this Agreement are intended and shall for all purposes be deemed to be for convenience only and
shall have no force or affect whatsoever in the interpretation of this Agreement.

 

15.8       Counterparts.
This Agreement may be executed in multiple counterparts, all of which together shall constitute one Agreement.

 

15.9       Invalid
Provisions. If any term, provision, covenant, or condition of this Agreement is held by a court of competent jurisdiction to
be invalid, void, or unenforceable, the remainder of the provisions shall remain in full force and effect and shall in no way be
affected, impaired, or invalidated.

 

15.10     Arbitration.
The Parties hereby agree that the dispute shall be referred to and finally resolved by arbitration administered by the Rules of
Arbitration of the International Chamber of Commerce (“ICC”) in force when the notice of arbitration is submitted,
subject to the following: -

 

		(a)	The number of arbitrators shall be three unless the parties agree in writing that it shall be one. Where the number of arbitrators
is to be three each Party shall be entitled to appoint one arbitrator with the chairman to be appointed by agreement between the
party appointed arbitrators or, failing agreement, by the ICC on the application of either Party. Where the number of arbitrators
is to be one, the arbitrator shall be appointed by agreement between the Parties or, failing agreement, by the ICC on the application
of either Party.

 

		(b)	The seat, or legal place of arbitration shall be London; and

 

		(c)	The language to be used in the arbitral proceedings shall be English.

 

The commencement of arbitration will not
prevent either Party from applying for an interim court order at a court with the required jurisdiction.

 

    18

     

    

 

Exhibit A

 

Patents

 

WO2016016623A1

EU15756439

GB1510035

CN106660053A

 

    19

     

    

 

EXHIBIT B

 

P&G Technology

 

	Patent
 Number	Application
 Publish Date	Patent
 Granted Date	Description
	9,982,066	June 23, 2016	May 29, 2018	Method for purifying contaminated polymers
	9,890,225	June 23, 2016	February 13,
 2018	Method for purifying contaminated polymers
	9,834,621	June 23, 2016	December 12,
 2017	Method for purifying contaminated polypropylene
	9,803,035	June 23, 2016	January 31,
 2017	Method for purifying contaminated polyethylene
	9,695,259	June 23, 2016	July 4, 2017	Method for purifying contaminated polymers
	Application
 Number	Application
 Publish Date	Status	Description
	20180171097	June 21, 2018	Under Review	Method for Separating and Purifying Materials from a Reclaimed Product
	20180171096	June 21, 2018	Under Review	Method for Purifying Reclaimed Polymers
	20180171095	June 21, 2018	Under Review	Method for Purifying Reclaimed Polypropylene
	20180171094	June 21, 2018	Under Review	Method for Purifying Reclaimed Polypropylene

 

     

     

    

 

IN WITNESS WHEREOF, the Parties hereto have
caused this Agreement to be executed by their duly authorized officers or representatives as of the date first written above.

 

	 	IMPACT RECYCLING LIMITED
	 	 
	 	By:	/s/ A G Bailey
	 	 	 
	 	Name:	A G Bailey
	 	 	 
	 	Title:	Director
	 	 	 
	 	PURECYCLE TECHNOLOGIES, LLC
	 	 
	 	By:	/s/ Richard K Brenner
	 	 	 
	 	Name:	Richard K Brenner
	 	 	 
	 	Title:	Board Member

 

IN WITNESS WHEREOF, the Licensor agrees
to the terms of Article 13 only and has caused this Agreement to be executed by its duly authorized officers or representatives
as of the date first written above.

 

	 	IMPACT LABORATORIES LIMITED
	 	 
	 	By:	/s/ Kevin Ross
	 	 	 
	 	Name:	Kevin Ross
	 	 	 
	 	Title:	Managing Director

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