Document:

Exhibit 4.1

 

PENAO
Pty Ltd

Rupert
Myers Building

South
Wing, Level 1

Gate
14 Barker Street

UNSW

Sydney

NSW
2052

Australia

 

PENAO
Share Register

 

	Name	 	Address	 	Share
 Class
	 	 	Number
 of Shares
	 	 	Amount
 Paid (AUD)
	 
	NewSouth Innovations
 Pty Limited 
(ACN 000 263 025)	 	Rupert Myers Building
 South Wing, Level 1
 Gate 14, Barker Street
 UNSW
 Sydney
 NSW 2052
  
 Contact: Director, Knowledge Exchange
  
 Email: contracts.manager.kex@unsw.edu.au
	 	 	Ordinary	 	 	 	69,000	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beroni Group Limited
 (ACN 613 077 526)	 	Suite 401 Level 4
 447 Kent Street
 Sydney
 NSW 2000
  
 Contact: Peter Wong
  
 Email: peter.wong@beronigroup.com
	 	 	Ordinary	 	 	 	105,000	 	 	$	1,050,000	 

 

	PENAO
    ACN: 634 333 387	PENAO
    Share Register 20201224

 

    	Page 1 of 1Exhibit
10.2

 

 

	Share
    Subscription Agreement
	 
	Beroni
        Group Limited (Beroni or Subscriber)

        Dendrix
        Inc. (Company)

        Shigeru
        Hirabayashi (SH)

 

    	 

     

    

 

Table
of Contents

 

	1	DEFINITIONS
    AND INTERPRETATION	3

                                                                                

	 	 	 
	2	CONDITIONS
    PRECEDENT	12
	 	 	 
	3	SUBSCRIPTION
    FOR SUBSCRIPTION SHARES	14
	 	 	 
	4	SUBSCRIPTION
    COMPLETION	15
	 	 	 
	5	COMPANY’S
    OBLIGATIONS FOLLOWING COMPLETION	17
	 	 	 
	6	SUBSCRIBER’S
    REPRESENTATIONS, WARRANTIES AND INDEMNITY	17
	 	 	 
	7	SH
    AND COMPANY’S REPRESENTATIONS, WARRANTIES, UNDERTAKINGS AND INDEMNITY	18
	 	 	 
	8	ISSUE
    OF EQUITY SECURITIES	21
	 	 	 
	9	IPO	23
	 	 	 
	10	RESERVED
    MATTERS	24
	 	 	 
	11	FINANCIAL
    AND OTHER REPORTING	24
	 	 	 
	12	DEFAULT
    BY COMPANY	25
	 	 	 
	13	CONFIDENTIALITY
    AND PUBLIC ANNOUNCEMENT	25
	 	 	 
	14	AMENDMENT
    AND ASSIGNMENT	26
	 	 	 
	15	NOTICES	27
	 	 	 
	16	GENERAL	28

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 1

    	 

    

 

Details

 

Dated
the 8th day of April 2018

 

Parties

 

	 	Name	 	Beroni
    Group Limited
	 	 	 	 
	 	ACN	 	161
    622 402
	 	 	 	 
	 	Short
    form name	 	Beroni
    or Subscriber
	 	 	 	 
	 	Address	 	Level
    36, Gateway Tower 1, Macquarie Place, Sydney NSW 2000
	 	 	 	 
	 	Notice
    details	 	Representative:
        Boqing Zhang

        Address:
        level 36, Gateway Tower 1, Macquarie Place,

        Sydney
        NSW 2000

        Email:
        1710426553@qq.com

 

	 	Name	 	Dendrix
    Inc.
	 	 	 	 
	 	Company
    Registration Number	 	0110-01-097885
	 	 	 	 
	 	Short
    form name	 	Company
	 	 	 	 
	 	Address	 	4F,
    Closepoint Bldg., 3-29-1, Ebisu, Shibuya-ku, Tokyo, Japan
	 	 	 	 
	 	Notice
    details	 	Representative:
        Shigeru Hirabayashi

        2-7-6,
        Shirokane, Minato-ku, Tokyo, Japan

        Email:
        seven@dendrix.co.jp

	 	 	 	 
	 	Name:	 	Shigeru
    Hirabayashi
	 	 	 	 
	 	Japanese
    Passport Number	 	TR4031810
	 	 	 	 
	 	Short
    form name	 	SH
	 	 	 	 
	 	Address	 	2-7-6,
    Shirokane, Minato-ku, Tokyo, Japan
	 	 	 	 
	 	Notice
    details	 	Email:
    seven@dendrix.co.jp

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 2

    	 

    

 

Background

 

	A.	The
    Subscriber is a company incorporated in Australia.
	 	 
	B.	The
    Company is a company incorporated in Japan and engaged in the Business.
	 	 
	C.	SH
    is a shareholder of the Company holding [46.94] % of the issued and paid-up shares in the Company.
	 	 
	D.	The
    Subscriber has agreed to subscribe for Shares on the terms and conditions of this Agreement.
	 	 
	E.	The
    Company has agreed to issue to the Subscriber Shares on the terms and conditions of this Agreement.

 

Agreed
terms

 

 

	1	DEFINITIONS AND INTERPRETATION

 

	1.1	Definitions

 

The
following definitions apply in this document.

 

“Agent/Licensing
Agreement” means an agreement between the Company and the Subscriber whereby the Company appoints the Subscriber or its
nominee as the Company’s exclusive agent/licensee in China to use the cell culture technology including patented technology
owned by the Company and to sell the proteins produced for DCs based on the patented technology of the Company.

“Authorisation”
means:

 

	 	(a)	an
    approval, authorisation, consent, declaration, exemption, permit, licence, notarisation or waiver, however it is described;
    and
	 	 	 
	 	(b)	in
    relation to anything that could be prohibited or restricted by law if a Government Agency acts in any way within a specified
    period, the expiry of that period without that action being taken,

 

including
any renewal or amendment.

 

“Balance
Date” means 31 December 2017.

 

“Board”
means the board of directors of the Company.

 

“Business”
means the business of the Company, being:

 

	 	(a)	research
    and development of immune cell therapy to provide safe, reliable, and high quality yet reasonable treatment; and
	 	 	 
	 	(b)	training
    and supervision of medical institutions and doctors for cell culture and processing.

 

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“Business
Day” means a day that is not a Saturday, Sunday or public holiday in China, Japan and New South Wales.

 

“Business
Plan” means the five years program current from time to time for the conduct of the Business as proposed by the Company
and approved by the Subscriber.

 

“
Companies Act” means the Japanese Companies Act (2005).

 

“Completion
Date” means the First Completion Date and Second Completion Date as the context requires.

 

“Conditions
Precedent” means the conditions precedent set out in clauses 2.1 and 2.2 and Condition Precedent means any one of
them.

 

“Confidential
Information” means any of the following that is not in the public domain:

 

	 	(a)	information
    relating to a Transaction Document or any transaction contemplated by a Transaction Document;
	 	 	 
	 	(b)	all
    data bases, source codes, methodologies, manuals, artwork, advertising manuals, trade secrets and all financial, accounting,
    marketing and technical information, customer and supplier lists, know-how, technology, operating procedures and other information,
    used by or relating to the Group and its transactions and affairs;
	 	 	 
	 	(c)	all
    notes and reports incorporating or derived from the material referred to in paragraphs (a) or (b); and
	 	 	 
	 	(d)	all
    copies of the material referred to in paragraphs (a) to (c).

 

“Constitution”
means the constitution of Company, as amended from time to time.

 

“Consumption
Tax” means the Japanese Consumption Tax (JCT), which applies to (i) the transfer/lease of goods and the provision of services
rendered in Japan by enterprises for business purposes, and (ii) foreign goods removed from bonded areas. It is a broad-based
value added tax that is imposed on each stage of the manufacturing, wholesale, retail and service process, with the tax ultimately
passed on to end consumers of the goods or services.

 

“Control”
means to have direct influence over the decision on financial affairs and business in accordance with Japanese Company Act enforcement
regulations article 3 and specifically Control:

 

	 	(a)	of
    a company by a person, means:

 

	 	(i)	the
    person determines the composition of the board of directors of the company or has the capacity to do so;
	 	 	 
	 	(ii)	the
    board of directors of the company is accustomed to act in accordance with the instructions, directions or wishes of the person;
    or

 

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	 	(iii)	the
    person holds or owns (alone or with its associates or related bodies corporate):

 

	 	(A)	the
    majority of the issued shares of the company;
	 	 	 
	 	(B)	the
    majority of the issued shares of the ultimate holding company of the company; or
	 	 	 
	 	(C)	the
    majority of any securities or other rights granted by the company entitling holders to distributions based on the profits,
    earnings or net liquidation proceeds of the company; and

 

	 	(b)	of
    a trust by a person, means:

 

	 	(i)	the
    person is the sole trustee of the trust;
	 	 	 
	 	(ii)	the
    composition of the board of directors of any trustee company of the trust is determined by the person or the person has the
    capacity to do so;
	 	 	 
	 	(iii)	the
    board of directors of any trustee company of the trust is accustomed to act in accordance with the instructions, directions
    or wishes of the person; or
	 	 	 
	 	(iv)	the
    person holds or owns (alone or with its associates or related bodies corporate):

 

	 	(A)	the
    majority of the issued shares of any trustee company of the trust;
	 	 	 
	 	(B)	the
    majority of the issued shares of the ultimate holding company of any trustee company of the trust; or
	 	 	 
	 	(C)	the
    majority of the units, securities or other rights granted by the trust which entitling holders to distributions from the trust.]

 

“Controller”
means, in relation to a person’s property:

 

	 	(a)	a
    receiver or receiver and manager of that property; or
	 	 	 
	 	(b)	anyone
    else who (whether or not as agent for the person) is in possession, or has control, of that property to enforce an Encumbrance.

 

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“Designated
Bank Account” means the bank account of the Company maintained with the Akasaka Branch of Resona Bank with account number
1865714 or another bank account notified by the Company to the Subscriber in accordance with this agreement.

 

“Disclosure
Letter” means the letter to be provided to the Subscriber in accordance with clause 7.2(b) in the form set out in Annexure
C.

 

“Documentation”
includes all drawings, designs, user manuals, guides, handbooks and other materials concerning or related to any products marketed,
sold, or proposed to be marketed or sold by Company.

 

“Encumbrance”
means a mortgage, charge, pledge, lien, hypothecation or title retention arrangement, a right of set off or right to withhold
payment of a deposit or other money, or an easement, restrictive covenant, caveat or similar restriction over property, or an
agreement to create any of them or to allow any of them to exist.

 

“Environment”
means all components of the earth, including:

 

	 	(a)	land,
    air and water;
	 	 	 
	 	(b)	any
    layer of the atmosphere;
	 	 	 
	 	(c)	flora
    and fauna;
	 	 	 
	 	(d)	any
    organic or inorganic matter;
	 	 	 
	 	(e)	any
    living organism (including humans);
	 	 	 
	 	(f)	any
    human made or modified structure or area;
	 	 	 
	 	(g)	the
    aesthetic characteristics of the components of the earth, including appearance, sound, odour, taste or texture; and
	 	 	 
	 	(h)	natural
    ecosystems that include any of the components referred to in paragraphs (a) to (g) above.

 

“Environmental
Aspect” means the interaction, relationship or impact of a past or present structure, building, chattel, operation or activity
with the Environment, including for example:

 

	 	(a)	impacts
    of structures, buildings, chattels, operations or activities on items of heritage or flora or fauna;
	 	 	 
	 	(b)	structures,
    buildings, chattels, operations or activities causing Pollution or Contamination; and
	 	 	 
	 	(c)	operations
    or activities producing waste.

 

“Environmental
Law” means any legislation or any general law principle:

 

	 	(a)	authorising
    or controlling the use of land, air or water, or the erection, placement or removal of structures and buildings;
	 	 	 
	 	(b)	about
    the prevention, control, abatement or investigation of Contamination or Pollution or their effects;
	 	 	 
	 	(c)	about
    the storage, handling or transport of dangerous goods, hazardous material, asbestos or waste;
	 	 	 
	 	(d)	relating
    to occupational health and safety;

 

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	 	(e)	relating
    to conservation of flora, fauna or heritage items;
	 	 	 
	 	(f)	that
    has as one of its purposes or effects the protection of the Environment; or
	 	 	 
	 	(g)	authorising
    or controlling any Environmental Aspect.

 

“Equity
Security” means Shares and any preference shares, options, convertible notes, warrants or other securities convertible into
Shares.

 

“First
Completion Date” means three Business Days after satisfaction or waiver of the Conditions Precedent in accordance with clause
2.1 or such other date as is agreed by the parties.

 

“First
End Date” means on or before 30 April 2018 or such later date as is agreed by the parties in writing.

 

“First
Permission” means the permission from the Ministry of Health, Labour and Welfare for the first cell processing facility
located in Kyoto.

 

“First
Subscription Payment” means a total 200,000,000 Yen for 10,000 Shares subscribed by the Subscriber under this agreement.

 

“First
Subscription Shares” means 10,000 Shares subscribed by the Subscriber under this agreement.

 

“Government
Agency” means:

 

	 	(a)	a
    government or government department or other body;
	 	 	 
	 	(b)	a
    government, semi-governmental or judicial person;
	 	 	 
	 	(c)	a
    person (whether autonomous or not) who is charged with the administration of a law.

 

“Insolvency
Event” means, in relation to an entity:

 

	 	(a)	a
    receiver, receiver and manager, administrator, trustee or similar official is appointed over any of the assets or undertaking
    of the entity;
	 	 	 
	 	(b)	the
    entity suspends payment of its debts generally;
	 	 	 
	 	(c)	the
    entity is or becomes unable to pay its debts when they are due or is unable to pay its debts though the entity sells off its
    property.
	 	 	 
	 	(d)	the
    entity enters into or resolves to enter into any arrangement, competition or compromise with, or assignment for the benefit
    of, its creditors or any class of them;
	 	 	 
	 	(e)	an
    application or order is made for the winding up or dissolution of, or the appointment of a provisional liquidator, to the
    entity or a resolution is passed or steps are taken to pass a resolution for the winding up or dissolution of the entity otherwise
    than for the purpose of an amalgamation or reconstruction that has the prior consent of all Shareholders; or

 

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	 	(f)	an
    administrator is appointed as a bankruptcy trustee, provisional administrator or reorganization trustee.

 

“Intellectual
Property Rights” includes (without limitation) all intellectual property rights in the form of copyright, semi-conductor
or circuit layout rights, patents, inventions (whether patentable or non-patentable), know-how or other confidential proprietary
business information or trade secrets, designs, trade marks (both registered or non-registered) and includes the goodwill in any
trade marks, other industrial or intellectual property rights and any right to registration of the rights referred to above.

 

“Key
Personnel” means Shigeru Hirabayashi and Noguchi Katsuo.

 

“Key
Personnel Undertaking” means an undertaking from each of the Key Personnel in favor of the company and the Subscriber that
the Key Personnel will not resign from his/her current position with the Company prior to the listing of the Company on a Stock
Exchange.

 

“Material
Adverse Change” means, in respect of the Company, one or more occurrences or matters individually or in aggregate that:

 

	 	(a)	have
    or could reasonably be expected to have a material adverse effect on the business, assets, financial condition, prospects
    or results of operations of the Company and its subsidiaries, taken as a whole; or
	 	 	 
	 	(b)	result,
    or could reasonably be expected to result, in a diminution in the value of that Company’s net assets which in aggregate
    exceeds $500,000; or
	 	 	 
	 	(c)	prevent
    the Company from performing its obligations under this agreement,

 

provided
that no individual occurrence or matter which results or could reasonably be expected to result, in a diminution in the value
of the Company’s assets will be taken into account unless such occurrence or matter is equal to or exceeds $50,000.

 

“Ordinary
Trading Activities” means activities which are in the ordinary course of the trading activities of the company concerned,
and which would not be unusual for a company operating a business similar to the kind of business the company concerned is operating
at the relevant time.

 

“Permitted
Encumbrance” means:

 

	 	(a)	an
    Encumbrance (if any) created under this document;
	 	 	 
	 	(b)	a
    lien that arises by operation of law in the ordinary course of ordinary business, where the amount secured is not overdue
    or is being diligently contested in good faith;
	 	 	 
	 	(c)	any
    title retention arrangement entered into by the Subscriber in the ordinary course of its ordinary business which secures the
    purchase price only of the goods the subject of the arrangement, where there is no default in connection with the relevant
    purchase; and

 

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	 	(d)	an
    Encumbrance that the Subscriber approve before it arises, where the amount secured does not increase, and the time for payment
    of that amount is not extended, beyond the amount and time approved by the Subscriber.

 

“Pollution”
means the release, emission or discharge into the Environment of a substance which directly or indirectly causes or has the potential
to cause damage or harm to any aspect of the Environment, and includes:

 

	 	(a)	pollution
    of air;
	 	 	 
	 	(b)	pollution
    of waters;
	 	 	 
	 	(c)	noise;
    and
	 	 	 
	 	(d)	pollution
    of land.

 

“Prescribed
Occurrence” means:

 

	 	(a)	a
    breach of clause 7.3 by the Company;
	 	 	 
	 	(b)	a
    change in Control of the Company;
	 	 	 
	 	(c)	the
    announcement of a takeover bid for the Shares, or any other transaction which, if completed, could reasonably be expected,
    to result in a change of Control of the Company;
	 	 	 
	 	(d)	any
    matter or thing arises or becomes known to the Company which would have the effect that any of the Warranties in a material
    respect would not be true, complete or accurate or would be misleading in any material respect if that Warranty was given
    on that date or could not be given after Subscription Completion;
	 	 	 
	 	(e)	there
    is a Material Adverse Change;
	 	 	 
	 	(f)	an
    Insolvency Event occurs; or
	 	 	 
	 	(g)	a
    material breach of this document by the Company.

 

“Registrable
IP” includes patents, petty patents or innovation patents (including patentable inventions), trade marks (including unregistered
but registrable trade marks), and designs.

 

“Reorganisation
Event” means:

 

	 	(a)	a
    bonus issue of Shares;
	 	 	 
	 	(b)	a
    sub-division or consolidation of Shares;
	 	 	 
	 	(c)	another
    reorganisation or reconstruction of share capital where the Company neither pays nor receives cash.

 

“Sales
Permit” means the “accreditation for manufacturing of specific cell processing” under the “Act on the
safety of Regenerative Medicine” which allows companies accredited by the Ministry of Health, Labour and Welfare to process
cells for Medical treatment, which previously was only done at medical institutions.

 

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“Second
Completion Date” means three Business Days after satisfaction or waiver of the Conditions Precedent in accordance with clause
2.2 or such other date as is agreed by the parties.

 

“Second
End Date” means 30 September 2018 or such later date as is agreed by the parties in writing.

 

“Second
Permission” means the permission from the Ministry of Health, Labour and Welfare for the second cell processing facility
located in Tokyo.

 

“Second
Subscription Payment” means total 200,000,000 Yen for 10,000 Shares subscribed by the Subscriber under this agreement.

 

“Second
Subscription Shares” means 10,000 Shares subscribed by the Subscriber under this agreement.

 

“Shareholder”
means a holder of the Share(s).

 

“Shares”
means fully paid ordinary shares in the capital of the Company.

 

“Stock
Exchange” means Tokyo Stock Exchange or another stock exchange approved by both the Company and the Subscriber.

 

“Subscription
Completion” means the completion of the subscription for and issue of the First Subscription Shares or the Second Subscription
Shares.

 

“Subscription
Price” means 20,000 Yen for each Subscription Share.

 

“Subscription
Shares” means and First Subscription Shares and the Second Subscription Shares.

 

“Tax”
means a tax, levy, duty, charge, deduction or withholding, however it is described, that is imposed by law or by a Government
Agency, together with any related interest, penalty, fine or other charge.

 

“Transaction
Documents” means:

 

	 	(a)	This
    agreement;
	 	 	 
	 	(b)	Key
    Personnel Undertaking;
	 	 	 
	 	(c)	Agent/Licensing
    Agreement;
	 	 	 
	 	(d)	Disclosure
    letter;
	 	 	 
	 	(e)	Any
    other document in connection with this agreement.

 

“Warranty”
means each warranty by the Company and SH set out in Schedule 1.

 

“Yen”
means the lawful currency of the Republic of Japan for the time being.

 

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	1.2	Rules
                                         for interpreting this document

 

Headings
are for convenience only, and do not affect interpretation. The following rules also apply in interpreting this document, except
where the context makes it clear that a rule is not intended to apply.

 

	 	(a)	A
    reference to:

 

	 	 	(i)	legislation
    (including subordinate legislation) is to that legislation as amended, re-enacted or replaced, and includes any subordinate
    legislation issued under it;
	 	 	 	 
	 	 	(ii)	a
    document or agreement, or a provision of a document or agreement, is to that document, agreement or provision as amended,
    supplemented, replaced or novated;
	 	 	 	 
	 	 	(iii)	a
    party to this document or to any other document or agreement includes a permitted substitute or a permitted assign of that
    party;
	 	 	 	 
	 	 	(iv)	a
    person includes any type of entity or body of persons, whether or not it is incorporated or has a separate legal identity,
    and any executor, administrator or successor in law of the person;
	 	 	 	 
	 	 	(v)	anything
    (including a right, obligation or concept) includes each part of it; and
	 	 	 	 
	 	 	(vi)	“dollar”
    or “$” is to an amount in the currency of the United States of America.

 

	 	(b)	A
    singular word includes the plural, and vice versa.
	 	 	 
	 	(c)	A
    word which suggests one gender includes the other genders.
	 	 	 
	 	(d)	If
    a word is defined, another part of speech has a corresponding meaning.
	 	 	 
	 	(e)	If
    an example is given of anything (including a right, obligation or concept) such as by saying it includes something else, the
    example does not limit the scope of that thing.
	 	 	 
	 	(f)	The
    word “agreement” includes an undertaking or other binding arrangement or understanding, whether or not in writing.
	 	 	 
	 	(g)	The
    words “related body corporate” have the same meaning as defined in the Japanese Ordinance on the Terminology,
    Forms and preparation Methods of Financial Statements, etc Article 8.

 

	1.3	Business
                                         Days

 

If
the day on or by which a person must do something under this document is not a Business Day, the person must do it on the next
Business Day.

 

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	1.4	Multiple
                                         parties

 

If
a party to this document is made up of more than one person, or a term is used in this document to refer to more than one party:

 

	 	(a)	an
    obligation of those persons is joint and several;
	 	 	 
	 	(b)	a
    right of those persons is held by them severally;
	 	 	 
	 	(c)	any
    other reference to that party or term is a reference to each of those persons separately, so that (for example) a representation,
    warranty or undertaking is given by each of them separately.

 

 

	2	CONDITIONS
                                         PRECEDENT

 

	2.1	Conditions
                                         Precedent to the First Subscription Shares

 

Notwithstanding
anything else stated in this Agreement, the Subscriber’s obligation to subscribe for the First Subscription Shares is conditional
upon:

 

	 	(a)	the
    Subscriber being satisfied in its absolute discretion with the results of its due diligence (legal and financial) regarding
    and in connection with the Company;
	 	 	 
	 	(b)	each
    of the Transaction Documents (other than the Agent/Licensing Agreement) has been duly executed by the parties thereof in a
    form and substance satisfactory to the Subscriber;
	 	 	 
	 	(c)	all
    necessary approvals, including shareholder and regulatory approvals, being obtained by the Company for the transactions;
	 	 	 
	 	(d)	the
    Company obtaining all necessary third party consents to the subscription of the First Subscription Shares in accordance with
    this document;
	 	 	 
	 	(e)	there
    is no Prescribed Occurrence existing or continuing;
	 	 	 
	 	(f)	there
    is no Material Adverse Change existing or continuing; and
	 	 	 
	 	(g)	all
    Warranties remain true, accurate and not misleading in all material aspect.

 

	2.2	Conditions
                                         Precedent to the Second Subscription Shares

 

Notwithstanding
anything else stated in this Agreement, the Subscriber’s obligation to subscribe for the Second Subscription Shares is conditional
upon:

 

	 	(a)	the
    completion of the subscription of the First Subscription Shares by the Subscriber in accordance with the terms of this agreement;
	 	 	 
	 	(b)	the
    Company obtaining the Sale Permit and the Sale Permit remains valid and effective without any condition or with conditions
    acceptable to the Subscriber at its sole discretion;

 

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	 	(c)	the
    Company obtaining the First Permission and completing the establishment of the specific cell processing facility at the Kyoto
    University and the First Permission remains valid and effective and only on conditions acceptable to the Subscriber at its
    sole discretion;
	 	 	 
	 	(d)	the
    Company not being in material breach of its obligations under this agreement;
	 	 	 
	 	(e)	the
    Company supporting the Subscriber in jointly applying for the Intellectual Property Rights and establishing a cell processing
    facility in China;
	 	 	 
	 	(f)	the
    Company supporting the Subscriber in jointly applying for the Intellectual Property Rights in the USA and Europe to support
    future capital raising efforts in the international markets;
	 	 	 
	 	(g)	the
    Company and the Subscriber entering into the Agency/Licensing Agreement;
	 	 	 
	 	(h)	the
    Company establishing a laboratory to be managed by Noguchi Katsuo to facilitate further development of its immune cell therapies;
	 	 	 
	 	(i)	all
    necessary approvals, including shareholder and regulatory approvals, being obtained by the Company for the transactions;
	 	 	 
	 	(j)	the
    Company obtaining all necessary third party consents to the subscription of the Second Subscription Shares in accordance with
    this document;
	 	 	 
	 	(k)	there
    is no Prescribed Occurrence existing or continuing;
	 	 	 
	 	(l)	there
    is no Material Adverse Change existing or continuing; and
	 	 	 
	 	(m)	all
    Warranties remain true, accurate and not misleading in all material aspect.

 

	2.3	Waiver
                                         of conditions

 

Any
Condition Precedent (other than the ones contained in clause 2.1(c) and 2.1(d) in respect of First Completion and the ones contained
in clause 2.2(i) and 2.2(j) in respect of Second Completion) may be waived in writing by the Subscriber, in its absolute discretion,
and subject to such conditions (if any) as Subscriber thinks fit. The Company and Subscriber may together waive in writing the
conditions contained in clauses 2.1(c) and 2.1(d) in respect of First Completion and the conditions contained in clause 2.2(i)
and 2.2(j) in respect of Second Completion.

 

	2.4	Obligation
                                         to satisfy conditions

 

The
parties must:

 

	 	(a)	use
    reasonable endeavours (other than waiver) to ensure that the Conditions Precedent are satisfied on or before the First End
    Date (in respect of the Conditions Precedent under Clause 2.1) and the Second End Date (in respect of the Conditions Precedent
    under Clause 2.2); and
	 	 	 
	 	(b)	keep
    each other informed of any circumstances which may result in any of those conditions not being satisfied in accordance with
    its terms.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 13

    	 

    

 

	2.5	Result
                                         of non-satisfaction of conditions in respect of First Completion

 

If
the Conditions Precedent in respect of First Subscription Shares are not satisfied or waived under this clause 2 on or before
the First End Date then all rights and obligations under this document other than:

 

	 	(a)	this
    clause 2 (except clause 2.2) and clauses 1 (Interpretation), 13 (Confidentiality and Public announcement), 14 (Amendment and
    assignment), 15 (Notices) and 16 (General);
	 	 	 
	 	(b)	each
    indemnity in this document; and
	 	 	 
	 	(c)	rights
    that accrue before that date, terminate on that date.

 

	2.6	Result
                                         of non-satisfaction of conditions in respect of Second Completion

 

If
the Conditions Precedent in respect of the Second Completion are not satisfied or waived under this clause 2 on or before the
Second End Date, then the Subscriber’s obligations to subscribe the Second Subscription Shares shall terminate on that date.
However, the termination of the Subscriber’s obligation to subscribe for the Second Subscription Shares under this clause
shall not affect the Parties’ other rights and obligations under this agreement.

 

 

	3	SUBSCRIPTION
                                         FOR SUBSCRIPTION SHARES

 

	3.1	First
                                         Subscription Shares

 

Subject
to clause 2.1, on the First Completion Date, the Subscriber or its nominee agrees to subscribe (in aggregate) for the First Subscription
Shares and the Company agrees to allot and issue the First Subscription Shares fully paid to the Subscriber at the Subscription
Price.

 

	3.2	Second
                                         Subscription Shares

 

Subject
to clause 2.2, on the Second Completion Date, the Subscriber or its nominee agrees to subscribe (in aggregate) for the Second
Subscription Shares and the Company agrees to allot and issue the Second Subscription Shares fully paid to the Subscriber at the
Subscription Price.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 14

    	 

    

 

	3.3	Nature
                   of Subscription Shares

 

The
Subscription Shares will, upon issue:

 

	 	(a)	rank
    pari passu in all respects with the Company’s then existing Shares; and
	 	 	 
	 	(b)	be
    fully paid, validly issued and not subject to any Encumbrance.

 

 

	4	SUBSCRIPTION
                                         COMPLETION

 

	4.1	Time
                                         and place for First Subscription Completion

 

Subject
to clause 2, First Subscription Completion must take place on the First Completion Date at the offices of the Company.

 

	4.2	Subscriber’s
                                         obligations at First Subscription Completion

 

At
First Subscription Completion, the Subscriber must:

 

	 	(a)	provide
    the Company with share application from the Subscriber for the First Subscription Shares;
	 	 	 
	 	(b)	pay
    (or procure payment) to the Company or as the Company and the Subscriber agree, the First Subscription Payment for the First
    Subscription Shares by way of telegraphic transfer to the Designated Bank Account;
	 	 	 
	 	(c)	give
    to the Company signed consents by that two directors to be nominated by the Subscriber to act as the directors of the Company.

 

	4.3	Company’s
                                         obligations at First Subscription Completion

 

At
First Subscription Completion, the Company must:

 

	 	(a)	deliver
    the Subscriber the originals of the Key Personnel Undertaking duly executed by the Key Personnel;
	 	 	 
	 	(b)	deliver
    the Subscriber a certified true copy of the shareholders’ and directors’ resolution of the Company approving:

 

	 	 	(i)	the
    entering into of each of the Transaction Documents (other than the Agent/Licensing Agreement) by the Company;
	 	 	 	 
	 	 	(ii)	the
    issuance of the First Subscription Shares to the Subscriber;
	 	 	 	 
	 	 	(iii)	appointment
    of two nominees of the Subscriber as the directors of the Company.

 

	 	(c)	deliver
    to the Subscriber the duly executed shares certificates in respect of the First Subscription Shares; and
	 	 	 
	 	(d)	deliver
    to the Subscriber the duly executed certificate of directors in the form of Annexure A.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 15

    	 

    

 

	4.4	Time
                                         and place for Second Subscription Completion

 

Subject
to clause 2, Second Subscription Completion must take place on the Second Completion Date at the offices of the Company.

 

	4.5	Subscriber’s
                                         obligations at Second Subscription Completion

 

At
Second Subscription Completion, the Subscriber must:

 

	 	(a)	provide
    the Company with share application from the Subscriber for the Second Subscription Shares;
	 	 	 
	 	(b)	pay
    (or procure payment) to the Company or as the Company and the Subscriber agree, the Second Subscription Payment for the Second
    Subscription Shares by way of telegraphic transfer to the Designated Bank Account; and
	 	 	 
	 	(c)	give
    to the Company signed consents by one director to be nominated by the Subscriber to act as a director of the Company.

 

	4.6	Company’s
                                         obligations at Second Subscription Completion

 

At
Second Subscription Completion, the Company must:

 

	 	(a)	deliver
    the Subscriber a certified true copy of the shareholders’ and directors’ resolution of the Company approving:

 

	 	 	(i)	the
    issuance of the Second Subscription Shares to the Subscriber;
	 	 	 	 
	 	 	(ii)	the
    appointment of a nominee of the Subscriber as a director of the Company;

 

	 	(b)	deliver
    to the Subscriber the duly executed shares certificates in respect of the Second Subscription Shares;
	 	 	 
	 	(c)	deliver
    to the Subscriber the duly executed certificate of directors in the form of Annexure A; and
	 	 	 
	 	(d)	ensure
    that at Board consist of a maximum of ten directors;
	 	 	 
	 	(e)	issue
    to the Subscriber 4,000 options or such other number of options for nil consideration so that, upon the exercise of the options
    by the Subscriber, the Subscriber holds at least 30.40% of Shares of the Company (calculated on the basis and assumption that
    all options of the Company has been exercised.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 16

    	 

    

 

 

	5	COMPANY’S
                                         OBLIGATIONS FOLLOWING COMPLETION

 

	5.1	Company’s
                                         obligations following the First Subscription Completion

 

The
Company will only use the First Subscription Payment for purposes agreed to by the Subscriber.

 

	5.2	Company’s
                   obligations following the Second Subscription Completion

 

	 	(a)	The
    Company will only use the Second Subscription Payment for purposes agreed to by the Subscriber.
	 	 	 
	 	(b)	Immediately
    following the Second Subscription Completion, but in any event within 6 months from the Second Subscription Completion, the
    Company shall establish the specific cell processing facility at a location in Tokyo.

 

 

	6	SUBSCRIBER’S
                                         REPRESENTATIONS, WARRANTIES AND INDEMNITY

 

	6.1	Subscriber’s
                                         representations and warranties

 

The
Subscriber represents and warrants to the Company as at the date of this document and as at the First Completion Date and the
Second Completion Date, in respect of each of Subscriber and its nominee (if any), that:

 

	 	(a)	(power)
    it has full legal capacity and power to enter into this document, (except as contemplated in this document) comply with the
    terms of this document and carry out the transactions that it contemplates;
	 	 	 
	 	(b)	(corporate
    authority) it has taken all corporate action that is necessary or desirable to authorise its entry into this document, its
    compliance with the terms of this document and its carrying out the transactions that it contemplates;
	 	 	 
	 	(c)	(Authorisations)
    except as contemplated in this document, it holds each Authorisation that is necessary or desirable to:

 

	 	 	(i)	execute
    this document, to comply with its terms and to carry out the transactions that it contemplates;
	 	 	 	 
	 	 	(ii)	ensure
    that this document is legal, valid, binding and admissible in evidence; or
	 	 	 	 
	 	 	(iii)	enable
    it to properly carry on its business,

 

	 	 	and
    it is complying with any conditions to which any of these Authorisations is subject;

 

	 	(d)	(documents
    effective) this document constitutes its legal, valid and binding obligations, enforceable against it in accordance with its
    terms (except to the extent limited by equitable principles and laws affecting creditors’ rights generally), subject
    to satisfaction or waiver of the conditions in clause 2 (as the case may be) and to any necessary stamping or registration;
    and

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 17

    	 

    

 

	 	(e)	(no
    contravention) neither its execution of this document, its compliance with the terms of this document nor the carrying out
    by it of the transactions that this document contemplates, does or will:

 

	 	 	(i)	contravene
    any law to which it or any of its property is subject or any order of any Government Agency that is binding on it or any of
    its property;
	 	 	 	 
	 	 	(ii)	contravene
    any Authorisation;
	 	 	 	 
	 	 	(iii)	contravene
    any undertaking or instrument binding on it or any of its property; or
	 	 	 	 
	 	 	(iv)	contravene
    its constitution.

 

	6.2	Reliance
                                         on representations and warranties

 

The
Subscriber acknowledges that the Company has executed this document and agreed to take part in the transactions that it contemplates
in reliance on the representations and warranties that are made in this clause 6.

 

	6.3	Indemnity

 

The
Subscriber unconditionally indemnifies the Company against, and must pay the Company, on demand the amount of, all losses, liabilities,
expenses and Taxes (including legal expenses on a full indemnity basis and damages or other compensation paid by the Company on
the advice of its legal advisers to compromise or settle any claim or proceeding) that the Company may suffer directly or indirectly
because:

 

	 	(a)	any
    of the Subscriber’s representations or warranties are or become incorrect in any respect; or
	 	 	 
	 	(b)	the
    Subscriber breaches any of its obligations under this document.

 

 

	7	SH
    AND COMPANY’S REPRESENTATIONS, WARRANTIES, UNDERTAKINGS AND INDEMNITY

 

	7.1	SH’s
    representations and warranties

 

SH
represents and warrants to the Subscriber as at the date of this document and as at the First Completion Date and the Second Completion
Date, that:

 

	 	(a)	(power)
    he has full legal capacity and power to enter into this document, (except as contemplated in this document) comply with the
    terms of this document and carry out the transactions that it contemplates;

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 18

    	 

    

 

	 	(b)	(Authorisations)
    except as contemplated in this document, he holds each Authorisation that is necessary or desirable to:

 

	 	 	(i)	execute
    this document, to comply with its terms and to carry out the transactions that it contemplates;
	 	 	 	 
	 	 	(ii)	ensure
    that this document is legal, valid, binding and admissible in evidence; or
	 	 	 	 
	 	 	(iii)	enable
    him to properly carry on his business,

 

	 	 	and
    he is complying with any conditions to which any of these Authorisations is subject;

 

	 	(c)	(documents
    effective) this document constitutes his legal, valid and binding obligations, enforceable against him in accordance with
    its terms (except to the extent limited by equitable principles and laws affecting creditors’ rights generally), subject
    to satisfaction or waiver of the conditions in clause 2 (as the case may be) and to any necessary stamping or registration;
    and
	 	 	 
	 	(d)	(no
    contravention) neither his execution of this document, his compliance with the terms of this document nor the carrying out
    by him of the transactions that this document contemplates, does or will:

 

	 	 	(i)	contravene
    any law to which he or any of his property is subject or any order of any Government Agency that is binding on him or any
    of its property;
	 	 	 	 
	 	 	(ii)	contravene
    any Authorisation; or
	 	 	 	 
	 	 	(iii)	contravene
    any undertaking or instrument binding on him or any of his property.

 

	7.2	Company’s
    representations and warranties and SH’s additional representations and warranties

 

	 	(a)	The
    Company and SH jointly and severally represent and warrant the Warranties in Schedule 1 to the Subscriber as at the date of
    this document and as at First Completion Date and the Second Completion Date. Each Warranty is limited by and to the extent
    of any specific disclosure in the Disclosure Letter in respect of that Warranty.
	 	 	 
	 	(b)	The
    Company must provide the Disclosure Letter to the Subscriber at the date of the signing of this Agreement to enable the Subscriber
    to assess the nature and extent of the Company’s proposed qualifications and limitations to specific warranties and
    provide the Subscriber an opportunity to consult with the Company in respect of that letter.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 19

    	 

    

 

	7.3	Company’s
                                         undertakings prior to Completion

 

Except
with the prior written consent of the Subscriber, SH undertakes to procure the Company and the Company undertakes that prior to
each of the Completion Dates:

 

	 	(a)	the
    Company will not convert all or any of its Shares into a larger or smaller number of shares or vary the rights attaching to
    any of its Shares;
	 	 	 
	 	(b)	the
    Company and its related bodies corporate will not distribute or return capital to its members or reduce its share capital
    in any way or resolve to do the same;
	 	 	 
	 	(c)	the
    Company and its related bodies corporate will not declare, make or pay any dividend or other distribution;
	 	 	 
	 	(d)	the
    Company and its related bodies corporate will not enter into a buy-back agreement or resolve to approve the terms of a buy
    back agreement;
	 	 	 
	 	(e)	other
    than the issue of the Subscription Shares pursuant to this document, the Company and its related bodies corporate will not
    create or issue any share or loan capital or give or agree to give any option or right of conversion in respect of share or
    loan capital;
	 	 	 
	 	(f)	the
    Company and its related bodies corporate will not dispose of or agree to dispose of the whole or substantial part of that
    entity’s or Company’s business or assets;
	 	 	 
	 	(g)	the
    Company and its related bodies corporate will not create, extend, grant or issue or agree to create, grant, extend or issue
    any mortgage charge or debenture or other security except in favour of the Subscriber;
	 	 	 
	 	(h)	the
    Company will not pass any resolution of its members or make any alteration to the Constitution;
	 	 	 
	 	(i)	the
    Company will ensure there is not a Material Adverse Change which the Company is reasonably able to prevent;
	 	 	 
	 	(j)	the
    Company will not do anything outside the Ordinary Trading Activities of the Company; and
	 	 	 
	 	(k)	the
    Company will ensure that no related body corporate it controls does anything outside its Ordinary Trading Activities.

 

	7.4	Reliance
    on representations, warranties and undertakings

 

SH
and the Company acknowledges that the Subscriber has executed this document in reliance on the warranties in clause 7.1, the Warranties
in Schedule 1 and undertakings made in this clause 7.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 20

    	 

    

 

	7.5	Notification
                                         of breach of Warranties or undertakings

 

Each
of SH and the Company will notify the Subscriber in writing immediately upon he/it becoming aware that:

 

	 	(a)	any
    of the warranties in clause 7.1 is not or has ceased to be, in a material respect, true, complete and accurate or is or has
    become misleading in any material respect;
	 	 	 
	 	(b)	any
    of the Warranties is not or has ceased to be, in a material respect, true, complete and accurate or is or has become misleading
    in any material respect;
	 	 	 
	 	(c)	there
    is or is likely to be a Material Adverse Change; or
	 	 	 
	 	(d)	the
    Company has materially breached any of its obligations under this document.

 

	7.6	SH
    Indemnity

 

SH
unconditionally indemnifies the Subscriber against, and must pay the Subscriber on demand, the amount of all losses, liabilities,
expenses and Taxes (including legal expenses on a full indemnity basis and damages or other compensation paid by the Subscriber
on the advice of its legal advisers to compromise or settle any claim or proceeding) that the Subscriber may suffer directly or
indirectly because:

 

	 	(a)	any
    of warranties in clause 7.1 or the Warranties in Schedule 1 are or become incorrect in any material respect; or
	 	 	 
	 	(b)	SH
    breaches any of his obligations under this document.

 

	7.7	Company
                                         Indemnity

 

The
Company unconditionally indemnifies the Subscriber against, and must pay the Subscriber on demand, the amount of all losses, liabilities,
expenses and Taxes (including legal expenses on a full indemnity basis and damages or other compensation paid by the Subscriber
on the advice of its legal advisers to compromise or settle any claim or proceeding) that the Subscriber may suffer directly or
indirectly because:

 

	 	(a)	any
    of the Company’s representations or the Warranties are or become incorrect in any material respect; or
	 	 	 
	 	(b)	the
    Company breaches any of its obligations under this document.

 

 

	8	ISSUE
    OF EQUITY SECURITIES

 

	8.1	No
    obligation

 

The
Subscriber is not obliged to subscribe for Equity Securities under this clause 8.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 21

    	 

    

 

	8.2	Pro
    rata offer

 

Except
in relation to an Excluded Issue, if the Board resolves to issue any Equity Securities, the Equity Securities must be offered
to the Subscriber in accordance with this clause 8.

 

	8.3	Offer

 

The
Board must offer the Subscriber the number of Equity Securities calculated in accordance with the following formula (Offer):

 

	N	=	A	x
   	 	   B   
	 		 	 	 	   C

 

where:

 

N
=the number of Equity Securities to be offered for subscription to the Subscriber. A =the total number of Equity Securities proposed
to be issued.

 

B
=the number of Shares held by the Subscriber on the date of the Offer, calculated on the basis and assumption that all Equity
Securities held by the Subscriber on the date of the Subscription Notice have been converted into Shares.

 

C
=the total number of Shares on the date of the Offer, calculated on the basis and assumption that all Equity Securities on the
date of the Subscription Notice have been converted into Shares.

 

	8.4	Subscription
    Notice

 

The
Board must make the Offer to the Subscriber by notice in writing (Subscription Notice) stating:

 

	 	(a)	the
    total number of Equity Securities available for subscription and the number being offered to the Subscriber;
	 	 	 
	 	(b)	the
    type of Equity Securities being offered; and
	 	 	 
	 	(c)	the
    terms of issue of the Equity Securities.

 

	8.5	Response
    to Offer

 

Within
15 Business Days after receiving the Offer, the Subscriber must give notice to the Board stating:

 

	 	(a)	whether
    it accepts all or a specified number of Equity Securities contained in its Offer or rejects in full its Offer; and;
	 	 	 
	 	(b)	if
    it wants to subscribe for a greater number of Equity Securities than the number in its Offer, that it offers to subscribe
    for a specified number of those Equity Securities not subscribed for by other Shareholders under their Offers (if any).

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 22

    	 

    

 

	8.6	Failure
    to respond

 

If
the Subscriber does not give notice to the Board within the period specified in clause 8.5 of its acceptance or rejection of its
Offer, the Subscriber is taken to have rejected its Offer.

 

	8.7	Disposal
    to third parties

 

If
any Equity Securities being offered to the Subscriber are not taken up under the Offers by the Subscriber, the Board may allot,
grant options over, or otherwise dispose of those Equity Securities.

 

	8.8	Deed
    of Accession

 

The
Board may only allot or issue any Equity Securities to a person that is not a Shareholder if the person has executed, and delivered
to the Company, a deed of accession (except by way of Excluded Issue under clause 8.9(b)).

 

	8.9	Excluded
    Issue

 

Clause
8 (except clauses 8.8 and 8.9) does not apply to:

 

	 	(a)	an
    issue of Equity Securities to which all the Shareholders consent;
	 	 	 
	 	(b)	an
    issue of Ordinary Shares in an IPO; and
	 	 	 
	 	(c)	an
    issue of Shares under a Reorganisation Event.

 

	8.10	Anti-dilution/Top-Up
    Shares

 

On
each occasion the Company issues Equity Securities at an issue price, or with an exercise price, less than the subscription price
per Equity Security paid by the Subscriber on the Completion Date under this agreement, the Company must issue, for nil consideration,
a number of Shares to the Subscriber that, together with the Shares held by the Subscriber immediately before the issue of the
relevant Equity Securities, results in the Subscriber holding the number of Shares that it would have held had it subscribed the
total amount it has paid for all Shares held by it at the lower price per Equity Security. In any case, the number of shares held
by the Subscriber shall be no less than 30.40% of the total issued share capital.

 

 

	9	IPO

 

	9.1	Board
    to consider IPO

 

The
Board must consider an IPO and Stock Exchange listing in accordance with clause 9 as soon as practicable, but within three years
after the First Completion Date.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 23

    	 

    

 

	9.2	Appointment
    of Financial Adviser

 

When
the Board is required to consider an IPO and Stock Exchange listing under clause 9, the Board must appoint an investment bank
or stockbroker of good standing (Financial Adviser) to act on behalf of the Company and all Shareholders to:

 

	 	(a)	advise
    on the highest valuation of the Company which could be obtained through a listing on a Stock Exchange;
	 	 	 
	 	(b)	make
    a recommendation to the Shareholders and the Company on whether to proceed with a listing on a Stock Exchange; and
	 	 	 
	 	(c)	if
    the Shareholders accept a recommendation of the Financial Adviser for the listing of the Company on a Stock Exchange, to manage
    the proposed process of preparing for a listing on a Stock Exchange.

 

	9.3	Decision
    to list

 

The
decision as to whether:

 

	 	(a)	to
    list the Company on a Stock Exchange or not; or
	 	 	 
	 	(b)	defer
    listing for one year,

 

	 	shall
    not be made without the approval of the Subscriber.

 

	9.4	Deferral

 

If
a decision to defer the listing of the Company on a Stock Exchange for one year under clause 9.3 ̧ this clause 9 applies
again at the end of the year.

 

 

	10	RESERVED
    MATTERS

 

	10.1	Reserved
    matter to be approved by the Subscriber

 

SH
undertakes to procure the Company not to and the Company must not do, or commit to do, any of the things listed in Schedule 2
without the approval of the Subscriber.

 

	10.2	Other
    consents required

 

Clause
10.1 are without prejudice to any other consent or approval required under applicable law or the Company’s constitution
for any matter requiring approval of the Subscriber under this agreement.

 

 

	11	FINANCIAL
    AND OTHER REPORTING

 

	11.1	Reports
    and information

 

The
Company must give:

 

	 	(a)	the
    Subscriber the financial reports and information listed in Schedule 3 at the times specified in Schedule 3; and
	 	 	 
	 	(b)	the
    Subscriber any other reports or information required by the Subscriber in a form reasonably satisfactory to the Subscriber.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 24

    	 

    

 

	11.2	Confidentiality

 

Any
reports or information given by the Company to the Subscriber under this clause are given subject to clause 13.

 

 

	12	DEFAULT
    BY COMPANY

 

	12.1	Circumstances
                                         giving rise to termination

 

The
Subscriber may terminate this document prior to First Subscription Completion with immediate effect by notice in writing to the
Company if there is a Prescribed Occurrence.

 

	12.2	Effect
    of termination

 

On
termination under this clause 12, this document other than:

 

	 	(a)	this
    clause 12 and clauses 1 (Interpretation), 13 (Confidentiality and Public announcement), 14 (Amendment and assignment), 15
    (Notices) and 16 (General);
	 	 	 
	 	(b)	each
    indemnity in this document; and
	 	 	 
	 	(c)	rights
    that accrue before that date, terminate on that date.

 

 

	13	CONFIDENTIALITY
    AND PUBLIC ANNOUNCEMENT

 

	13.1	Confidentiality
                                         obligations

 

Each
party must:

 

	 	(a)	use
    the Confidential Information only for the purposes of the Business or to make decisions regarding its investment in the Company;
    and
	 	 	 
	 	(b)	keep
    the Confidential Information confidential and not disclose it or allow it to be disclosed to a third party except:

 

	 	 	(i)	with
    the prior written approval of each other party; or
	 	 	 	 
	 	 	(ii)	to
    any officer, employee, consultant, adviser or related body corporate of a party to the extent to which they have a need to
    know and who are aware that the Confidential Information must be kept confidential,

 

	 	(c)	take
    or cause to be taken reasonable precautions necessary to maintain the confidentiality of the Confidential Information.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 25

    	 

    

 

	13.2	Announcements

 

Subject
to clause 13.3, any announcement, press release or other communication of any kind relating to the negotiations of the parties
or the subject matter or terms of this agreement must be agreed by the parties except if it must be made by law or order of any
court, tribunal, authority or regulatory body (including a relevant stock exchange).

 

	13.3	Exceptions

 

The
obligations of confidentiality under this agreement do not extend to information that (whether before or after this agreement
is executed):

 

	 	(a)	is
    disclosed to a party to this agreement, but at the time of disclosure is rightfully known to or in the possession or control
    of the party and not subject to an obligation of confidentiality on the party;
	 	 	 
	 	(b)	is
    public knowledge (but not because of a breach of this agreement or any other obligation of confidence);
	 	 	 
	 	(c)	must
    be disclosed by law or order of any court, tribunal, authority or regulatory body or in connection with the enforcement of
    this agreement or by the rules of a stock exchange; or
	 	 	 
	 	(d)	subject
    to clause 13.4, a party discloses to an adviser of the party on a confidential basis.

 

	13.4	Commercially
    sensitive information

 

Despite
any other term of this agreement, a permitted disclosure under clause 13.3(d) must not include technical information in relation
to the Company’s operations that the Company has informed the Subscriber is commercially sensitive.

 

 

	14	AMENDMENT
    AND ASSIGNMENT

 

	14.1	Amendment

 

This
document can only be amended, supplemented, replaced or novated by another agreement signed by the parties.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 26

    	 

    

 

	14.2	Assignment

 

A
party may only dispose of, declare a trust over or otherwise create an interest in its rights under this document with the prior
written consent of the other party.

 

 

	15	NOTICES

 

	15.1	How
                                         to give a notice

 

A
notice, consent or other communication under this document is only effective if it is:

 

	 	(a)	in
    writing, signed by or on behalf of the person giving it;
	 	 	 
	 	(b)	addressed
    to the person to whom it is to be given; and either:
	 	 	 
	 	(c)	delivered
    or sent by pre-paid mail to that person’s address;
	 	 	 
	 	(d)	sent
    by fax to that person’s fax number and the machine from which it is sent produces a report that states that it was sent
    in full; or
	 	 	 
	 	(e)	sent
    by email to that person’s email address.

 

	15.2	When
                                         a notice is given

 

A
notice, consent or other communication that complies with this clause is regarded as given and received:

 

	 	(a)	if
    it is delivered or sent by fax:

 

	 	 	(i)	by
    5 pm (local time in the place of receipt) on a Business Day - on that day; or
	 	 	 	 
	 	 	(ii)	after
    5 pm (local time in the place of receipt) on a Business Day, or on a day that is not a Business Day - on the next Business
    Day; and

 

	 	(b)	if
    it is sent by mail:

 

	 	 	(i)	within
    Australia - 3 Business Days after posting; or
	 	 	 	 
	 	 	(ii)	to
    or from a place outside Australia - 7 Business Days after posting.

 

	 	(c)	if
    sent by email:

 

	 	 	(i)	when
    the sender receives an automated message confirming delivery; or
	 	 	 	 
	 	 	(ii)	30
    minutes after the time sent (as recorded on the device from which the sender sent the email) unless the sender receives an
    automated message that the email has not been delivered,

 

whichever
happens first.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 27

    	 

    

 

 

	16	GENERAL

 

	16.1	Governing
    law

 

This
document is governed by and shall be construed in accordance with the law in force in Japan.

 

	16.2	Arbitration

 

	 	(a)	Any
    dispute, controversy, difference or claim arising out of or relating to this document, including the existence, validity,
    interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out
    of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International
    Arbitration Centre (HKIAC) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted.
	 	 	 
	 	(b)	The
    law of this arbitration clause shall be Hong Kong law.
	 	 	 
	 	(c)	The
    seat of arbitration shall be Hong Kong.
	 	 	 
	 	(d)	The
    number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

 

	16.3	Liability
    for expenses

 

	 	(a)	Each
    party shall be responsible for their own costs in connection with the negotiation and execution of this document.
	 	 	 
	 	(b)	The
    Company must pay all expenses in connection with the stamping and registration of this document.

 

	16.4	Giving
    effect to this document

 

Each
party must do anything (including execute any document), and must ensure that its employees and agents do anything (including
execute any document), that the other party may reasonably require to give full effect to this document.

 

	16.5	Operation
    of this document

 

	 	(a)	This
    document contains the entire agreement between the parties about its subject matter. Any previous understanding, agreement,
    representation or warranty relating to that subject matter is replaced by this document and has no further effect.
	 	 	 
	 	(b)	Any
    right that a person may have under this document is in addition to, and does not replace or limit, any other right that the
    person may have.
	 	 	 
	 	(c)	Any
    provision of this document, which is unenforceable or partly unenforceable is, where possible, to be severed to the extent
    necessary to make this document enforceable, unless this would materially change the intended effect of this document.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 28

    	 

    

 

	16.6	Operation
    of indemnities

 

	 	(a)	Notwithstanding
    any other provision to the contrary in this document, each indemnity in this document survives the expiry or termination of
    this document.
	 	 	 
	 	(b)	A
    party may recover a payment under an indemnity in this document before it makes the payment.

 

	16.7	No
    merger

 

No
provision of this document merges on Subscription Completion.

 

	16.8	Consents

 

Where
this document contemplates that a party may agree or consent to something (however it is described), the party may (unless this
document expressly contemplates otherwise):

 

	 	(a)	agree
    or consent, or not agree or consent, in its absolute discretion; and
	 	 	 
	 	(b)	agree
    or consent subject to conditions.

 

	16.9	Waiver
    of rights

 

A
right may only be waived in writing, signed by the party giving the waiver, and:

 

	 	(a)	no
    other conduct of a party (including a failure to exercise, or delay in exercising, the right) operates as a waiver of the
    right or otherwise prevents the exercise of the right;
	 	 	 
	 	(b)	a
    waiver of a right on one or more occasions does not operate as a waiver of that right if it arises again; and
	 	 	 
	 	(c)	the
    exercise of a right does not prevent any further exercise of that right or of any other right.

 

	16.10	Counterparts

 

This
document may be executed in counterparts.

 

	16.11	Attorneys

 

Each
person who executes this document on behalf of a party under a power of attorney declares that he or she is not aware of any fact
or circumstance that might affect his or her authority to do so under that power of attorney.

 

	16.12	Use
    of Nominee

 

The
Company acknowledges and agrees that where a right or obligation owed by the Company is expressed in this document to be in favour
of the nominee of the Subscriber:

 

	 	(a)	that
    right or obligation may be enforced by the nominee as against the Company; and
	 	 	 
	 	(b)	notwithstanding
    paragraph (a) above, the Subscriber is entitled to enforce (including for its benefit) the right expressed to be in favour
    of the nominee under or in connection with this document (and in such circumstances, the nominee will not be entitled to seek
    from the Company recovery of such amounts once paid by the Company to the Subscriber or as the Subscriber directs). Any payment
    of such amount to the Subscriber shall constitute a discharge of that obligation to the nominee.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 29

    	 

    

 

Executed
as an agreement.

  

	Executed
        by Beroni Group Limited ACN

        161
        622 402 in accordance with section

        127
        of the Corporations Act by or in the

        presence
        of:
	 	 
	 	 	 
	 	 	 
	(Signature
    of Director)	 	(Signature
    of Director or Secretary)
	 	 	 
	 	 	 
	(Name
    Director in full)	 	(Name
    of Director or Secretary in full)

 

	Executed
        by Dendrix Inc. in accordance

        with
        its constitution in the presence of:
	 	 
	 	 	 
	 	 	 
	(Signature
    of Director)	 	(Signature
    of Director)
	 	 	 
	 	 	 
	(Name
    of Director in full)	 	(Name
    of Director in full)

 

	Executed
        by Shigeru Hirabayashi

        in
        the presence of:
	 	 
	 	 	 
	 	 	 
	(Witness
    Signature)	 	(Signature
    of Shigeru Hirabayashi)
	 	 	 
	 	 	 
	(Name
    of Witness)	 	 

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 30

    	 

    

 

 

	1	SCHEDULE
    1 WARRANTIES

 

Each
of SH and the Company jointly and severally represent and warrant to the Subscriber (the “Warranties”) as at the date
of execution of this document, the First Completion Date and the Second Completion Date, with respect to the Company that:

 

	 	(a)	(power)
    it has full legal capacity and power to:

 

	 	 	(i)	own
    its property and to carry on its business; and
	 	 	 	 
	 	 	(ii)	enter
    into the Subscription Agreement, (except as contemplated in this document) comply with its terms and to carry out the transactions
    that it contemplates;

 

	 	(b)	(corporate
    authority) it has taken all corporate action that is necessary or desirable to authorise its entry into the Subscription Agreement
    and its carrying out the transactions it contemplates;

 

	 	(c)	(Authorisations)
    except as contemplated in this document, it holds each Authorisation that is necessary or desirable to:

 

	 	 	(i)	enable
    it to properly execute the Subscription Agreement, comply with its terms and to carry out the transactions it contemplates;
	 	 	 	 
	 	 	(ii)	ensure
    that the Subscription Agreement is legal, valid, binding and admissible in evidence; or
	 	 	 	 
	 	 	(iii)	enable
    it to properly carry on its business,

 

	 	it
    is complying with any conditions to which any of these Authorisations is subject;

 

	 	(d)	(execution)
    it has duly executed this document in accordance with its constitution and each of the Authorisations referred to in paragraph
    (c) above;
	 	 	 
	 	(e)	(documents
    effective) the Subscription Agreement when executed will constitute, its legal, valid and binding obligations, enforceable
    against it in accordance with its terms (except to the extent limited by equitable principles and laws affecting creditors’
    rights generally) subject to any necessary stamping or registration;
	 	 	 
	 	(f)	(no
    contravention) neither its execution of the Subscription Agreement nor the carrying out by it of the transaction it contemplates,
    does or will:

 

	 	 	(i)	contravene
    any law to which it, any of its subsidiaries, or any of its property is subject or any order of any Government Agency that
    is binding on any of them or any of their property;
	 	 	 	 
	 	 	(ii)	contravene
    any Authorisation;

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 31

    	 

    

 

	 	 	(iii)	contravene
    any undertaking or instrument binding on them or any of their property; or
	 	 	 	 
	 	 	(iv)	contravene
    its constitution;

 

	 	(g)	(the
    Company):

 

	 	 	(i)	the
    Company and each of its related bodies corporate is duly incorporated and validly existing under the laws of its incorporation
    jurisdiction and the Company and each of its related bodies corporate has full power and authority to own its property and
    assets and conduct its business;
	 	 	 	 
	 	 	(ii)	the
    copy of the constitution provided by the Company to the Subscriber prior to entry into this document, is and remains a true
    copy;
	 	 	 	 
	 	 	(iii)	since
    the Balance Date, no dividend in respect of any issued shares in the Company and its related bodies corporate has been declared
    or paid and since that date there has been no other distribution of property or assets to shareholders of the Company and
    its related bodies corporate;
	 	 	 	 
	 	 	(iv)	details
    of the capital of the Company and its related bodies corporate is as set out below:

 

	 	 	(A)	Number
    of fully paid shares on issue: 45,800
	 	 	 	 
	 	 	(B)	Number
    of partly paid shares on issue: nil
	 	 	 	 
	 	 	(C)	Details
    of options on issue: 6,050
	 	 	 	 
	 	 	 	(An
    additional 3,000 options will be issued by the 31 December 2018)
	 	 	 	 
	 	 	(D)	Details
    of instruments convertible into securities: nil;

 

	 	 	(v)	save
    for the related bodies corporate (which are wholly owned), the Company does not hold or have any legal or beneficial interest
    in any shares in any other company nor has it contracted to take up or acquire any shares in any other company;
	 	 	 	 
	 	 	(vi)	there
    is no agreement, arrangement or understanding to which the Company or any of its related bodies corporate is a party which
    gives a right to any person upon a change in the management or control of or ownership of shares in the Company or in its
    related bodies corporate;
	 	 	 	 
	 	 	(vii)	neither
    the Company nor its related bodies corporate have any connection or affiliation with the Subscriber, its offices or any of
    their related bodies corporate;

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 32

    	 

    

 

	 	 	(viii)	to
    the best of the knowledge and belief of the Company, the minute books and other records of meetings or resolutions of shareholders
    or directors of the Company and its related bodies corporate, the registers, statutory records, books of account, trading
    and financial records, copies of taxation returns and all other documents, papers and records of Company and its related bodies
    corporate relating to its business activities, property or financial affairs are complete, true and accurate in all material
    respects and have been prepared in accordance with applicable legal requirements;
	 	 	 	 
	 	 	(ix)	for
    the period of 5 years prior to the First Completion Date, all information, announcements, notices, returns, particulars, resolutions
    and documents required to be delivered by the Company and its related bodies corporate under the Japanese Companies Act, have
    been duly delivered.

 

	 	(h)	(Capital):

 

	 	 	(i)	There
    are no other options or convertible securities on issue in the Company or its related bodies corporate which are convertible
    into or exchangeable for shares in the Company or in any related body corporate;
	 	 	 	 
	 	 	(ii)	Immediately
    following the issue of the First Subscription Shares to Subscriber, the First Subscription Shares will represent no less than
    17.92% of the total issued share capital of the Company on a post- issue basis;
	 	 	 	 
	 	 	(iii)	Immediately
    following the issue of the Second Subscription Shares to Subscriber, the Subscription Shares will represent no less than 30.40%
    of the total issued share capital of the Company on a post-issue basis;
	 	 	 	 
	 	 	(iv)	there
    are no agreements in force pursuant to which any person is or may be entitled to or has the right to call for the issue of
    any shares in the Company or in any of its related bodies corporate or securities convertible into or exchangeable for shares
    in the Company or in any of its related bodies corporate nor has the Company or any of its related bodies corporate given,
    granted or agreed to grant any option or right (whether contingent or not) in respect of its unissued shares;
	 	 	 	 
	 	 	(v)	No
    person is entitled to recover from the Company or any of its related bodies corporate any fee, brokerage or commission in
    connection with the purchase, sale or issue of the Subscription Shares;

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 33

    	 

    

 

	 	 	(vi)	Upon
    their issue, the Subscription Shares will rank pari passu in all respects with the Company’s then existing Shares, be
    fully paid, validly issued and not subject to any Encumbrance;

 

	 	(i)	(Accounts
    & financial position):

 

	 	 	(i)	The
    statement of financial performance, statement of financial position, statement of cashflows and notes to the financial statements
    of the Company, the consolidated entity, and each of the related bodies corporate as at the Balance Date:

 

	 	 	(A)	disclose
    a true and fair view of the financial position and the performance of Company, the consolidated entity, and each related body
    corporate as at the Balance Date and for the period ending on it (including full and adequate provision for all Tax liabilities);
	 	 	 	 
	 	 	(B)	have
    been prepared in accordance with applicable International Financial Reporting Standards (IFRS) on a consistent basis;
	 	 	 	 
	 	 	(C)	have
    been prepared consistently with the accounting policies and practices previously applied by the Company’s, and the related
    bodies’ corporate’, auditors and external accountants;
	 	 	 	 
	 	 	(D)	there
    are no actual or contingent liabilities of, or unasserted liabilities against, the Company or the related bodies corporate
    (including contractual commitments or actual, contingent or unasserted liabilities of the Company in connection with any off
    balance sheet transactions) other than as disclosed in their statements of financial position as at the Balance Date. Since
    the Balance Date the Company and the related bodies corporate have not incurred any actual or contingent liability (including
    contractual commitments) except in the ordinary course of business, nor any actual, contingent or unasserted liabilities of
    the Company in connection with any off balance sheet transactions.

 

	 	 	(ii)	the
    results disclosed in the statement of financial position and statements of financial performance of the Company and the related
    bodies corporate for the 3 years up to the Balance Date have not been affected (except as disclosed in those statements) by
    anything which renders any of those results unusually high or low;
	 	 	 	 
	 	 	(iii)	the
    management accounts for the period from 1 December 2017 to 28 February 2018:

 

	 	 	(A)	disclose
    a true and fair view of the financial position and the performance of Company, the consolidated entity, and each related body
    corporate as at 28 February 2018 and for the period ending on it (including full and adequate provision for all Tax liabilities);

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 34

    	 

    

 

	 	 	(B)	have
    been prepared in accordance with applicable International Financial Reporting Standards (IFRS) on a consistent basis; and
	 	 	 	 
	 	 	(C)	have
    been prepared consistently with the accounting policies and practices previously applied by the Company’s, and the related
    bodies’ corporate’, auditors and external accountants;

 

	 	 	(iv)	since
    the Balance Date there has been no occurrence which has or will (either itself or together with any other occurrence) materially
    and adversely affect the value of the Subscription Shares, the financial position, profitability or prospects of the Company,
    the related bodies corporate, the business or any of their property or assets;
	 	 	 	 
	 	 	(v)	all
    Tax liabilities of the Company and the related bodies corporate will have been paid by the Company and its related bodies
    corporate on Subscription Completion or adequately provided for by the Company and its related bodies corporate. All returns
    in relation to all Tax liabilities have been duly lodged and filed and no dispute exists between the Company or any related
    body corporate and any relevant authority with respect to any Tax liability;
	 	 	 	 
	 	 	(vi)	all
    assessable income derived by the Company and the related bodies corporate in each year of income has been disclosed in the
    income tax returns filed by the Company and its related bodies corporate. All deductions claimed in each of those returns
    were allowable deductions in the relevant year of income;
	 	 	 	 
	 	 	(vii)	books
    of account and trading and financial records of the Company and the related bodies corporate:

 

	 	 	(A)	give
    a true and fair view of the state of affairs and financial position of the Company and the related bodies corporate and the
    business as at the First Completion Date (and to the best of the knowledge and belief of the Company, at all other relevant
    dates and for the relevant periods);
	 	 	 	 
	 	 	(B)	do
    so in accordance with all applicable laws and with the accounting policies and practices previously applied by Company, and
    the related bodies’ corporate, external accountants; and
	 	 	 	 
	 	 	(C)	do
    so consistently with applicable IFRS on a consistent basis and other applicable legislation.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 35

    	 

    

 

	 	 	(viii)	As
    at a Completion Date there will be no loan outstanding from (or to) any related body corporate to (or from):

 

	 	 	(A)	any
    of its employees;
	 	 	 	 
	 	 	(B)	any
    shareholder in a related body corporate (other than another related body corporate, or the Company); or
	 	 	 	 
	 	 	(C)	any
    shareholder in Company.

 

	 	(j)	(Business
    and assets):

 

	 	 	(i)	Since
    the Balance Date, the business of the Company and its related bodies corporate has been conducted in the ordinary and normal
    course.
	 	 	 	 
	 	 	(ii)	As
    at a Subscription Completion, the Company will have and its related bodies corporate will have good and marketable title to
    all their property and assets free from any Encumbrance. There is no agreement by the Company or its related bodies corporate
    to give or create any Encumbrance. No claim has been made by any person to be entitled to any Encumbrance. This does not apply
    to any Encumbrance in favour of the Subscriber.
	 	 	 	 
	 	 	(iii)	The
    property and assets of the Company and its related bodies corporate comprise all the assets used in connection with or necessary
    for the continuing conduct of the business of the Company (including the benefit of any contracts which are used by the Company
    or its related bodies corporate in the business of the Company).
	 	 	 	 
	 	 	(iv)	All
    plant and equipment used in the conduct of the business of the Company is in good repair and condition (normal wear and tear
    excepted).
	 	 	 	 
	 	 	(v)	The
    Company and each of its related bodies corporate has adequate product liability and public risk insurance. All of the property
    and assets of the Company and its related bodies corporate which are tangible assets are insured for their full replacement
    value against fire and other risks normally insured against having regard to the customary practices applicable to the industry
    in which the respective business is conducted. Nothing has been done or omitted to be done which would make any policy of
    insurance in respect of such property or assets or any of them, void or voidable.
	 	 	 	 
	 	 	(vi)	Except
    for bad or doubtful debts for which full and adequate provision is made in the accounts of the Company and its related bodies
    corporate as at the Balance Date, all receivables and debtors of Company and its related bodies corporate are good and collectable
    in the ordinary course of business.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 36

    	 

    

 

	 	 	(vii)	Since
    the Balance Date, the Company and its related bodies corporate have not disposed of, agreed to dispose of or granted any option
    to purchase any of their property or assets otherwise than in the ordinary course of its business.
	 	 	 	 
	 	 	(viii)	All
    documents which are necessary to establish the title of the Company and its related bodies corporate to their property and
    assets are in the possession or under the control of the Company and the related bodies corporate and all have been duly stamped.
	 	 	 	 
	 	 	(ix)	The
    Company and its related bodies corporate have not entered into any long term, onerous or unusual contract nor any contract
    which is not on an arms’-length basis.
	 	 	 	 
	 	 	(x)	There
    are no outstanding offers, tenders or quotations given or made by the Company or the related bodies corporate which are capable
    of giving rise to a contract by the unilateral act of a third party.
	 	 	 	 
	 	 	(xi)	The
    Company and the related bodies corporate have not entered into any off-set or other arrangement which requires, as a term
    or condition of the supply of goods or services by the Company or the related bodies corporate, that the Company or any related
    body corporate acquire goods or services from any other person (including a buyer of goods or services from the Company or
    a related body corporate).
	 	 	 	 
	 	 	(xii)	There
    is no contract, agreement or arrangement requiring the Company or any related body corporate to supply anything which does
    not contain a provision enabling the Company (or related body corporate) as supplier to require the other party to the contract,
    agreement or arrangement to pay to the Company (or related body corporate) the amount of any Japanese Consumption Tax payable
    on that supply in addition to the consideration for that supply.
	 	 	 	 
	 	 	(xiii)	There
    is no contract, agreement or arrangement requiring the Company or any related body corporate to pay any Japanese Consumption
    Tax on a supply which does not contain a provision enabling the Company (or related body corporate) as recipient to require
    the other party to the contract, agreement or arrangement to provide to the Company (or related body corporate) a tax invoice
    for any Japanese Consumption Tax on that supply.
	 	 	 	 
	 	 	(xiv)	Save
    as previously disclosed in writing to the Subscriber prior to entry into this document, the Company and each of its related
    bodies corporate is not a lessee, licensee or tenant of any real property or party to any hire purchase, hiring, leasing or
    credit sale agreement.

 

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	 	 	(xv)	There
    is no reason to believe that the Ministry of Health, Labour and Welfare will not grant the Permission.

 

	 	(k)	(Litigation,
    compliance with laws, etc.):

 

	 	 	(i)	there
    is no unsatisfied judgment, order, arbitral award or decision of any Court, tribunal or arbitrator against the Company or
    any of its related bodies corporate or any of their property or assets. There is no outstanding claim, demand, dispute, litigation,
    arbitration or prosecution to which the Company or any of its related bodies corporate is party pending nor to the best of
    the knowledge and belief of the Company threatened against any of them;
	 	 	 	 
	 	 	(ii)	the
    Company is not and its related bodies corporate are not in default under, and the entering into this document will not result
    in a contravention of, their constitutions or any statute or any decree, order, rule, by-law or regulation of any government,
    statutory, municipal body or organisation having jurisdiction over the business of Company, Company, any related body corporate,
    or any of its or their assets;
	 	 	 	 
	 	 	(iii)	the
    Company and its related bodies corporate hold all licences, permits, authorisations and consents required for the conduct
    of all aspects of their commercial activities. To the best of the knowledge of the Company all such licences, permits, authorisations
    and consents are in full force and are not liable to be revoked or not renewed;
	 	 	 	 
	 	 	(iv)	the
    Company have no knowledge of any breach or unenforceability or invalidity of or grounds for rescission, avoidance or repudiation
    of any of the contracts, deeds or instruments to which Company or any of its related bodies corporate is a party;
	 	 	 	 
	 	 	(v)	neither
    the entry into this document by the Company, the performance by the Company of its obligations under this document or the
    issue of the Subscription Shares to the Subscriber will:

 

	 	 	(A)	constitute
    a breach of any material contract to which the Company or any of its related bodies corporate is a party; or
	 	 	 	 
	 	 	(B)	constitute
    an event which would entitle a party to a material contract to which the Company or any of its related bodies corporate is
    a party to terminate the contract;

 

	 	to
    the best of the knowledge and belief of Company there are no statutory or other notices restricting or prohibiting the carrying
    on of the Business in any way.

 

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	 	(l)	(property
    unencumbered) none of its property, and no property of any of its subsidiaries, is subject to an Encumbrance other than a
    Permitted Encumbrance;
	 	 	 
	 	(m)	(no
    Controller) no Controller is currently appointed in relation to any of its property, or any property of any of its subsidiaries;
	 	 	 
	 	(n)	(Intellectual
    property):

 

	 	 	(i)	The
    Company and each of the related bodies corporate has taken all steps necessary to protect all inventions the subject of a
    registered patent or patent application, all trademarks and designs whether registered or unregistered, all business names
    and brands and all other trade secrets, know-how and confidential information used in connection with or required for the
    conduct of the Business. These steps include applying for and maintaining in force at the Completion Date all possible letters
    patent, trade mark design and business name registrations in all relevant countries (including any patents and trade marks
    or business names disclosed to the Subscriber in writing at any time prior to Completion Date).
	 	 	 	 
	 	 	(ii)	There
    are no users, licensees or parties with any other rights with respect to any patents or trademarks or business names of the
    Company or its related bodies corporate or to access any of the trade secrets of the Company or its related bodies corporate
    other than the applicants for those patents or trademarks and business names and only in respect of the patents or trade mark(s)
    and business names of which they are the applicant.
	 	 	 	 
	 	 	(iii)	The
    Company and its related bodies corporate have not disclosed any of their trade secrets to any person except as required by
    law.
	 	 	 	 
	 	 	(iv)	All
    Registrable IP is valid and duly registered, and the registration of any Registrable IP is not challenged or opposed by any
    party and is not otherwise liable to be revoked for any reason whatsoever.
	 	 	 	 
	 	 	(v)	In
    the case of Registrable IP comprising inventions not yet subject to an application for a patent, and unregistered but registrable
    trademarks, the Company has not done or omitted to do any act which may prevent it from obtaining registration of such Registrable
    IP (including without limitation the disclosure or commercial use of any patentable invention).
	 	 	 	 
	 	 	(vi)	No
    act or omission has occurred (including but limited to the payment of all fees, the failure to use any registered trade mark,
    and the failure to complete or provide all required documentation) which may materially affect the registration of any Registrable
    IP (whether now or in the future).

 

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	 	 	(vii)	All
    Intellectual Property Rights and other rights to use any technology (including without limitation any software, patents know-how,
    and other technology of any description used by Company for any purpose) which is not owned by the Company, is used under
    a valid and subsisting licence (or any other agreement pursuant to which the Company’s rights to use any Intellectual
    Property Rights of any third party is conferred) (“Licence”).
	 	 	 	 
	 	 	(viii)	All
    Licences will continue to subsist till the listing of the Company on the Stock Exchange.
	 	 	 	 
	 	 	(ix)	There
    are no existing unremedied breaches of any Licence.
	 	 	 	 
	 	 	(x)	There
    are no prior breaches of any Licence whether or not remedied which would or may entitle the party conferring the rights conferred
    by such Licence to terminate the Licence or any part of it.

 

	 	 	(xi)	The
    Company is the sole legal and beneficial owner of all the Intellectual Property Rights and there are no impediments or restraints
    (other than the operation of any relevant law, or the operation of any licence or right granted by Company) to use such Intellectual
    Property Rights listed in (Annexure B to this Schedule) that may affect Company’s rights to deal with and exploit such
    rights.
	 	 	 	 
	 	 	(xii)	The
    Company is the sole legal and beneficial owner of the Intellectual Property Rights listed in Annexure B (including copyright)
    to all Documentation.

 

	 	(o)	(Information):

 

	 	 	(i)	The
    Company has disclosed (or caused to be disclosed) to the Subscriber or by public announcement all information relating to
    the Subscription Shares, the Company, its related bodies corporate, their business and their property and assets which would
    be material for disclosure to an intending subscriber of the Subscription Shares and all such information is complete, true
    and accurate in all material respects.
	 	 	 	 
	 	 	(ii)	The
    information (other than in relation to Subscriber) contained in the schedules and recitals to this document is complete, true
    and accurate in all material respects.
	 	 	 	 
	 	 	(iii)	All
    of the information, including all responses from the Company to the list of questions emailed by the Subscriber to the Company
    in April 2018, provided to the Subscriber by the Company for the purpose of the Subscriber undertaking due diligence enquiries
    in relation to the Company is accurate, complete and not misleading, including all information provided by employees, representatives
    and advisers of the Company and its related bodies corporate.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 40

    	 

    

 

	 	(p)	(Employees):

 

	 	 	(i)	To
    the best of the knowledge and belief of the Company there is no threatened or pending dispute between the Company or any of
    its related bodies corporate and any employee or trade union or other similar organisation.
	 	 	 	 
	 	 	(ii)	The
    entitlements of employees of the Company and its related bodies corporate as disclosed in their accounts for long service
    leave, annual leave and sick leave are adequate and have been determined in accordance with prudent accounting practice and
    are not less than the legal entitlements of the employees.
	 	 	 	 
	 	 	(iii)	Since
    the Balance Date, no payment has been made or agreed to be made in respect of and the Company and its related bodies corporate
    have no actual or contingent liability for the payment of any retiring allowance, superannuation, redundancy or termination
    benefit nor any other payment for loss of office or employment to any of the directors or officers of the Company or its related
    bodies corporate or to any employees of the Company or its related bodies corporate except as required by law.

 

	 	(q)	(Environmental
    matters):

 

	 	 	(i)	To
    the knowledge of the Company, there has been no significant breach by the Company or its related bodies corporate of any material
    Environmental Law.
	 	 	 	 
	 	 	(ii)	Every
    material Environmental Approval relied on by the Company to operate its business or to use any part of its property or any
    asset owned or used by the Company to the knowledge of the Company:

 

	 	 	(A)	has
    been issued and is current;
	 	 	 	 
	 	 	(B)	has
    been complied with in all material respects.

 

	 	 	(iii)	To
    the knowledge of the Company, no circumstance has arisen or event occurred which in the opinion of the Company would be likely
    to result in amendment or revocation of any material Environmental Approval.
	 	 	 	 
	 	 	(iv)	The
    Company has not been notified of any material proposed change, amendment or revocation of any material Environmental Approval.
	 	 	 	 
	 	 	(v)	No
    valid environmental notice which would have a material adverse effect upon the ability of the Company to conduct its business
    effectively or profitably, has to the knowledge of the Company been issued in respect of the Company’s business, any
    asset of the Company, or any leased equipment of the Company.
	 	 	 	 
	 	 	(vi)	To
    the knowledge of the Company there are no court proceedings in relation to a material Environmental Aspect of the business
    of the Company or its related bodies corporate, or of any asset of the Company or its related bodies corporate, or of any
    leased equipment of the Company or its related bodies corporate.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 41

    	 

    

 

 

	2	SCHEDULE
    2 RESERVED MATTERS

 

	2.1	(Chairperson
    and senior management) Appoint or remove the chairperson of the Company, chief executive officer, chief operating officer
    or chief financial officer or materially change their role or responsibilities.
	 	 
	2.2	(Number
    of directors) Increasing the total number of directors on the Board.
	 	 
	2.3	(Power
    to appoint directors of other corporation) Appoint or remove a director of a corporation that the Company has the power to
    appoint or remove.
	 	 
	2.4	(Remuneration
    of Directors) Increase the remuneration payable to Directors, except in accordance with the Business Plan.
	 	 
	2.5	(Bonuses)
    Pay any executive, profit or other bonus to a Director, except in accordance with the Business Plan.
	 	 
	2.6	(Acquisitions)
    Acquire securities in another entity by the Company or its subsidiary.
	 	 
	2.7	(Equity
    Securities) Issue or allot or grant a right to issue or allot Equity Securities
	 	 
	2.8	(Borrowing)
    Borrow, or accept any financial accommodation of, $500,000 or more, except in accordance with the Business Plan.
	 	 
	2.9	(Encumbrances)
    Encumber an asset or undertaking, except in accordance with the Business Plan.
	 	 
	2.10	(Guarantee)
    Give or enter into a guarantee, letter of comfort or performance bond, except in accordance with the Business Plan.
	 	 
	2.11	(Business
    Plan and budgets) Adopt or vary a Business Plan or another operating, capital or cash budget or business financial plan.
	 	 
	2.12	(Auditor)
    Appoint or remove the Company’s auditor.
	 	 
	2.13	(Acquisitions
    and disposals) Acquire or dispose of a company or business, except in accordance with the Business Plan.
	 	 
	2.14	(Assets)
    Acquire or dispose of an asset or assets (either tangible or intangible) having a value of $500,000 or more, except in accordance
    with the Business Plan.
	 	 
	2.15	(Capital
    expenditure) Incur capital expenditure of $100,000 or more in a Financial Year, except in accordance with the Business Plan.
	 	 
	2.16	(Related
    party transactions) Enter into a contract or other arrangement with a Director or an associate of a Director.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 42

    	 

    

 

	2.17	(Reorganisation
    Event) Undertake or undergo a Reorganisation Event.
	 	 
	2.18	(Finance
    and operating leases) Enter into a finance or operating lease with a cost of $100,000 or more per annum, except in accordance
    with the Business Plan.
	 	 
	2.19	(Contracts)
    Enter into, terminate, amend, vary, assign, novate, enforce or waive a right under, a contract, except in accordance with
    the Business Plan.
	 	 
	2.20	(Accounting
    Standards and principles) Materially alter the accounting standards or principles previously adopted by the Company for the
    preparation or presentation of any individual or consolidated financial statements, except if required by law.
	 	 
	2.21	(Balance
    date) Change the balance date or alter the accounting period of the Company.
	 	 
	2.22	(Loans)
    Make a loan or provide credit or other financial accommodation to a person, except in accordance with the Business Plan.
	 	 
	2.23	(Financial
    assistance) Provide a loan or other financial assistance to a Director or his or her associates or vary the terms of any loan
    or other financial assistance previously provided to a Director or his or her associates.
	 	 
	2.24	(Disputes)
    Commence, conduct or settle any dispute or litigation (including with a tax authority) except debt collection in the ordinary
    course of business.
	 	 
	2.25	(Employee
    Share Plan) Adopt or amend the terms of an employee share plan, employee share option scheme or employee share purchase scheme
    or any other arrangement that may give employees of the Company the right or entitlement to acquire any Equity Securities.
	 	 
	2.26	(Employee
    Shares) Issue or grant shares or options under an employee share plan, employee share option scheme or employee share purchase
    scheme or other arrangement referred to in paragraph 2.25.
	 	 
	2.27	(Transaction
    Documents) Terminate, amend, vary, assign, novate, enforce or waive a right under any Transaction Document, or agree to do
    any of those things.
	 	 
	2.28	(Committees
    of Directors) Appoint, dissolve or alter the composition of any committee of the Board.
	 	 
	2.29	(Dividends)
    Set or change the dividend or distribution policy of the Company, or declare, make or pay a dividend or another distribution.
	 	 
	2.30	(Partnerships
    and joint ventures) Enter into, amend or vary a partnership or joint venture.
	 	 
	2.31	(Insurance)
    Amend or vary the insurance cover over the Company or the Business or any key man insurance policy.
	 	 
	2.32	(Constitution)
    Amend the Company’s constitution.
	 	 
	2.33	(Trade
    sale) Effect a sale of:

 

	 	(a)	the
    main operating Subsidiaries;
	 	 	 
	 	(b)	all
    or a substantial part of the Business; or
	 	 	 
	 	(c)	all
    or substantially all of the assets of the Group.

 

	2.34	(Winding
    up) Take a step to dissolve or wind up the Company.
	 	 
	2.35	(Change
    in nature of Business) Stop carrying on, or materially alter the scale of operations of, the Business or commence any business
    or operational activity except the Business.
	 	 
	2.36	(Listing)
    Apply to a Stock Exchange for a listing or for quotation of any Shares at any time within three years after the First Completion
    Date.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 43

    	 

    

 

 

	3	SCHEDULE
    3 FINANCIAL AND OTHER REPORTING

 

	3.1	Monthly

 

Within
10 Business Days after the end of each month, unaudited management accounts for the preceding month comprising:

 

	 	(a)	commentary
    on the operational and financial position for the preceding month, including any variation between the actual results and
    those forecast in the Business Plan;
	 	 	 
	 	(b)	a
    profit and loss account and cash flow statement for the preceding month;
	 	 	 
	 	(c)	a
    balance sheet as at the end of the preceding month; and
	 	 	 
	 	(d)	a
    forecast of the performance of the Company in the next month.

 

	3.2	Quarterly

 

Within
1 month after the end of each calendar quarter, unaudited quarterly management accounts for the preceding quarter, including (at
least):

 

	 	(a)	commentary
    on the financial performance for the preceding quarter;
	 	 	 
	 	(b)	a
    quarterly management report on any variations from the Business Plan;
	 	 	 
	 	(c)	a
    profit and loss statement and cash flow statement for the preceding quarter; and
	 	 	 
	 	(d)	a
    balance sheet as at the end of the preceding quarter.

 

	3.3	Annual

 

Within
3 months after the end of each Financial Year, audited financial statements (including consolidated profit and loss accounts,
balance sheets and cash flow statements) for the Financial Year.

 

	3.4	Minutes

 

	 	(a)	Within
    5 Business Days after each Board Meeting, minutes of the Board Meetings.
	 	 	 
	 	(b)	Within
    5 Business Days after each meeting of Shareholders, minutes of the meeting.

 

	3.5	Offer
    information

 

Full
details of any offer received by the Company to buy:

 

	 	(a)	Shares;
	 	 	 
	 	(b)	an
    interest in a Subsidiary;
	 	 	 
	 	(c)	all
    or a substantial part of the Business; or
	 	 	 
	 	(d)	all
    or substantially all of the assets of the Group.

 

The
information must be given as soon as the offer is received.

 

	3.6	Reporting
    on the progress against the business plan Within 10

 

Business
Days after the end of each quarter,

 

	 	(a)	a
    progress report on the progress of the business activities as set out in the Business Plan;

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 44

    	 

    

 

 

ANNEXURE
A

 

CERTIFICATE
OF DIRECTORS OF DENDRIX INC.

 

In
accordance with clause 4.3(d)/4.6(c) of a Share Subscription Agreement between Beroni Group Limited and Dendrix Inc. (“Company”)
dated [date] April 2018, we the directors of the Company hereby certify that, as at [First/Second Completion Date], to the best
of our knowledge and belief and subject to the contents of the Disclosure Letter:

 

	 	(a)	all
    of the Warranties are true and correct and not misleading;
	 	 	 
	 	(b)	there
    is no Prescribed Occurrence existing or continuing; and
	 	 	 
	 	(c)	there
    is no Material Adverse Change existing or continuing.

 

We
acknowledge that the Subscriber is relying on our execution of this certificate in proceeding to complete subscription for the
Subscription Shares.

 

We
provide this certificate in our capacity as directors on behalf of the Company.

 

	 	 
	[Name]	 
	Director	 
	 	 
	Director	 
	 	 
	 	 
	[Name] 	 
	Director	 

 

Capitalised
terms not otherwise defined in this certificate have the same meaning as in the Share Subscription Agreement.

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 45

    	 

    

 

 

ANNEXURE
B

 

INTELLECTUAL
PROPERTY RIGHTS

 

	1.1	Patent
    No. 5971921
	 	 
	1.2	Patent
    5816550

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 46

    	 

    

 

 

ANNEXURE
C

 

FORM
OF DISCLOSURE LETTER

 

To:
Beroni Group Limited.

 

Disclosure
Letter

 

We
refer to the share subscription agreement between Beroni Group Limited and Dendrix Inc. (the “Company”) (“Subscription
Agreement”), dated [insert date]. Capitalised terms not otherwise defined in this Disclosure Letter shall have the same
meaning as in the Subscription Agreement.

 

We
acknowledge that the Subscriber is relying upon the contents of this Disclosure Letter in proceeding to complete subscription
for the Subscription Shares.

 

The
Warranties in Schedule 1 of the Subscription Agreement are limited by and to the extent of the information expressly disclosed
in the schedule to this Disclosure Letter. For the avoidance of doubt, the Company acknowledges that such disclosures form part
of the Subscriber’ enquiries regarding and in connection with the Company for the purposes of clause 2.1(a) of the Subscription
Agreement.

 

	Date:	 
	 
	EXECUTED
    by Dendrix Inc.:
	 	 
	 	 
	Signature
    of director	Signature
    of director/secretary
	 	 
	Name	Name

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 47

    	 

    

 

Schedule
of Disclosures

 

	Warranty	 	Disclosure
    / Clarification
	 	 	 
	[Repeat each Warranty in Schedule 1 of the

                                                         Subscription Agreement.]
	 	[The
        Company is to restate each Warranty, with express words of limitation which set out the nature and extent of the clarification.

         

        Alternatively,
        the Company is to disclose the nature and extent of the relevant facts which limit each Warranty, in order that the effect
        of that disclosure may be assessed on the face of the Disclosure Letter.

         

        For
        the avoidance of doubt, exceptions such as “to the knowledge and belief of the Company” do not meet this criteria,
        nor does a general cross reference to several Warranties.]

 

    	Share Subscription Agreement (Dendrix) FINAL	Page 48

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