Document:

Exhibit 10.1

Execution Version

 

 

Helmerich & Payne, Inc.

 

$550,000,000 2.900% Senior Notes due 2031

 

Purchase Agreement

 

September 27, 2021

 

Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282-2198

 

As representative of the several Purchasers

named in Schedule I hereto

 

Ladies and Gentlemen:

 

Helmerich & Payne, Inc., a Delaware
corporation (the “Company”), proposes, subject to the terms and conditions set forth in this agreement (this “Agreement”),
to issue and sell to the Purchasers named in Schedule I hereto (the “Purchasers”) for whom Goldman Sachs &
Co. LLC is acting as representative (the “Representative”) an aggregate of $550,000,000 principal amount of its 2.900%
Senior Notes due 2031 (the “Securities”).

 

		1.	The Company represents and warrants to, and agrees with, each of the Purchasers that:

 

		(a)	A preliminary offering circular, dated September 27, 2021 (the “Preliminary Offering Circular”),
has been prepared in connection with the offering of the Securities. The Preliminary Offering Circular, as amended and supplemented immediately
prior to the Applicable Time (as defined in Section 1(b)), is hereinafter referred to as the “Pricing Circular.”
Promptly after the Applicable Time and in any event no later than the second business day following the Applicable Time, the Company will
prepare and deliver to each Purchaser an offering circular dated the date hereof (the “Offering Circular”), which will
consist of the Preliminary Offering Circular with such changes therein as are required to reflect the information contained in the Pricing
Circular. Any reference to the Preliminary Offering Circular, the Pricing Circular or the Offering Circular shall be deemed to refer to
and include all documents filed with the United States Securities and Exchange Commission (the “Commission”) pursuant
to Section 13(a), 13(c) or 15(d) of the United States Securities Exchange Act of 1934, as amended (the “Exchange
Act”), on or prior to the date of such circular and incorporated by reference therein and any reference to the Preliminary Offering
Circular or the Offering Circular, as the case may be, as amended or supplemented, as of any specified date, shall be deemed to include
(i) any documents filed by the Company with the Commission pursuant to Section 13(a), 13(c) or 15(d) of the Exchange
Act after the date of the Preliminary Offering Circular or the Offering Circular, as the case may be, and prior to such specified date
and (ii) any Additional Issuer Information (as defined in Section 5(f)) furnished by the Company prior to the completion of
the distribution of the Securities and all documents filed under the Exchange Act and so deemed to be included in the Preliminary Offering
Circular, the Pricing Circular or the Offering Circular, as the case may be, or any amendment or supplement thereto are hereinafter called
the “Exchange Act Reports” (provided that where only sections of such documents are specifically incorporated
by reference, only such sections shall be considered to be part of the “Exchange Act Reports”). The Exchange Act Reports,
when they were or are filed with the Commission, conformed or will conform in all material respects to the applicable requirements of
the Exchange Act and the applicable rules and regulations of the Commission thereunder; and no such documents were filed with the
Commission since the Commission’s close of business on the business day immediately prior to the date of this Agreement and prior
to the execution of this Agreement, except as set forth on Schedule II(a) hereto. The Preliminary Offering Circular or the Offering
Circular and any amendments or supplements thereto and the Exchange Act Reports did not and will not, as of their respective dates, contain
an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty
shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company
by or on behalf of a Purchaser through the Representative expressly for use therein.

 

     

     

    

 

		(b)	For the purposes of this Agreement, the “Applicable Time” is 4:00 p.m. (Eastern time)
on the date of this Agreement; the Pricing Circular as supplemented by the information set forth in Schedule III hereto (collectively,
the “Pricing Disclosure Package”) as of the Applicable Time, did not include any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; and each Company Supplemental Disclosure Document (as defined in Section 6(a)(i)) listed on Schedule II(b) hereto)
and each Permitted General Solicitation Material (as defined in Section 6(a)(i)) listed on Schedule II(d) hereto) does not conflict
with the information contained in the Pricing Circular or the Offering Circular and each such Company Supplemental Disclosure Document
and Permitted General Solicitation Material, as supplemented by and taken together with the Pricing Disclosure Package as of the Applicable
Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation
and warranty shall not apply to statements or omissions made in a Company Supplemental Disclosure Document or Permitted General Solicitation
Material in reliance upon and in conformity with information furnished in writing to the Company by a Purchaser through the Representative
expressly for use therein.

 

		(c)	Neither the Company nor any of its subsidiaries has sustained since the date of the latest audited financial
statements included or incorporated by reference in the Pricing Circular any material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order
or decree, otherwise than as set forth or contemplated in the Pricing Circular; and, since the respective dates as of which information
is given in the Pricing Circular, there has not been any change in the capital stock or long-term debt of the Company or any of its subsidiaries
or any material adverse change, or any development involving a prospective material adverse change, in or affecting the general affairs,
management, financial position, stockholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole
(a “Material Adverse Effect”), otherwise than as set forth or contemplated in the Pricing Circular.

 

		(d)	The Company and its subsidiaries have good and marketable title in fee simple to all real property and
good and marketable title to all personal property owned by them, in each case free and clear of all liens, encumbrances and defects except
such as are described in the Pricing Circular or such as do not materially affect the value of such property and do not materially interfere
with the use made and proposed to be made of such property by the Company and its subsidiaries, taken as a whole; and any real property
and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases with
such exceptions as are not material and do not materially interfere with the use made and proposed to be made of such property and buildings
by the Company and its subsidiaries, taken as a whole.

 

		(e)	Each of the Company and its subsidiaries has been duly incorporated or formed, as the case may be, and
is validly existing as a corporation, limited partnership or limited liability company, as the case may be, in good standing under the
laws of its respective jurisdiction of incorporation or formation, with power and authority (corporate, limited partnership, limited liability
company and other) to own its properties and conduct its business as described in the Pricing Disclosure Package and the Offering Circular,
and has been duly qualified as a foreign corporation, limited partnership or limited liability company, as the case may be, for the transaction
of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business
so as to require such qualification, except where the failure to be so qualified would not, individually or in the aggregate, have a Material
Adverse Effect.

 

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		(f)	The Company has an authorized capitalization as set forth in the Pricing Disclosure Package and the Offering
Circular, and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued and are fully
paid and non-assessable; and all of the issued shares of capital stock, partnership interests or membership interests, as applicable,
of each of its subsidiaries have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly
or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except, with respect to the Company’s
subsidiaries, as would not, individually or in the aggregate, have a Material Adverse Effect.

 

		(g)	The financial statements (including the related notes thereto) of the Company and its consolidated subsidiaries
included or incorporated by reference in each of the Pricing Disclosure Package and the Offering Circular comply in all material respects
with the applicable requirements of the Securities Act of 1933, as amended (the “Act”), and the Exchange Act, as applicable,
and present fairly in all material respects the financial position of the Company and its consolidated subsidiaries as of the dates indicated
and the results of their operations and the changes in their cash flows for the periods specified; such financial statements have been
prepared in conformity with the generally accepted accounting principles in the United States applied on a consistent basis throughout
the periods covered thereby, and any supporting schedules included or incorporated by reference in each of the Pricing Disclosure Package
and the Offering Circular present fairly in all material respects the information required to be stated therein; and the other financial
information included or incorporated by reference in each of the Pricing Disclosure Package and the Offering Circular has been derived
from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material respects the information
shown thereby. The interactive data in eXtensible Business Reporting Language included in documents incorporated by reference in the Offering
Circular and the Pricing Disclosure Package fairly presents the information called for in all material respects and is prepared in all
material respects in accordance with the Commission’s rules and guidelines applicable thereto.

 

		(h)	The Securities have been duly authorized by the Company and, when issued and delivered pursuant to this
Agreement, will have been duly executed, authenticated, issued and delivered and will constitute valid and legally binding obligations
of the Company, entitled to the benefits provided by the indenture dated as of December 20, 2018, as supplemented by the second supplemental
indenture thereto to be dated as of September 29, 2021 (collectively, the “Indenture”), between the Company and
Wells Fargo Bank, National Association, as Trustee (the “Trustee”), under which they are to be issued, which will be
substantially in the form previously delivered to you; the Indenture has been duly authorized by the Company and, when executed and delivered
by the Company and the Trustee, the Indenture will constitute a valid and legally binding instrument, enforceable against the Company
in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability
relating to or affecting creditors’ rights and to general equity principles and entitled to the benefits provided by the Indenture;
and the Securities and the Indenture will conform in all material respects to the descriptions thereof in the Pricing Disclosure Package
and the Offering Circular and will be in substantially the form previously delivered to you.

 

		(i)	The Company has all requisite corporate power to execute, deliver and perform its obligations under this
Agreement. This Agreement has been duly and validly authorized, executed and delivered by the Company.

 

		(j)	The Registration Rights Agreement to be dated as of the Time of Delivery (as defined herein) (the “Registration
Rights Agreement”), which will be substantially in the form previously delivered to you, has been duly authorized, and as of
the Time of Delivery, will have been duly executed and delivered by the Company, and will constitute a valid and legally binding instrument,
enforceable against the Company in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and
other laws of general applicability relating to or affecting creditors’ rights and to general equity principles; and the Registration
Rights Agreement will conform in all material respects to the descriptions thereof in the Pricing Disclosure Package and the Offering
Circular.

 

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		(k)	The 2.900% Senior Notes due 2031 (the “Exchange Securities”) to be offered in exchange
for the Securities pursuant to the Registration Rights Agreement have been duly authorized by the Company and if and when issued and authenticated
in accordance with the terms of the Indenture and delivered in accordance with the exchange offer provided for in the Registration Rights
Agreement, will be validly issued and delivered and will constitute valid and binding obligations of the Company entitled to the benefits
of the Indenture, enforceable against the Company in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles,
and will be entitled to the benefits provided by the Indenture.

 

		(l)	None of the transactions contemplated by this Agreement (including, without limitation, the use of the
proceeds from the sale of the Securities) will violate or result in a violation of Section 7 of the Exchange Act, or any regulation
promulgated thereunder, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System.

 

		(m)	Prior to the date hereof, neither the Company nor any of its affiliates has taken any action which is
designed to or which has constituted or which might reasonably have been expected to cause or result in stabilization or manipulation
of the price of any security of the Company in connection with the offering of the Securities.

 

		(n)	The issue and sale of the Securities and the compliance by the Company with all of the provisions of the
Securities, the Indenture, the Registration Rights Agreement, the Exchange Securities and this Agreement and the consummation of the transactions
herein and therein contemplated and the application of the proceeds from the sale of the Securities as described under “Use of
Proceeds” in the Pricing Disclosure Package and the Offering Circular will not conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under, (i) any indenture, mortgage, deed of trust, loan agreement or
other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries
is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, except in the case of this clause
(i) for any such breaches, violations or defaults as would not, individually or in the aggregate, result in a Material Adverse Effect,
(ii) the provisions of the certificate of incorporation or bylaws of the Company or (iii) any statute or any order, rule or
regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their
properties, except in the case of this clause (iii) for any such breaches, violations or defaults as would not, individually or in
the aggregate, result in a Material Adverse Effect; and no consent, approval, authorization, order, registration or qualification of or
with any such court or governmental agency or body is required for the issue and sale of the Securities or the consummation by the Company
of the transactions contemplated by this Agreement, the Indenture or the Registration Rights Agreement, except such consents, approvals,
authorizations, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase
and distribution of the Securities by the Purchasers.

 

		(o)	Neither the Company nor any of its subsidiaries is (i) in violation of its certificate of incorporation
or formation, as applicable, or bylaws or equivalent organizational document, (ii) in default in the performance or observance of
any obligation, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or
instrument to which it is a party or by which it or any of its properties may be bound or (iii) except as disclosed in the Exchange
Act Reports, in violation of any law, statute, rule or regulation or any judgment, order or decree of any domestic or foreign court
or other governmental or regulatory authority, agency or other body with such jurisdiction over any of them or any of their assets or
properties, except in the case of clause (ii) or (iii) for such defaults or violations which would not reasonably be expected
to result in a Material Adverse Effect.

 

		(p)	The statements set forth in the Pricing Circular and the Offering Circular under the caption “Description
of the Notes,” insofar as they purport to constitute a summary of the terms of the Securities, are accurate, complete and fair in
all material respects.

 

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		(q)	Other than as set forth in the Pricing Disclosure Package and the Offering Circular, there are no legal
or governmental proceedings pending to which the Company or any of its subsidiaries is a party or of which any property of the Company
or any of its subsidiaries is the subject which, if determined adversely to the Company or any of its subsidiaries, would individually
or in the aggregate have a Material Adverse Effect; and, to the Company’s knowledge, no such proceedings are threatened or contemplated
by governmental authorities or threatened by others.

 

		(r)	When the Securities are issued and delivered pursuant to this Agreement, the Securities will not be of
the same class (within the meaning of Rule 144A under the Act) as securities which are listed on a national securities exchange registered
under Section 6 of the Exchange Act or quoted in a U.S. automated inter-dealer quotation system.

 

		(s)	The Company is subject to Section 13 or 15(d) of the Exchange Act.

 

		(t)	The Company and its subsidiaries are not, and after giving effect to the offering and sale of the Securities
and the application of the proceeds thereof, will not be, an “investment company,” as such term is defined in the United States
Investment Company Act of 1940, as amended (the “Investment Company Act”).

 

		(u)	Neither the Company nor any person acting on its behalf (other than the Purchasers, as to which no representation
is made) has offered or sold the Securities by means of any general solicitation or general advertising within the meaning of Rule 502(c) under
the Act (other than by means of a Permitted General Solicitation, as defined below) or, with respect to Securities sold outside the United
States to non-U.S. persons (as defined in Rule 902 under the Act), by means of any directed selling efforts within the meaning of
Rule 902 under the Act and the Company, any affiliate of the Company and any person acting on its or their behalf has complied with
and will implement the “offering restriction” within the meaning of such Rule 902.

 

		(v)	Within the preceding six months, neither the Company nor any other person acting on behalf of the Company
has offered or sold to any person any Securities, or any securities of the same or a similar class as the Securities, other than Securities
offered or sold to the Purchasers hereunder. The Company will take reasonable precautions designed to ensure that any offer or sale, direct
or indirect, in the United States or to any U.S. person (as defined in Rule 902 under the Act) of any Securities or any substantially
similar security issued by the Company, within six months subsequent to the date on which the distribution of the Securities has been
completed (as notified to the Company by the Representative), is made under restrictions and other circumstances reasonably designed not
to affect the status of the offer and sale of the Securities in the United States and to U.S. persons contemplated by this Agreement as
transactions exempt from the registration provisions of the Act.

 

		(w)	The Company maintains a system of internal control over financial reporting (as such term is defined in
Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and has been designed by the Company’s
principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. Based on the evaluation of its internal controls and procedures conducted in connection with the preparation and
filing of the Company’s Annual Report on Form 10-K for the period ended September 30, 2020 and the Company’s Quarterly
Reports on Form 10-Q for the quarterly periods ended December 31, 2020, March 31, 2021 and June 30, 2021, the Company
is not aware of (i) any significant deficiencies or material weaknesses in the design or operation of its internal controls over
financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that are likely to adversely affect
the Company’s ability to record, process, summarize and report financial data; or (ii) any fraud, whether or not material,
that involves management or other employees who have a role in the Company’s internal controls over financial reporting.

 

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		(x)	Since the date of the latest audited financial statements of the Company included or incorporated by reference
in the Pricing Circular, there has been no change in the Company’s internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

		(y)	The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of
the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to
ensure that material information relating to the Company and its subsidiaries is made known to the Company’s principal executive
officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective.

 

		(z)	Ernst & Young LLP, which has audited certain financial statements of the Company and its subsidiaries,
is an independent registered public accounting firm as required by the Act and the rules and regulations of the Commission thereunder.

 

		(aa)	Neither the Company, any of its subsidiaries nor, to the Company’s knowledge, any director, officer,
agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries has (i) made
any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or
indirect unlawful payment to any foreign or domestic government or regulatory official or employee from corporate funds; (iii) violated
or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing
the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions; (iv) violated or is
in violation of any provision of the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption laws;
or (v) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe, rebate, payoff, influence payment,
kickback or other unlawful payment. The Company and its subsidiaries have instituted, maintain and enforce, and will continue to maintain
and enforce, policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.

 

		(bb)	The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
with the requirements of applicable anti-money laundering laws, including, but not limited to, the Bank Secrecy Act of 1970, as amended
by the USA PATRIOT ACT of 2001, and the rules and regulations promulgated thereunder, and the anti-money laundering laws of the various
jurisdictions in which the Company and its subsidiaries conduct business (collectively, the “Money Laundering Laws”),
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the Company’s knowledge, threatened.

 

		(cc)	Neither the Company nor any of its subsidiaries or, to the Company’s knowledge, any director, officer,
agent, employee or affiliate of the Company or any of its subsidiaries is currently the subject or the target of any sanctions administered
or enforced by the U.S. Government or other sanctions authority with relevant jurisdiction, including, without limitation, the Office
of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the
European Union, Her Majesty’s Treasury (collectively, “Sanctions”), nor is the Company or any of its subsidiaries
located, organized or ordinarily resident in a country or territory that is the subject or the target of comprehensive Sanctions (presently,
Cuba, Iran, North Korea, Syria and the Crimea region of Ukraine) (each, a “Sanctioned Country”) and the Company
will not directly or knowingly indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities
of or business with any person, that, at the time of such funding or facilitation, is the subject of Sanctions, (ii) to fund or facilitate
any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person
(including any person participating in the transaction, whether as Purchaser, advisor, investor or otherwise) of Sanctions. For the past
five years, the Company and its subsidiaries have not engaged in and are not now engaged in any dealings or transactions with any person
that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.

 

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		(dd)	The Company and each subsidiary carry insurance from insurers whom the Company and its subsidiaries believe
are of recognized financial responsibility or maintain appropriate risk management programs in such amounts, covering such risks and liabilities
and with such deductibles or self-insurance retentions as are reasonable given the nature of their business, their ability to self-insure,
the circumstances and geographic area in which such businesses are being conducted and the availability of insurance coverage at commercially
reasonable rates. Neither the Company nor any of its subsidiaries has received notice from any insurer or agent of such insurer that material
capital improvements or other expenditures are required or necessary to be made in order to continue such insurance; and neither the Company
nor any such subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not reasonably
be expected to have a Material Adverse Effect.

 

		(ee)	The statistical and market-related data included or incorporated by reference in the Pricing Disclosure
Package and the consolidated financial statements of the Company and its subsidiaries included or incorporated by reference in the Pricing
Disclosure Package are based on or derived from sources that the Company believes to be reliable and accurate in all material respects;
or are made on the basis of assumptions the Company believes to be reasonable.

 

		(ff)	Except as described in the Pricing Disclosure Package and except such matters as would not, singly or
in the aggregate, result in a Material Adverse Effect: (i) neither the Company nor any of its subsidiaries is in violation of any
federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or
administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution
or protection of the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata)
or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products or asbestos containing materials (collectively,
“Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials (collectively, “Environmental Laws”); (ii) the Company and its subsidiaries
have all permits, authorizations and approvals required under applicable Environmental Laws for their operations as presently conducted
and are each in compliance with their requirements; (iii) there are no pending or threatened administrative, regulatory or judicial
actions, suits, written demands, claims, liens, notices of noncompliance or violation, investigation or proceedings arising pursuant to
any Environmental Law asserted against the Company or any of its subsidiaries and (iv) to the Company’s knowledge, there are
no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action,
suit or proceeding by any private party or governmental body or agency, against or affecting the Company or any of its subsidiaries relating
to Hazardous Materials or Environmental Laws or the violation of any Environmental Laws.

 

		(gg)	(i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), for which the Company or any member of its “Controlled
Group” (defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414
of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability (each, a “Plan”)
has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations,
including but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA
or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative
exemption; (iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA,
no Plan has failed (whether or not waived), or is reasonably expected to fail, to satisfy the minimum funding standards (within the meaning
of Section 302 of ERISA or Section 412 of the Code) applicable to such Plan; (iv) no Plan is, or is reasonably expected
to be, in “at risk status” (within the meaning of Section 303(i) of ERISA) or “endangered status” or
“critical status” (within the meaning of Section 305 of ERISA); (v) no “reportable event” (within the
meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur; (vi) each Plan that is intended to
be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or by failure to act,
which would cause the loss of such qualification and (vii) neither the Company nor any member of the Controlled Group has incurred,
nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the PBGC,
in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan,” within the meaning of
Section 4001(a)(3) of ERISA), except in each case with respect to the events or conditions set forth in (i) through (vii) hereof,
as would not, individually or in the aggregate, have a Material Adverse Effect.

 

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		(hh)	There has been no security breach or attack or other compromise of or relating to any of the Company’s
or its subsidiaries’ information technology and computer systems, networks, hardware, software, data (including the data of their
respective tenants, employees, vendors and any third party data maintained by or on behalf of them), equipment or technology (“IT
Systems and Data”) and (i) the Company and its subsidiaries have not been notified of, and have no knowledge of any event
or condition that would reasonably be expected to result in, any security breach, attack or compromise to their IT Systems and Data, except
in each case that would not reasonably be expected to have a Material Adverse Effect, (ii) the Company and its subsidiaries have
complied, and are presently in compliance, with, all applicable laws, statutes or any judgment, order, rule or regulation of any
court or arbitrator or governmental or regulatory authority and all industry guidelines, standards, internal policies and contractual
obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized
use, access, misappropriation or modification, except in each case that would not reasonably be expected to have a Material Adverse Effect,
and (iii) the Company and its subsidiaries have implemented backup and disaster recovery technology consistent with industry standards
and practices.

 

		2.	Subject to the terms and conditions herein set forth, the Company agrees to issue and sell to each of
the Purchasers, and each of the Purchasers agrees, severally and not jointly, to purchase from the Company, at a purchase price of 99.117%
of the principal amount thereof, plus accrued interest, if any, from September 29, 2021 to the Time of Delivery hereunder, the
principal amount of Securities set forth opposite the name of such Purchaser in Schedule I hereto.

 

		3.	Upon the authorization by you of the release of the Securities, the several Purchasers propose to offer
the Securities for sale upon the terms and conditions set forth in this Agreement and the Offering Circular and each Purchaser, acting
severally and not jointly, hereby represents and warrants to, and agrees with the Company that:

 

		(a)	It will sell the Securities only to: (i) persons who it reasonably believes are “qualified
institutional buyers” (“QIBs”) within the meaning of Rule 144A under the Act in transactions meeting the
requirements of Rule 144A or (ii) upon the terms and conditions set forth in Annex I to this Agreement;

 

		(b)	It is an Institutional Accredited Investor (within the meaning of Rule 501 under the Act); and

 

		(c)	Other than with the prior consent of the Company and the Representative, it will not offer or sell the
Securities by any form of general solicitation or general advertising, including but not limited to the methods described in Rule 502(c) under
the Act.

 

	4.	(a)	The Securities to be purchased by each Purchaser hereunder will be represented by one or more definitive global Securities in book-entry
form which will be deposited by or on behalf of the Company with The Depository Trust Company (“DTC”) or its designated
custodian. The Company will deliver the Securities to Goldman Sachs & Co. LLC, for the account of each Purchaser, against payment
by or on behalf of such Purchaser of the purchase price therefor by wire transfer in Federal (same day) funds, by causing DTC to credit
the Securities to the account of Goldman Sachs & Co. LLC at DTC. The time and date of such delivery and payment shall be 9:30
a.m., New York City time, on September 29, 2021 or such other time and date as the Representative and the Company may agree upon
in writing. Such time and date are herein called the “Time of Delivery.”

 

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		(b)	The documents to be delivered at the Time of Delivery by or on behalf of the parties hereto pursuant to
Section 8 hereof, including the cross-receipt for the Securities and any additional documents requested by the Purchasers pursuant
to Section 8(k) hereof, will be delivered at such time and date at the office of Latham & Watkins LLP, 811 Main Street,
Suite 3700, Houston Texas 77002 (the “Closing Location”), and the Securities will be delivered at the office of
DTC (or its designated custodian), all at the Time of Delivery.

 

		5.	The Company agrees with each of the Purchasers:

 

		(a)	To prepare the Offering Circular in a form approved by you; prior to the date on which all of the Securities
shall have been sold by you, to make no amendment or any supplement to the Offering Circular which shall be disapproved by you promptly
after reasonable notice thereof; and to furnish you with copies thereof.

 

		(b)	Promptly from time to time to take such action as you may reasonably request to qualify the Securities
for offering and sale under the securities laws of such jurisdictions as you may request and to comply with such laws so as to permit
the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the
Securities, provided that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file
a general consent to service of process in any jurisdiction or subject itself to taxation in any jurisdiction where it is not then so
subject.

 

		(c)	To furnish the Purchasers with written and electronic copies of the Offering Circular and any amendment
or supplement thereto in such quantities as you may from time to time reasonably request, and if, at any time prior to the completion
of the sale of the Securities by the Purchasers, or any event shall have occurred as a result of which the Offering Circular as then amended
or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made when such Offering Circular is delivered, not misleading,
or, if for any other reason it shall be necessary or advisable during such same period to amend or supplement the Offering Circular, to
notify you and upon your request to prepare and furnish without charge to each Purchaser and to any dealer in securities as many written
and electronic copies as you may from time to time reasonably request of an amended Offering Circular or a supplement to the Offering
Circular which will correct such statement or omission or effect such compliance.

 

		(d)	During the period beginning from the date hereof and continuing until the date that is 60 days after the
Time of Delivery, not to offer, issue, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise
transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Act relating to any securities
of the Company that are substantially similar to the Securities (other than the issuance of Exchange Securities pursuant to, or the filing
of a registration statement pursuant to, the Registration Rights Agreement), or publicly disclose the intention to make any offer, sale,
pledge, disposition or filing without your prior written consent.

 

		(e)	Not to be or become, at any time prior to the expiration of two years after the Time of Delivery, an open-end
investment company, unit investment trust, closed-end investment company or face-amount certificate company that is or is required to
be registered under Section 8 of the Investment Company Act.

 

		(f)	At any time, for so long as any of the Securities remain outstanding and are “restricted securities”
within the meaning of Rule 144, when the Company is not subject to Section 13 or 15(d) of the Exchange Act, for the benefit
of holders from time to time of Securities, to furnish at its expense, upon request, to holders of Securities and prospective purchasers
of Securities information (the “Additional Issuer Information”) satisfying the requirements of subsection (d)(4)(i) of
Rule 144A under the Act.

 

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		(g)	For so long as any Securities remain outstanding, to furnish to the holders of the Securities such reports,
within such time periods, as are required to be furnished pursuant to the covenant described in the Offering Circular under the heading
“Description of the Notes—SEC Reports; Financial Information.”

 

		(h)	During the period of one year after the Time of Delivery, the Company will not, and will not permit any
of its “affiliates” (as defined in Rule 144 under the Act) to, resell any of the Securities which constitute “restricted
securities” under Rule 144 that have been reacquired by any of them (other than pursuant to a registration statement that has
been declared effective under the Act).

 

		(i)	To use the net proceeds received by the Company from the sale of the Securities pursuant to this Agreement
in the manner specified in the Pricing Circular under the caption “Use of Proceeds.”

 

 6.

 

		(a)	(i)	The Company represents and agrees that, without the prior consent of the Representative, it and its affiliates and any other person acting
on its or their behalf (other than the Purchasers, as to which no statement is given) (x) have not made and will not make any offer
relating to the Securities that, if the offering of the Securities contemplated by this Agreement were conducted as a public offering
pursuant to a registration statement filed under the Act with the Commission, would constitute an “issuer free writing prospectus,”
as defined in Rule 433 under the Act (any such offer is hereinafter referred to as a “Company Supplemental Disclosure Document”)
and (y) have not solicited and will not solicit offers for, and have not offered or sold and will not offer or sell, the Securities
by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D other
than any such solicitation listed on Schedule II(d) hereto (each such solicitation, a “Permitted General Solicitation”;
each written general solicitation document listed on Schedule II(d) hereto, a “Permitted General Solicitation Material”).

 

		(ii)	Each Purchaser, severally and not jointly, represents and agrees that, without the prior consent of the
Company and the Representative, other than one or more term sheets relating to the Securities containing customary information and conveyed
to purchasers of securities or any Permitted General Solicitation Material, it has not made and will not make any offer relating to the
Securities that, if the offering of the Securities contemplated by this Agreement were conducted as a public offering pursuant to a registration
statement filed under the Act with the Commission, would constitute a “free writing prospectus,” as defined in Rule 405
under the Act (any such offer (other than any such term sheets and any Permitted General Solicitation Material), is hereinafter referred
to as a “Purchaser Supplemental Disclosure Document”).

 

		(iii)	Any Company Supplemental Disclosure Document, Purchaser Supplemental Disclosure Document or Permitted
General Solicitation Material, the use of which has been consented to by the Company and the Representative, is listed as applicable on
Schedule II(b), Schedule II(c) or Schedule II(d) hereto, respectively.

 

		7.	The Company covenants and agrees with the several Purchasers that the Company will pay or cause to be
paid the following: (i) the fees, disbursements and expenses of the Company’s counsel and accountants in connection with the
issue of the Securities and all other expenses in connection with the preparation, printing, reproduction and filing of the Preliminary
Offering Circular and the Offering Circular and any amendments and supplements thereto and the mailing and delivering of copies thereof
to the Purchasers and dealers; (ii) the cost of printing or producing this Agreement, the Indenture, the Registration Rights Agreement,
the Securities, the Blue Sky Memorandum, closing documents (including any compilations thereof), Permitted General Solicitation Materials
and any other documents in connection with the offering, purchase, sale and delivery of the Securities; (iii) all expenses in connection
with the qualification of the Securities for offering and sale under state securities laws as provided in Section 5(b) hereof,
including the reasonable fees and disbursements of counsel for the Purchasers in connection with such qualification and in connection
with the Blue Sky and legal investment surveys; (iv) any fees charged by securities rating services for rating the Securities; (v) the
cost of preparing the Securities; (vi) the fees and expenses of the Trustee and any agent of the Trustee and the fees and disbursements
of counsel for the Trustee in connection with the Indenture and the Securities; (vii) all costs and expenses incurred in connection
with any “road show” presentation to potential purchasers of the Securities; and (viii) all other costs and expenses
incident to the performance of their obligations hereunder which are not otherwise specifically provided for in this Section. It is understood,
however, that, except as provided in this Section, and Sections 9 and 12 hereof, the Purchasers will pay all of their own costs and expenses,
including the fees and disbursements of their counsel, transfer taxes on resale of any of the Securities by them, and any advertising
expenses connected with any offers they may make.

 

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		8.	The obligations of the Purchasers hereunder shall be subject, in their discretion, to the condition that
all representations and warranties and other statements of the Company herein are, at and as of the Time of Delivery, true and correct,
the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and the following additional
conditions:

 

		(a)	Latham & Watkins LLP, counsel for the Purchasers, shall have furnished to you such opinion or
opinions, dated the Time of Delivery, in form and substance satisfactory to you, with respect to such matters as you may reasonably request,
and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters.

 

		(b)	Baker Botts L.L.P., counsel for the Company, shall have furnished to you in writing an opinion and a negative
assurance letter, each dated the Time of Delivery, in form and substance satisfactory to you, substantially to the effect set forth on
Annex II-A hereto.

 

		(c)	Debra R. Stockton, General Counsel of the Company, shall have furnished to you her written opinion, dated
the Time of Delivery, in form and substance satisfactory to you, substantially to the effect set forth on Annex II-B hereto.

 

		(d)	On the date of the Offering Circular concurrently with the execution of this Agreement and also at the
Time of Delivery, Ernst & Young LLP shall have furnished to you a letter or letters, dated the respective dates of delivery thereof,
in form and substance satisfactory to you.

 

		(e)	(i) Neither the Company nor any of its subsidiaries shall have sustained since the date of the latest
audited financial statements included in the Pricing Circular any loss or interference with its business from fire, explosion, flood or
other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise
than as set forth or contemplated in the Pricing Circular, and (ii) since the respective dates as of which information is given in
the Pricing Circular there shall not have been any change in the capital stock or long-term debt of the Company or any of its subsidiaries
or any change, or any development involving a prospective change, in or affecting the general affairs, management, financial position,
stockholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole, otherwise than as set forth
or contemplated in the Pricing Circular, the effect of which, in any such case described in clause (i) or (ii), is in your judgment
so material and adverse as to make it impracticable or inadvisable to proceed with the offering or the delivery of the Securities on the
terms and in the manner contemplated in this Agreement and in each of the Pricing Disclosure Package and the Offering Circular.

 

		(f)	On or after the Applicable Time, (i) no downgrading shall have occurred in the rating accorded the
Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by
the Commission for purposes of Rule 436(g)(2) under the Act, and (ii) no such organization shall have publicly announced
that it has under surveillance or review, with possible negative implications, its rating of any of the Company’s debt securities;

 

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		(g)	On or after the Applicable Time, there shall not have occurred any of the following: (i) a suspension
or material limitation in trading in securities generally on the New York Stock Exchange; (ii) a suspension or material limitation
in trading in the Company’s securities on New York Stock Exchange; (iii) a general moratorium on commercial banking activities
declared by either Federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance
services in the United States; (iv) the outbreak or escalation of hostilities involving the United States or the declaration by the
United States of a national emergency or war or (v) the occurrence of any other calamity or crisis or any change in financial, political
or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in
your judgment makes it impracticable or inadvisable to proceed with the offering or the delivery of the Securities on the terms and in
the manner contemplated in the Pricing Disclosure Package and the Offering Circular.

 

		(h)	The Purchasers shall have received a counterpart of the Registration Rights Agreement that shall have
been executed and delivered by a duly authorized officer of the Company.

 

		(i)	The Purchasers shall have received an executed original copy of the Indenture.

 

		(j)	The Securities shall be eligible for clearance and settlement through the facilities of DTC.

 

		(k)	The Company shall have furnished or caused to be furnished to you at the Time of Delivery a certificate
of two officers of the Company reasonably satisfactory to you as to the accuracy of the representations and warranties of the Company
herein at and as of such Time of Delivery, as to the performance by the Company of all of its obligations hereunder to be performed at
or prior to such Time of Delivery, as to the matters set forth in subsection (e) of this Section and as to such other matters
as you may reasonably request.

 

	9.	(a)	The Company will indemnify and hold harmless each Purchaser against any losses, claims, damages or liabilities, joint or several, to
which such Purchaser may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any
Preliminary Offering Circular, the Pricing Circular, the Pricing Disclosure Package, the Offering Circular, or any amendment or supplement
thereto, any Company Supplemental Disclosure Document, any Permitted General Solicitation Material or arise out of or are based upon
the omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, and will reimburse each Purchaser for any legal or other expenses reasonably incurred by
such Purchaser in connection with investigating or defending any such action or claim as such expenses are incurred; provided,
however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises
out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any Preliminary Offering
Circular, the Pricing Circular, the Pricing Disclosure Package, the Offering Circular or any such amendment or supplement, any Company
Supplemental Disclosure Document or any Permitted General Solicitation Material, in reliance upon and in conformity with written information
furnished to the Company by any Purchaser through the Representative expressly for use therein.

 

		(b)	Each Purchaser, severally and not jointly, will indemnify and hold harmless the Company against any losses,
claims, damages or liabilities to which the Company may become subject, under the Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material
fact contained in any Preliminary Offering Circular, the Pricing Circular, the Pricing Disclosure Package, the Offering Circular, or any
amendment or supplement thereto, or any Company Supplemental Disclosure Document, any Permitted General Solicitation Material or arise
out of or are based upon the omission or alleged omission to state therein a material fact or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or omission or alleged omission was made in any Preliminary Offering Circular, the Pricing
Circular, the Pricing Disclosure Package, the Offering Circular or any such amendment or supplement, any Company Supplemental Disclosure
Document or any Permitted General Solicitation Material, in reliance upon and in conformity with written information furnished to the
Company by such Purchaser through the Representative expressly for use therein; and each Purchaser will reimburse the Company for any
legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim as such
expenses are incurred.

 

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		(c)	Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of
the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party
under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying
party shall not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection. In case
any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party
to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified
party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such
indemnified party, in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without
the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect
to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or
not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes
an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include
a statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of any indemnified party.

 

		(d)	If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless
an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions
in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate
to reflect the relative benefits received by the Company on the one hand and the Purchasers on the other from the offering of the Securities.
If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party
failed to give the notice required under subsection (c) above, then each indemnifying party shall contribute to such amount paid
or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative
fault of the Company on the one hand and the Purchasers on the other in connection with the statements or omissions which resulted in
such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The
relative benefits received by the Company on the one hand and the Purchasers on the other shall be deemed to be in the same proportion
as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total underwriting discounts
and commissions received by the Purchasers, in each case as set forth in the Offering Circular. The relative fault shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the Company on the one hand or the Purchasers on the other and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the
Purchasers agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata
allocation (even if the Purchasers were treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as
a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall
be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any such action or claim. Notwithstanding the provisions of this subsection (d), no Purchaser shall be required to contribute any amount
in excess of the amount by which the total price at which the Securities underwritten by it and distributed to investors were offered
to investors exceeds the amount of any damages which such Purchaser has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission. The Purchasers’ obligations in this subsection (d) to contribute are several
in proportion to their respective purchase obligations and not joint.

 

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		(e)	The obligations of the Company under this Section 9 shall be in addition to any liability which the
Company may otherwise have and shall extend, upon the same terms and conditions, to each employee, officer and director of each Purchaser,
any affiliate of each Purchaser and each person, if any, who controls any Purchaser within the meaning of the Act; and the obligations
of the Purchasers under this Section 9 shall be in addition to any liability which the respective Purchasers may otherwise have and
shall extend, upon the same terms and conditions, to each officer and director of the Company and to each person, if any, who controls
the Company within the meaning of the Act.

 

	10.	(a)	If any Purchaser shall default in its obligation to purchase the Securities which it has agreed to purchase hereunder, you may in
your discretion arrange for you or another party or other parties, which party or parties is or are acceptable to the Company in its
reasonable discretion, to purchase such Securities on the terms contained herein. If within thirty-six hours after such default by any
Purchaser you do not arrange for the purchase of such Securities, then the Company shall be entitled to a further period of thirty-six
hours within which to procure another party or other parties reasonably satisfactory to you to purchase such Securities on such terms.
In the event that, within the respective prescribed periods, you notify the Company that you have so arranged for the purchase of such
Securities, or the Company notifies you that it has so arranged for the purchase of such Securities, you or the Company shall have the
right to postpone the Time of Delivery for a period of not more than seven days, in order to effect whatever changes may, in order to
reflect the participation of the new purchasers, be made necessary in the Offering Circular, or in any other documents or arrangements,
in order to reflect the participation of the new purchasers, and the Company agrees to prepare promptly any amendments or supplements
to the Offering Circular which in your reasonable opinion may thereby be made necessary. The term “Purchaser” as used in
this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a
party to this Agreement with respect to such Securities.

 

		(b)	If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Purchaser
or Purchasers by you and the Company as provided in subsection (a) above, the aggregate principal amount of such Securities which
remains unpurchased does not exceed one-tenth of the aggregate principal amount of all the Securities, then the Company shall have the
right to require each non-defaulting Purchaser to purchase the principal amount of Securities which such Purchaser agreed to purchase
hereunder and, in addition, to require each non-defaulting Purchaser to purchase its pro rata share (based on the principal amount of
Securities which such Purchaser agreed to purchase hereunder) of the Securities of such defaulting Purchaser or Purchasers for which such
arrangements have not been made; but nothing herein shall relieve a defaulting Purchaser from liability for its default.

 

If, after giving effect to any arrangements
for the purchase of the Securities of a defaulting Purchaser or Purchasers by you and the Company as provided in subsection (a) above,
the aggregate principal amount of Securities which remains unpurchased exceeds one-tenth of the aggregate principal amount of all the
Securities, or if the Company shall not exercise the right described in subsection (b) above to require non-defaulting Purchasers
to purchase Securities of a defaulting Purchaser or Purchasers, then this Agreement shall thereupon terminate, without liability on the
part of any non-defaulting Purchaser or the Company, except for the expenses to be borne by the Company and the Purchasers as provided
in Section 7 hereof and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting
Purchaser from liability for its default.

 

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		11.	The respective indemnities, agreements, representations, warranties and other statements of the Company
and the several Purchasers, as set forth in this Agreement or made by or on behalf of them, pursuant to this Agreement, shall remain in
full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Purchaser
or any controlling person of any Purchaser, or the Company or any officer or director or controlling person of the Company, and shall
survive delivery of and payment for the Securities.

 

		12.	If this Agreement shall be terminated pursuant to Section 10 hereof, the Company shall not then be
under any liability to any Purchaser except as provided in Sections 7 and 9 hereof; but, if for any other reason, the Securities are not
delivered by or on behalf of the Company as provided herein, the Company will reimburse the Purchasers through you for all expenses approved
in writing by you, including reasonable fees and disbursements of counsel, reasonably incurred by the Purchasers in making preparations
for the purchase, sale and delivery of the Securities, but the Company shall then be under no further liability to any Purchaser except
as provided in Sections 7 and 9 hereof.

 

		13.	In all dealings hereunder, you shall act on behalf of each of the Purchasers, and the parties hereto shall
be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Purchaser made or given by you.

 

		14.	All statements, requests, notices and agreements hereunder shall be in writing, and if to the Purchasers
shall be delivered or sent by mail or facsimile transmission to the Representative as follows: Goldman Sachs & Co. LLC, 200 West
Street, New York, New York 10282-2198, Attention: Registration Department; and if to the Company shall be delivered or sent by mail or
facsimile transmission to the address of the Company set forth in the Offering Circular, Attention: General Counsel; provided,
however, that any notice to a Purchaser pursuant to Section 9 hereof shall be delivered or sent by mail or facsimile transmission
to such Purchaser at its address set forth in its Purchasers’ Questionnaire, which address will be supplied to the Company by you
upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

 

		15.	In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)), the Purchasers are required to obtain, verify and record information that identifies their respective clients,
including the Company, which information may include the name and address of their respective clients, as well as other information that
will allow the Purchasers to properly identify their respective clients.

 

		16.	This Agreement shall be binding upon, and inure solely to the benefit of, the Purchasers, the Company
and, to the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls the Company
or any Purchaser, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or
have any right under or by virtue of this Agreement. No purchaser of any of the Securities from any Purchaser shall be deemed a successor
or assign by reason merely of such purchase.

 

		17.	Time shall be of the essence of this Agreement.

 

		18.	The Company acknowledges and agrees that (i) the purchase and sale of the Securities pursuant to
this Agreement is an arm’s-length commercial transaction between the Company, on the one hand, and the several Purchasers, on the
other, (ii) in connection therewith and with the process leading to such transaction each Purchaser is acting solely as a principal
and not the agent or fiduciary of the Company, (iii) no Purchaser has assumed an advisory or fiduciary responsibility in favor of
the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Purchaser has
advised or is currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly
set forth in this Agreement and (iv) the Company has consulted its own legal and financial advisors to the extent it deemed appropriate.
The Company agrees that it will not claim that the Purchaser, or any of them, has rendered advisory services of any nature or respect,
or owes a fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto.

 

		19.	This Agreement supersedes all prior agreements and understandings (whether written or oral) between or
among the Company and the Purchasers, or any of them, with respect to the subject matter hereof.

 

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		20.	THIS AGREEMENT AND ANY MATTERS RELATED TO THIS TRANSACTION SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS THAT WOULD RESULT IN THE APPLICATION OF ANY LAW
OTHER THAN THE LAWS OF THE STATE OF NEW YORK. The Company agrees that any suit or proceeding arising in respect of this Agreement or our
engagement will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have
subject matter jurisdiction, in any state court located in The City and County of New York and the Company agrees to submit to the jurisdiction
of, and to venue in, such courts.

 

		21.	The Company and each of the Purchasers hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby.

 

		22.	This Agreement may be executed by any one or more of the parties hereto in any number of counterparts,
each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument.
The words “execution,” “signed,” “signature,” “delivery” and words of like import in this
Agreement or in any instruments, agreements, certificates, legal opinions, negative assurance letters or other documents entered into
or delivered pursuant to or in connection with this Agreement or the Indenture shall include images of manually executed signatures transmitted
by facsimile or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and
other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records
(including, without limitation, any contract or other record created, generated, sent, communicated, received or stored by electronic
means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law
based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

		23.	Notwithstanding anything herein to the contrary, the Company (and the Company’s employees, representatives,
and other agents) are authorized to disclose to any and all persons, the tax treatment and tax structure of the potential transaction
and all materials of any kind (including tax opinions and other tax analyses) provided to the Company relating to that treatment and structure,
without the Purchasers’ imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure
shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities
laws. For this purpose, “tax treatment” means US federal and state income tax treatment, and “tax structure” is
limited to any facts that may be relevant to that treatment.

 

		24.	Recognition of the U.S. Special Resolution Regimes.

 

		(a)	In the event that any Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer from such Purchaser of this Agreement, and any interest and obligation in or under this Agreement,
will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and
any such interest and obligation, were governed by the laws of the United States or a state of the United States.

 

		(b)	In the event that any Purchaser that is a Covered Entity or a BHC Act Affiliate of such Purchaser becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such
Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution
Regime if this Agreement were governed by the laws of the United States or a state of the United States.

 

    16 

     

    

 

		(c)	As used in this section:

 

“BHC Act Affiliate”
has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

 

“Covered Entity” means
any of the following:

 

(i) a “covered
entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(ii) a “covered
bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii) a “covered
FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Default Right” has
the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“U.S. Special Resolution Regime”
means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

    17 

     

    

 

If the foregoing is in accordance with your understanding,
please sign and return to us counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this letter
and such acceptance hereof shall constitute a binding agreement among each of the Purchasers and the Company. It is understood that your
acceptance of this letter on behalf of each of the Purchasers is pursuant to the authority set forth in a form of Agreement among Purchasers,
the form of which shall be submitted to the Company for examination upon request, but without warranty on your part as to the authority
of the signers thereof.

 

[Remainder of page intentionally left blank]

 

     

     

    

 

 

	 	Very truly yours,
	 	 
	 	 
	 	Helmerich & Payne, Inc.
	 	 
	 	 
	 	By: 	/s/ Mark W. Smith
	 	 	Name: Mark W. Smith
	 	 	Title:   Senior Vice President and Chief Financial Officer

 

[Signature Page – Purchase Agreement]

 

     

     

    

  

	Accepted as of the date hereof:	 
	 	 
	 	 
	Goldman Sachs & Co. LLC	 
	 	 
	 	 
	By: 	/s/ Sam Chaffin	 
	 	Name: Sam Chaffin	 
	 	Title:   Vice President	 

  

[Signature Page – Purchase Agreement]

 

     

     

    

 

ANNEX I

 

		(1)	The Securities have not been and will not be registered under the Act and may not be offered or sold within
the United States or to, or for the account or benefit of, U.S. persons (other than a distributor) except in accordance with Regulation
S under the Act or pursuant to an exemption from the registration requirements of the Act. Each Purchaser represents that it has offered
and sold the Securities, and will offer and sell the Securities (i) as part of their distribution at any time and (ii) otherwise
until 40 days after the later of the commencement of the offering of the Securities and the Time of Delivery, only in accordance with
Rule 903 of Regulation S or Rule 144A under the Act. Accordingly, each Purchaser agrees that neither it, its affiliates nor
any persons acting on its or their behalf has engaged or will engage in any directed selling efforts with respect to the Securities, and
it and they have complied and will comply with the offering restrictions requirement of Regulation S. Each Purchaser agrees that, at or
prior to confirmation of sale of Securities (other than a sale pursuant to Rule 144A), it will have sent to each distributor, dealer
or person receiving a selling concession, fee or other remuneration that purchases Securities from it during the restricted period a confirmation
or notice to substantially the following effect:

 

“The Securities covered hereby
have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered
and sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of your distribution at any time
or (ii) otherwise until 40 days after the later of the commencement of the offering and the closing date, except in either case in
accordance with Regulation S under the Securities Act (or Rule 144A if available under the Securities Act or to accredited investors
in transactions that are exempt from the registration requirements of the Securities Act), and in connection with any subsequent sale
by you of the Securities covered hereby in reliance on Regulation S under the Securities Act during the period referred to above to any
distributor, dealer or person receiving a selling concession, fee or other remuneration, you must deliver a notice to substantially the
foregoing effect. Terms used above have the meaning given to them by Regulation S.”

 

Terms used in this paragraph have the
meanings given to them by Regulation S.

 

Each Purchaser further agrees that it
has not entered and will not enter into any contractual arrangement with respect to the distribution or delivery of the Securities, except
with its affiliates or with the prior written consent of the Company.

 

		(2)	Notwithstanding the foregoing, Securities in registered form may be offered, sold and delivered by the
Purchasers in the United States and to U.S. persons pursuant to Section 3 of this Agreement without delivery of the written statement
required by paragraph (1) above.

 

		(3)	Each Purchaser agrees that it will not offer, sell or deliver any of the Securities in any jurisdiction
outside the United States except under circumstances that will result in compliance with the applicable laws thereof, and that it will
take at its own expense whatever action is required to permit its purchase and resale of the Securities in such jurisdictions. Each Purchaser
understands that no action has been taken to permit a public offering in any jurisdiction outside the United States where action would
be required for such purpose. Each Purchaser agrees, during the restricted period, not to cause any advertisement of the Securities to
be published in any newspaper or periodical or posted in any public place and not to issue any circular relating to the Securities, except
in any such case with the Representative’s express written consent and then only at its own risk and expense.

 

    Annex I A-1Exhibit 10.4

 

CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT WAS OMITTED BY
MEANS OF MARKING SUCH INFORMATION WITH BRACKETS (“[***]”) BECAUSE THE IDENTIFIED CONFIDENTIAL INFORMATION IS NOT MATERIAL
AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

 

 

Clinical
Trial Research Agreement

Medicines
Australia - Standard Form

 

Details of the parties

 

	Name of Institution:	Alfred
                                            Health a body corporate established under the Health Services Act 1988 (Vic) of Commercial
                                            Road, Melbourne, 3004 or Alfred Health

	Address:	Commercial Road, Melbourne, Victoria,
    3004
	ABN:	27 318 956 319
	Contact
    for Notices:	Professor Terence O’Brien
	Fax
    for Notices:	[***]
	Phone
    Number:	[***]

 

	Name of Sponsor:	lncannex
    Healthcare Ltd
	Address:	Unit 207, 11 Solent Circuit
	Norwest
                                            2153

    New South Wales, Australia

	ABN:	93 096 635 246 
	Contact
    for Notices:	Mr Joel Latham
	Fax
    for Notices:	N/A
	Phone
    Number:	[***]

 

	Study Name:	An
    Open Label Extension on the Examination of the Combination of Dronabinol and Acetazolamide for Treatment of Obstructive Sleep Apnoea
    (OSA)
	Protocol
    Number:	IHLOSAOLE1
	Date
    of Agreement:	As per date of full execution

 

    
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This agreement is made between the Sponsor and Institution

 

Purpose of the Agreement

 

According to this Agreement:

 

	A.	The Sponsor is responsible for the initiation, management, and financing of the Study.

 

	B.	The Institution, through the Principal Investigator, is responsible for the conduct of the Study at
the Study Site(s) which is/are under the control of the Institution.

 

	C.	The Study will be conducted on the terms and conditions set out below.

 

Operative Provisions

 

	1.	INTERPRETATION

 

	1.1	In this Agreement:

 

Adverse Event has the
meaning given in the TGA document “Access to Unapproved Therapeutic Goods — Clinical Trials in Australia” (October 2004) or
its replacement.

 

Affiliate means any company
which (directly or indirectly) controls, is controlled by or is under common control with the Sponsor.

 

Agreement means this Agreement, including all the
Schedules.

 

Background Intellectual Property
(Background IP) of a party means information, techniques, know-how, software and materials (regardless of the form or medium in
which they are disclosed or stored) that are provided by or on behalf of that party to the other for use in the Study (whether
before or after the date of this Agreement) or used by that other party in conducting the Study, and all Intellectual Property in
them, but excludes the Study Materials.

 

Biological Samples means
any physical samples obtained from Study Participants in accordance with the Protocol for the purposes of the Study.

 

Case Report Form means a
printed, optical or electronic document or database designed to record all of the information, which is required by the Protocol to be
reported to the Sponsor on each Study Participant.

 

Confidential Information means:

 

		(1)	in respect of the Sponsor:
	 	 	 

		(a)	all information collected in the course of, resulting from, or arising directly out of the conduct
of the Study, whether at the Study Site or elsewhere;
	 	 	 

		(b)	the Protocol, the Investigator’s Brochure, information related to the Protocol, Study Materials and
Investigational Product;
	 	 	 

		(c)	know-how, trade secrets, ideas, concepts, technical and operational information, scientific or technical
processes or techniques, product composition or details owned by the Sponsor or its Affiliates;
	 	 	 

		(d)	know-how, methodology, trade secrets, processes, sequences, structure and organisation of the Study;
and
	 	 	 

		(e)	information concerning the business affairs or clients of the Sponsor or its Affiliates;

 

    
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	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 2 of 38

 

     

    

 

		(2)	in respect of the Institution, information in relation to the Institution’s business, operations or
strategies, intellectual or other property or actual or prospective suppliers or competitors, 

 

but Confidential Information does not include Personal Information.

 

Equipment
means the equipment supplied to the Institution by or on behalf of the Sponsor for the purposes of the Study, including that specified
in Schedule 1.

 

Essential
Documents means documents which individually and collectively permit evaluation of the conduct of the Study and the quality
of the data produced.

 

GCP
Guideline means the Committee for Proprietary Medicinal Products (CPMP)/lnternational Conference on Harmonisation (ICH) Note
for Guidance on Good Clinical Practice (CPMP/ICH/135/95) as adopted with annotation by the TGA, or its replacement.

 

GST means the
Goods and Services Tax payable under a GST Law.

 

GST Law means the same
as in A New Tax System (Goods and Services Tax) Act 1999 (Cth) as amended from time to time, and any regulations made pursuant
to that Act.

 

Institution
means the body so described on the first page of this Agreement.

 

Intellectual Property
means all present and future industrial and intellectual property rights, including without limitation:

 

		(1)	inventions, patents, copyright, trade business, company or domain names, rights in relation to circuit
layouts, plant breeders rights, registered designs, registered and unregistered trade marks, know how, trade secrets and the right to
have confidential information kept confidential, and any and all other rights to intellectual property which may subsist anywhere in the
world; and
	 	 	 

		(2)	any application for or right to apply for registration of any
of those rights.

 

Investigational Product is
the medicine or device being trialled or tested in the Study, as set out in Schedule 1, and includes where relevant any placebo.

 

Investigator’s
Brochure is a compilation of the clinical and non-clinical data on the Investigational Product(s) which are relevant to the
study of the Investigational Product in humans.

 

Multi-centre
Study is a Study conducted by several investigators according to a single protocol at more than one study site.

 

NHMRC
means the National Health and Medical Research Council of the Commonwealth of Australia.

 

Personal Information has the same meaning as in
the Privacy Act 1988 (Cth).

 

Personnel
means employees, agents and/or authorized representatives, and includes, in the case of the Institution, the Principal Investigator.

 

Principal Investigator
is the person responsible for the conduct of the Study at the Study Site as described in Schedule 1.

 

Protocol
means the document identified in Schedule 6 which describes the objective(s), design,
methodology, statistical considerations and organisation of the Study, and subject to clause 2.3, as
amended from time to time, as agreed by the parties, and most recently approved by the Reviewing HREC.

 

Publish
means to publish, by way of a paper, article, manuscript, report, poster, internet posting, presentation slides, abstract,
outline, video, instruction material or other disclosure, the Study Materials, in printed, electronic, oral or other form.

 

Publication has a corresponding meaning.

 

    
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Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 3 of 38

 

     

    

 

Regulatory Authority means
any body which has jurisdiction over the conduct of the Study at the Study Site and includes the TGA and any overseas regulatory authorities
who may audit, or require to be audited, any part of the Study or Study Materials.

 

Relevant Privacy Laws means
the Privacy Act 1988 (Cth) and any other legislation, code or guideline which applies in the jurisdiction in which the Study Site
is located, and which relates to the protection of Personal Information.

 

Reviewing HREC means the
Human Research Ethics Committee reviewing the Study on behalf of the Institution as described in Schedule 1.

 

Serious Adverse
Event has the meaning given in the TGA document “Access to Unapproved Therapeutic Goods - Clinical Trials in
Australia” (October 2004) or its replacement.

 

Software means the software
supplied to the Institution by or on behalf of the Sponsor for the purposes of the Study, including that specified in Schedule 1.

 

Sponsor means the corporate
entity so described on the first page of this Agreement.

 

Study means the investigation to be conducted in
accordance with the Protocol.

 

Study Completion means
the database for the Study has been locked and all Essential Documents have been provided to the Sponsor, including a copy of the letter
from the Reviewing HREC acknowledging receipt of the final report and/or closure letter from the Principal Investigator.

 

Study Materials means all
the materials and information created for the Study, or required to be submitted to the Sponsor including all data, results, Biological
Samples, Case Report Forms (or their equivalent) in whatever form held, conclusions, discoveries, inventions, know-how and the like, whether
patentable or not, relating to the Study, which are discovered or developed as a result of the Study, but excluding the Institution’s
ordinary patient records.

 

Study Participant means a person recruited to participate
in the Study.

 

Study Site means the location(s)
under the control of the Institution where the Study is actually conducted as set out in Schedule 1.

 

TGA
means the Therapeutic Goods Administration of the Commonwealth of Australia or any successor body.

 

	1.2	Except where the context otherwise requires:
	 	 

		(1)	clause headings are for convenient reference only and are not intended to affect the interpretation
of this Agreement;
	 	 	 

		(2)	where any word or phrase has a defined meaning, any other form of that word or phrase has a corresponding
meaning;
	 	 	 

		(3)	any reference to a person or body includes a partnership and a body corporate or body politic;
	 	 	 

		(4)	words in the singular include the plural and vice versa;
	 	 	 

		(5)	all the provisions in any schedule to this Agreement are incorporated in, and form
part of, this Agreement and bind the parties;
	 	 	 

		(6)	a reference to a replacement of a document or standard, means any document or
ruling which amends, updates, replaces or supersedes that document or standard;
	 	 	 

		(7)	if a period of time is specified and dates from a given day or the day of an act
or event, it is to be calculated inclusive of that day;

 

    
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		(8)	a reference to a monetary amount means that amount in Australian currency; and
	 	 	 

		(9)	references to a party include its Personnel.

 

		2.	THE STUDY

 

		2.1	The parties must comply with, and conduct the Study in accordance
with, the Protocol and any conditions of the Reviewing HREC. In addition the parties must comply with the following, as applicable:

 

		(1)	any requirements of relevant Commonwealth or State or Territory laws or of Regulatory Authorities;

 

		(2)	the requirements of the TGA in Access to Unapproved Therapeutic Goods — Clinical Trials in Australia
(October 2004) or its replacement and any other TGA publication or guideline that relates to clinical trials, or other such regulations
or guidance governing the conduct of clinical research in the jurisdiction of the Study;

 

		(3)	the GCP Guideline;

 

		(4)	the principles that have their origins in the Declaration of Helsinki adopted by the World Medical Association
in October 1996 (as accepted by the Australian Government); and

 

		(5)	the NHMRC National Statement on Ethical Conduct in Human Research (2007) or its
replacement, and any other relevant NHMRC publication or guideline that relates to clinical trials.

 

		2.2	If any issue relating to the safety of Study Participants arises which requires a deviation from the
Protocol, the Institution through the Principal Investigator may immediately make such a deviation without breaching any obligations under
this Agreement. If there is a need for such a deviation the Institution must notify the Sponsor and the Reviewing HREC of the facts and
circumstance causing the deviation as soon as is reasonably practical, but in any event no later than 5 working days after the change
is implemented.

 

		2.3	From time to time, the Sponsor may modify the Protocol by written notice
to the Institution and Principal Investigator. Except where the modification is necessary to eliminate an immediate hazard to Study Participants
or involves only logistical or administrative aspects of the trial, any modification may not be implemented before approval by the Reviewing
HREC. If the parties determine that a modification will affect the cost of the Study, the parties shall amend Schedule 2 as
agreed between them.

 

		3.	PRINCIPAL INVESTIGATOR

 

		3.1	Role of Principal Investigator

 

The Institution has authorised
the Principal Investigator as the person responsible on a day-to-day basis for the conduct of the Study. The Principal Investigator does
not have authority on behalf of the Institution to amend this Agreement or the Protocol.

 

		3.2	Liability for Principal Investigator

 

For the purpose of this Agreement only, and
as between the Sponsor and the Institution only, the Institution agrees to be responsible for the acts and omissions of the
Principal Investigator in relation to the conduct of the Study, to the extent that such responsibility would attach to the
Institution in accordance with its obligations under this Agreement or under the common law on the basis that the Principal
Investigator is acting as an employee of the Institution. Nothing in this clause or Agreement affects any pre-existing contractual
or other arrangement which may be in place between the Institution and the Principal Investigator.

 

    
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		3.3	Obligations and responsibilities

 

The Institution is responsible for ensuring that the Principal
Investigator:

 

		(1)	thoroughly familiarises themselves with the appropriate use
of the Investigational Product(s), as described in the Protocol, Investigator’s Brochure, information relating to the Investigational
Product and any other information sources provided by the Sponsor;

 

		(2)	ensures written approval has been obtained to conduct the Study from the Reviewing HREC and the Institution
prior to Study initiation. Written documentation of approval by the Reviewing HREC and the Institution must be provided to the Sponsor;

 

		(3)	conducts the Study according to the Protocol without changes, except as provided in clause 2.2
or 2.3, or as agreed to in writing by the Sponsor and the Institution and approved in accordance with clause 3.3(5);

 

		(4)	completes (and obtains completion from relevant Personnel) and returns to the Sponsor a statement of
financial disclosure (an example that meets this requirement is Food and Drug Administration Form 3455 ‘Disclosure: Financial Interests
and Arrangements of Clinical Investigators) before the commencement of the Study and as otherwise required, and consents to the disclosure
of the completed form to overseas regulatory agencies, if required;

 

		(5)	ensures that any amendments to the Protocol are approved by the Reviewing HREC and Sponsor prior to
implementation of the amendment;

 

		(6)	ensures that the Sponsor’s prior written consent is obtained to any advertisement in respect of the
Study;

 

		(7)	provides the Sponsor with evidence of the Principal Investigator’s qualifications through a current
curriculum vitae and/or other relevant documentation and a list of appropriately qualified persons to whom they have delegated significant
Study-related duties, if required;

 

		(8)	uses their best endeavours to recruit the target number of Study Participants, within the recruitment
period, specified in Schedule 1, provided that if the overall target number of Study Participants for the Study is reached, the
Sponsor may direct the Institution to cease recruitment;

 

		(9)	is available when a clinical research representative of the Sponsor visits the Study Site, as mutually
agreed prior to the visit, and is contactable by telephone or electronic mail as frequently as is reasonably required;

 

		(10)	notifies the Sponsor, the Institution and the Reviewing HREC of any Adverse Events (including Serious
Adverse Events) that occur during the course of the Study in accordance with the Protocol and relevant ethical and regulatory guidelines,
and, in the case of the Institution and the Reviewing HREC, with their policies and procedures;

 

		(11)	completes Case Report Forms within the agreed time period. The Principal Investigator will ensure that
Study Participants’ identifying information are removed from all records being transferred to the Sponsor;

 

		(12)	provides regular written progress reports to the Sponsor in relation to the Study as required by the
Protocol;

 

		(13)	completes and returns to the Sponsor as required any Study related materials within a reasonable time
period;

 

    
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	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 6 of 38

 

     

    

 

		(14)	is not subject to any obligations, either contractually or in any other way, which would unreasonably
interfere with or prohibit the performance of work related to this Study; and

 

		(15)	ensures that informed consent to participate in the Study is obtained from each Study Participant prior
to their enrolment in the Study and documented using an information and consent document which has been reviewed and approved by the Sponsor,
the Institution and the Reviewing HREC.

 

		4.	INSTITUTION OBLIGATIONS AND RESPONSIBILITIES

 

		4.1	If the Principal Investigator leaves the Institution or otherwise
ceases to be available, then:

 

		(1)	the Institution must consult with the Sponsor and use reasonable endeavours to nominate as soon as
practicable a replacement reasonably acceptable to both parties; and

 

		(2)	the Sponsor may require recruitment into the Study by the Institution to cease or move the Study to
a different Study Site.

 

		4.2	If the Principal Investigator fails to carry out those obligations specified in clauses 3.3(2), (3),
(5), (8), (10), (11), (13) or (15), then the Institution must itself perform those obligations and rectify and make good any
breach. The Institution will ensure that any Personnel who assist in the conduct of the Study are informed of and agree to abide by all
terms of this Agreement relevant to the activities they perform.

 

		4.3	The Institution warrants that, to the best of its knowledge, it and its affiliates and any other person
involved in the conduct of the Study, including the Principal Investigator, are properly registered with appropriate professional registration
bodies, have not been disqualified from practice or disbarred or banned from conducting clinical trials by any Regulatory Authority. Furthermore,
the Institution shall notify the Sponsor as soon as practical after it becomes aware of any such disqualification, disbarment or ban.

 

		4.4	The Institution will not engage in any conduct on the Sponsor’s behalf which is in violation of, or
potentially in violation of, any applicable local or foreign laws or regulations.

 

		4.5	The Institution warrants, represents and undertakes to the Sponsor that it has not offered, promised or
paid, either directly or indirectly, any Benefit to a government official (including, but not limited to, a healthcare professional employed
by a government-owned healthcare facility) to induce such government official to act in any way in connection with his or her official
duties with respect to services performed under this Agreement or to otherwise obtain an improper advantage for the Institution or the
Sponsor (Improper Payment), and has not received an Improper Payment, and will not offer, promise, pay, authorise or receive any
Improper Payment in the future. For the purposes of the foregoing, Benefit includes but is not limited to money, financial or other advantage,
travel expenses, entertainment, business or investment opportunities, charitable donations or any other thing of value.

 

		4.6	The Institution must have adequate security measures to ensure the safety and integrity of the Investigational
Product, Essential Documents and Study records and reports, Equipment and any Study related materials held or located at the Study Site.

 

		4.7	Subject to clause 9, the Institution will allow regular monitoring visits in
                                                                                                                 accordance with the GCP Guideline, access for the purposes of audit and as required by Regulatory Authorities or as specified in the
                                                                                                                 Protocol and permit access to the Essential Documents (including original records), Study records, reports, other Study related
                                                                                                                 materials and its Personnel as soon as is reasonably possible upon request by the Sponsor, Regulatory Authority, Reviewing HREC or
                                                                                                                 any third party designated by the Sponsor. Any such access is to take place at times mutually agreed, during business hours and
                                                                                                                 subject to such reasonable conditions relating to occupational health and safety, security, and confidentiality as the Institution
                                                                                                                 may require.

 

    
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		4.8	The Institution will make available adequate facilities, equipment and any other resource of the Institution
reasonably required to safely follow the Protocol, provided that any amendments to the Protocol which take place after the execution of
this Agreement and requiring any additional use of facilities, equipment, staff or resources, have been approved in writing by the Institution
and the Reviewing HREC.

 

		4.9	The Institution will have an adequate number of appropriately qualified Personnel for the foreseen duration
of the Study and ensure that such Personnel are adequately informed about the Protocol, Investigational Product(s), and their Study-related
duties and functions. The Personnel appointed by the Institution to assess Study Participants will attend an investigator meeting or a
pre-study/initiation meeting, where appropriate.

 

		4.10	The Institution must retain and preserve a copy of all Study Materials, including copies of signed
consent forms, Case Report Forms, Protocol, information relating to the Investigational Product, correspondence and investigator files
for at least 15 years from Study Completion and must ensure that no Study related materials are destroyed before the expiration of this
time period without the written approval of the Sponsor. The Institution agrees to notify the Sponsor before destroying any Study Materials
and agrees to retain the Study Materials for such longer period as reasonably required by the Sponsor at the Sponsor’s expense.

 

		4.11	The Institution will ensure that the Study is subject to the continuing oversight of the Reviewing HREC
throughout its conduct.

 

		4.12	If the Institution is contacted by any Regulatory Authority in connection with the conduct of the Study,
the Institution shall immediately notify the Sponsor, unless prevented from doing so by law.

 

		4.13	The Institution will provide the Sponsor with all reasonable assistance and cooperation to rectify
any matter raised by a Regulatory Authority or as the result of an audit of the Institution or Study Site. This includes execution of
any documents reasonably requested by the Sponsor in connection with the requirements of a Regulatory Authority or the Sponsor as a result
of such an audit. The cost will be borne by the Sponsor unless such rectification is due to the default of the Institution or the Principal
Investigator.

 

		4.14	The Institution shall obtain approval, in writing, from the Sponsor for any press statements or promotional
statements regarding the Study or the Investigational Product(s) before the statements are released, unless the statement or disclosure
is required by:

 

		(1)	law;

 

		(2)	any policy, guideline or direction of government or any government department or agency;

 

		(3)	any Regulatory Authority; or

 

		(4)	is, in the absolute discretion of the Institution, Minister for Health, Department of Health or any
government official, reasonably necessary in the public interest or to protect the health and safety of any individual.

 

    
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		5.	SPONSOR
                                            OBLIGATIONS AND RESPONSIBILITIES

 

		5.1	Prior to the Agreement being executed, the Sponsor must provide the Principal Investigator, and, through
the Principal Investigator, the Institution and the Reviewing HREC, with all current and relevant information regarding the Investigational
Product as reasonably required to justify the nature, scope and duration of the Study.

 

		5.2	The Sponsor will implement and maintain quality assurance and quality
control systems with written standard operating procedures to ensure that the Study can be conducted and data generated, documented, recorded
and reported in compliance with all of the documents referred to in clause 2.1.

 

		5.3	The Sponsor will designate appropriately qualified personnel to advise on Study-related medical questions
or problems.

 

		5.4	The Sponsor will monitor the application of the Investigational Product in other places (both within
and outside Australia) and advise the Institution, through the Principal Investigator, and TGA of the cessation elsewhere of any relevant
trial, or the withdrawal of the Investigational Product from any other market for safety reasons.

 

		5.5	The Sponsor will notify the Institution of any Adverse Events (including Serious Adverse Events) that
occur during the course of the Study (either at the Study Site or other study sites, including overseas sites) which may require alteration
of the conduct of the Study, or which may affect the rights, interests, safety or well-being of Study Participants.

 

		5.6	The Sponsor will cooperate with the Institution and/or the Reviewing HREC in investigating any Adverse
Event (including Serious Adverse Event) arising out of or in connection with the Study.

 

		5.7	To assist the Institution to comply with clause 8, the Sponsor will provide the Institution with
adequate information and all necessary Investigational Product accountability forms.

 

		5.8	The Sponsor will provide indemnity to the Institution and members of the Reviewing HREC against claims
arising from the Study on the terms and conditions set out in the relevant Medicines Australia Form of Indemnity for Clinical Trials as
set out in Schedule 3.

 

		5.9	The Sponsor will comply with the Medicines Australia Guidelines for Compensation
for Injury Resulting from Participation in a Company-sponsored Trial as specified in Schedule 5.

 

		5.10	The Sponsor will maintain insurance with respect to its activities
and indemnity obligations under this Agreement in accordance with Schedule 4. This insurance is to be evidenced by a certificate
of insurance, as requested by the Institution from time to time.

 

		6.	PAYMENTS

 

		6.1	In consideration of the Institution conducting the Study, the
Sponsor will pay to the Institution as nominated in Schedule 2 in the manner and on the basis of the amounts and at the times
set out in Schedule 2.  The amounts set out in Schedule 2 do
not include GST. At the time of payment, the Sponsor must pay to the Institution any amount of GST that the Institution is required to
pay in addition to the amounts set out in Schedule 2, and in accordance with GST Law.

 

		6.2	The Sponsor reserves the right to refuse to pay to the Institution payments specific to Study Participants
entered into the Study who do not meet the entry criteria specified in the Protocol.

 

    
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		6.3	If a Study Participant discontinues their participation in the Study or if the Study is terminated
as a whole, only those costs incurred up until the date of discontinuation or termination, including costs of final visit and completion
of all Case Report Forms, will be paid.

 

		6.4	Payments will be made by the Sponsor upon either receipt of a valid tax invoice or a “Recipient
Created Tax Invoice” issued by the Sponsor.

 

		6.5	The Sponsor and the Institution each warrant that they are registered under GST Law. Tax invoices must
identify supplies for which GST is payable.

 

		6.6	The final payment will be made following Study Completion.

 

		6.7	No part of any consideration paid hereunder is for the recommending or arranging for the referral of
business or the ordering of items or services.

 

		6.8	Neither this Agreement nor any consideration paid hereunder is contingent upon the Institution’s use
or purchase of any of the Sponsor’s products.

 

		7.	PROVISION OF EQUIPMENT &
SOFTWARE

 

		7.1	The Sponsor will provide the Institution and Principal Investigator
with the Equipment and Software at the Sponsor’s expense. Unless otherwise agreed by the parties in writing, the Equipment and Software
will be used only by the Principal Investigator and Personnel involved in the conduct of the Study and only for the purposes of the Study.

 

		7.2	If proper usage of the Equipment or Software requires training, the Institution agrees that

 

		(1)	the Principal Investigator and Institution’s Personnel will make themselves available for training
in using the Equipment and Software, at the Sponsor’s expense; and

 

		(2)	the Equipment and Software will only be used as described in written directions provided by the Sponsor.

 

		7.3	The Equipment will be at the risk of the Sponsor, but the Institution will take reasonable care in
the use and secure storage of the same and the Institution is responsible for damage caused to or by the Equipment by the negligence of
its Personnel.

 

		7.4	At the completion of the Study or at the Sponsor’s request, the Institution will, unless otherwise
specified, return to Sponsor, at the Sponsor’s expense, the Equipment and Software and all related training materials and documentation.

 

		7.5	The Sponsor will cooperate with the Institution in maintaining, at the Sponsor’s expense, the Equipment
in good working order, and ensuring that it is in a safe condition and compliant with the requirements of the relevant licensing and safety
authorities at all times.

 

		7.6	The Institution will not copy the Software unless specifically
authorised by the Sponsor.

 

		8.	INVESTIGATIONAL PRODUCT

 

		8.1	The Institution must

 

		(1)	ensure that all Investigational Product made available by the Sponsor is used strictly according to
the Protocol and are not used for any other purposes, unless agreed in writing by the Sponsor;

 

		(2)	provide a written explanation accounting for any missing Investigational Product;

 

    
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		(3)	not charge a Study Participant or third-party payer for Investigational Product or for any services
reimbursed by the Sponsor under this Agreement;

 

		(4)	keep all Investigational Product under appropriate storage conditions (including any conditions specified
in the Protocol) and in a secured area accessible only to authorised Personnel; and

 

		(5)	ensure that complete and current records are maintained for all received, dispensed and returned Investigational
Product.

 

		8.2	The Sponsor will supply the Principal Investigator with such quantities of the Investigational Product
as will be required for the purpose of the Study. All supplied Investigational Product will be packaged in safe and appropriately labelled
containers. The Sponsor will at all times remain the sole owner of the Investigational Product.

 

		8.3	On termination of this Agreement, the Institution must promptly return any unused Investigational Product
to the Sponsor, or, if requested by the Sponsor, destroy it and provide evidence of such destruction.

 

		9.	CONFIDENTIALITY

 

		9.1	Subject to clause 9.2, each party must not, and must ensure their Personnel do not, use or disclose
any Confidential Information of the other party, other than where and only to the extent that such use or disclosure is necessary for
the performance of the Study, the exercise of its rights or the performance of its obligations under this Agreement.

 

		9.2	The Institution may use or disclose Sponsor Confidential Information in any of the following circumstances:

 

		(1)	for the purposes of complying with the Institution’s internal complaint procedures, accident reporting
procedures, quality assurance activities, disciplinary procedures or any applicable policy in relation to patient safety, Adverse Events
and/or reportable incidents;

 

		(2)	for the purposes of disclosing any material risks, identified during the Study or subsequent to it,
to Study Participants, Principal Investigators, medical practitioners administering treatment to Study Participants, Reviewing HRECs and
Regulatory Authorities;

 

		(3)	for the purposes of complying with the requirements of any Regulatory Authority;

 

		(4)	to enable the Reviewing HREC to monitor the Study;

 

		(5)	where the Sponsor consents in writing to the disclosure;

 

		(6)	as part of a publication issued under the provisions of clause 11;

 

		(7)	where release of the Confidential Information is required by law, with notice as soon as reasonably
practical to the Sponsor, and subject to the Institution upon request providing reasonable assistance to enable the Sponsor to obtain
a protective order or other remedy to resist disclosure or ensure confidential treatment for any required disclosure;

 

		(8)	for the purposes of the Institution seeking legal advice; or

 

		(9)	disclosure to the Institution’s insurer.

 

		9.3	Where Confidential Information is disclosed in accordance with
clause 9.2 (1), (4), (8) or (9) the Confidential Information must only be used in connection with the legitimate purposes
of the Institution, and only disclosed to those who have a need to know it for such purposes and are obligated to keep the information
confidential.

 

    
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		9.4	The Sponsor may disclose Institution Confidential Information to its lawyers for the purposes of obtaining
legal advice or to its Affiliates but only on a needs to know and confidential basis. The Sponsor may disclose Institution Confidential
Information if required by law, with notice as soon as reasonably practical to the Institution, and subject to the Sponsor upon request
providing reasonable assistance to enable the Institution to obtain a protective order or other remedy to resist disclosure or ensure
confidential treatment for any required disclosure.

 

		9.5	The parties are responsible for ensuring that their Personnel are aware of the obligations in respect
of Confidential Information in this clause 9 and are bound in similar terms to keep such information confidential.

 

		9.6	Information will not be Confidential Information and subject to
the provisions of this clause 9 where:

 

		(1)	the information has been independently received from a third
party who is free to disclose it;

 

		(2)	the information is in or has entered the public domain other than as a result of a breach of this Agreement;

 

		(3)	the party already knew the information, the prior knowledge of which it can document by prior written
records; or

 

		(4)	the party independently develops, discovers or arrives at the information without use, reference to,
or reliance upon, the Confidential Information.

 

		10.	PRIVACY

 

		10.1	Each party must ensure that any Personal Information of Study
Participants or Personnel it obtains or holds as a result of the conduct of the Study is collected, stored, used and disclosed by it
in accordance with the Relevant Privacy Laws.

 

		10.2	Each party will promptly report to the other party any unauthorised access to, use or disclosure of
Personal Information of Study Participants (“Incident”) of which it becomes aware, and will work with the other party to take
reasonable steps to remedy the Incident.

 

		11.	PUBLICATIONS

 

		11.1	The Institution, Principal Investigator and other investigators (each a Discloser) involved in
the Study have the right to Publish the methods, results of, and conclusions from, the Study, subject to this clause and in accordance
with copyright law.

 

		11.2	If the Study is a Multi-centre Study, then the Institution agrees that no Publication of the Study results
may be made until Publication of the results of the Multi-centre Study or 2 years after Study Completion, whichever is the sooner. The
further provisions of this clause still apply to any such Publication.

 

		11.3	The Institution must ensure that the Discloser gives a copy of any proposed Publication drafted by
them and/or other Personnel involved in the conduct of the Study to the Sponsor at least 40 days before forwarding it to any person that
is not bound by the confidentiality obligations set out in clause 9.

 

		11.4	The Sponsor may, within that 40-day period do any one or more of the following:

 

		(1)	provide comments on the proposed Publication to the Institution,
in which case the Institution must consider such comments but will not be bound to follow them;

 

		(2)	request delay of Publication for no more than 120 days to allow the Sponsor to file patent applications
or take other measures to preserve or secure its Intellectual Property, in which case the Institution must abide by that request; or

 

		(3)	request that the Discloser remove specified Confidential Information (other than the results of the
Study) from the Publication, in which case the Institution must remove such specified Confidential Information as is reasonably required
to protect the Intellectual Property of the Sponsor.

 

    
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		11.5	If the Institution has not received any comments from the Sponsor on the proposed Publication within
40 days of giving a copy to the Sponsor under clause 11.3, the Discloser may proceed to make the Publication.

 

		11.6	Where the Sponsor intends to Publish the method, results or conclusions from the Study, any person
named as an author on that Publication will be given a reasonable opportunity to review the Publication. Any person acknowledged as an
investigator of the Study in the Publication will be given a reasonable opportunity to request the removal of his or her name from the
Publication and the Sponsor shall comply with any such request.

 

		11.7	In all Publications the Sponsor’s support of the Study shall be acknowledged.

 

		11.8	The Sponsor may Publish a summary of the Study Results and conclusions on the Sponsor’s on-line Clinical
Trial Register before or after Publication by another method.

 

		11.9	The Sponsor may freely use, copy and disseminate any manuscript following its Publication in a journal
without further obligation to the Institution or Discloser.

 

		11.10	The Sponsor may only use the Institution’s and Investigators’ names:

 

		(1)	in relation to the publication of the Study on reputable clinical
trials registers and websites in accordance with the CONSORT 2010 Statement;

 

		(2)	in Study publications and communications including Study newsletters made to the Institution and any
other person which is subject to substantially the same confidentiality obligations as those set out in clause 9,
in relation to performance of the Study; or

 

		(3)	in Study publications and communications made to any third party not subject to the confidentiality
obligations set out in clause 9, with the Institution’s prior written consent.

 

		12.	STUDY MATERIALS AND INTELLECTUAL PROPERTY

 

		12.1	The Sponsor grants to the Institution and its Personnel the right
to use the Background IP of the Sponsor and the Study Materials as required to carry out the Study and perform this Agreement. Except
for this right, neither the Institution nor any of its Personnel acquires any right or interest in any Intellectual Property provided
by or on behalf of the Sponsor.

 

		12.2	In order to carry out the Study, the Institution may use Intellectual Property which is part of the
Institution’s Background IP. Any such Background IP remains the sole property of the Institution. The Institution grants to the Sponsor
a non-exclusive, perpetual, royalty free licence to use (including the right to sub-licence) the Institution’s Background IP solely for
the purpose of the commercialisation of the Study Materials.

 

		12.3	Subject to clause 12.2, all Intellectual Property in the Study Materials will vest automatically
upon its creation in the Sponsor, and the Institution presently assigns to the Sponsor all Intellectual Property rights contained in the
Study Materials. The Institution agrees to execute or procure the execution by its Personnel of any documents reasonably necessary to
give effect to this assignment, at the Sponsor’s expense.

 

		12.4	The Institution must promptly disclose and communicate in writing
to the Sponsor full particulars of any Intellectual Property that the Institution or Principal Investigator make, discover or conceive
in the course of the Study that is directly related to the Study Materials.

 

    
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		13.	TERM AND TERMINATION

 

		13.1	This Agreement commences from the date specified on the first
page of this Agreement, or if such date is not included on the date this Agreement is last signed by either the Sponsor or Institution.
In the ordinary course of events this Agreement terminates when the Sponsor makes its final payment to the Institution.

 

		13.2	A party may terminate this Agreement with 30 days prior written notice or such shorter time period
as is reasonably required in the circumstances if the other party:

 

		(1)	is in breach of any obligations under the Agreement or the
Protocol (including without just cause to meet a timeframe) and fails to remedy such breach where it is capable of remedy within 30 days
of a written notice from the terminating party specifying the breach and requiring its remedy;

 

		(2)	is declared insolvent or has an administrator or receiver appointed over all or any part of its assets
or ceases or threatens to cease to carry on its business; or

 

		(3)	assigns this Agreement to a person considered unsuitable to perform the Agreement as set out in clause
19.3.

 

		13.3	In addition to clause 13.2, a party may terminate this
Agreement immediately by written notice to the other party if it believes on reasonable grounds that:

 

		(1)	continuing the Study poses an unacceptable risk to the rights,
interests, safety or well-being of Study Participants; and

 

		(2)	terminating this Agreement is the most appropriate way to respond to that risk.

 

		13.4	The Sponsor may terminate this Agreement if the Institution breaches clause 4.5 or if the Sponsor
learns that the Institution is making, or has made, Improper Payments (within the meaning of clause 4.5) to government officials
with respect to services performed on behalf of the Sponsor or any other company. Further, in the event of such termination, the Institution
will not be entitled to any further payment or compensation.

 

		13.5	The Sponsor may terminate this Agreement with 30 days prior written notice to the Institution. In the
event of such early termination, the Sponsor will pay the reasonable costs of the Institution relating to the Study calculated in accordance
with Schedule 2.

 

		13.6	In the event of termination, the Institution must promptly initiate all appropriate action to close
the Study and, subject to any applicable retention requirements imposed by law, return to the Sponsor (or destroy if requested by the
Sponsor, and provide evidence of such destruction) any completed Case Report Forms and other materials received from the Sponsor before
Study Completion.

 

		13.7	In the event of termination the Sponsor must take all appropriate action to close out the Study Site
in a timely manner.

 

		13.8	In the event of early termination, the Sponsor will cooperate with the Institution to ensure that Study
Participants who may be affected by termination receive adequate medical care. This may include the provision of Investigational Product
in certain circumstances at the Sponsor’s expense.

 

		13.9	The following provisions survive termination of this Agreement, clauses 1, 3.2, 3.3(11), 4.6, 4.7,
4.10, 4.12, 4.13, 4.14, 5.8, 5.9, 5.10, 6.1, 8.3, 9, 10, 11, 12, 13.5, 13.6, 13.7, 13.8, 13.9, 14, 15, 16, 18 and 20.

 

    
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		14.	DISPUTES

 

		14.1	No party may commence legal proceedings against another in respect of a dispute arising in relation
to this Agreement (except for urgent interlocutory relief) unless the parties have complied with this clause and that party has first
notified the other party in writing of the dispute and has used all reasonable endeavours to resolve the dispute with the other party
within 28 days of the giving of that notice (Initial Period).

 

		14.2	If the dispute is not resolved within the Initial Period, then the dispute shall be referred within
a further 28 days to the Australian Disputes Centre for mediation or any other agreed venue which conducts mediation. The parties will
by agreement appoint a mediator to mediate the dispute in this forum. If the parties cannot agree to a mediator within 14 days of the
end of the Initial Period, then the mediator will be nominated by the then current President of the Law Society of the State or Territory
in which the Institution is located. Any documents produced for the mediation are to be kept confidential and cannot be used except for
the purpose of settling the dispute.

 

		14.3	Each party must bear its own costs of resolving a dispute under this clause, and unless the parties
otherwise agree, the parties to the dispute must bear equally the costs of the mediator.

 

		14.4	In the event that the dispute is not settled at mediation within 28 days (or such other period as the
parties agree in writing) after the appointment of the mediator, then the parties are free to pursue any other procedures available at
law for the resolution of the dispute.

 

		15.	APPLICABLE LAW

 

This Agreement will be governed
by, and construed in accordance with, the law for the time being in force in the State or Territory in which the Institution is located
and the parties submit to the jurisdiction of that State or Territory and courts entitled to hear appeals from those courts.

 

		16.	NOTICES

 

		16.1	A notice, consent, approval or other communication (each a notice) under this Agreement must
be:

 

		(1)	delivered to the party’s address; or

 

		(2)	sent by pre-paid mail to the party’s address; or

 

		(3)	transmitted by facsimile to the party’s address.

 

		16.2	A notice given by a party in accordance with this clause is treated as having been given and received:

 

		(1)	if delivered to a person’s address, on the day of delivery if a business day, otherwise on the next
business day; or

 

		(2)	if sent by pre-paid mail, on the third business day after posting; or

 

		(3)	if transmitted by facsimile to a person’s address and a correct and complete transmission report is
received, on the day of transmission if a business day, otherwise on the next business day.

 

		16.3	The addresses of the parties for the purposes of giving any notice are set out on the front page of
this Agreement.

 

		17.	WAIVER

 

		17.1	No right under this Agreement is waived or deemed to be waived
except by notice in writing signed by the party waiving the right. A waiver by any party in respect of any breach of a condition or provision
of this Agreement will not be deemed to be a waiver in respect of any other breach.

 

    
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		17.2	Failure or delay by any party to enforce any provision of this Agreement will not be deemed to be a
waiver by that party of any right in respect of any other such breach.

 

		18.	VARIATIONS

 

No variations of this Agreement
are legally binding on any party unless evidenced in writing signed by all parties.

 

		19.	ASSIGNMENT

 

		19.1	Subject to clause 19.2, a party (the Assigning Party) may assign
its rights or novate its rights and obligations under this Agreement after obtaining the prior written consent of the other party (the
Other Party).

 

		19.2	The Assigning Party’s request for the Other Party’s consent to an assignment or
novation of this Agreement must include:

 

		(1)	the name and the address of the proposed assignee or novatee;

 

		(2)	a copy of the proposed deed of assignment or novation; and

 

		(3)	such other information as the Other Party reasonably requires.

 

		19.3	Provided the proposed novatee is an Australian entity, the Other Party must give its consent promptly
if:

 

		(1)	the Assigning Party provides evidence that ought reasonably satisfy the Other Party that the proposed
novatee is financially secure and has the ability to carry out the Assigning Party’s obligations under this Agreement;

 

		(2)	the proposed novatee signs a deed or agreement in which it covenants with the Other Party and the Assigning
Party to perform the obligations of the Assigning Party under this Agreement;

 

		(3)	the Assigning Party is not in breach of this Agreement; and

 

		(4)	the Assigning Party pays the Other Party’s reasonable costs of giving its consent.

 

		19.4	The Assigning Party remains liable for its obligations under this Agreement even if it assigns its
rights pursuant to clause 19.1.

 

		20.	SUBCONTRACTING

 

		20.1	The Sponsor may subcontract any of its obligations under this Agreement, save for the obligations set
out in clauses 5.8, 5.9 and 5.10. The Sponsor remains responsible for all subcontracted obligations and is liable for all
acts and omissions of any subcontractor as if they were the Sponsor’s acts and omissions. In the event that the Sponsor subcontracts with
another party to perform any of the Sponsor’s obligations under this Agreement, the Sponsor is bound by and will observe its obligations
under clause 9.1 in its dealings with the subcontractor.

 

		20.2	No subcontractor will have any rights under this Agreement against the Institution or be entitled to
receive any payment from the Institution.

 

		20.3	For the purpose of this Agreement only, and as between the Sponsor and the Institution only, where
the Institution subcontracts any of its obligations under this Agreement, the Institution remains responsible for all subcontracted obligations
and is liable for all acts and omissions of any subcontractor as if they were the Institution’s acts and omissions.

 

    
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		21.	ENTIRE AGREEMENT

 

This Agreement constitutes the
entire agreement between the parties in relation to the Study and supersedes all prior representations, agreements, statements and understandings,
whether verbal or in writing in relation to the Study.

 

		22.	FURTHER DOCUMENTS

 

Each party will do anything (including
executing any document) and will ensure that its Personnel do anything (including executing any document), that the other party may reasonably
require to give full effect to this Agreement.

 

		23.	SEVERANCE

 

If any part of this Agreement
is prohibited, void, voidable, illegal or unenforceable, then that part is severed from this Agreement but without affecting the continued
operation of this Agreement.

 

		24.	RELATIONSHIP OF THE PARTIES

 

Nothing in this Agreement creates
a relationship of employer and employee, principal and agent, joint venture or partnership between the parties and no party will hold
itself out as an agent for another.

 

		25.	FORCE MAJEURE

 

If any party is delayed or prevented
from the performance of any act required under this Agreement by reason of any act of God, act of nature, including any epidemic or outbreak
of pandemic disease, fire, act of government or state, war, civil commotion, insurrection, embargo, prevention from or hindrance in obtaining
raw material, energy or other supplies, labour disputes of whatever nature or whatever reason beyond the control of the party (a Force
Majeure Event), the affected party shall promptly notify the other party in writing, giving details of the Force Majeure Event, the
acts affected by the Force Majeure Event and the extent to which they are affected, and performance of such acts shall be excused for
the period of such event provided that if such interference lasts for any period in excess of 30 days either party may, by written notice
to the other, terminate this Agreement.

 

		26.	COUNTERPARTS

 

This Agreement may be executed
in any number of counterparts. All counterparts taken together are deemed to constitute one and the same Agreement.

 

		27.	CONFLICT

 

In the event of any inconsistency
between this Agreement and the Protocol, this Agreement prevails.

 

    
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In witness hereof, the parties have
caused this Agreement to be executed as of respective dates written below.

 

Signed on behalf of the Sponsor

 

	Signed:		 
	Name:		 
	Position:  		 
	Date:		 

 

Signed on behalf of the Institution

 

	Signed:		 
	Name:		 
	Position:  	 	 
	Date:		 

 

The Principal Investigator acknowledges
this Agreement and understands the obligations it imposes.

 

Acknowledged by the Principal Investigator

 

	Signed:		 
	Name:		 
	Position:  		 
	Date:		 

 

    
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Schedule 1

Key Information

 

	Study Name:	An Open Label Extension
    on the Examination of the Combination of Dronabinol and Acetazolamide for Treatment of Obstructive Sleep Apnoea (OSA)
	 	 
	Study Site/s:	The Alfred Hospital
	 	 
	 	 
	 	 
	Target number of Study Participants:	Minimum: 12
	 	 
	 	Maximum: 12
	 	 
	Recruitment Period:	Start:
                                            01/MAR/2021    End:    01/MAR/2022

	 	 
	Principal Investigator Name:	Professor
                                            Terence O’Brien

                                

                                

	 	 
	Address:	Department of Neurosciences, 4th
    Floor, Centre Block
	 	 
	 	The Alfred Hospital, 55 Commercjal Road, Melbourne
	 	 
	 	State:   Victoria, Australia         P/code:    3004
	 	 
	Reviewing HREC:

	Alfred Hospital Ethics Committee
	 	 
	Equipment provided by Sponsor:	Philips Actiwatch
	 	 
	 	 
	 	 
	Software provided by Sponsor:	NIL
	 	 
	 	 
	 	 
	Investigational Product:

	Dronabinol
	 	 
	 	Acetazolamide
	 	 
	 	 

 

    
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Schedule 2

 

[***]

[***]

 

    
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Payments

 

Study Site Activities 

 

	
     

    Activity
	
     

    [***]

     

	The Site Start Up Fee of will be paid upon the completion of the Site Initiation Visit.	[***]
	
    Study Site Administration Fee will be paid quarterly, starting
from the Site Initiation Visit or Pre-screening (whichever occurs first), until the Close out Visit.
	[***]
	The Site Training Fee, a one-off fee, will be payable on the completion of all training required for the study conduct, including eCRF training. This payment is per system trained on per investigator and co-ordinator.	[***]
	
    Human Research Ethics Committee (HREC} Review Fee, a
    one-time fee, for the review of the initial submission package for the trial, will be payable upon receipt of invoice
	[***]
	
    Amendment Preparation Fee — Major

     

    This fee will be paid for the preparation of a major Protocol
amendment or Participant Information and Consent Form (PICF) for RGO review.
	[***]
	
    Amendment Preparation Fee — Minor This fee
will be paid for the preparation of amendments relating to Investigator Brochures (IBs), safety documents, participant facing materials,
advertising or for RGO review.
	[***]
	
    Amendment Preparation Fee — Major, within one month of RGO
    approval

     

    This fee will be paid if a Protocol and/or PICF is prepared and submitted
    to the Alfred RGO within and up to one calendar month after initial RGO approval.
	[***]
	Amendment Preparation Fee —
Minor, within one month of RGO approval

 

This fee will be paid if an IBs,
safety document, participant facing material, advertising or changes to site staff become available and are submitted to the Alfred RGO
within and up to one calendar month after initial RGO approval.
	[***]
	Study Close Out

 

A one-time Close Out Fee will be paid upon completion
and approval by the Sponsor of any outstanding data documentation (eCRFs and data clarifications issued) and regulatory documentation.

	[***]

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 21 of 38

 

     

    

 

	
    Archiving Fee

     

    The one-time Archiving Fee will be paid
    for the archiving of 2 boxes as per ICH GCP and local requirements. This Fee also includes electronic scanning and secure destruction
    at the end of the archiving period.
	[***]
	
    Archiving Fee - Additional
    Box 

     

    The Archiving Fee - Additional Box
    Fee will be paid for any boxes in addition to the original 2 boxes. Prior Sponsor approval is required.
	[***]
	
    Archiving - Box Retrieval

     

    The Archiving - Box Retrieval Fee will
    be paid if a storage box requires retrieval from the archiving location.
	[***]
	
    Audit Fee

     

    The Audit Fee will be paid for the preparation,
    attendance and follow up of an Audit. This fee is capped at three (3) business days. This fee is not payable when the Audit is “for
    cause”.
	[***]
	
    Participant transport Allowance

     

    Participant transport allowance
    will be paid, up to a maximum of $100 per day for each clinic visit and PSG visit throughout the study. This may be reimbursed on presentation
    of receipts to support the costs of transportation or granted as taxi vouchers. Receipts for reimbursements and taxi vouchers must include
    date of travel, amount per trip.
	 

                                                     

                                                    [***]

	
    Participant Sleep Study Allowance

     

    Participants will be reimbursed
    $25 per hour up to a maximum of 8 hours for their time spent at site performing each sleep study.
	 

                                                     

                                                    [***]

	
    Breakfast Allowance

     

    Each participant, that completes
    a sleep study will also be provided with a breakfast allowance, up to a maximum of $25 to be purchased at the hospital.
	 

                                                     

                                                    [***]

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 22 of 38

 

     

    

 

Pharmacy and Pathology Activities

 

	 

    Activity
	Cost
                                            ($AUD)

    All
    fees exclude

    GST

	 

    A
    Pharmacy Setup and Study Establishment Fee will be payable upon the attendance and completion of the Site Initiation Visit. This
    fee will be payable upon invoice.
	[***]
	A
Pharmacy Annual Fee, will be payable for the management and administration of the study. This fee will be payable upon invoice.
	[***]
	A
                                                                                                                                                 Pharmacy storage of Investigational Product Fee will be payable for the storage of the IP in a refrigerated safe, suitable for
                                                                                                                                                 refrigerated Schedule 8 licenced products. This fee will be payable upon invoice.
	[***]
	A
                                            Dispensing of Investigational Product Fee, which includes accountability, will be payable
                                            for every dispensing of IP for participants and post accountability visit and with the monitoring
                                            fee
	[***]
	An
    Investigational Product Accountability Fee is incorporated into the dispensing fee.	[***]

	An
                                            Investigational Product Destruction Fee will be payable should the sponsor request that
                                            IP be destroyed on-site, according to hospital guidelines. This fee will be payable upon
                                            invoice.
	[***]
	A
                                            Remote Monitoring Fee will be payable for each hour the Clinical Research Associate requires
                                            for the purposes of IP accountability, should this service be requested. The IP accountability
                                            visit will be scheduled in advance and with the clinical trials pharmacist. This fee will
                                            be payable upon invoice.

     

    Note:
    there is no additional charge for on-site monitoring.
	[***]

	After
                                            Hours Call Back Fee

     

    The
    After Hours Call Back Fee will be paid when IP requires preparation and dispensation outside the hours of Barn - 5pm due to unforeseen
    circumstances. An initial amount of Six Hundred and Ninety Australian Dollars (690 AUD) will be paid for the first three (3) hours.
    After the first three (3) hours, this fee will be charged at the rate of One Hundred and Fifty-Five Australian Dollars (155 AUD)
    per hour.
	[***]

	A
                                            Pharmacy Close Out Fee, a one-time fee, will be payable upon the final close out visit,
                                            after all remaining or used Investigational Product as either been returned to the sponsor
                                            or destroyed upon written notification from the sponsor, and all pharmacy files have been
                                            returned to the site for archiving. This fee will be payable upon invoice, no later than
                                            30 days post close out visit.
	[***]

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 23 of 38

 

     

    

 

	Pathology Activities	 
	
    A Protocol review and SSA completion Fee, a one-time fee,
will be payable upon completion of the Site Initiation Visit and upon invoice.
	[***]
	
    An Establishment Fee, a one-time fee for the establishment
of the trial, upon Site Initiation Visit and payable upon receipt of an invoice.
	[***]
	Standard Haematology panel	[***]
	Standard Biochemistry panel	[***]
	Urinalysis	[***]
	Urine pregnancy test	[***]
	Health Information Services
	Retrieval fee for paper medical records (per volume) from onsite storage	[***]
	
    Retrieval fee for paper medical records (per volume) from
    external storage
	[***]
	Registration Fee, per participant	[***]
	Permanent retention (per volume) of medical records for research	[***]
	
    ICD10 Diagnosis database participant information search (per
    search)
	[***]

 

		1.	General Terms. Payee will be compensated as outlined
on the attached study budget (“Budget”) for Study Participants properly enrolled in the Study. This amount constitutes the
full compensation for the work to be completed by the Institution and Principal Investigator, including all work and care specified in
the Protocol for the Study, along with all overhead and administrative services. No compensation will be available for Study Participants
enrolled in the Study in violation of the Protocol.

 

As indicated
below (Point 8), the payee of these funds is Monash University (“Payee”), which is a payment administrator and is not party
to this Agreement. Organisation’s or Local Sponsor’s only payment obligation under this Agreement is to pay Monash University. Administration
of funding by Payee on behalf of Institution is governed by a separate agreement between those entities. Institution releases Organisation
and Local Sponsor from any obligation or liability related to the handling or disbursement of funds by Payee. Organisation or Local Sponsor
shall not make any payments directly to Institution.

 

		2.	Payment Terms. Payments for each Study Participant will
be made in Australian Dollars (AUD) quarterly and based on CRF data entered by Institution and/or Principal Investigator supporting enrolled
Study Participant visitation. Payments will be made for completed visits and treatment related costs in accordance with the Budget, unless
otherwise noted in the Agreement. For each payment, including any Screen Failures (as defined below) that may be payable under the terms
of this Agreement, Payee will be paid the total amount earned, less 10%, for the Final Payment (hereinafter defined). Monitoring will
occur approximately every 8 weeks based on Study Site enrolment and completion of data entry. All queries must be resolved within five
(5) business days of receipt by Institution and/or Principal Investigator any time during the Study. Payee must submit any final valid
tax invoices within thirty (30) calendar days after the close-out visit of the Study at the Institution. Any invoices received thereafter
may not be paid. Payee will have sixty (60) calendar days after the date of the close-out visit of the Study at the Institution to dispute
any payment discrepancies or missing payments.

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 24 of 38

 

     

    

 

		3.	Non-Procedural Costs. Payee will be paid for additional
non-procedural costs that are pre-approved by Organisation/Local Sponsor as set forth in the Budget. To request payment for such costs,
Payee will remit valid tax invoice to Local Sponsor or its designee with documentation and receipts substantiating agreed-upon pass-through
expenses. Any non-procedural pass-through expenses will be invoiced only in the amount actually incurred with no mark-up, up to the maximum
amounts shown in the Budget.

 

		4.	Final Payment. At the conclusion of the Study, all CRFs
and Study-related documents will be promptly made available for Organisation/Local Sponsor review. The final payment (“Final Payment”)
will be paid once: all CRFs have been completed and received; data queries have been satisfied; all Investigational Product is returned;
and all close out issues are resolved and procedures completed, including final HREC and/or Regulatory Authority notification, if applicable.
All queries must be resolved within five (5) business days of receipt by Institution and/or Principal Investigator. Local Sponsor or
its designee will perform final reconciliation of all payments made to date against total amount due and will promptly pay Payee amounts
remaining unpaid, if any. Payee will promptly reimburse Local Sponsor any unearned or overpaid amounts previously paid to Payee within
thirty (30) calendar days of notification by Local Sponsor or designee.

 

		5.	Taxes.

 

		1)	Payments shown in the Budget do not include GST. If the Payee
is GST registered, and if GST is required under the GST Law, GST should be added and shown on the invoice by the Payee at the applicable
GST rate, along with Payee’s GST registration number.

 

		2)	Payee acknowledges and agrees that it is solely responsible
for the payment of any and all contributions and taxes imposed by any applicable authority with respect to or measured by compensation
paid to Payee under this Agreement. Local Sponsor/designee will not be responsible for the withholding or payment of any such required
contributions or taxes. Payee accepts full responsibility for reporting all payments received, under this agreement, to the relevant
taxation authorities as required by local regulations.

 

		6.	Necessary Procedures. Payee will be reimbursed for valid
necessary visits and procedures not covered under the Budget. Payment for any necessary procedure due to Study Participant safety will
be reimbursed at the agreed upon unit cost in the Budget, if available, or if there is no such unit cost in the Budget, Payee will be
compensated based on actual costs incurred by Institution and Principal Investigator and will require a separate valid tax invoice with
documentation for the medical necessity of the procedure. Where practicable, Local Sponsor or Organisation’s prior written consent
will be obtained, unless it will compromise the integrity of the Study or affect Study Participant safety, in which case Local Sponsor
or Organisation will be notified as soon as practicable after the fact.

 

		8.	Payee. The Institution has authorised Monash University
to be responsible for financial administration of the Study funds as its Payee. The Parties acknowledge that Payee is authorised to receive
and administer all Study payments on behalf of the Institution and that the Sponsor’s only payment obligation under this Agreement
is to the Payee. Institution releases Sponsor from any obligation or liability related to handling or disbursement of the funds by Payee.

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 25 of 38

 

     

    

 

		9.	The payments will be made to the
following Payee and address:

 

	Payee Name	Monash University
	Payee Address	211 Wellington Road, Mulgrave, Victoria, Australia
	Australian Business Number 	12 377 614 012
	Recipient Address	Receivables and Revenue Accounting

                                                                                Level 4, 211 Wellington Road

	 	Mulgrave, VIC, 3170
	Recipient Phone Number	[***] [***]

	Recipient Email	

	 	 
	Payee
    Bank Account Details:	 
	Bank Name	Westpac Banking Corporation
	Bank Address	Campus Centre, Clayton Campus,
	 	Monash University, Victoria, 3800, Australia
	Account Name	Monash University General Account
	BSB Number	[***]

	Bank Account Number	[***]

	SWIFT Code	[***]

	IBAN	[***]
	Duns Number	[***]

 

[***]

 

Monash: M51007 - Department of
NeuroscienceNan Cleef/Roet Centre for Nervous Diseases – Research

PO Box 315 Prahran 3181

The Alfred Hospital, 55 Commercial Rd, Vic 3004

Telephone
No.:   [***]

Facsimile No.:     [***].

E-Mail Address: [***]

 

The notification of all payments
made under this Agreement will be accompanied with documentation of the calculation of each payment. The documentation will specify:

 

	 	●	The Human Research Ethics Committee (HREC) project number

 

		●	The Principal Investigator’s name;

 

		●	What the payment is being made for:

 

		●	The number of participants who have completed particular
milestones; and

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 26 of 38

 

     

    

 

		●	Detail of any partial payments, or any other information
relevant to the calculation of the payment by Neuroscience Trials Australia.

 

		*	Copies of all payment notices will be sent to the attention of
the Management Accountant – Research at the following address:

 

Monash: M51007 - Department of NeuroscienceNan Cleef/Roet
Centre for Nervous Diseases  – Research

PO Box 315 Prahran 3181

55 Commercial Rd, Vic 3004

 

10. Invoices. All
invoices must be issued and forwarded to the following as instructed:

 

Email: [***]

 

Sponsor Address;

lncannex Healthcare
Ltd

Unit 207, 11 Solent Circuit

Norwest 2153, New South Wales

Australia

 

ABN 93 096 635 246

 

All payment related queries may be directed to:

 

Email: [***]

 

Each
invoice must contain: (1) Organisation’s name, (2) Protocol number, (3) Study code, (4) Principal Investigator’s name, (5) a summary
of the reimbursement to be made in compliance with the Budget, and (6) if the Payee is GST registered, the Australian Business
Number (ABN).

 

Payee will
not receive any payments for pass through expenses whereby Payee has failed to produce actual copy invoices or other documentation clearly
substantiating that the expenditures were actual, reasonable, and verifiable in the amount submitted for compensation.

 

Suggested High Level Subject matter

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 27 of 38

 

     

    

 

Schedule 3

Form of Indemnity for Clinical Trials

 

The Sponsor agrees to execute and
deliver to the Institution, as necessary, an indemnity in the form of the Medicines Australia Standard Form of Indemnity for Clinical
Trials without amendment.

 

Indemnity for Clinical Trials; HREC Review Only and Standard
Forms on following pages.

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 28 of 38

 

     

    

 

MEDICINES
AUSTRALIA FORM OF INDEMNITY FOR CLINICAL TRIALS HREC REVIEW ONLY

 

For use where
the Indemnified Party is providing ethical review for a multicentre clinical Study where the ethical review will be adopted by
hospitals, institutions or sites that are independent from the Indemnified Party, OR as a Reviewing HREC for a single centre
study at a hospital or institution that is independent from the Indemnified Party.  

 

	To:	Alfred Health ABN 27 318 956 319 a body corporate established under
    the Health Services Act, 1988 (Vic), of Commercial Road, Melbourne 3004
    Victoria Australia, or (“the Indemnified Party”)
	 	 
	From:	lncannex Healthcare Ltd Unit 207,
    11 Solent Circuit Norwest 2153, New South Wales Australia
    ABN 93 096 635246 (“the Sponsor”)
	 	 
	Re:	Clinical Study No. [IHLOSAOLE1]; An Open Label Extension on the Examination
    of the Combination of Dronablnol and Acetazolamlde for Treatment of Obstructive Sleep Apnoea (OSA)
	 	 
	1.	The Indemnified Party agrees to participate in the above sponsored study (“the
    Study) involving patients of Alfred Health (“the participants”) to be conducted by Professor Terence
    O’Brien (“the Investigator”) in accordance with the above referenced protocol, as amended in writing from time to
    lime with the agreement of the Sponsor and the Indemnified Party (“the Protocol”). The Sponsor confirms that it is a
    term of its agreement(s) with each hospital or institution participating in the Study that the Investigator shall obtain all
    necessary approvals from the Indemnified Party’s human research and ethics committee (“HREC”).
	 	 
	2.	The Indemnified Party agrees to participate by making its HREC available to provide review,
    approval and oversight of the conduct of the Study in accordance with the requirements of the NHMRC National Statement on Ethical
    Conduct in Human Research.
	 	 
	3.	In consideration of such participation by the Indemnified Party, subject to paragraph 4, the Sponsor
    indemnifies and holds harmless the Indemnified Party and its employees, agents and members of and advisors to its HREC in respect
    of and against all claims and proceedings (including any settlements or ex gratia payments made with the consent of
    the parties hereto and reasonable legal and expert costs and expenses) made or brought (whether successfully or otherwise) by or
    on behalf of Participants (including their dependants and children injured in utero through the participation of the child’s
    mother or father in the Study) against the Indemnified Party or any of its employees, agents or members of and advisors to its HREC
    for personal Injury (Including death) to Participants (and children injured in utero through the participation of the child’s
    mother or father in the Study) arising out of or relating to the administration and/or use of the product(s) under investigation
    or any clinical intervention or procedure provided for or required by the Protocol to which the Participants would not have been
    exposed but for the participation of the Participants in the Study.

 

Medicines Australia Form of Indemnity - HREC Review Only version 1 October 2012

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 29 of 38

 

     

    

 

	4.	The above indemnity by the Sponsor will not apply to any such claim or proceeding referred to in paragraph 3:

 

	 	(1)	to the extent that such personal injury (including death) is caused by the negligent or wrongful acts or omissions or breach of statutory duty of the Indemnified Party or any of its employees, agents or members of or advisors to the HREC:
	 	 	 
	 	(2)	unless as soon as reasonably practicable following receipt of notice
of such daim or proceeding, the Indemnified Party notifies ii to the Sponsor in writing and al the Sponsor's request. and cost, has permitted
the Sponsor to have full care and control of the claim or proceeding using legal representation of its own choosing; or

	 	 	 
	 	(3)	if the Indemnified Party, its employees, agents, or members or and
advisors to its HREC have made any admission in respect or any such claim or proceeding or taken any action relating to any such claim
or proceeding prejudicial to the defence or any such claim or proceeding without the written consent of the Sponsor. Such consent will
not be unreasonably withheld. This condition will not be treated as breached by any statement properly made by members of and advisors
to the HREC in connection with the operation of the Indemnified Party's internal complaint procedures, accident reporting and quality
assurance procedures or disciplinary procedures or where such statement is required by law.

 

	5.	The Sponsor will keep the Indemnified Party and its legal advisers
fully informed of the progress of any such claim or proceeding, consult fully with the Indemnified Party on the nature of any defence
to be advanced and not settle any such claim or proceeding without the written approval of the Indemnified Party which approval is not
lo be unreasonably withheld.

	 	 
	6.	Without prejudice to the provisions of paragraphs 4(2) and 4(3), the
Indemnified Party will use reasonable endeavors to inform, the Sponsor promptly of any circumstances of which ii has knowledge and which
may reasonably be thought likely to give rise to any such claim or proceeding and will keep the Sponsor informed of developments in relation
to any such circumstances even where the Indemnified Party decides not to claim indemnity from the Sponsor. Likewise, the Sponsor will
use reasonable endeavors to inform the Indemnified Party of any such circumstances and will keep the Indemnified Party Informed of developments
in relation to any such claim or proceeding made or brought against the Sponsor alone.
	 	 
	7.	The Sponsor and the Indemnified Party will each give to the other such help as may reasonably be required for the efficient conduct and prompt handling of any claim or proceeding by or on behalf of Participants (including their dependants and children injured in utero through the participation of the child’s mother or father in the Study).
	 	 
	8.	Without prejudice to the foregoing, if injury is suffered by a Participant while participating in the Study, the Sponsor agrees to adhere to the “Guidelines for Compensation for Injury Resulting From Participation in a Company-sponsored Clinical Trial” published by Medicines Australia and will request the Investigator to make clear to the Participants that the Study is being conducted subject to those Guidelines.

 

Medicines Australia Form of Indemnity - HREC Review ONLY version 1 October 2012

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 30 of 38

 

     

    

 

 

[***]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 31 of 38

 

     

    

  

MEDICINES AUSTRALIA
FORM OF INDEMNITY FOR CLINICAL TRIALS STANDARD

 

For use where the Indemnified Party is providing
premises for the conduct of the Study and HREC Review. OR is providing premises only.

 

		To:	Alfred
                                            Health, ABN 27 318 956 319 a body corporate established under the Health Services Act 1988
                                            (Vic) of Commercial Road, Melbourne 3004
                                            Victoria Australia or Alfred Health, in which the study is to be conducted (“the
                                            Indemnified Party”)

 

		From:	lncannex Healthcare Ltd Unit 207, 11 Solent Circuit Norwest 2153 New South Wales, Australia ABN 93
                                                                                      096 635 246 (“the Sponsor”)

 

		Re:	Clinical Study No. [IHLOSAOLE 1]: An Open Label Extension
on the Examination of the Combination of Dronabinol and Acetazolamide for Treatment of Obstructive Sleep Apnoea (OSA)

 

		1.	The Indemnified Party agrees to participate in the above sponsored study (“the Study”) involving
patients of the indemnified Party (“the Participants”) to be conducted by Professor Terence O’Brien (“the Investigator”)
in accordance with the above referenced protocol, as amended in writing from time to time with the agreement of the Sponsor and the Indemnified
Party (“the Protocol”). The Sponsor confirms that ii is a term of its agreement with the Indemnified Party that the Investigator
shall obtain all necessary approvals from a relevant and appropriate Human Research Ethics Committee (“HREC”) and the Indemnified
Party, where appropriate.

 

		2.	The Indemnified Party agrees to participate by allowing the Study to be undertaken on its premises or as otherwise agreed, utilising
such facilities, personnel and equipment as may reasonably be required for the Study.

 

		3.	In consideration of such participation by the Indemnified Party, subject
to paragraph 4. the Sponsor indemnifies and holds harmless the Indemnified Party and its employees, agents, and if the HREC is the ethics
committee of the Indemnified Party, the members of and advisors to Its HREC (collectively the Indemnified"), in respect of and against
all claims and proceedings (including any settlements or ex gratia payments made with the consent of the parties hereto and reasonable
legal and expert costs and expenses) made or brought (whether successfully or otherwise) by or on behalf of Participants (including their
dependants and children injured in utero through the participation or the child's mother or father in the Study) against any of
the Indemnified for personal injury (including death) to Participants (and children injured in utero through the participation
of the child's mother or father In the Study) arising out of or relating to the administration and/or use of the product(s) under investigation
or any clinical intervention or procedure provided for or required by the Protocol to which the Participants would not have been exposed
but for the participation or the Participants in the Study

 

Medicines Australia Form of Indemnity Standard version 1 October
2012

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 32 of 38

 

     

    

 

		4.	The above indemnity by the Sponsor will not apply to any such claim
or proceeding referred to in paragraph 3:

 

		(1)	to the extent that such personal injury (including death)
is caused by the negligent or wrongful acts or omissions or breach of statutory duty of the Indemnified;

 

		(2)	to the extent that such personal injury (including death) is caused by the failure of the Indemnified Party, its employees, or agents
to conduct the Study strictly in accordance with the Protocol;

 

		(3)	unless as soon as reasonably practicable following receipt of notice of such claim or proceeding, the Indemnified Party notifies
                                                               it to the Sponsor in writing and at the Sponsor’s request. and cost, has permitted the Sponsor to have full care and control
                                                               of the claim or proceeding using legal representation of its own choosing; or

 

		(4)	if any of the Indemnified have made any admission in respect of any such claim or proceeding or taken any action relating to any such
claim or proceeding prejudicial to the defence of any such claim or proceeding without the written consent of the Sponsor. Such consent
will not be unreasonably withheld. This condition will not be treated as breached by any statement properly made by any of the Indemnified
in connection with the operation of the Indemnified Party’s internal complaint procedures, accident reporting and quality assurance procedures
or disciplinary procedures or where such statement is required by law.

 

		5.	The Sponsor will keep the Indemnified Party and its legal advisers
fully informed of the progress of any such claim or proceeding, consult fully with the Indemnified Party on the nature of any defence
to be advanced and not settle any such claim or proceeding without the written approval of the Indemnified Party which approval is not
to be unreasonably withheld.

 

		6.	Without prejudice to the provisions of paragraphs 4(3) and 4(4), the Indemnified Party will use reasonable endeavors to inform
                                                          the Sponsor promptly of any circumstances of which it has knowledge and which may reasonably be thought likely to give rise to any
                                                          such claim or proceeding and will keep the Sponsor informed of developments in relation to any such circumstances even where the
                                                          Indemnified Party decides not to claim indemnity from the Sponsor. Likewise, the Sponsor will use reasonable endeavors to inform the
                                                          Indemnified Party of any such circumstances and will keep the Indemnified Party informed of developments in relation to any such
                                                          claim or proceeding made or brought against the Sponsor alone.

 

		7.	The Sponsor and the Indemnified Party will each give lo the other
such help as may reasonably be required for the efficient conduct and prompt handling of any claim or proceeding by or on behalf of Participants
(including their dependants and children injured in utero through the participation of the child’s mother or father in the Study).

 

		8.	Without prejudice to the foregoing, if injury is suffered by a Participant while participating in the Study, the Sponsor agrees to
adhere to the “Guidelines for Compensation for Injury Resulting From Participation in a Company-sponsored Clinical Trial’ published
by Medicines Australia and will request the Investigator to make clear to the Participants that the Study is being conducted subject to
those Guidelines.

 

Medicines Australia Form of Indemnity Standard version 1 October
2012

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 33 of 38

 

     

    

 

		9.	For the purpose of this indemnity, the expression agents is deemed to include, but is not limited to:

 

		(1)	any person carrying out activities for the Indemnified Party
under a contract connected with such of the Indemnified Party’s facilities and equipment as are made available for the Study under paragraph
2: and

 

		(2)	any health professional providing services to the Indemnified Party under a contract for services or otherwise.

 

		10.	This indemnity will be governed by and construed in accordance with the laws applicable in the State or Territory in which the Indemnified
Party is established.

 

DATED
the         day of             in the year

 

SIGNED
by a duly authorised representative of the Sponsor who certifies that they have authority to sign on behalf of the Sponsor 

 

	 	
	 	(Signature)
	 	 
	 	Joel Latham
	 	(Name)
	 	 
	 	Managing Director & CEO
	 	(Position)

 

SIGNED
by the Chief Executive or a duly authorised representative of the Indemnified Party

 

	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name)
	 	 
	 	 
	 	(Position)

 

Medicines Australia Form of Indemnity Standard version 1 October
2012

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 34 of 38

 

     

    

 

Schedule
4

 

Insurance
Arrangements

 

 

Certificate
of Currency

 

Clinical
Trials Insurance Policy

 

	Policy No:	AUS20989S94A
	 	 
	Name Insured:	Incannex Healthcare Ltd
	 	 
	Specified Clinical Trial(s):	Specified clinical trial: An Open Label Extension on
    the Examination of the Combination or Dronabinol and Acetazolamide ror Treatment or Obstructive Sleep Apnoea (OSA)

Protocol number: IHLOSAOLE1

Trial location: Australia
	 	 
	Period of Insurance	From
4pm on 15 February 2021to 4pm on 15 February 2022 

	 	 
	Limit of liability:	AUD any one Clalm 10,000,000
	 	 
	Overall Policy	AUD
    10,000,000 in the annual aggregate any one Period of Insurance

    

    

	 	 
	limit:	 
	 	 
	Excess:
	NIL

    

	 	 
	Retroactive Date	15
    February 2021

    

	 	 
	Extended
    Period:

    
	Reportlne
12 months (other than 72 months in respect of QLD & WA)

	 	 
	Territorial limits:	Australia
    and New Zealand

    

	 	 
	Underwriting:
    Security:

    
	Newline Australia Insurance Pty Ltd onbehalf of Lloyds
    Newline Syndicate 1218 at Lloyd’s (NWL1218)
	 	 
	Approved
    by:

    
	Craig
    Rowsell

    

	 	 
	 	
	 	 
	Date:	21 December 2020

 

 

This
Certificate of Currency is current at the Date of Issue only and is issued as a matter of information only, conferring no rights upon
the holder. Coverage is always subject to policy terms, conditions, limitation, exclusions and endorsements. This Certificate does not
extend, amend or alter such coverage.

 

For
the avoidance of doubt, Named Insured may include other parties as defined in the Policy..

 

 

Newline
Australia Insurance Pty Ltd AON 81118 089651

PO
Box 16208, Collins St West, VIC 8007

(T)
03 9999 1906 (f) 03 9670 0045

(E)
admin@newlinegroup.com.au

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 35 of 38

 

     

    

 

Schedule 5

 

Guidelines for Compensation for
Injury Resulting from Participation in a Company-Sponsored Trial

 

Copy available online at:

http://medicinesaustralia.eom.au/issues-information/clinical-trials/indemity-and-compensation-guidelines/

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 36 of 38

 

     

    

 

Schedule 6

Study Protocol Identification

 

	 	 
	 	 
	Full Title:	An Open Label Extension on the Examination of the Combination of Dronabinol and Acetazolamide focJreatment of Obstructive Sleep
    Apnoea (OSA)  
	 	 
	Version Number:	1
	 	 
	Date:	25 NOV 2020
	 	 
	List of Key Attachments:	NIL
	 	 
	 	 
	 	 
	 	 
	 	 

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 37 of 38

 

     

    

 

Schedule 7

Special Conditions

 

There are
no special conditions.

This page
is blank.

 

    
	Protocol Number: IHLOSAOLE1
Site: Alfred Health
	 
	Medicines Australia Standard CTRA 8 March 2017 (revised)	Page 38 of 38

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