<SEC-DOCUMENT>0001213809-19-000021.txt : 20190502
<SEC-HEADER>0001213809-19-000021.hdr.sgml : 20190502
<ACCEPTANCE-DATETIME>20190502160533
ACCESSION NUMBER:		0001213809-19-000021
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20190426
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190502
DATE AS OF CHANGE:		20190502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYADIC INTERNATIONAL INC
		CENTRAL INDEX KEY:			0001213809
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				450486747
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32513
		FILM NUMBER:		19791877

	BUSINESS ADDRESS:	
		STREET 1:		140 INTRACOASTAL POINTE DRIVE
		STREET 2:		SUITE 404
		CITY:			JUPITER
		STATE:			FL
		ZIP:			33477
		BUSINESS PHONE:		561-743-8333

	MAIL ADDRESS:	
		STREET 1:		140 INTRACOASTAL POINTE DRIVE
		STREET 2:		SUITE 404
		CITY:			JUPITER
		STATE:			FL
		ZIP:			33477

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CCP WORLDWIDE INC
		DATE OF NAME CHANGE:	20030110
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>luinabio8-kcoverlett.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="sB4D9F2FD9A525906D0635AB65FFC7DCA"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:144%;text-align:center;-sec-extract:summary;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:144%;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:144%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, D.C. 20549</font></div><div style="line-height:144%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.2109375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:33%;"></td><td style="width:34%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:144%;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:144%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.2109375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:33%;"></td><td style="width:34%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:144%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:144%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the </font></div><div style="line-height:144%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Securities Exchange Act of 1934</font></div><div style="line-height:144%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Date of Report (date of earliest event reported): </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">April 26, 2019</font></div><div style="line-height:144%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.2109375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:33%;"></td><td style="width:34%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:144%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">Dyadic International, Inc.</font></div><div style="line-height:144%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact name of registrant as specified in its charter)</font></div><div style="line-height:144%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.2109375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:33%;"></td><td style="width:34%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.2109375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:33%;"></td><td style="width:34%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;text-align:center;padding-left:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Delaware</font></div><div style="padding-top:2px;text-align:center;padding-left:2px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(State or other jurisdiction of incorporation or organization)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;text-align:center;padding-left:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">000-55264</font></div><div style="padding-top:2px;text-align:center;padding-left:2px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(Commission File Number)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;text-align:center;padding-left:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">45-0486747</font></div><div style="padding-top:2px;text-align:center;padding-left:2px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(I.R.S. Employer Identification Number)</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;text-align:center;padding-left:2px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">140 Intracoastal Pointe Drive, Suite 400</font></div><div style="padding-top:2px;text-align:center;padding-left:2px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Jupiter, FL 33477</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:2px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(Address of principal executive offices and zip code)</font></div></td></tr><tr><td colspan="3" 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style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:92.3828125%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:7%;"></td><td style="width:93%;"></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:2px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:2px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:2px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font 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style="padding-top:8px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</font></div><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Emerging growth company &#9744;</font></div><div style="padding-top:8px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Securities registered pursuant to Section 12(b) of the Act:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:37%;"></td><td style="width:25%;"></td><td style="width:38%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title of each class</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trading Symbol(s)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name of each exchange on which registered</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Common Stock, par value $0.001 per share</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">DYAI</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The NASDAQ Stock Market LLC</font></div></td></tr></table></div></div><div style="line-height:144%;text-align:justify;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 1.01. Entry into a Material Definitive Agreement.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sub-License Agreement</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 26, 2019, Dyadic International, Inc. (&#8220;Dyadic&#8221; or the &#8220;Company&#8221;) entered into a sub-license agreement (the &#8220;Sub-License Agreement&#8221;) with Luina Bio Pty Ltd. and Novovet Pty Ltd (&#8220;Novovet&#8221;).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the terms of the Sub-License Agreement, the Company has granted to Novovet, subject to the terms of the license agreement entered into between the Company and Danisco US, Inc. on December 31, 2015, a worldwide sub-license to certain patent rights and know-how related to </font><font style="font-family:inherit;font-size:10pt;color:#333333;">Dyadic's proprietary C1 gene expression platform </font><font style="font-family:inherit;font-size:10pt;">for the exclusive and sole purpose of commercializing </font><font style="font-family:inherit;font-size:10pt;color:#333333;">certain targeted antigen and biological products for the prevention and treatment of various ailments for companion animals.</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#333333;">In consideration of the license granted pursuant to the Sub-License Agreement, Dyadic received 20% equity in Novovet (&#8220;Up-Front Consideration&#8221;) in accordance with the Shareholders Agreement described below, and a percentage of royalties on net sales and non-sales revenue which incorporates Dyadic's proprietary C1 gene expression platform</font><font style="font-family:inherit;font-size:10pt;">.  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The Dyadic appointee is Mark Emalfarb, Dyadic&#8217;s CEO.  </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Transfer Restrictions</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the Shareholders Agreement, the Company agreed, subject to certain exceptions, not to sell, transfer, assign, convey or otherwise dispose of its interests in Novovet.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other Rights</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the Shareholders Agreement, the Company is entitled to or subject to, as applicable, anti-dilution rights, tag along rights and drag along rights, each as described in the Shareholders Agreement.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The foregoing descriptions of the Sub-License Agreement and the Shareholders Agreement are qualified in their entirety by reference to the complete terms and conditions of the agreements, which are filed as Exhibit 10.1 and Exhibit 10.2, respectively, to this Current Report on Form 8-K and incorporated by reference herein.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 8.01 Other Events</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 30, 2019, Dyadic issued a press release announcing the entry into Sub-License Agreement and Shareholders Agreement described in Item 1.01 on this Current Report on Form 8-K. 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Specific items in this exhibit have been redacted, as marked by three asterisks [***].</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="shareholdersagreement-.htm"><font style="font-family:inherit;font-size:10pt;">Shareholders Agreement among Dyadic International (USA), Inc., JCL Biologics Pty Ltd and Novovet Pty Ltd, dated April 26, 2019</font></a><font style="font-family:inherit;font-size:10pt;">.  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Emalfarb</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mark A. Emalfarb</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chief Executive Officer</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>luinabiosub-license.htm
<DESCRIPTION>EXHIBIT 10.1
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		<title>Exhibit</title>
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<div><a name="sA2C51EB99E3A8CE185C369642BA65448"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:57px;text-indent:0px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:57px;text-indent:0px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Exhibit 10.1</font></div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:57px;text-indent:0px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Execution Version</font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Portions of this Exhibit have been redacted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark &#8220;[***]&#8221;.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:20pt;"><font style="font-family:Arial;font-size:20pt;font-weight:bold;">Sub-License Agreement</font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;">Dyadic International (USA), Inc</font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">and</font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;">Luina Bio Pty Ltd</font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">and</font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;">Novovet Pty Ltd</font></div><div style="line-height:144%;padding-top:6px;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s6D921FF09C0E4295D69369642BD7A2A8"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:57px;text-indent:0px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:6%;"></td><td style="width:86%;"></td><td style="width:8%;"></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Table of contents</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Definitions and interpretation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Grant of rights</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Sub-licensing</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Payment Obligations</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">9</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Records and audits</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">10</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Further obligations of the parties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">11</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Further development and regulatory matters</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Term and termination</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Improvements</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">10</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Prosecution and enforcement of Patent Rights</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">19</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">11</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Warranties</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">20</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Liabilities and indemnities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">20</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Insurance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">22</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Confidentiality and media releases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">23</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Dispute resolution</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">25</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">GST</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Miscellaneous</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">27</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Schedule&#160;1 - Royalties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">31</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Schedule&#160;2 - Patent Rights</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">32</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Schedule&#160;3 - Know-How</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">33</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page i</font></div></div><hr style="page-break-after:always"><div><a name="s53EE019D8417F97E68F969642BFA86A8"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Sub-License Agreement</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Date </font><font style="font-family:Arial;font-size:10pt;">&#9658;26 April 2019</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Parties</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Dyadic International (USA), Inc </font><font style="font-family:Arial;font-size:10pt;">of 140 Intracoastal Pointe Drive, Suite 404, Jupiter FL 33477-5094, United States</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:10pt;">(</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Dyadic</font><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Luina Bio Pty Ltd ACN 074 656 509</font><font style="font-family:Arial;font-size:10pt;">&#32;of 2806 Ipswich Road, Darra, Brisbane 4076 Queensland, Australia</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:10pt;">(</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Luina</font><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Novovet Pty Ltd ACN 631 032 749 </font><font style="font-family:Arial;font-size:10pt;">of</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:10pt;">2806 Ipswich Road, Darra, Brisbane 4076 Queensland, Australia</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:10pt;">(</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Novovet</font><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Background</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">A</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Dyadic owns or has been granted rights under certain Patent Rights and Know-How from Danisco US, Inc. relating to the Sub-Licensed IP. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">B</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Luina is an experienced contract manufacturing and development company with experience in manufacturing animal health products.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">C</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Luina wishes to Commercialise the Sub-Licensed IP within the Field and Territory.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">D</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Luina and Dyadic have agreed that they will work together to Commercialise the Sub-Licensed IP and have agreed to establish Novovet for the purposes of achieving this objective.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">E</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In consideration of the mutual promises and consideration set out in this document, Dyadic has agreed to grant to Novovet a licence to the Sub-Licensed IP on the terms of this document.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">It is agreed </font><font style="font-family:Arial;font-size:11pt;">as follows.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Definitions and interpretation</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Definitions</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The following definitions apply in this document:</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Affiliate </font><font style="font-family:Arial;font-size:11pt;">means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a corporation that is related to a party as defined in the </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Corporations Act 2001</font><font style="font-family:Arial;font-size:10pt;">&#32;(Cth); or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any individual who, or any corporation or other form of business organisation which, in any country directly or indirectly (including through intermediaries), is Controlled by, or is under common Control with, or Controls, a party.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Agreement</font><font style="font-family:Arial;font-size:11pt;">&#32;means this document and includes any schedules or annexures.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Business Day</font><font style="font-family:Arial;font-size:11pt;font-style:italic;">&#32;</font><font style="font-family:Arial;font-size:11pt;">means any a day which is not a Saturday,</font><font style="font-family:Arial;font-size:11pt;font-style:italic;">&#32;</font><font style="font-family:Arial;font-size:11pt;">Sunday or public holiday in Brisbane.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">C1 Expression Platform</font><font style="font-family:Arial;font-size:11pt;">&#32;means the </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Myceliopthora Thermophila</font><font style="font-family:Arial;font-size:11pt;">&#32;(formerly classified as </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Chrysosporium lucknowense</font><font style="font-family:Arial;font-size:11pt;">, &#8220;</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">C1</font><font style="font-family:Arial;font-size:11pt;">&#8221;) technology including the </font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 1</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">genetic elements and molecular tools, and protocols necessary for the development of C1 strains to express Target Indicator genes and to grow and manufacture the proteins derived from the Target Indicators genes.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">cGMP </font><font style="font-family:Arial;font-size:11pt;">means current good manufacturing practice in accordance with Australian laws and the requirements of the Australian Therapeutics Goods Administration, or such higher standards as may be required in a particular country in the Territory.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Change of Control </font><font style="font-family:Arial;font-size:11pt;">means the happening of circumstances or events following which a person becomes Controlled by another person, alone or together with any associates, who did not previously Control that person.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Commencement Date</font><font style="font-family:Arial;font-size:11pt;">&#32;means the date of this agreement.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Commercialise </font><font style="font-family:Arial;font-size:11pt;">means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">in relation to a Product, to make, have made, use, sell, have sold, offer for sale, import and export the Product; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">in relation to an Intellectual Property Right, the exercise of the rights granted to the holder of such Intellectual Property Right by the laws of the jurisdiction in which the Intellectual Property Right subsists, including the right to grant sub&#8209;licences in accordance with clause&#160;3.</font></div></td></tr></table><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Confidential Information </font><font style="font-family:Arial;font-size:11pt;">means information in any form which is disclosed by a party (Discloser) to the other party (Recipient) or otherwise obtained directly or indirectly by the Recipient from the Discloser, that:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">is by its nature confidential;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">is designated as confidential; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Recipient knows or ought to reasonably know is confidential,</font></div></td></tr></table><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">and includes:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">information comprised in or relating to the Sub-Licensed IP;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">information relating to the business and financial affairs of the Discloser;</font></div></td></tr></table><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">but does not include any information which:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">is in or comes into the public domain otherwise than by disclosure in breach of this document or other duty of confidentiality owed to the Discloser;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">had been independently developed by the Recipient prior to obtaining it from the Discloser; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">is received by the Recipient from a third party who has the right to provide that information without breach of any legal obligation.</font></div></td></tr></table><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">For the avoidance of doubt, the Know-How is Confidential Information belonging to Dyadic and/or Dyadic&#8217;s Contract Research Collaborators.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Control</font><font style="font-family:Arial;font-size:11pt;">&#32;means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the ability to cast or control the casting of more than 50% of the maximum number of votes that might be cast at any general meeting (or equivalent) of an entity;</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the holding of more than 50% of the issued ordinary share capital, the equity, or other ownership interest, in the entity, or the holding of the maximum ownership interest permitted in the country where the entity exists; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the ability of a person or persons to direct, or share equally in the direction of, the composition of the board of directors (or equivalent) of the entity, or to manage the entity pursuant to an agreement.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Corporations Act</font><font style="font-family:Arial;font-size:11pt;">&#32;means the </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Corporations Act 2001</font><font style="font-family:Arial;font-size:11pt;">&#32;(Cth).</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Diligence Report </font><font style="font-family:Arial;font-size:11pt;">means the report to be provided by Novovet to Dyadic pursuant to clause 6.10.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Field </font><font style="font-family:Arial;font-size:11pt;">means the prevention and treatment of companion animal antigens solely within the Target Indicators.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Force Majeure</font><font style="font-family:Arial;font-size:11pt;">&#32;means a circumstance beyond the reasonable direct or indirect control and without the fault or negligence of the party claiming force majeure, including fire, explosion, epidemic, strike, lockout, labour conditions, civil disturbance, riot, act of God, act of war, terrorist incident, cyclone, flood, storm or earthquake.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Improvement</font><font style="font-family:Arial;font-size:11pt;">&#32;means any development, modification, adaptation or improvement of the subject matter of Sub-Licensed IP made by or on behalf of, or in respect of which Intellectual Property Rights are acquired by, a party or its Affiliates during the Term, including processes for the manufacture of Products by Dyadic.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Insolvency Event</font><font style="font-family:Arial;font-size:11pt;">&#32;means any of the following:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a person is or states that the person is unable to pay from the person&#8217;s own money all the person&#8217;s debts as and when they become due and payable;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a person is taken or must be presumed to be insolvent or unable to pay the person&#8217;s debts under any applicable legislation;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">an application order is made for the winding up or dissolution or a resolution is passed or any steps are taken to pass a resolution for the winding up or dissolution of a corporation and the application or resolution is not stayed, withdrawn or dismissed within seven days;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">an administrator, provisional liquidator, liquidator or person having a similar or analogous function under the laws of any relevant jurisdiction is appointed in respect of a corporation or any action is taken to appoint any such person and the action is not stayed, withdrawn or dismissed within seven days;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a controlled is appointed in respect of any property of a corporation;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a corporation is deregistered under the Corporations Act or notice of its proposed deregistration is given to the corporation and the notice is not stayed, withdrawn or dismissed within seven days;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(g)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">&#32;a distress, attachment or execution is levied or becomes enforceable against any property of a person;</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 3</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(h)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a person enters into or takes any action to enter into an arrangement (including a scheme of arrangement or deed of company arrangement), composition or compromise with, or assignment for the benefit of, all or any class of the person&#8217;s creditors or members or a moratorium involving any of them; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">anything analogous to or of a similar effect to anything described above under the law of any relevant jurisdiction occurs in respect of a person.</font></div></td></tr></table><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Intellectual Property Rights</font><font style="font-family:Arial;font-size:11pt;">&#32;means all present and future rights in relation to copyright (including future copyright), trade mark, design, patent and circuit layout rights, rights in respect of confidential information or know-how and all other rights generally falling within the scope of this term, whether registered or unregistered and whether registrable or not, and all other statutory and proprietary rights in respect of the foregoing rights and any right to apply for registration of any of those rights.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Know-How</font><font style="font-family:Arial;font-size:11pt;">&#32;means the Confidential Information and Intellectual Property Rights described in Schedule&#160;3 or supplied by Dyadic under clause 7.2(a), including any pre-clinical and CMC package, reports, data, trial results, copyright materials and other proprietary materials.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Launch </font><font style="font-family:Arial;font-size:11pt;">means the first commercial sale of the Product by Novovet or its Affiliates in the Territory and within the Field.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Laws </font><font style="font-family:Arial;font-size:11pt;">means all laws including, without limitation, all local, federal and state government legislation, codes, regulations and by-laws as amended from time to time.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Net Sales</font><font style="font-family:Arial;font-size:11pt;">&#32;means the total gross invoice prices (or, if no invoice is generated for a sale, the total sales price) of Products sold by Novovet and its Affiliates, less the sum of the following actual and customary deductions where applicable and separately listed:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">cash, trade or quantity discounts;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">value-added, sales, use, tariff, import/export duties or other excise taxes imposed on particular sales (except for income taxes); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">transportation charges if not paid by the customer.</font></div></td></tr></table><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Net Sales includes the cash equivalent or fair market value of all other consideration received by Novovet and its Affiliates in respect of Products sold, whether such consideration is in cash, payment in kind, exchange, or other form.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">For purposes of calculating Net Sales, transfers between Novovet and its Affiliates will be excluded and Net Sales will be calculated based upon the ultimate sale or provision of a service to a Third Party, unless the amount for the transfer to an Affiliate is greater, in which event that higher amount will apply. </font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Non-Sales Revenue</font><font style="font-family:Arial;font-size:11pt;">&#32;means all amounts received by Novovet or its Affiliates from Sub-Licensees in respect of the Commercialisation of the Sub-Licensed </font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 4</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">IP or Products, whether by way of royalties, license fees, milestone payments, lump sum payments or otherwise, after deduction of all value-added or similar taxes, duties or other amounts forming part of such amounts required to be remitted to government or quasi-government authorities in connection with such Commercialisation, but not including income tax.  If Novovet or its Affiliates receive non-monetary consideration from Sub-Licensees in lieu of financial payments, the parties agree to negotiate in good faith arrangements for the sharing of such non-monetary consideration in a manner that reflects the calculation and sharing of Non-Sales Revenue under this agreement.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Patent Costs </font><font style="font-family:Arial;font-size:11pt;">means all cost and expenses, including all legal and patent </font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Patent Rights </font><font style="font-family:Arial;font-size:11pt;">means subject to the Pharma License Agreement all patents will be owned by Dyadic or Danisco, US, Inc except those patents which solely relate to the production and sale of a Target Indicators Product which will be owned by Novovet.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Personnel </font><font style="font-family:Arial;font-size:11pt;">of a party means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the party&#8217;s employees, agents, students, contractors, directors, officers; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the employees, agents, students, contractors, directors and officers of that party&#8217;s Associates.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Pharma License Agreement</font><font style="font-family:Arial;font-size:11pt;">&#32;means the pharma license agreement entered into between Dyadic and Danisco US, Inc on 31 December 2015.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Products </font><font style="font-family:Arial;font-size:11pt;">means </font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Target Indicators </font><font style="font-family:Arial;font-size:11pt;">products which apply, incorporate, fall within the scope of, or are created, supplied or used in accordance with any of the Sub-Licensed IP.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Quarter </font><font style="font-family:Arial;font-size:11pt;">means the three month periods ending on 31 March, 30 June, 30 September and 31&#160;December.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Registration Costs </font><font style="font-family:Arial;font-size:11pt;">mean all fees, costs and expenses (including patent attorney and legal fees and expenses) incurred by Dyadic in the obtaining of grants of Patent Rights in the Territory and maintaining the same, including all expenses incurred in making and prosecuting patent applications and dealing with any opposition to any application for such registrations or any challenge to the validity of any such registrations</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Regulatory Approval </font><font style="font-family:Arial;font-size:11pt;">mean</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:11pt;">the approval of the applicable Regulatory Authority necessary for the marketing and sale of a product for a particular indication in a country, excluding separate pricing or reimbursement approvals that may be required, and including the expansion or modification of the label for such indication.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Regulatory Authority</font><font style="font-family:Arial;font-size:11pt;">&#32;means any federal, national, multinational, state, provincial or local regulatory agency, department, bureau or other governmental entity with authority over the marketing and sale of a pharmaceutical product in a country, including the United States Food and Drug Administration.</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 5</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Royalties </font><font style="font-family:Arial;font-size:11pt;">means the amounts payable or paid by Novovet pursuant to clause 4.1(b).</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Sub-Licensees </font><font style="font-family:Arial;font-size:11pt;">mean any Third Party to whom Novovet has granted a sub-licence of the Sub-Licensed IP pursuant to clause 3.1.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Sub-Licensed IP </font><font style="font-family:Arial;font-size:11pt;">means the Intellectual Property Rights which Dyadic either owns or has been granted rights under certain Patent Rights and Know-How under the Pharma License Agreement relating to the generation and use of its C1 Expression Technology which is necessary to enable Novovet to Commercialise the Sub-Licensed IP in the Field solely to develop, manufacture and sell the Target Indicators Products and includes the Patent Rights set out in Schedule&#160;2, the Know-How set out in Schedule&#160;3 and the Confidential Information relating to those Patent Rights and the Know-How.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Shareholders&#8217; Agreement </font><font style="font-family:Arial;font-size:11pt;">means the Shareholders&#8217; Agreement in respect of Novovet dated on or about the date of this agreement.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Target Indicators </font><font style="font-family:Arial;font-size:11pt;">means Products targeting the following antigens:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:10pt;">[***]</font></div></td></tr></table><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Term </font><font style="font-family:Arial;font-size:11pt;">means the term described in clause 8.1.</font></div><div style="line-height:130%;padding-top:6px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Territory</font><font style="font-family:Arial;font-size:11pt;">&#32;means worldwide.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Third Party</font><font style="font-family:Arial;font-size:11pt;">&#32;means an entity that is not an Affiliate of either Dyadic or Luina.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Up-front Sub-License Fee </font><font style="font-family:Arial;font-size:11pt;">means $[***] </font><font style="font-family:Arial;font-size:10pt;">&#32;which will be paid to Dyadic in the form of shares of Novovet in accordance with clause 4.1(a).</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Rules for interpreting this document </font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Headings are for convenience only, and do not affect interpretation.  The following rules also apply in interpreting this document, except where the context makes it clear that a rule is not intended to apply.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A reference to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">legislation (including subordinate legislation) is to that legislation as amended, re-enacted or replaced, and includes any subordinate legislation issued under it;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a document (including this document) or agreement, or a provision of a document (including this document) or agreement, is to that document, agreement or provision as amended, supplemented, replaced or novated;</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 6</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a party to this document or to any other document or agreement includes a permitted substitute or a permitted assign of that party;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a person includes any type of body of persons, whether or not it is incorporated or has a separate legal identity, and any executor, administrator or successor in law of that person; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(v)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">anything (including a right, obligation or concept) includes each part of it.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A singular word includes the plural, and vice versa.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A word which suggests one gender includes all other genders.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If a word or phrase is defined, any other grammatical form of that word or phrase has a corresponding meaning.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If an example is given of anything (including a right, obligation or concept), such as by saying it includes something else, the example does not limit the scope of that thing.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A reference to </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">dollars</font><font style="font-family:Arial;font-size:10pt;">&#32;and </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font><font style="font-family:Arial;font-size:10pt;">&#32;is to Australian currency.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(g)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The word </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">agreement</font><font style="font-family:Arial;font-size:10pt;">&#32;includes an undertaking or other binding arrangement or understanding, whether or not in writing.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(h)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The expression </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">this document </font><font style="font-family:Arial;font-size:10pt;">includes the agreement, arrangement, understanding or transaction recorded in this document. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The expressions </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">subsidiary</font><font style="font-family:Arial;font-size:10pt;">, </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">holding company</font><font style="font-family:Arial;font-size:10pt;">&#32;and </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">related body corporate</font><font style="font-family:Arial;font-size:10pt;">&#32;each have the same meaning as in the Corporations Act.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Business Days</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If the day on or by which a person must do something under this document is not a Business Day:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">if the act involves a payment that is due on demand, the person must do I ton or by the next Business Day; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">in any other case, the person must do it on or by the previous Business Day.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Multiple parties</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If a party is made up of more than one person, or a term is used in this document to refer to more than one party:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">an obligation of those persons is several;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a right of those persons is held by each of them severally; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any other reference to that party or that term is a reference to each of those persons separately, so that (for example) a representation, warranty or undertaking relates to each of them separately.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 7</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Grant of rights</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Grant</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">With effect from the Commencement Date, subject to the Pharma License Agreement Dyadic grants to Novovet separate licences of:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Patent Rights; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Know-How,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">for the sole purpose of Commercialising the Products and the Sub-Licensed IP within the Field in the Territory in accordance with this agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Exclusivity</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to clause 8.8, the licence granted to Novovet in clause 2.1 are exclusive as it solely relates to the development, manufacture and sale of a Target Indicators Product within the Territory and the Field.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">2.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Acknowledgments</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Novovet acknowledges and agrees that, unless agree otherwise in writing, it is not entitled to:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">sell or otherwise dispose of Products outside of the Territory or Field or to a customer that it knows or has reason to believe intends to use or resupply the Products outside of the Territory or Field, unless Dyadic has given its prior written approval; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">use any of the Sub-Licensed IP other than for bona fide Commercialisation of the Products in accordance with this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Sub-licensing</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">3.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Consent required</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet is not permitted to sub-license the Sub-Licensed IP to any Affiliate or Third Party unless Dyadic has given its prior written consent.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Dyadic will not unreasonably withhold its consent where the proposed Sub-Licensee is an Affiliate of Novovet and has adequate resources to enable it to fulfil its obligations under the proposed sub-licence.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet remains solely liable for the performance of its obligations under this agreement, notwithstanding the grant of any sub-licence or sub-contract.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">3.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Conditions of sub-licence</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Any transaction permitted by clause 3.1 must be subject to the terms of the Pharma License Agreement and on terms which:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">prohibit the grant of further sub-licences unless Dyadic has given its prior written consent (which consent may be granted, whether or not subject to conditions, or withheld in Dyadic&#8217;s sole discretion);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">contain provisions no less onerous than those set out in clauses&#160;6.7 (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Branding</font><font style="font-family:Arial;font-size:10pt;">), 6.12 (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Personnel</font><font style="font-family:Arial;font-size:10pt;">), 7.3 (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Adverse Event Reporting</font><font style="font-family:Arial;font-size:10pt;">), 7.4 (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Recalls, Market Withdrawals or Corrective Action</font><font style="font-family:Arial;font-size:10pt;">) , 13 (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Insurance</font><font style="font-family:Arial;font-size:10pt;">) and </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 8</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-left:94px;padding-top:6px;text-align:left;"><font style="font-family:Arial;font-size:10pt;">14 (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Confidentiality and Media Releases</font><font style="font-family:Arial;font-size:10pt;">), and otherwise be on terms consistent with this agreement;</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">will automatically terminate if Novovet exercises its right of termination under clause&#160;8.5; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">will, at Dyadic&#8217;s option, either terminate or be novated to Dyadic on termination of this agreement (other than termination by Novovet under clause&#160;8.5).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">3.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Contract Manufacture</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Notwithstanding the provisions of this clause&#160;3, subject to the Pharma License Agreement Novovet may sub-contract the manufacture of Products or components of Products to a Third Party contract manufacturing organisation located in [***] provided that such manufacturer has agreed to be bound by obligations at least as onerous as those set out in clauses&#160;6.6 (Care and Skill) and&#160;14 (Confidentiality and Media Releases).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">3.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Related party services</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">For the avoidance of doubt, nothing in this agreement prohibits Novovet from sub-contracting either Luina or Dyadic to provide services on a fee for services basis provided that such services are provided on behalf of Novovet on an arms-length basis and in accordance with any obligations set out in the Shareholders&#8217; Agreement and which are subject to the Pharma License Agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Payment Obligations</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Payments by Novovet</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In consideration of the licence granted in clause 2.1, Novovet agrees to:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">pay Dyadic the Upfront Sub-Licence Fee by way of the issue of  ordinary shares (credited as fully paid) equal to 20% of the equity in Novovet in accordance with the terms of the Shareholders&#8217; Agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">pay to Dyadic any Royalties on Net Sales and Non-Sales Revenue in accordance with Schedule&#160;1.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Timing of Royalty Payments</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Payments of Royalties are to be made by Novovet to Dyadic within 30&#160;days after the end of each Quarter and are to be calculated by reference to Net Sales and Non-Sales Revenue made during that Quarter.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Each payment must be accompanied by a statement signed by an authorised officer of Novovet containing a detailed summary of:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Products sold, delivered or otherwise disposed of during the relevant Quarter;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the calculation of the Net Sales, Non-Sales Revenue and Royalties payable in respect of, the relevant Quarter; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">sales, marketing, training and other activities relating to the Commercialisation of the Product, provided that after Launch such reports only need to be made annually.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Currency</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 9</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">All payments made under this agreement are to be made in Australian dollars.  Where conversion from foreign currency is required the conversion is to be made at the average day&#8217;s buying rate published in Bloomberg as at close of business on the previous Business Day.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Payment</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">All payments made by Novovet under this agreement are to be made by telegraphic transfer into an account nominated by Dyadic, or in such other manner agreed by the parties.  All bank fees and other charges directly related to such telegraphic transfers are Dyadic&#8217;s sole responsibility.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Interest on overdue payments</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If Novovet fails to make any payment in full when due, Dyadic will be entitled (without prejudice to any other right or remedy it may have) to charge Novovet interest on the overdue amount at the rate of 2% per annum above the then current cash target rate of the Reserve Bank of Australia, calculated daily from the date the payment became due to the date of full and final payment.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Withholding tax</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If any laws, rules or regulations require the withholding or deduction of amounts of income or other taxes or other amounts from payments made by a party to the other under this agreement, the party making the payment will make such withholding payments as required.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The recipient will, provided it has received proof of payment of the withholding taxes, sign such documentation as the paying party reasonably requires in order for it to obtain credits or rebates under any applicable double taxation treaties.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Records and audits</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">5.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Records</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Novovet agrees to keep at its principal place of business true and accurate records of Net Sales, Non-Sales Revenue, including proper and comprehensive books of account relating to all Royalties and other moneys from time to time payable pursuant to this agreement and the basis on which the quantum of those payments are calculated.  Records must be maintained for at least seven years.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">5.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Right of audit</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet agrees at all reasonable times to permit Dyadic&#8217;s auditor to access, inspect and review the accounts, books and records referred to in clause 5.1.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet further agrees to permit those books of accounts and records to be examined at Dyadic&#8217;s expense by an independent accountant, and to permit that accountant to take copies of or extracts from the accounts, books and records. Such audits may not be conducted more than once each calendar year.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet agrees to give Dyadic&#8217;s representatives reasonable assistance, access and facilities to enable them to verify such accounts, books and </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 10</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-left:94px;padding-top:6px;text-align:left;"><font style="font-family:Arial;font-size:10pt;">records and supply such other information as may be necessary or proper to enable Novovet&#8217;s compliance with this agreement to be verified.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If an audit conducted in accordance with clause 5.2(b) identifies a deviation of more than 5% from the amounts identified as payable in statements provided by Novovet pursuant to clause 4.2 in any consecutive period of four Quarters, the costs of the audit are to be reimbursed to Dyadic by Novovet on demand.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Dyadic&#8217;s rights under this clause&#160;5.2 apply during the Term and for seven&#160;years thereafter.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet agrees to permit Dyadic&#8217;s representative to inspect Novovet&#8217;s manufacturing facilities and those of any permitted sub-contract manufacturers in order to verify {Novovet]&#8217;s compliance with this agreement (including under clause&#160;6.6).  At least ten Business Days&#8217; notice of any such inspection will be given.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Further obligations of the parties</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Technology transfer and assistance</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Dyadic will disclose the Sub-Licensed IP to Novovet, including providing Novovet with electronic copies of the Know-How, within 60 days of the Commencement Date.  All documents will be provided in English.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Dyadic will use all reasonable endeavours to provide updated versions of the Know-How on a timely basis.  Novovet is solely responsible for the cost of modifying or translating any materials supplied by Dyadic, or developing its own materials, as may be necessary or desirable for the Territory.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Dyadic will provide such technical advice and assistance as Novovet may reasonably require, via telephone and email, for a maximum of [***].  Any additional assistance will be at Dyadic&#8217;s discretion and on its standard consulting terms.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Any site visits by Dyadic&#8217;s Personnel will be at Dyadic&#8217;s discretion and sole expense unless such site visit(s) are requested by Novovet.  If Novovet requests such a site(s) visits then all travel, hotel, meal and other costs and expenses along with the then current Dyadic or its Collaborators FTE daily rate will be at the sole expense of Novovet.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Prosecution and maintain Sub-Licensed IP</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to the Pharma License Agreement, Dyadic agrees to prosecute and maintain the Patent Rights during the Term, to the sole extent it deems commercially and legally reasonable in accordance with the advice and resources available to it. Dyadic will provide a written report to Novovet of any changes to Patents it owns within ninety (90) days annually on 31 December of each year. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Registration Costs</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to the Pharma License Agreement Dyadic is responsible to pay for all Patent Registration Costs relating to its Patent Rights, however (Novovet) will be responsible to pay for all Patent Registration Costs relating to Patents and Patent applications filed by Novovet which are based on the Target Indicators Products. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Commercialisation efforts</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 11</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet is to use reasonable and diligent efforts to develop and Commercialise the Sub-Licensed IP and Products throughout the Territory within the Field as soon as practicable, consistent with sound business practices and judgement.  </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Without limiting the generality of the foregoing, Novovet agrees to sell, distribute, market and promote Products in the Territory, including the provision of customer support, logistics, inventory, pharmacovigilance and related activities so as to maximise sales of Products in the Territory.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Commercialisation progress</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If Novovet has not commenced a [preclinical study] within 1 year of the Commencement Date, Dyadic may, in its sole discretion:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">extend the deadline for performance;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">convert Novovet&#8217;s exclusive rights to non-exclusive in all or part of the Field and Territory by giving five Business Days&#8217; notice; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">terminate this agreement by giving 60 days&#8217; written notice,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">provided that Dyadic must consult with Novovet and not unreasonably terminate this agreement if circumstances beyond Novovet&#8217;s control have caused the delay or if Dyadic has been a substantial cause for the delay.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Care and skill</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Novovet must Commercialise the Products with all due care and skill and in a competent and prudent manner so that all legal and regulatory requirements in the Field and Territory and any reasonable quality standards are met (including that the Products are manufactured in accordance with cGMP and other requirements of applicable Regulatory Authorities, supported by adequate quality control systems).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Branding</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Novovet may market the Products under Novovet&#8217;s brands or otherwise as it sees fit.  Nothing in this agreement gives Novovet any licence or right to use Dyadic&#8217;s name, brands or trade marks.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Patent marking</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Novovet must ensure that all Products and associated materials are marked with relevant patent numbers, as required or desirable under local laws.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.9</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Recording licence</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to clause 14.4, each party must to all things necessary to record the existence of this agreement with relevant authorities as required or desirable under local laws.  It is understood that Dyadic will have the obligation to issue an 8K, a press release and file a copy of this agreement (along with a request for confidential treatment of certain parts of the agreement) with the United States Security &amp; Exchange.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.10</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Diligence Report</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Until Novovet, an Affiliate or a Sub-licensee has achieved a first commercial sale of Products, Novovet shall provide a written semi-annual Diligence Report to Dyadic </font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 12</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">due on January 31 and July 31 following the Commencement Date. These Diligence Reports shall describe Novovet&#8217;s, an Affiliate or any Sub-licensee(s) technical, business and commercial efforts towards meeting the obligations of this agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.11</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Review meetings</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The parties agree to meet or hold a teleconference at least once every calendar year prior to Launch in order to discuss Novovet&#8217;s Commercialisation of the Products within the Field and the Territory and this agreement generally.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.12</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Personnel</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">To the fullest extent permissible by applicable laws, Novovet must ensure that all of its Personnel who will be involved with Developing, Registering, Manufacturing and Commercialising Products or who will otherwise be required to have access to the Sub Licensed IP for the purposes of this agreement:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">agree in writing, prior to beginning work, to assign to Novovet or Dyadic, as the case may be, all Intellectual Property Rights that may be created by such Personnel in connection with this agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">have not been debarred by any Regulatory Authority.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.13</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Non-Solicitation</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">During the [***] following the Commencement Date, Novovet and its Affiliates must not solicit any of Dyadic&#8217;s Personnel with a view to employing that person or engaging him or her as a consultant or officer.  </font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 13</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Further development and regulatory matters</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Regulatory approvals</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Novovet:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">is solely responsible for obtaining all Regulatory Approvals needed to Commercialise Products in the Field in the Territory;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">must keep Dyadic informed of all material correspondence with, or investigations by, Regulatory Authorities; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">notify Dyadic in writing immediately if it becomes aware that it, its Affiliates or Sub-Licensees, contract manufacturer or any Third Party involved in the Commercialisation of Products or their respective Personnel is subject to a debarment investigation by a Regulatory Authority or if any action, suit, claim, investigation, or proceeding relating to the foregoing is pending or threatened.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Clinical trial data</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Each party agrees to share with the other all results and data resulting from or generated in the course of any pre-clinical studies or clinical trials of the Product conducted by it, or its Affiliates (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Data</font><font style="font-family:Arial;font-size:10pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Each party will have the right to use any and all Data in the conduct of its obligations and exercise of its rights under this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Dyadic has the non-exclusive, royalty-free, irrevocable and perpetual right to use Data supplied by Novovet:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">outside the Field; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">within the Territory; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">in the event that this agreement is terminated by Dyadic for any reason or by Dyadic under clause 8.5, within the Field and within the Territory.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Any use of Data supplied by the other party in support of a patent application or a filing to obtain a Regulatory Approval (other than as required by law in connection with Dyadic&#8217;s fulfilling its obligations as a publicly traded company) may only be made with the other party&#8217;s prior written consent which will not be unreasonably withheld.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Adverse event reporting</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet will be responsible for Adverse Event (as defined below) reporting to applicable authorities in the Territory and complying with other pharmacovigilance obligations under applicable laws.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must promptly (and in any event within three Business Days) report and provide details to Dyadic of any Adverse Event.  Adverse Events must be reported in as much detail as possible, whether or not there is proof of a causal connection between events and use of Products.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Each party must promptly notify the other if such party becomes aware of any information or circumstance that is likely to have a material adverse effect on the safety of animals using the Products.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 14</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">For the purposes of this clause, </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Adverse Event</font><font style="font-family:Arial;font-size:10pt;">&#32;means any side effect, injury, toxicity, sensitivity reaction, or other unintended harmful effect, or any unexpected incident, and the severity thereof, which are or may possibly be attributable to the Products.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Recalls, Market Withdrawals or Corrective Action</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">In the event that any Regulatory Authority issues or requests a recall or takes a similar action in connection with the Products in the Territory, or in the event either party determines that an event, incident or circumstance has occurred that may result in the need for a recall or market withdrawal in the Territory, the party notified of such recall or similar action, or the party that desires such recall or similar action, must within 24 hours, advise the other party by telephone (with written confirmation notice to follow) or by facsimile or email to the address specified in clause&#160;17.1.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet, in consultation with [Dyadic], will decide whether to conduct any recall of Products in the Territory (except in the case of a Regulatory Authority mandated recall, in which case either party may act without such advance notice but, will notify the other party as soon as possible) and the manner in which any such recall will be conducted.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must bear the sole expense of any recall of Products in the Territory.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Term and termination</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Term</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">This agreement commences on the Commencement Date and, unless this agreement is terminated earlier in accordance with its terms, will continue in each country in the Territory until the later of:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">On expiry or termination of this agreement in a country, Novovet will have a fully paid-up, perpetual, irrevocable, non-exclusive, non-transferrable licence to use the Know-How in that in a country, except in the event of termination by Dyadic for any reason or by Novovet pursuant to clause&#160;8.5.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Termination for insolvency</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Either party may terminate this agreement by giving written notice to the other party if an Insolvency Event</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:10pt;">occurs in relation to the other party and such event has continued for a period of at least five Business Days. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Termination for breach</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Either party may terminate this agreement immediately by giving written notice to the other party if:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the other party is in breach of any of its material obligations under this agreement; and</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 15</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the party in breach has failed to remedy the breach within 60 days of receipt of written notice from the other party describing the breach and calling for it to be remedied.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Termination by Dyadic</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In addition to Dyadic&#8217;s rights under clause 6.5, Dyadic may terminate this agreement by giving 30 days&#8217; written notice to Novovet:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">if Novovet or its Affiliates challenge or assist any Third Party to challenge the validity of the Patent Rights; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">there is a change in the Control of Novovet, in respect of which Dyadic has not given its prior approval in accordance with the Shareholders&#8217; Agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Termination by Novovet</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Novovet may terminate this agreement by destroying all elements of the C1 Expression Platform including all  C1 biological materials including those biological materials developed by Novovet or on Novovet&#8217;s behalf, Data, protocols and other information that in any way relates to the C1 Expression Platform and proteins expressed and manufactured therefrom and after giving 120 days&#8217; written notice to Dyadic in respect of all or part of the Territory.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Consequences of termination</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Upon termination or expiry of this agreement for any reason:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the licences granted in clause 2.1 terminate (other than any ongoing rights under clause&#160;8.1(b));</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet, its Affiliates and Sub-Licensees if any must cease all use of the C1 Expression Platform, the Sub-Licensed IP and all research and development efforts in any way related to the C1 expression Platform and the Development, Registration, Manufacturing and Commercialisation of the Target Indicators Products;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">each party must return to the other party all documents and other materials in any form in its possession or under its control which contain or refer to any Confidential Information of the other party;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must do such things as may be required to transfer all pending and granted Regulatory Approvals in respect of the Products to Dyadic or its nominee (except where this agreement is terminated by Novovet pursuant to clause&#160;8.5).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Survival</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Expiry or termination of this agreement for any reason does not affect any rights of the parties accrued prior to termination or the provisions of clauses 1&#160;(Definitions and Interpretation), 5&#160;(Records and Audit), 7.2(c)&#160;(Use of Clinical Trial Data), &#160;9.&#160;(Improvements) but not 9.2,12&#160;(Liability and Indemnities), 13&#160;(Insurance), 14&#160;(Confidentiality and Media Releases), 15&#160;(Dispute Resolution), 17&#160;(Miscellaneous) or any provision relating to the consequences of termination (including clause&#160;8.6).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8.8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Conversion to non-exclusive rights</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 16</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Without prejudice to any other right it may have, Dyadic at its sole discretion may convert Novovet&#8217;s rights under clause&#160;2.1 to non-exclusive in all or part of the Field and/or Territory by giving 10&#160;Business Days&#8217; notice if Dyadic is otherwise entitled to terminate this agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">9</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Improvements</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">9.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Relevant definitions</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In this clause 9:</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Novovet Improvements</font><font style="font-family:Arial;font-size:10pt;">&#32;means all Improvements made or acquired by Novovet;</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Novovet Non-Licensed IP Improvements</font><font style="font-family:Arial;font-size:10pt;">&#32;means all Novovet Improvements other than Novovet Licensed IP Improvements.</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Novovet Licensed IP Improvements</font><font style="font-family:Arial;font-size:10pt;">&#32;means all Improvements made or acquired by Novovet which fall within the scope of any claims of the Patent Rights or general use which also have application outside of the Field.</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Dyadic Improvements </font><font style="font-family:Arial;font-size:10pt;">means all Improvements made or acquired by Dyadic relating to the process of improving the C1 Expression Platform or which fall within the scope of any claims of the Patent Rights and have application within or outside the Field.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">9.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">&#32;Novovet Improvements</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet hereby grants Dyadic a non-exclusive, perpetual, irrevocable royalty free licence of all Novovet Non-Sub-Licensed IP Improvements outside of the Field and within the Territory.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">In the event Dyadic terminates this agreement for any reason or Novovet terminates this agreement pursuant to clause 8.5, with effect from such termination Novovet hereby grants Dyadic a non-exclusive, perpetual, irrevocable royalty free licence of all Novovet Non-Sub-Licensed IP Improvements within the Field and within the Territory.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">In the event Dyadic terminates this agreement under clause 8.3 or 8.4 with effect from such termination Novovet hereby assigns to Dyadic all right, title and interest in all Novovet Licensed IP Improvements and agrees to take all steps as Dyadic may reasonable require in order to give effect to such assignment and enable it to have the benefit of such Novovet Licensed IP Improvements.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">9.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Financial terms</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">No royalties or other payments are required to be made by Dyadic for the licenses of Novovet Improvements in clause 9.2 or for the assignment of Novovet Licensed IP Improvements in clause 9.2(e).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If the provisions of clause 9.3(a) are prohibited or unenforceable under the laws of a country within the Territory, the parties agree to negotiate financial terms for the assignment or licence in good faith. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">9.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Obligations in respect to Novovet Improvements</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 17</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must give Dyadic details of all Novovet Improvements and do so promptly after their creation or acquisition, and in any event at least Quarterly.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must not transfer, use, license a Third Party to use or otherwise Commercialise the Novovet Improvements, in violation of the terms &amp; conditions of the Pharma License Agreement or if such use or Commercialisation depends on the use of or would otherwise infringe any Sub-Licensed IP or other Intellectual Property Rights of Dyadic or its Affiliates, Dyadic&#8217;s contract research collaborators unless Dyadic has given its prior written consent, which must be done only by Dyadic&#8217;s CEO.  </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 18</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">10</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Prosecution and enforcement of Patent Rights</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">10.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Notice of suspected infringement</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Each party shall promptly give the other notice of:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any claim or allegations that the exercise of the rights under this agreement constitute an infringement of the rights of any Third Party, including an attack on the grant or validity of any of the Sub-Licensed IP;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any Third Party&#8217;s infringement or threatened infringement of the Sub-Licensed IP.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">10.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Action by Dyadic</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If any infringement of the Sub-Licensed IP affects or is likely to affect the Commercialisation of the Product within the Field and the Territory, Dyadic and/or Danisco US, Inc. as provided for in the Pharma License Agreement has the sole right to take such action as it sees fit at its cost and expense and:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">will retain damages or other amounts recovered by it; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must, at Dyadic&#8217;s and/or Danisco US, Inc&#8217;s expense, do all acts and execute such documents as may be necessary or desirable to enable Dyadic and/or Danisco US, Inc. to institute and prosecute those proceedings.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">10.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Action by Novovet</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If Dyadic and/or Danisco US, Inc. does not bring suit against a Third Party who is infringing the Sub-Licensed IP in the Territory within 30 days of receiving a notice under clause 12.1, then Novovet may give Dyadic and Danisco US, Inc. notice in writing that it wishes to commence action. If Dyadic and/or Danisco US, Inc. does not advise that it will commence action within 14 days of that notice, then:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet may institute and prosecute enforcement proceedings in its own name or, if required under local law, by joining Dyadic and/or Danisco US, Inc. if permitted under the Pharma License Agreement to such proceedings;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Dyadic must, at Novovet&#8217;s expense, do all acts and execute such documents as may be necessary or desirable to enable Novovet to institute and prosecute those proceedings;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must ensure that it does not perform any acts or omissions that in anyway adversely affect the validity of the Sub-Licensed IP and the reputation of Dyadic and/or Danisco US, Inc.  the owners or Licensee of the Sub-Licensed IP;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must indemnify Dyadic and/or Danisco US, Inc. against all actions, claims, loss, damage, costs, expenses and awards arising out of or in connection with those proceedings;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must regularly keep Dyadic and/or Danisco US, Inc. advised of the progress of such proceedings and provide copies of all material correspondence and documents; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must remit 50% of all damages. accounts of profits, settlements or other amounts recovered in respect of the proceedings, after deduction of all </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 19</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-left:94px;padding-top:6px;text-align:left;"><font style="font-family:Arial;font-size:10pt;">legal costs reasonably incurred by Novovet in connection with the proceedings, to Dyadic and/or Danisco US, Inc.  within 30 days of receipt.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">10.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Notice of claims</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If a claim is made or proceedings are threatened or commenced by a Third Party against Novovet or any of its Affiliates on the ground that the Commercialisation of the Sub-Licensed&#160;IP or Products infringes Intellectual Property Rights of the Third Party, then:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must immediately notify Dyadic and provide Dyadic with details of the claim or proceedings; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet and its Affiliates are to be solely responsible for the defence of proceedings against them, and Dyadic must, at Novovet&#8217;s expense, do all acts and execute such documents as may be necessary or desirable to enable Novovet to institute and prosecute those proceedings.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">11</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Warranties</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">11.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Mutual warranties</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Each party warrants that as at the Commencement Date:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">it has the power and authority to enter into and perform its obligations under this agreement and that the execution of this agreement by it has been duly and validly authorised by all necessary corporate action;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">its obligations under this agreement are valid and binding and enforceable against it in accordance with their terms.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">11.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Dyadic&#8217;s warranties</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Dyadic warrants that, as far as its directors are aware, the Sub-Licensed IP is owned or licensed by Dyadic and it is entitled to grant the licences under clause 2.1 to Novovet.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">In addition to the exclusions set out in clause 12.1, Dyadic does not warrant that any Patent Rights are or will be valid, or that the Commercialisation of the Sub-Licensed IP is not or will not be an infringement of the rights of Third Parties.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">11.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Novovet&#8217;s warranties</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Novovet warrants that it has the resources and experience necessary for it to perform its obligations under this agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">12</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">liabilities and indemnities</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Dyadic&#8217;s exclusions</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Dyadic excludes all liability to Novovet in respect of the prospects of, or the suitability of the Sub-Licensed IP for the Commercialisation of the Sub-Licensed IP, the quality or performance of any Product, the fitness for purpose of any advice provided under this agreement or the claims of Third Parties arising from the Commercialisation of the Sub-Licensed IP.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Any clinical or scientific information provided as part of the Know-How is provided for Novovet&#8217;s information only, and it must obtain its own </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 20</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-left:94px;padding-top:6px;text-align:left;"><font style="font-family:Arial;font-size:10pt;">professional assessment from appropriately qualified individuals of the suitability of such Know-How for the Commercialisation of the Sub-Licensed IP.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Prescribed Terms</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Except as required by any Prescribed Terms, all conditions, warranties, terms, and obligations expressed or implied by law or otherwise relating to the performance of Dyadic&#8217;s obligations under, or any other services supplied by Dyadic in connection with, this agreement are excluded.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Where any Prescribed Terms apply, the liability of Dyadic to Novovet for a breach of a Prescribed Term implied into this agreement is limited to the re-supply of services or the payment of the cost of re-supplying services (at Dyadic&#8217;s option).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">For the avoidance of doubt, any Prescribed Term relating to the completeness, effectiveness or fitness for purpose of any Sub-Licensed IP is limited to the use of the Sub-Licensed IP solely for the purposes expressly contemplated by this agreement or otherwise agreed in writing by the parties.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">For the purposes of this clause, </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Prescribed Terms</font><font style="font-family:Arial;font-size:10pt;">&#32;mean terms, conditions and warranties implied by law into some contracts for the supply of goods or services or for the license of Intellectual Property Rights and which the law expressly provides may not be excluded, restricted or modified or may be excluded, restricted or modified only to a limited extent.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Novovet&#8217;s indemnity</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Novovet releases and indemnifies Dyadic, its Affiliates and their respective officers, employees, consultants and agents (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Dyadic Indemnitees</font><font style="font-family:Arial;font-size:10pt;">) from and against all actions, claims, proceedings and demands (including those brought by Third Parties) which may be brought against it or them, whether on its own or jointly with Novovet and whether at common law, in equity or pursuant to statute or otherwise (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Claim</font><font style="font-family:Arial;font-size:10pt;">), in respect of any loss, or damage arising out of or in connection with:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a breach of Novovet&#8217;s warranties or obligations contained in this agreement; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Commercialisation of the Sub-Licensed IP or Products by or on behalf of Novovet,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">and from and against all damages, reasonable costs and expenses incurred in satisfying, defending or settling any such Claim.  The foregoing obligation does not apply to the extent any loss, or damage directly results from negligent conduct of, or breach of contractual obligation owed to Novovet by, the relevant Dyadic Indemnitee.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Consequential loss</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Neither party is to have any liability to the other, however arising and under any cause of action or theory of liability, in respect of special, indirect or consequential damages, loss of profit or loss of business opportunity, unless this agreement expressly provides otherwise.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Cap on liability</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 21</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The aggregate liability of Dyadic to Novovet under this agreement:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">arising out of any one act, omission or event and any one series of related acts, omissions or events will not under any circumstance exceed the amounts paid by Novovet to Dyadic under this agreement in the 12&#160;month period prior to the act, omission or event or the first in the series of acts, omissions or events; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">arising out of all acts, omissions and events whenever occurring will not under any circumstance exceed the total amounts paid by Novovet to Dyadic under this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">13</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Insurance</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Novovet and Sub-Licensees to maintain insurance</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Novovet and its Affiliates and Sub-Licensees, if any must take and out maintain the following insurances with a reputable insurer during the Term and, if the policy is on a claims-made basis, for seven years thereafter:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a comprehensive commercial general liability and products liability policy to cover all sums which it may become legally liable to pay as compensation consequent upon:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">death of, or bodily injury (including disease or illness) to, any person; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">loss of, or damage to, property,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">happening anywhere in the Territory arising out of or in connection with this agreement.  The limit of liability provided by this policy must be not less than $10&#160;million.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">clinical trial liability insurance in respect of all clinical trials;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">insurance in respect of all claims and liabilities arising, whether at common law or under statute relating to workers compensation or employer&#8217;s liability, from any accident or injury to any person employed in connection with the Commercialisation of Products, in compliance with applicable local; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any other insurance required by law.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Dyadic to be noted</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Dyadic must be noted as an interested party on all policies required under clauses 13.1(a) and 13.1(b).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Evidence of currency</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Within five Business Days of a request from Dyadic, Novovet must produce evidence that the insurances required by this clause 13 are being maintained, including providing copies of policy documents.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Cancellation and changes</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Novovet must notify Dyadic immediately of any cancellation or material change to a relevant insurance policy which affects or would reasonably be expect to affect Dyadic&#8217;s interests.</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 22</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Potential claims</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If any event occurs which may give rise to a claim involving Dyadic under any policy of insurance to be taken out by Novovet under this clause 13 then Novovet must:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">notify Dyadic as soon as reasonably practicable but in any event within five&#160;Business Days of the occurrence of that event; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">ensure that Dyadic is kept fully informed of any subsequent actions and developments concerning the relevant claim.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">14</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Confidentiality and media releases</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Permitted use and disclosure</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A party may disclose Confidential Information of the other party if legally compelled to do so by any judicial or administrative body, provided that the party required to make such disclosure must promptly inform the other party and cooperate (at the other party&#8217;s expense) with the other party&#8217;s efforts to take reasonably available legal measures to avoid or limit the extent of such disclosure.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:18px;"><font style="font-family:Arial;font-size:12pt;">1.1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:10pt;">Either party may disclose the terms of this agreement as to its auditors, and other advisors and as required by the SEC, a share listing exchange or other such regulatory or governmental agencies and to a Third Party who  </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">&#32;is evaluating whether or not to acquire or invest in that party, where that Third Party is acting in good faith and is subject to a binding obligation of confidence.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Protection of Confidential Information</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to clause 14.1 each party must:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">not use, and ensure that its Personnel do not use, any Confidential Information for any purpose other than compliance with its obligations or exercise of its rights under this agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">take reasonable action necessary to maintain the confidential nature of the Confidential Information, including keeping all records of the Confidential Information under the same degree of protection that such party uses for its own Confidential Information of a similar nature;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">not disclose any of the Confidential Information to any person other than those Personnel of the party or an Affiliate who need to have access to the Confidential Information for the purposes of this agreement provided:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">such person has been made aware of the requirements of this clause and is subject to a legally enforceable undertaking of confidence on terms substantially equivalent to those in this agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">enforce the terms of that obligation of confidence at its own expense, on the request of the party that disclosed the Confidential Information; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">return all documents and other materials in any medium in its possession, power or control which contain or refer to any Confidential Information, on the earlier of demand by the other party or the time the documents and other material are no longer required for the purposes of this agreement, except </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 23</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-left:94px;padding-top:6px;text-align:left;"><font style="font-family:Arial;font-size:10pt;">that one copy of such materials may be retained solely by the party&#8217;s legal department or external lawyers for legal/archival purposes.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Publications</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Novovet must provide Dyadic with the opportunity to review any proposed publications, manuscripts or summaries of presentations in respect of the Product at least 45 days prior to publication, submission or being presented.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Dyadic will respond promptly and in no event later than 21&#160;days after receipt of the proposed material with either approval of the proposed material or a specific statement of concern, based upon either the need to seek patent protection for any Improvement owned by Dyadic or concern regarding protection of its Confidential Information.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">In the event of concern, Novovet agrees not to submit such publication or to make such presentation that contains such information until Dyadic is given a reasonable period of time (not to exceed 90&#160;days) to seek patent protection for any material in such publication or presentation that it believes is patentable or to resolve any other issues, and Novovet must remove any Confidential Information of Dyadic from such proposed publication as requested.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Media and stock exchange releases</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A party may not make press or other announcements or releases relating to this agreement and the matters the subject of this agreement without the prior approval of the other party.  Each party acknowledges that the other party has a proprietary interest in its legal and business name and reputation.  Therefore, each party agrees not to make reference to or otherwise use the other party&#8217;s name or mention or describe this agreement or its relationship with the other party and its Affiliates in any advertising, marketing and/or promotional materials or other publications or materials (except as required or permitted by this agreement) without first obtaining the prior written approval of the other party.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Notwithstanding clause 14.4(a), if a party is required by law to disclose any information relating to this agreement or the identity of the other party (including filing a copy of this agreement with relevant authorities in the Territory or statements required to be made by either party to a relevant stock exchanges), it may do so to the extent required by law, provided that it:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">gives notice to the other party, including a copy of the proposed release containing the information, as soon as practicable after it becomes aware of the need for the release; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">minimises, to the extent permitted by law, the extent of the disclosure.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 24</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">15</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Dispute resolution</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Notice of dispute</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A party to this agreement claiming that a dispute or claim has arisen under or in relation to this agreement must give written notice to the other party specifying the nature of the dispute or claim.  On receipt of that notice by the other party the parties&#8217; representatives must endeavour in good faith to resolve the dispute or claim expeditiously.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Dispute resolution procedure</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If a dispute arises a party may not commence any court or arbitration proceedings relating to the dispute unless it has complied with this clause&#160;15.2, except where the party seeks urgent interlocutory relief.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A party claiming that a dispute has arisen must give notice to the other party specifying the nature of the dispute.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">On receipt of that notice by that other party, senior executives of both parties must endeavour in good faith to resolve the dispute expeditiously by negotiation or using informal dispute resolution techniques such as mediation, expert evaluation or determination or similar techniques agreed by them.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If the dispute has not been resolved or parties have not agreed within 30 days of receipt of the notice (or such further period as agreed in writing by them) as to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the dispute resolution technique and procedures to be adopted;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the timetable for all steps in those procedures; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the selection and compensation of the independent person required for such technique,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the parties agree to mediate the dispute in the United Kingdom. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Expert determination</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If this clause 15.3 applies, an independent chartered accountant with at least 10&#160;years&#8217; experience in valuing technology must be appointed as a valuer (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Independent Expert</font><font style="font-family:Arial;font-size:10pt;">) to determine the proportion of the value of a Third Party Transaction that is attributable to Target Indicators Products within the Field (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Apportionment</font><font style="font-family:Arial;font-size:10pt;">) in accordance with this clause&#160;15.3.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If there is failure to agree on an independent chartered accountant, the Independent Expert will be appointed by the President for the time being of the Institute of Chartered Accountants in England and Wales.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Neither the Independent Expert, nor any firm or company of which the Independent Expert is an employee, partner, director or consultant, must have had any business dealings with either party in the two years before the date of appointment.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The Independent Expert will have a right of access at all reasonable times to the accounting records and other records of Dyadic, Luina and Novovet and its affiliates and is entitled to require from any officer of Dyadic, Luina, Novovet and its affiliates such information and explanation as the Independent Expert requires to determine the Apportionment.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 25</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The Independent Expert will be instructed to make a determination as soon as practicable and in any event within 30&#160;Business Days after receiving instructions.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The parties agree that, in determining the Apportionment, the Independent Expert:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">will act as an expert and not as an arbitrator;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">may obtain or refer to any documents, information or material and undertake any inspections or enquiries as he or she determines appropriate;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">must provide the parties with a draft of his or her determination and must give the parties an opportunity to comment on the draft determination before it is finalised; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">may engage such assistance as or she reasonably believes is appropriate or necessary to make a determination.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(g)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The Independent Expert&#8217;s determination will be final and binding on the parties.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(h)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The parties will equally pay the costs and expenses of the Independent Expert.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">16</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">GST</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">GST pass on</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If GST is or will be payable on a supply made under in connection with this document, to the extent that the consideration otherwise provided for that supply under this document is not stated to include an amount for GST on the supply:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the consideration otherwise provided for that supply under this document is increased by the amount of that GST; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the recipient must make payment of the increase as and when the consideration otherwise provided for, or relevant part of it, must be paid or provided or, if the consideration has already been paid or provided, within seven days of receiving a written demand from the supplier.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Tax Invoice</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The right of the supplier to recover any amount in respect of GST under this document on a supply is subject to the issuing of the relevant tax invoice or adjustment note to the recipient except where the recipient is required to issue the tax invoice or adjustment note.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Consideration exclusive of GST</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Any consideration otherwise provided for a supply or payment obligation in connection with this document is exclusive of GST unless stated otherwise.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Adjustments</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If there is an adjustment event in relation to a supply which results in the amount of GST on a supply being different from the amount in respect of GST already recovered by the supplier, as appropriate, the supplier within 14 days of becoming aware of the adjustment event:</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 26</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">may recover from the recipient the amount by which the amount of GST on the supply exceeds the amount already recovered by giving seven days written notice; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">must refund to the recipient the amount by which the amount already recovered exceeds the amount of GST on the supply to the extent that the supplier is entitled to a refund or credit from the Commissioner of Taxation; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">must issue an adjustment note or tax invoice reflecting the adjustment event in relation to the supply to the recipient within 28 days of the adjustment event except where the recipient is required to issue an adjustment note or tax invoice in relation to the supply.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Reimbursements</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Costs actually or estimated to be incurred or revenue actually or estimated to be earned or lost by a party that is required to be reimbursed or indemnified by another party, or used as the basis for calculation of consideration for a supply, under this document must exclude the amount of GST referable to the cost to the extent to which an entitlement arises or would arise to claim an input tax credit and in relation to revenue must exclude any amount in respect of GST referable to the revenue. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">17</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Miscellaneous</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Notices</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Any notice, demand, consent or other communication (a </font><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Notice</font><font style="font-family:Arial;font-size:10pt;">) given or made under this document:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">must be in in writing and signed by the send or by a person duly authorised by the sender;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">must be delivered to the intended recipient by prepaid post (if posted to an address in another country, by registered airmail) or by hand or email to the address or email address below or the address or email address last notified by the intended recipient to the sender after the date of this document:</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;text-indent:-47px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 27</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:41%;"></td><td style="width:59%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:12px;padding-left:141px;text-indent:-47px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(i)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;">to Dyadic:</font></div><div style="padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Address: 140 Intracoastal Pointe Drive, Suite #404 <br>                Jupiter, Florida USA 33477</font></div><div style="padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Attention: Mark Emalfarb</font></div><div style="padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Email: memalfarb@dyadic.com </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:12px;padding-left:141px;text-indent:-47px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(ii)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;">to Luina:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Address: 2806 Ipswich Road, Darra, Brisbane 4076 <br>               Queensland, Australia <br>Attention: [***]<br>Email: [***]</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:12px;padding-left:141px;text-indent:-47px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(iii)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;">to Novovet:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Address: 2806 Ipswich Road, Darra, Brisbane 4076 <br>               Queensland, Australia </font></div><div style="padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Attention: Chris Burrell</font></div><div style="padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Email: chris.burrell@novovet.com </font></div></td></tr></table></div></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">will be conclusively taken to be duly given or made:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">in the case of delivery in person, when delivered; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">in the case of delivery by post, two Business Days after the date of posting (if posted to an address in the same country) or seven Business Days after the date of posting (if posted to an address in another country) and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">in the case of email, the earlier of:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(A)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the time that the sender receives an automated message from the recipient&#8217;s information system confirming delivery of the email; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(B)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the time that the email is first opened or read by the recipient, or an employee or officer of the recipient,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">but if the result is that the Notice would be taken to be given or made on a day that is not a business day in the place to which the Notice is sent or at a time that is later than 5pm in the place to which the Notice is sent, it will be conclusively taken to have been duly given or made at the start of business on the next business day in that place.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">No waiver</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A failure to exercise or a delay in exercising any right, power or remedy under this document does not operate as a waiver. A single or partial exercise or waiver of the exercise of any right, power or remedy does not preclude any other or further exercise of that or any other right, power or remedy.  A waiver is not valid or binding on the party granting that waiver unless made in writing. </font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">For the avoidance of doubt, the doctrine of affirmation by election will not apply to any failure by a party to exercise, or delay by a party in exercising, any right, power or remedy under this document.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Amendment</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 28</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This document can only be amended or replaced by another document executed by both of the parties in writing.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Assignment</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">No party can assign, charge, create a security interest over, encumber or otherwise deal with any of its rights or obligations under this document, or attempt or purport to do so, without the prior written consent of the other party.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Further assurances</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Each party must do anything (including execute any document) and must ensure that its employees and agents do anything (including execute any document) that any other party may reasonably require to give full effect to this document.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Costs and duty</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Each party must bear its own costs arising out of the negotiation, preparation and execution of this document. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Severability of provisions</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Any provision of this document that is prohibited or unenforceable in any jurisdiction is ineffective as to that jurisdiction to the extent of the prohibition or unenforceability. That does not invalidate the remaining provisions of this document nor affect the validity or enforceability of that provision in any other jurisdiction.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Variation of rights</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The exercise of a right partially or on one occasion does not prevent any further exercise of that right in accordance with the terms of this document. Neither a forbearance to exercise a right nor a delay in the exercise of a right operates as an election between rights or a variation of the terms of this document.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.9</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">No merger</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The rights and obligations of the parties will not merge on the completion of any transaction contemplated by this document.  They will survive the execution and delivery of any assignment or other document entered into for the purpose of implementing a transaction.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.10</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Entire agreement</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This document contains the entire agreement between the parties with respect to its subject matter.  It sets out the only conduct, representations, warranties, covenants, conditions, agreements or understanding (collectively </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Conduct</font><font style="font-family:Arial;font-size:10pt;">) relied on by the parties and supersedes all earlier Conduct by or between the parties in connection with its subject matter. Neither party has relied on or is relying on any other Conduct in entering into this document and completing the transaction contemplated by it.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.11</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Governing law and jurisdiction</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This document is governed by the laws of the United Kingdom. In relation to it and related non-contractual matters each party irrevocably submits to the non-exclusive jurisdiction of courts with jurisdiction there and waives any right to object to the venue on any ground.</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 29</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.12</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Counterparts</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This document may be executed in any number of counterparts. All counterparts together will be taken to constitute one instrument.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.13</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Authorised signatories</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The signatories to this agreement warrant that they have authority to enter into this agreement on behalf of the party they are stated to represent</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 30</font></div></div><hr style="page-break-after:always"><div><a name="s21B6D2DB7248096D05A469642D4E2555"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:57px;text-indent:0px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-left:0px;padding-bottom:10px;padding-top:13px;text-align:left;text-indent:0px;"><font style="padding-bottom:10px;padding-top:13px;text-align:left;font-family:Arial;font-size:14pt;font-weight:bold;padding-right:144px;">Schedule&#160;1</font><font style="font-family:Arial;font-size:14pt;font-weight:bold;">&#32;&#8211; Royalties</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Royalties on Net Sales of Products</font></div></td></tr></table><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:84.6341463414634%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:65%;"></td><td style="width:35%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Total Net Sales per country (AUD)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Royalty Rate  <br>(%) of Net Sales)</font></div></td></tr><tr><td colspan="2" style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">A.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Countries in which Patent Rights exist</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$0 - $10 million</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[***]%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Over $10 million</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[***]%</font></div></td></tr><tr><td colspan="2" style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">B.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Countries in which Patent Rights have expired or abandoned, or do not exist</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$0 - $10 million</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[***]%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Over $10 million</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[***]%</font></div></td></tr></table></div></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Royalties on Non-Sales Revenue</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[***]% of all Non-Sales Revenue</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 31</font></div></div><hr style="page-break-after:always"><div><a name="s384BDDB42485B50864BD69642D5BBA6B"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:57px;text-indent:0px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;padding-top:13px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Schedule&#160;2 &#8211; Patent Rights</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Attached is a copy of the Pharma License Agreement (redacted) setting out the details relating Patent Rights and other additional terms &amp; conditions outlined therein that Novovet and its affiliates and sublicensees if any agree to be legally bound by.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 32</font></div></div><hr style="page-break-after:always"><div><a name="sC8D0BA7AD9777D8F009A69642D7962F3"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:57px;text-indent:0px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;padding-top:13px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Schedule&#160;3 &#8211; Know-How</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Know-How</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Strains and constructs:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Dyadic SOPs:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(v)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(vi)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(vii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(viii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ix)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[***]</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:10pt;">[***]</font></div></td></tr></table><div style="line-height:138%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 33</font></div></div><hr style="page-break-after:always"><div><a name="s4B4ED3B6DFEDE053819B69642D982C97"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Execution page</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Executed as an Agreement.</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:12%;"></td><td style="width:88%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Signed by</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Dyadic International (USA), Inc</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:Arial;font-size:10pt;">by</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br></font></div><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">sign here &#9658;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">/s/ Mark A Emalfarb</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">____________________ <br>Director</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br></font></div><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">print name &#9658;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Mark A. Emalfarb</font></div></td></tr></table></div></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:12%;"></td><td style="width:88%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br></font></div><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">Sign here &#9658;</font></div></td><td 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style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Signed by</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Luina Bio Pty Ltd</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:Arial;font-size:10pt;">by</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br></font></div><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">sign here &#9658;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">/s/ Chris Burrell</font><font style="font-family:inherit;font-size:10pt;">_________________________ <br>Director</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br></font></div><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">print name &#9658;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">_Chris Burrell</font><font style="font-family:Arial;font-size:10pt;">_______________________</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br></font></div><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">Sign here &#9658;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">/s/ Robbie White</font><font style="font-family:inherit;font-size:10pt;">________________________ <br>Company Secretary</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br></font></div><div style="padding-top:6px;text-align:center;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">print name &#9658;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Robbie White</font><font style="font-family:Arial;font-size:10pt;">_______________________</font></div></td></tr></table></div></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 34</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:12%;"></td><td style="width:88%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Signed by</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Novovet Pty Ltd</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:Arial;font-size:10pt;">by</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br></font></div><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">sign here &#9658;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">/s/ Chris Burrell</font><font style="font-family:inherit;font-size:10pt;">_________________________ <br>Director</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br></font></div><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">print name &#9658;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">_</font><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Chris Burrell</font><font style="font-family:Arial;font-size:10pt;">_______________________</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br></font></div><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">Sign here &#9658;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">/s/ Robbie White</font><font style="font-family:inherit;font-size:10pt;">________________________ <br>Company Secretary</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br></font></div><div style="padding-top:6px;text-align:center;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">print name &#9658;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Robbie White</font><font style="font-family:Arial;font-size:10pt;">_______________________</font></div></td></tr></table></div></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Sub-License Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 35</font></div></div>	</body>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>shareholdersagreement-.htm
<DESCRIPTION>EXHIBIT 10.2
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		<title>Exhibit</title>
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<div><a name="sEDE62B7D7B3EB704C303696724347EEF"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:57px;text-indent:624px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"></font><font style="font-family:Arial;font-size:10pt;">Exhibit 10.2</font></div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:57px;text-indent:0px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Execution Version </font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Portions of this Exhibit have been redacted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark &#8220;[***]&#8221;.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:20pt;"><font style="font-family:Arial;font-size:20pt;font-weight:bold;">Shareholders Agreement</font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;">The Shareholders detailed in Schedule&#160;1</font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">and</font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:center;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;">Novovet Pty Ltd</font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s1A4BEDA1F72079AE1220696724532DB8"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:120%;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:9%;"></td><td style="width:84%;"></td><td style="width:7%;"></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Table of contents</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Definitions and interpretation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">2</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Operation of this Agreement</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">9</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Board of Directors</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">10</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Board meetings</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">11</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Decision making</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Financial reporting</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Funding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Dividend policy</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Encumbrances</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">10</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Employee Incentive Plan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">11</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Anti-Dilution Right</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">18</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Transfer of Shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">18</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Procedure on Transfer of Shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">20</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Drag along rights</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">24</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Tag along rights</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">25</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Determination of Sale Price</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Provisions applying to all Transfers</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">27</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">18</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Confidentiality</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">29</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">19</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Public announcements</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">31</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">20</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Indemnity</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">31</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">21</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Party as trustee</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">32</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">22</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Default</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">32</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">23</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Resolution of deadlocks</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">33</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">24</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Termination</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">36</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">25</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Notices</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">37</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">General</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">38</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;text-decoration:underline;">Schedule&#160;1 - Shareholders</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">41</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;text-decoration:underline;">Schedule&#160;2 - Matters requiring Special Majority Approval</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">42</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 1</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Shareholders Agreement</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:15pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Date </font><font style="font-family:Arial;font-size:10pt;">&#9658;</font><font style="font-family:Arial;font-size:15pt;">26 April 2019</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Parties</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">The Shareholders detailed in Schedule&#160;1 </font><font style="font-family:Arial;font-size:10pt;">(</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Shareholders</font><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Novovet Pty Ltd ACN 631 032 749 </font><font style="font-family:Arial;font-size:10pt;">of 2806 Ipswich Road, Darra, Brisbane 4076 Queensland, Australia</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:10pt;">(</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Company</font><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Background</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">A</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company was registered in Queensland on 16 January 2019.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">B</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company has entered into the Sub-Licence Agreement for the purposes of conducting the Business.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">C</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Shareholders wish to enter into this Agreement to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">record their aims and objectives in relation to the Company;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(2)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">regulate their rights and obligations as members of the Company;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(3)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">provide for the admission (from time to time) of new shareholders to the Company; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(4)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">provide for the operation and administration of the Company.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">It is agreed </font><font style="font-family:Arial;font-size:11pt;">as follows.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Definitions and interpretation</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Definitions</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The following definitions apply in this document:</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Accounting Standards</font><font style="font-family:Arial;font-size:11pt;">&#32;means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the accounting standards made by the Australian Accounting Standards Board in accordance with the Corporations Act, and the requirements of that Act relating to the preparation and content of financial statements; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">generally accepted accounting principles that are consistently applied in Australia, except those inconsistent with the standards or requirements referred to in paragraph (a).</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Affiliate</font><font style="font-family:Arial;font-size:11pt;">&#32;means in relation to a person (first-mentioned person):</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a person that Controls or is Controlled by the first-mentioned person;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a Related Body Corporate of the first-mentioned person;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">in the case of a party that is a trustee of a trust, includes any replacement trustee of that trust where there is no change to the ultimate beneficial owner of the Securities</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Agreement</font><font style="font-family:Arial;font-size:11pt;">&#32;means this document and includes any schedules or annexures.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Associate</font><font style="font-family:Arial;font-size:11pt;">&#32;has the same meaning as "associate" in the Corporations Act and includes a person deemed to be an associate of a designated body within the meaning of section 12 of the Corporations Act.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Board</font><font style="font-family:Arial;font-size:11pt;">&#32;means the board of Directors and includes any committee of that board.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Board Meeting</font><font style="font-family:Arial;font-size:11pt;">&#32;means a meeting of the Board (or any committee of the Board) duly convened and held in accordance with this Agreement and the Constitution.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Business</font><font style="font-family:Arial;font-size:11pt;">&#32;means an animal health pharmaceuticals and vaccines business utilising the Sub-Licensed IP within the scope of the Sub-Licensed Agreement or, subject to clause 5.2, any other business carried on by the Company from time to time.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Business Day</font><font style="font-family:Arial;font-size:11pt;">&#32;means any day upon which banks are open for business in Brisbane, other than a Saturday, Sunday or public holiday in Brisbane.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Business Plan</font><font style="font-family:Arial;font-size:11pt;">&#32;means the program current from time to time for the conduct of the Business during a Financial Year consisting of:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a business plan specifying the proposed marketing plans, finance arrangements, capital expenditures and activities of the Business during that Financial Year; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a budget specifying an estimate of the income to be received and the expenses to be incurred in carrying out that business plan.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Chairperson</font><font style="font-family:Arial;font-size:11pt;">&#32;means the chairperson of the Board from time to time appointed under clause&#160;3.4.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Change of Control</font><font style="font-family:Arial;font-size:11pt;">&#32;means, in relation to a Shareholder that is a body corporate or, in the case of a joint shareholding, includes a body corporate, the occurrence of an event or circumstance where a person who is not presently able to do any of the following things becomes able to do one of the following things (whether alone or together with any Associates and whether directly or indirectly or through one or more intervening persons, companies or trusts):</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">control the composition of more than one half of the body's board of directors;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">be in a position to cast, or control the casting of, more than one half of the maximum number of votes that might be cast at a general meeting of the members of the body or its ultimate holding company; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">hold or have a beneficial interest in more than one half of the issued share capital of the or its ultimate holding company.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Confidential Information</font><font style="font-family:Arial;font-size:11pt;">&#32;means:</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 3</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the terms of this Agreement and its subject matter, including Information submitted or disclosed by a party during negotiations, discussions and meetings relating to this Agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Information that at the time of disclosure by a Disclosing Party is identified to the Receiving Party as being confidential; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">all other Information belonging or relating to a Disclosing Party, or any Related Entity of that Disclosing Party, that is not generally available to the public at the time of disclosure other than by reason of a breach of this Agreement or which the Receiving Party knows, or ought reasonably to be expected to know, is confidential to that Disclosing Party or any Related Entity of that Disclosing Party.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Constitution</font><font style="font-family:Arial;font-size:11pt;">&#32;means the constitution or other constituent document of the Company, as amended from time to time.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Corporations Act</font><font style="font-family:Arial;font-size:11pt;">&#32;means </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Corporations Act 2001</font><font style="font-family:Arial;font-size:11pt;">&#32;(Cth).</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Defaulting Party</font><font style="font-family:Arial;font-size:11pt;">&#32;has the meaning set out in clause&#160;22.2;</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Directors</font><font style="font-family:Arial;font-size:11pt;">&#32;means the directors of the Company for the time being and </font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Director</font><font style="font-family:Arial;font-size:11pt;">&#32;means one of them;</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Disclosing Party</font><font style="font-family:Arial;font-size:11pt;">&#32;means the party to whom Information belongs or relates;</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Election Notice</font><font style="font-family:Arial;font-size:11pt;">&#32;means a notice given by a Founding Shareholder under clause&#160;13.9;</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Employee Incentive Plan</font><font style="font-family:Arial;font-size:11pt;">&#32;has the meaning in clause 10(a).</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Encumbrance</font><font style="font-family:Arial;font-size:11pt;">&#32;means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">legal or equitable interest or power created, arising in or reserved in or over an interest in any property or asset; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">security for payment of money, performance of obligations or protection against default (including a mortgage, bill of sale, charge, lien, pledge, trust, power or retention of title arrangement, right of set-off, assignment of income, garnishee order, monetary claim and flawed deposit arrangement); </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any thing or preferential interest or arrangement of any kind giving a person priority or preference over claims or other persons with respect to any property or asset;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a security interest as defined in the PPSA;&#160;or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any agreement or arrangement (whether legally binding or not) to grant or create anything referred to in paragraphs (a), (b) or (c);</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Event of Default</font><font style="font-family:Arial;font-size:11pt;">&#32;means, in relation to a Shareholder, the occurrence of any one or more of the following events or circumstances:</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 4</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Shareholder fails to comply with any of its obligations under this Agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">an Insolvency Event occurs in relation to the Shareholder;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a Change of Control occurs in relation to the Shareholder, other than with the prior written consent of the other Shareholders;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a notice of deregistration of the Shareholder (or in the case of a joint shareholding, any person comprising the Shareholder) is given under sections&#160;601AA(5) or 601AB(5) of the Corporations Act.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Excluded Issue</font><font style="font-family:Arial;font-size:11pt;">&#32;means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">an issue of Securities expressly contemplated under this document or the Sub-License Agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">an issue of Securities in connection with the First Close Raising;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">an issue of Securities to Dyadic pursuant to the Anti-Dilution Right in clause 11;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Securities issued in connection with share splits or the issue of dividends which is approved by a Special Majority Vote of the Board;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">an issue of Securities under an Employee Incentive Plan;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Securities issued as part of an IPO which is approved by a Special Majority vote of the Board;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(g)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Securities constituting all or part of the consideration for a bona-fide acquisition of assets or shares by the Group which is approved by the Required Resolution of the Board; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(h)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">an issue of Securities approved in writing by all Shareholders.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Financial Year</font><font style="font-family:Arial;font-size:11pt;">&#32;means the 12 months period ending on 30 June or on another day decided by the Board.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">First Close Raising </font><font style="font-family:Arial;font-size:11pt;">means the raising of up to [***] via the issue of Securities provided that the maximum number of Securities that can be issued under the First Closing Raising is capped at [***] of the fully diluted share capital of the Company as at the date of this Agreement.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Founding Shareholder</font><font style="font-family:Arial;font-size:11pt;">&#32;means JCL Biologics Pty Ltd (being an Affiliate of Luina Bio Pty Ltd).</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Government Agency</font><font style="font-family:Arial;font-size:11pt;">&#32;means any government or any public, statutory, governmental (including a local government), semi-governmental or judicial body, entity, department or authority and includes any self-regulatory organisation established under statute.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Information</font><font style="font-family:Arial;font-size:11pt;">&#32;means any information, whether oral, graphic, electronic, written or in any other form, including:</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 5</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">forms, memoranda, letters, specifications, processes, procedures, statements, formulae, technology, inventions, trade secrets, research and development information, know how, designs, plans, photographs, microfiche, business records, notes, accounting procedures or financial information, sales and marketing information, names and details of customers, suppliers and agents, employee details, reports, drawings and data;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">copies and extracts made of or from that information and data, whether translated from the original form, recompiled, partially copied, modified, updated or otherwise altered; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">samples or specimens (if any) disclosed either before or after execution of this Agreement.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Insolvency Event</font><font style="font-family:Arial;font-size:11pt;">&#32;means, in respect of a Shareholder, the occurrence of any one or more of the following events or circumstances applying to that Shareholder or, in the case of a joint shareholding, any person comprising that Shareholder:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">its winding up, liquidation or provisional liquidation;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the appointment of an administrator under the Corporations Act;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the appointment of a controller (as defined in the Corporations Act) or analogous person to it or any of its property;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">being deregistered as a company or other body corporate or otherwise dissolved;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">being unable to pay any of its debts as and when due and payable or being deemed to be insolvent under any Law;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">seeking protection from its creditors under any Law or entering into a compromise, moratorium, assignment, composition or arrangement with, or for the benefit of, any of its members or creditors;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(g)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">it otherwise becomes a Chapter&#160;5 body corporate, as defined in the Corporations Act;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(h)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">if the Shareholder is an individual, they commit an act of bankruptcy within the meaning of section&#160;40 of the </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Bankruptcy Act 1966 (Cth)</font><font style="font-family:Arial;font-size:10pt;">&#32;or they are or become bankrupt within the meaning of section&#160;5 of that Act;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">an analogous event or circumstance to any listed above occurs in any jurisdiction;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(j)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">suspending or threatening to suspend payment of its debts as and when they become due,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">unless such event or circumstance occurs as part of a solvent reconstruction, amalgamation, compromise, arrangement, merger or consolidation approved by the other parties (which approval is not to be unreasonably withheld or delayed);</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 6</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">IPO</font><font style="font-family:Arial;font-size:11pt;">&#32;means an initial public offering of Shares or shares in a holding company of the Company in conjunction with a listing or quotation on a recognised stock exchange.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Law</font><font style="font-family:Arial;font-size:11pt;">&#32;means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">principles of law or equity established by decisions of courts;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">statutes, regulations or by-laws of the Commonwealth, or any State or Territory of the Commonwealth of Australia or a Government Agency; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">requirements and approvals (including conditions) of the Commonwealth or any State or Territory of the Commonwealth of Australia or a Government Agency that have the force of law.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Ownership Percentage</font><font style="font-family:Arial;font-size:11pt;">&#32;means Dyadic&#8217;s percentage of Shares in the Company as at the date of this Agreement.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Quarter</font><font style="font-family:Arial;font-size:11pt;">&#32;means a period of three consecutive calendar months, with successive Quarters ending on 31 March, 30 June, 30 September and 31 December.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Receiving Party</font><font style="font-family:Arial;font-size:11pt;">&#32;means the party to whom Information is disclosed or who possesses or otherwise acquires Information belonging or relating to a Disclosing Party.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Related Body Corporate</font><font style="font-family:Arial;font-size:11pt;">&#32;has the meaning given to that term in the Corporations Act.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Related Entity</font><font style="font-family:Arial;font-size:11pt;">&#32;has the meaning given to that term in the Corporations Act.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Remaining Shareholders</font><font style="font-family:Arial;font-size:11pt;">&#32;has the meaning given to that term in clause&#160;13.9.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Respective Proportion</font><font style="font-family:Arial;font-size:11pt;">&#32;means, in respect of a Shareholder at a particular time, the proportion of the Shares held by that Shareholder at that time expressed as a percentage of the total number of Shares held by all Shareholders at that time.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Sale Price</font><font style="font-family:Arial;font-size:11pt;">&#32;has the meaning set out in clause&#160;13.3(a).</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Sale Shares</font><font style="font-family:Arial;font-size:11pt;">&#32;has the meaning set out in clause&#160;13.3.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Security</font><font style="font-family:Arial;font-size:11pt;">&#32;means a security of the Company and includes Shares, preference shares, options, any convertible notes, warrants or other securities capable of conversion into Shares issued by the Company.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Seller</font><font style="font-family:Arial;font-size:11pt;">&#32;means a Shareholder Transferring or required to Transfer any of its Shares under this Agreement, whether because the Shareholder issues or is taken to have issued a Transfer Notice in respect of the Shares or otherwise.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Shares</font><font style="font-family:Arial;font-size:11pt;">&#32;means fully paid ordinary shares in the capital of the Company.</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 7</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Shareholder</font><font style="font-family:Arial;font-size:11pt;">&#32;means a person who holds, or 2 or more persons who together jointly hold, Shares from time to time and being, at the date of this Agreement, each of the shareholders described in Schedule&#160;1.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Simple Majority Vote</font><font style="font-family:Arial;font-size:11pt;">&#32;means a vote or resolution passed by:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">in the case of a vote or resolution of Shareholders, Shareholders who together hold more than 50% of the Shares (excluding any Shares held by a Defaulting Party); or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;padding-bottom:10px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">in the case of a vote or resolution of the Board, Directors who together represent Shareholders who hold more than 50% of the Shares (excluding any Shares held by a Defaulting Party).</font></div></td></tr></table><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Special Majority Vote </font><font style="font-family:Arial;font-size:11pt;">means a Simple Majority Vote at which the Founding Shareholder has also voted in favour.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Sub-License Agreement </font><font style="font-family:Arial;font-size:11pt;">means the agreement between the Company, Dyadic International (USA), Inc and Luina Bio Pty Ltd dated on or about the date of this document relating to the sub-licence of certain intellectual property rights to the Company. </font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Sub-Licensed IP </font><font style="font-family:Arial;font-size:11pt;">has the same meaning as defined in the Sub-License Agreement.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Third Party</font><font style="font-family:Arial;font-size:11pt;">&#32;means a person who is not a party to this Agreement or is not otherwise bound by the terms of this Agreement by virtue of a deed of accession entered into under clause&#160;17.1(a).</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Third Party Offer</font><font style="font-family:Arial;font-size:11pt;">&#32;means an offer for the purchase of Shares made in good faith and on arms-length terms by a Third Party other than a Related Entity of the Shareholder holding the Shares in question.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Transfer</font><font style="font-family:Arial;font-size:11pt;">&#32;means to sell, assign, transfer, convey or otherwise dispose of.</font></div><div style="line-height:130%;padding-bottom:10px;padding-top:12px;text-align:left;padding-left:46px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Transfer Notice</font><font style="font-family:Arial;font-size:11pt;">&#32;means a notice given by a Shareholder who wishes to Transfer its Shares.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Rules for interpreting this document </font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Headings are for convenience only, and do not affect interpretation.  The following rules also apply in interpreting this document, except where the context makes it clear that a rule is not intended to apply.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A reference to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">legislation (including subordinate legislation) is to that legislation as amended, re-enacted or replaced, and includes any subordinate legislation issued under it;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a document (including this document) or agreement, or a provision of a document (including this document) or agreement, is to that document, agreement or provision as amended, supplemented, replaced or novated;</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 8</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a party to this document or to any other document or agreement includes a permitted substitute or a permitted assign of that party;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a person includes any type of body of persons, whether or not it is incorporated or has a separate legal identity, and any executor, administrator or successor in law of that person; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(v)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">anything (including a right, obligation or concept) includes each part of it.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A singular word includes the plural, and vice versa.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A word which suggests one gender includes all other genders.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If a word or phrase is defined, any other grammatical form of that word or phrase has a corresponding meaning.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If an example is given of anything (including a right, obligation or concept), such as by saying it includes something else, the example does not limit the scope of that thing.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A reference to </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">dollars</font><font style="font-family:Arial;font-size:10pt;">&#32;and </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font><font style="font-family:Arial;font-size:10pt;">&#32;is to Australian currency.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(g)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The word </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">agreement</font><font style="font-family:Arial;font-size:10pt;">&#32;includes an undertaking or other binding arrangement or understanding, whether or not in writing.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(h)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The expression </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">this document </font><font style="font-family:Arial;font-size:10pt;">includes the agreement, arrangement, understanding or transaction recorded in this document. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The expressions </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">subsidiary</font><font style="font-family:Arial;font-size:10pt;">, </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">holding company</font><font style="font-family:Arial;font-size:10pt;">&#32;and </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">related body corporate</font><font style="font-family:Arial;font-size:10pt;">&#32;each have the same meaning as in the Corporations Act.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Business Days</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If the day on or by which a person must do something under this document is not a Business Day:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">if the act involves a payment that is due on demand, the person must do I ton or by the next Business Day; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">in any other case, the person must do it on or by the previous Business Day.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Multiple parties</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If a party is made up of more than one person, or a term is used in this document to refer to more than one party:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">an obligation of those persons is several;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">a right of those persons is held by each of them severally; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any other reference to that party or that term is a reference to each of those persons separately, so that (for example) a representation, warranty or undertaking relates to each of them separately.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Operation of this Agreement</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 9</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Agreement to override the Constitution</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If there is any inconsistency between the provisions of this Agreement and the provisions of the Constitution, then the provisions of this Agreement prevail and the Constitution must be read and construed accordingly.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Shareholders to observe and implement this Agreement</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Each Shareholder undertakes with each other party to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">exercise all its votes, powers and rights under the Constitution so as to give full force and effect to the provisions and intentions of this Agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">exercise all its votes, powers and rights in relation to the Company so as to ensure that the Company fully and promptly observes, complies with and gives effect to the requirements and intentions of this Agreement and the Constitution; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">not unreasonably delay or withhold an action, approval, direction, determination or decision that is required of the Shareholder.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The obligations in this clause&#160;2.2 include an obligation to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">exercise its powers both as a Shareholder and, where applicable and to the extent permitted by Law, through any Director appointed by it; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">ensure, to the extent permitted by Law, that any Director appointed by it (whether alone or jointly with any other person) does any matter or thing required of that Director or the Board under the Law, this Agreement or otherwise.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">2.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Company to observe and implement this Agreement</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">must do all things necessary or desirable to give effect to the provisions and intentions of this Agreement in accordance with its terms; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">is bound by all provisions of this Agreement that expressly or by implication apply to the Company.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Board of Directors</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">3.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Number of Directors</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">There must at all times be at least 3 Directors (excluding alternate Directors), unless the Shareholders by Special Majority Vote determine otherwise.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">3.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Current Directors</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">As at the date of this Agreement, the Board comprises the following Directors:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;&#160;&#160;Chris Burrell;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:10pt;">[***]</font><font style="font-family:Arial;font-size:10pt;">; and</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 10</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Mark A. Emalfarb..</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">3.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Appointment and removal of Directors</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">For so long as:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Luina has a Respective Proportion equal to or more than 40%, it is entitled to appoint up to 3 Directors. In all other circumstances, it is entitled to appoint up to 2 Directors.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Dyadic has a Respective Proportion equal to or more than 20%, it is entitled to appoint 1 Director.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Any Shareholder that has a Respective Proportion equal to or more than 20% is entitled to appoint 1 Director.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A Shareholder may nominate a person for consideration as a Director of the Company and at the next general meeting of the Company. The Shareholders may elect a nominee as a Director by a Simple Majority Vote. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The Board by a Simple Majority Vote may from time to time appoint a person to be a Director but they will hold office only until the next general Shareholders meeting at which their appointment is to be considered by the Shareholders (again requiring a Simple Majority Vote by Shareholders for appointment to the Board). </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A Director may at any time resign from office by written notice to the Board.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">3.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Chairperson of Board</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Chairperson of the Board will:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">be Chris Burrell unless removed by a Special Majority Vote of the Board; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">if there is an equality of votes, have a casting vote as Chairperson in addition to any vote she or he may otherwise have as a Director.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Board meetings</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Frequency of Board meetings</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">At least 1 Board Meeting must take place at least every Quarter. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Any Board Meetings in addition to those referred to in clause&#160;4.1(a) may be convened at the written request of any Shareholder or Shareholders that have an aggregate Respective Proportion of more than 20%.  The agenda for a Board Meeting convened under this clause&#160;4.1(b) must be determined by the Shareholder or Shareholders convening the meeting and no business other than that stated on the agenda may be transacted at that Board Meeting.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">In addition to meetings held under clause&#160;4.1(a) or clause&#160;4.1(b), any Director may convene a meeting of the Board at any time by giving notice in accordance with this clause&#160;4.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 11</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Subject to complying with the other provisions of this clause&#160;4.1, the time, date and location of all Board Meetings must be determined by the Chairperson after consultation with the Board or, if there is no Chairperson, by a Simple Majority Vote of the Board.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Board meetings may be conducted by telephone conference, video conference or any other means of audio or audio-visual communication.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Notice of Board meetings</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">All Directors must be given at least 10&#160;Business Days prior notice of a Board Meeting unless otherwise agreed by all Directors.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">That notice must include an agenda and any proposed resolutions and, unless all Directors otherwise agree, a Board Meeting may only resolve matters specifically referred to in the agenda.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Voting rights at Board meetings</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In any Board Meetings, each Shareholder's appointee on the Board will be entitled to exercise 1 vote, regardless of the number of Shares held by that Shareholder.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Quorum</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to clause&#160;4.5(b), a quorum for Board Meetings is constituted by the attendance (in person or by alternate) of the Director/s nominated by the Founding Shareholder.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">4.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Quorum not present</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If a quorum is not present within 30&#160;minutes after the time specified for the Board Meeting, the meeting will be adjourned, by notice from the Chairperson or the Company secretary to all Directors, to a date and time 7&#160;days after the original time of the meeting and at the same place as the original meeting.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Any Directors in attendance (in person or by alternate) at that adjourned meeting will constitute a quorum.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If no Director attends (in person or by alternate) that adjourned meeting, the meeting is regarded as dissolved.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Decision making</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">5.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Simple Majority Vote</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to the Corporations Act and clause 5.2, all decisions of the Board or the Shareholders must be made by Simple Majority Vote.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">5.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Special Majority Vote required</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Each of the matters outlined in Schedule 2, to the extent that they are not expressly covered by the Business Plan (as previously adopted in accordance with clause&#160;1.1(v) of Schedule&#160;2), require a Special Majority Vote before they are implemented or become effective.</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 12</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">5.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Director's decisions</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">To the extent permitted by Law, a Director may make a decision in the interests of the Shareholder appointing him or her, without being required to have regard to:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the interests of the other Shareholders individually; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the interests of the other Shareholders as a whole,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">but nothing in this clause operates to relieve a Director from any other duty, liability or obligation owed by that Director to the Company.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">5.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Resolution without meeting</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A resolution of the Board which is in writing and signed by all of the Directors who are entitled to vote (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Circular Resolution</font><font style="font-family:Arial;font-size:10pt;">) will be as valid and effective as if it had been passed at a meeting of the Board properly convened and held.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A Circular Resolution may consist of one or more documents in identical terms.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Financial reporting</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Adopt Business Plan</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Shareholders must ensure that the Board considers and adopts a Business Plan before the commencement of each Financial Year.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Current Business Plan</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If the Board fails to adopt a Business Plan in accordance with clause 6.1, then until a new Business Plan is adopted under clause 6.1, the Business must be conducted on the basis of the then current Business Plan.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">6.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Provision of financial information</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company must provide to the Directors sufficient management and financial information and reports to allow them to monitor the efficient conduct of the Business, including:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">within 10 Business Days after the end of each month, unaudited financial statements (with projections for the balance of the then current Financial Year) for the month just elapsed and for the then current Financial Year to date, which are prepared in reasonable detail and comply with the Accounting Standards;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">within 15 Business Days after the end of March, June, September and December in each Financial Year:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">financial statements for the 3&#160;months just elapsed with revised projections for the following 12 months; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">comparisons of the actual results with the projections set out in the current Business Plan and explanations for any variations,</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 13</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">each prepared in reasonable detail and complying with the Accounting Standards.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">within 60&#160;Business Days after the end of each Financial Year, financial statements for the Financial Year just elapsed and a statement of financial position as at the end of that Financial Year, each prepared in reasonable detail and complying with the Accounting Standards</font><font style="font-family:Arial;font-size:10pt;color:#0000ff;">; </font><font style="font-family:Arial;font-size:10pt;">and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any other reports or statements that the Board may require.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Funding</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Excluded issues</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This clause 7 does not apply to any Excluded Issue.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Offer to Shareholders to contribute</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to clause&#160;1.1(t) of Schedule&#160;2, if the Board wishes to raise additional funds for the Company, the Board must first offer each Shareholder the opportunity to contribute to the Company&#8217;s funding requirements by:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Shareholders applying for the issue to them of new Shares in accordance with their Respective Proportions; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the making of loans to the Company by the Shareholders in accordance with their Respective Proportions,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">as determined by the Board from time to time (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Funding Contribution</font><font style="font-family:Arial;font-size:10pt;">).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Board's responsibility</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Board must determine:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the number of Shares to be issued under clause&#160;7.2(a); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">subject to clause&#160;7.4, the terms and conditions (including the amount) of loans to be provided under clause&#160;7.2(b),</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">in order to satisfy each contribution.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Conditions of loans</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Unless otherwise determined by the Board, any loans made as at the date of this Agreement or provided under clause&#160;7.2(b) must be:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">made on identical terms and conditions (except for the amount of the loans if the Shareholders' Respective Proportions are not identical);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">unsecured;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">at interest rates to be agreed upon by the Board or, in the absence of agreement, interest-free; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">not assignable by the Shareholder or the Company.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Non-Contributing Shareholder</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 14</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If a Shareholder fails to or elects not to provide all or part of its Funding Contribution (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Non-Contributing Shareholder</font><font style="font-family:Arial;font-size:10pt;">), the Board must offer the other Shareholders that have made their Funding Contribution (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Contributing Shareholder</font><font style="font-family:Arial;font-size:10pt;">) the opportunity to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">apply for the new Shares which the Non-Contributing Shareholder did not apply for (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Shortfall Shares</font><font style="font-family:Arial;font-size:10pt;">); or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">provide the loan which the Non-Contributing Shareholder did not provide (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Shortfall Loan</font><font style="font-family:Arial;font-size:10pt;">),</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">on a pro-rata basis in accordance with the formula set out in clause&#160;7.6 (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Contribution Amount</font><font style="font-family:Arial;font-size:10pt;">).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If a Contributing Shareholder provides a proportion of the Shortfall Loan in accordance with clause&#160;7.5(a)(ii):</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the loan will be made on terms no more favourable than those originally offered to the Non-Contributing Shareholder; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">clauses 7.4(b) to 7.4(d) will apply to the loan.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Proportion</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">For the purposes of clause&#160;7.5, the Contribution Amount of each Contributing Shareholder must be determined by applying the following formula:</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:14pt;"><font style="font-family:Arial;font-size:10pt;">A  =  B  x  </font><font style="font-family:Arial;font-size:14pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">C</sup></font><font style="font-family:Arial;font-size:10pt;">/</font><font style="font-family:Arial;font-size:14pt;"><sub style="vertical-align:bottom;line-height:120%;font-size:8pt">D</sub>&#160;</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">where:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">A</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the Contribution Amount (rounded up or down to the nearest whole number at the discretion of the Board if A is not a whole number);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">B</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the Shortfall Shares (expressed as a whole number rounded up or down at the discretion of the Board) or the Shortfall Loan (expressed as a dollar amount), as the case may be;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">C</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the number of Shares held by that Contributing Shareholder at that time; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">D</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the total number of Shares held by all Contributing Shareholders at that time.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Offer of Shares to Third Parties</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If an offer by the Board to apply for new Shares under clause&#160;7.2(a) or clause&#160;7.5(a)(i) is not accepted in full by the Shareholders, the Board may for a period of 90&#160;days from the date on which the last offer to the Shareholders expires, offer to issue all or any part of the remaining new Shares not taken up to any Third Party:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">on terms that are no more favourable than those offered to the Shareholders; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">clause 17.1 will apply. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">7.8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">External borrowings</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 15</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to clause&#160;9.2, this clause&#160;7 does not prohibit external borrowings by the Company, on terms and conditions approved by the Special Majority Vote.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Dividend policy</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">General rule</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Board will from time to time adopt a prudent policy of distributing to the Shareholders distributable profits of the Company generated by the operations of the Business:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">consistent with prudent financial management; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">having regard to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the Business Plan;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the taxation, working capital, banking covenants and operational requirements of the Company; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the terms of all loan agreements under which the Company has borrowed funds and all related security instruments, covenants and other contracts to which the Company is a party.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">8.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Special dividends/distribution</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If the Company receives a significant up-front payment from a commercial transaction which would fall outside the scope of being treated as a royalty under the terms of the Sub-Licence Agreement, the Board will, having regard to the parameters in clause 8.1 and its obligations under the Corporations Act, determine whether a special dividend or distribution can be made to the Shareholders.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">9</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Encumbrances</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">9.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">No Encumbrance</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A Shareholder must not create or give any Encumbrance over its Shares in favour of any person without the approval of the Board, which consent may be withheld by the Board at its absolute discretion.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">9.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Security</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The Shareholders must ensure that the Company does not undertake any activity, including entering into a contract or arrangement to provide services or obtain external borrowings from a financial institution or other Third Party, that requires the Shareholders to give a guarantee, bond or other security (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Security</font><font style="font-family:Arial;font-size:10pt;">), without the prior written consent of all Shareholders, which consent may be withheld by any Shareholder at its absolute discretion.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Where the Shareholders agree to provide such Security and the Shareholders agree with the financial institution or Third Party that any liability is to be assumed jointly, or jointly and severally, by them under the Security, the Shareholders agree that:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the amount of that liability will be apportioned between the Shareholders in their Respective Proportions; and</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 16</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">despite any agreement with or action by the beneficiary of the Security, the Shareholders, between themselves, will be liable to make contributions to and indemnify each other so that any such liability is ultimately borne by the Shareholders in their Respective Proportions.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">9.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Security irrevocable</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Any Security given, either jointly or jointly and severally, by the Shareholders is irrevocable except with the written consent of all Shareholders, which consent is not to be unreasonably withheld.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">10</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Employee Incentive Plan</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Shareholders agree that:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">at any time, the Board may establish a formal written employee incentive plan to issue Securities to eligible service providers (whether Directors, employees or contractors) that result in the issue of that number of shares of an amount up to 10% of the fully diluted share capital of the Company as at the date of this document (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Employee Incentive Plan</font><font style="font-family:Arial;font-size:10pt;">);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Employee Incentive Plan will authorise the Directors to issue Securities under the Employee Incentive Plan to eligible service providers in their discretion; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any issue of Securities under the Employee Incentive Plan will be an Excluded Issue.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 17</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">11</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Anti-Dilution Right</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Where an issue of Securities is completed pursuant to the First Close Raising, the Company will issue to Dyadic for nil consideration such number of Shares that is required for Dyadic to maintain its Ownership Percentage (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Anti-Dilution Right</font><font style="font-family:Arial;font-size:10pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The parties acknowledge and agree that the Anti-Dilution Right:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">has been granted to Dyadic to reflect the valuation of the Sub-Licensed IP which has been licensed by Dyadic to the Company pursuant to the Sub-Licensed Agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">shall not apply to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(A)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">issue of Securities through pro-rata issues, Shares issued on the exercise of any Securities convertible into Shares, dividend reinvestment plans, share purchase plans, asset acquisition or pursuant to a takeover or scheme of arrangement; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(B)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">issues of any Shares, options or performance rights under the Employee Incentive Plan;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">will immediately terminate in the event that Dyadic suffers an Insolvency Event; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">is non-transferrable other than to an Affiliate in accordance with clause 12.2.   </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">12</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Transfer of Shares</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Transfer in accordance with Agreement</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Unless all the Shareholders otherwise agree, a Shareholder must not Transfer Shares except in accordance with this Agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Under this Agreement, Shares may be transferred only:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">by a Shareholder giving a Transfer Notice under clause&#160;13.1;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">where a Transfer Notice is taken to have been issued by a Shareholder under clause&#160;12.3 (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Incapacity of Individual Shareholder</font><font style="font-family:Arial;font-size:10pt;">) or clause&#160;22.2(f) (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Consequences of default</font><font style="font-family:Arial;font-size:10pt;">);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">if the Transfer is to an authorised transferee under clause&#160;12.2;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">if a Founding Shareholder gives a Drag Along Notice (as defined in clause&#160;14.1) under clause&#160;14 to the Remaining Shareholders;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(v)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">if a Remaining Shareholder gives a notice under clause&#160;15.1 to the Founding Shareholder in response to a Tag Along Notice (as defined in that clause); or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(vi)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">under the provisions of clause&#160;23.4 relating to </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">resolution of deadlocks</font><font style="font-family:Arial;font-size:10pt;">,</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 18</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">and the terms of this Agreement relating to the relevant Transfer and to Transfers of Shares generally must be complied with.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The Company must not register any Transfer made in breach of this Agreement.  Any purported Transfer so made has no effect.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Authorised transferees</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Subject to clauses&#160;12.4 and 12.5, but despite any other provision of this document:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a Shareholder may Dispose any or all of its Securities from time to time to any of its Affiliates without restriction; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">an Affiliate of a Shareholder may Dispose any or all of its Securities from time to time to that Shareholder or another Affiliate of that Shareholder without restriction.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If a person to whom a Shareholder has disposed any Securities ceases to be an Affiliate (as applicable) of that Shareholder:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">that Shareholder must procure that that person immediately disposes the relevant Securities back to the original transferor (who must purchase the Securities); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">all rights attaching to the Securities held by that person will be suspended until the disposal back to the original transferor is completed.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Incapacity of individual Shareholder</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If a Shareholder who is an individual dies or becomes permanently incapacitated or of unsound mind, other than where the Shareholder is a joint holder of the Shares, then that Shareholder is taken to have issued, under clause&#160;13, a Transfer Notice to the Board for all his or her Shares.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Restrictions on Transfers</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A Shareholder must not Transfer any legal or beneficial interest in its Shares if the Transfer would breach, or be an event of default under, any provision of the Company's lending facilities or any other agreement to which the Company is a party.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">12.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Conditions</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Unless all the Shareholders agree, no Transfer of Shares by a Shareholder is effective unless the following conditions of Transfer are satisfied:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Transfer relates to all of the Shares held by the Shareholder;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">subject to compliance with the Corporations Act:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">all loans from the Company to the Shareholder transferring its Shares are repaid to the Company in full;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">all loans from the Shareholder transferring its Shares to the Company are repaid in full to the Shareholder and replaced by </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 19</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-left:141px;padding-bottom:8px;padding-top:12px;text-align:left;"><font style="font-family:Arial;font-size:10pt;">equivalent loans from the transferee to the Company in accordance with clause&#160;17.2(c); and</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the transferee, if a Third Party, complies with clauses&#160;17.1 and 17.2.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">13</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Procedure on Transfer of Shares</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Permitted Transfer</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A Shareholder may Transfer its Shares by giving a Transfer Notice to the Board stating that the Shareholder wishes to Transfer its Shares in accordance with this clause&#160;13.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Date notice given</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A Transfer Notice:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">given under clause 13.1 is issued on the date the Board receives the Transfer Notice from a Shareholder; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">that is taken to have been issued by a Shareholder under clause&#160;12.3 (Incapacity of Individual Shareholder), 22.2(f) (Consequences of default) or any other provision of this Agreement, is issued on the first date that a Director is aware of the circumstances that cause that provision to operate in respect of that Shareholder.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Terms of Transfer</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A Transfer Notice constitutes the Board as the agent of the Seller for the sale of all the Seller's Shares (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Sale Shares</font><font style="font-family:Arial;font-size:10pt;">) to the other Shareholders:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">at the price specified in the Transfer Notice or, if none is specified, at the price determined under clause&#160;16 (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Sale Price</font><font style="font-family:Arial;font-size:10pt;">), but in any event the Sale Price must always be a single instalment cash price; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">otherwise on terms that comply with this Agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Offer to other Shareholders</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On or within 5&#160;Business Days after:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the date the Board receives a Transfer Notice; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">where no Sale Price is specified in the Transfer Notice, the date on which the Sale Price is determined according to clause&#160;16,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">whichever is the later, the Board must, on behalf of the Seller, offer for sale to each Shareholder other than the Seller (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Recipient</font><font style="font-family:Arial;font-size:10pt;">) that number of the Sale Shares as is determined by applying the following formula (each a </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Round 1 Offer</font><font style="font-family:Arial;font-size:10pt;">):</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:14pt;"><font style="font-family:Arial;font-size:10pt;">A  =  B  x  </font><font style="font-family:Arial;font-size:14pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">C</sup></font><font style="font-family:Arial;font-size:10pt;">/</font><font style="font-family:Arial;font-size:14pt;"><sub style="vertical-align:bottom;line-height:120%;font-size:8pt">D</sub>&#160;</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">where:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">A</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the number of Sale Shares offered to a Recipient, which number may be rounded up or down to the nearest whole number at the discretion of the Board if A is not a whole number;</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 20</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">B</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the total number of all Sale Shares;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">C</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the number of Shares held by that Recipient on the date of the Round 1 Offers; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">D</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the total number of Shares held by all Recipients on the date of the Round 1 Offers.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Each Round 1 Offer must be on the same terms and at the Sale Price.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Acceptance of Round 1 Offers</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">On or within 5 Business Days after receipt of the Round 1 Offers, each Recipient must notify the Board whether it accepts or rejects its Round 1 Offer.  A Round 1 Offer can only be accepted or rejected in full.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If a Recipient fails to notify the Board of its acceptance or rejection of the Round 1 Offer within the period set out in clause&#160;13.5(a), that Recipient is taken to have rejected the Round 1 Offer.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Subject to clause&#160;13.9(a), if a Recipient accepts its Round 1 Offer, the Seller must sell free from Encumbrances, and the accepting Recipient (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Accepting Shareholder</font><font style="font-family:Arial;font-size:10pt;">) must purchase, the total number of Sale Shares contained in that Round 1 Offer at the Sale Price and otherwise on the terms specified in the Round 1 Offer.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Remaining Sale Shares</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If there are more than 2 Shareholders and any of the Sale Shares have not been accepted under the Round 1 Offers within the period set out in clause 13.5(a) (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Remaining Sale Shares</font><font style="font-family:Arial;font-size:10pt;">), the Board must re-offer for sale to each Accepting Shareholder at the Sale Price and on the terms set out in the Round 1 Offers, that number of Remaining Sale Shares as is determined by applying the following formula (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Round 2 Offer</font><font style="font-family:Arial;font-size:10pt;">):</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:14pt;"><font style="font-family:Arial;font-size:10pt;">A  =  B  x  </font><font style="font-family:Arial;font-size:14pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">C</sup></font><font style="font-family:Arial;font-size:10pt;">/</font><font style="font-family:Arial;font-size:14pt;"><sub style="vertical-align:bottom;line-height:120%;font-size:8pt">D</sub>&#160;</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">where:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">A</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the number of Remaining Sale Shares offered to an Accepting Shareholder, which number may be rounded up or down to the nearest whole number at the discretion of the Board if A is not a whole number;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">B</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the total number of all Remaining Sale Shares;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">C</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the number of Shares held by that Accepting Shareholder on the date of the Round 2 Offers (including the Sale Shares accepted by the Accepting Shareholder under its Round 1 Offer); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:74px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:46px;"><font style="font-family:Arial;font-size:10pt;">D</font></div></td><td style="vertical-align:top;padding-left:29.333333333333332px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-29.333333333333332px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the total number of Shares held by all Accepting Shareholders on the date of the Round 2 Offers (including the Sale Shares accepted by the Accepting Shareholders under the Round 1 Offers).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Acceptance of Round 2 Offers</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 21</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">On or within 5 Business Days after receipt of the Round 2 Offers, each Accepting Shareholder must notify the Board whether it accepts or rejects its Round 2 Offer.  A Round 2 Offer can only be accepted or rejected in full.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If an Accepting Shareholder fails to notify the Board of its acceptance or rejection of the Round 2 Offer within the period set out in clause&#160;13.7(a), that Accepting Shareholder is taken to have rejected the Round 2 Offer.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Subject to clause&#160;13.9(a), if an Accepting Shareholder accepts its Round 2 Offer, the Seller must sell free from Encumbrances, and the Accepting Shareholder must purchase, the total number of Remaining Sale Shares contained in that Round 2 Offer at the Sale Price and otherwise on the terms specified in the Round 2 Offer.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Time and place of completion</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to clause&#160;13.9(a), Completion of both the sale of those Sale Shares in respect of which a Round 1 Offer has been accepted and any Remaining Sale Shares in respect of which a Round 2 Offer has been accepted must take place:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">within 10 Business Days after:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the date by which Round 1 Offers must be accepted under clause&#160;13.5(a); or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">if any Round 2 Offer is made, the date by which Round 2 Offers must be accepted under clause&#160;13.7(a); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">at a time and place to be agreed by the Seller and the Recipient or failing agreement, at the registered office of the Company at 10 am on the next Business Day after expiry of the period stated in clause&#160;13.8(a).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.9</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Transfer to Third Party by Founding Shareholder</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Subject to clauses&#160;12.4 and 12.5, where:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the Founding Shareholder has given a Transfer Notice under clause&#160;13.1 as a result of the Founding Shareholder receiving a Third Party Offer, which it wishes to accept, for the purchase of all of the Founding Shareholder's Shares;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">not all of the Round 1 Offers and not all Round 2 Offers (if any) were accepted within the periods set out in clauses&#160;13.5(a) and 13.7(a) respectively; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the Founding Shareholder gives an Election Notice under clause&#160;13.9(b),</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">then:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">all of the Round 1 Offers and Round 2 Offers, whether accepted or not, are taken to be cancelled and of no effect and no Shares can be Transferred under them; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(v)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">subject to clause&#160;13.9(b), the Founding Shareholder may sell all the Sale Shares to the Third Party.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 22</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The Founding Shareholder must, within 3&#160;Business Days after the expiration of the period set out in clause&#160;13.5(a) or, if any Round 2 Offers are made, clause&#160;13.7(a), give notice (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Election Notice</font><font style="font-family:Arial;font-size:10pt;">) in the same terms, to each of the other Shareholders (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Remaining Shareholders</font><font style="font-family:Arial;font-size:10pt;">):</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">specifying:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(A)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the details of the Third Party;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(B)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the price payable for each Share;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(C)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the date on which the Transfer of the Founding Shareholder's Shares is to occur, which must not be less than 20&#160;Business Days after the date of the Election Notice; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(D)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any other material terms of the Third Party Offer;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">stating whether the Founding Shareholder wishes to exercise its right under clause&#160;14 to require each Remaining Shareholder to sell to the Third Party all of the Remaining Shareholder's Shares for the price and on the terms specified in the Election Notice, in which case the procedure set out in clause&#160;14 must be followed; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">if the Founding Shareholder does not wish to exercise its right under clause&#160;14, advising each Remaining Shareholder that the Remaining Shareholder may exercise the right conferred on the Remaining Shareholder by clause&#160;15.1 to require the Founding Shareholder to use its best endeavours to cause the Third Party to purchase all of the Remaining Shareholder's Shares, in which case the procedure set out in clause&#160;15 must be followed.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.10</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Transfer to Third Party</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to clauses 12.4 and 12.5:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">where a Shareholder has given or is taken to have given a Transfer Notice for the purposes of this clause&#160;13</font><font style="font-family:Arial;font-size:10pt;color:#0000ff;">&#32;</font><font style="font-family:Arial;font-size:10pt;">and that Shareholder does not give an Election Notice under clause&#160;13.9(b); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">after Round 1 Offers and any Round 2 Offers have been made, there are still Remaining Sale Shares that have not been Transferred as not all of the Round 1 Offers and any Round 2 Offers were accepted within the periods set out in clauses&#160;13.5(a) and 13.7(a) respectively,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the Seller may, at any time before the expiry of 6&#160;months after the Transfer Notice was given or was taken to be given, sell the unsold Sale Shares to a Third Party at a price and on terms no more favourable to the Third Party than those offered to the Recipients.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">13.11</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Inconsistency between Agreement and Transfer Notice</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If there is any inconsistency between the terms of this clause&#160;13 and the terms of sale set out in a Transfer Notice, then the terms of this clause&#160;13 prevail.</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 23</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">14</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Drag along rights</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Remaining Shareholders must sell</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If a Founding Shareholder gives an Election Notice under clause&#160;13.9 stating, in accordance with clause&#160;13.9(b)(ii), that the Founding Shareholder wishes to exercise its right under this clause&#160;14 (in which case the Election Notice is a </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Drag Along Notice</font><font style="font-family:Arial;font-size:10pt;">), then each Remaining Shareholder must sell all of its Shares to the Third Party for the price and on the terms specified in the Drag Along Notice, subject to the terms set out in this clause&#160;14.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Notice irrevocable</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A Drag Along Notice, once given, is irrevocable but both the Drag Along Notice and all obligations under it and this clause&#160;14 will lapse and be at an end if for any reason the Founding Shareholder does not Transfer its Shares to the Third Party on the date specified in the Drag Along Notice, or any later date agreed between all the Shareholders and the Third Party.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Terms of sale must be the same</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Remaining Shareholders are only obliged to sell their Shares to the Third Party if:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">for the avoidance of any doubt, the Founding Shareholder has first complied with the procedure set out in clause&#160;13;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Founding Shareholder completes the Transfer of its Shares to the Third Party on the date (or any other date agreed between all the Shareholders and the Third Party) and terms stated in the Drag Along Notice;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">prior to the Transfer being effected, the Founding Shareholder discloses to the Remaining Shareholders any terms of any proposed transaction between the Founding Shareholder and the Third Party that a reasonable person would think could impact on the price (or other consideration) or terms on which a Shareholder would so sell its Shares; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the price per Share to be paid (or price per Share equivalent if other consideration is provided) and the other terms on which the Third Party offers to acquire the Remaining Shareholders&#8217; Shares are the same as the price and the terms of the Third Party Offer to acquire the Founding Shareholders&#8217; Shares.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">14.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Appointment of attorney</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Each of the Remaining Shareholders irrevocably appoints the Chairperson, or failing the Chairperson, a Director determined by a resolution passed by more than half of the Directors appointed by the Remaining Shareholders, to be their attorney to sign such transfers, consents and other documents as the Founding Shareholder reasonably considers necessary or desirable to give effect to this clause&#160;14 (but for no other purpose).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">15</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Tag along rights</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Remaining Shareholders have option</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 24</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If a Founding Shareholder gives an Election Notice under clause&#160;13.9 advising each Remaining Shareholder in accordance with clause&#160;13.9(b)(iii) that the Remaining Shareholder has the right conferred on it by this clause&#160;15.1 to require the Founding Shareholder to use its best endeavours to cause the Third Party to purchase all of the Remaining Shareholders&#8217; Shares (in which case the Election Notice is a </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Tag Along Notice</font><font style="font-family:Arial;font-size:10pt;">), then at any time during the period of 10&#160;Business Days after the date on which the Tag Along Notice is given (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Exercise Period</font><font style="font-family:Arial;font-size:10pt;">), each Remaining Shareholder may exercise this right by giving notice to that effect to the Founding Shareholder.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Effect of exercise of option</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Where a Remaining Shareholder gives a notice under clause&#160;15.1 (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Minority Seller</font><font style="font-family:Arial;font-size:10pt;">), the Founding Shareholder must use its best endeavours to cause the Third Party to purchase the Shares of that Minority Seller for the price and on the terms set out in the Tag Along Notice.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The Founding Shareholder cannot Transfer any of its Shares to the Third Party unless and until the Founding Shareholder:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">for the avoidance of any doubt, first complies with the procedure set out in clause&#160;13; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">then complies with the procedure set out in this clause&#160;15.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Notice irrevocable</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A Tag Along Notice, once given, is irrevocable.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Extent of obligations</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The requirement in clauses&#160;15.1 and 15.2(a) that the Founding Shareholder use its best endeavours does not oblige the Founding Shareholder to expend any money or commence or continue any litigation or other proceedings to satisfy that requirement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Effect of failure by Third Party</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If the Third Party for any reason fails to buy all of the Shares of the Founding Shareholder on the terms set out in the Tag Along Notice, a Minority Seller must not Transfer any of its Shares to the Third Party.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If the Third Party for any reason fails to buy all of the Shares of a Minority Seller:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">at the price (or at a greater price) and on the on the terms set out in the Tag Along Notice; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">on the same date as the date for completion of the Transfer of the Founding Shareholder's Shares,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">other than because of any delay or default on the part of the Minority Seller, then the Founding Shareholder must not Transfer any of its Shares to the Third Party.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">15.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Completion of sale of Founding Shareholder's Shares</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 25</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">After the expiration of the Exercise Period the Founding Shareholder, subject to complying with its obligations under clause&#160;15.2(a) and the provisions of clause&#160;15.5 not applying, may sell its Shares to the Third Party on the same terms specified in the Tag Along Notice.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">16</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Determination of Sale Price</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Appointment of Valuer</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Within 5&#160;Business Days after a Transfer Notice is:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">issued under clause&#160;13.1 such that, in accordance with clause&#160;13.3(a), the price of the Sale Shares must be determined under this clause&#160;16; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">taken to have been issued under clause&#160;13.2(b),</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the Board must:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">agree on a person or, failing agreement within 5&#160;Business Days, procure that the Australian Disputes Centre (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">ADC</font><font style="font-family:Arial;font-size:10pt;">) in accordance with the ADC Rules for Expert Determination which are operating at the time of referral to ADC, nominates a person to value the Sale Shares (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Valuer</font><font style="font-family:Arial;font-size:10pt;">); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">instruct the Valuer to value the Sale Shares, adopting, subject to clause&#160;16.2, the method of valuation that the Valuer considers appropriate.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Valuation of Shares</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In valuing the Sale Shares the Valuer:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">must assume that a reasonable time is available within which to obtain a sale of Sale Shares in the open market and for that purpose 90 days is taken to be a reasonable time;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">must have regard to the following factors (in addition to any other factors that the Valuer believes should properly be taken into account) based on the best information available at the time:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the prospects of the Business;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the estimated future maintainable earnings of the Company;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the net tangible assets, earnings before interest and tax and cash flow of the Company as disclosed in the last audited financial statements for the last preceding Financial Year, or to the extent that no audited financial statements of the Company are available, as disclosed in the latest management accounts of the Company; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">acts as an expert and not as an arbitrator.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Sale Price final and binding</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Sale Price as determined by the Valuer is final and binding on the Seller and the transferee.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">16.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Cost of Valuer</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 26</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The cost of the Valuer's determination must be paid by the Shareholders in their Respective Proportions unless the determination was necessary because of any failure or default on the part of a Shareholder, in which case that Shareholder must pay the cost of the Valuer's determination.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">17</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Provisions applying to all Transfers</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Requirements for Transfer to Third Party</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A Transfer of Shares cannot be made to a Third Party unless:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Third Party enters into and delivers to each Shareholder a deed of accession under which it agrees to be bound by the terms of this Agreement, in substantially the same form as the Annexure 1 to this Agreement; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Third Party is, in the reasonable opinion of the Shareholders (other than the Seller), of good standing, financial substance and reputation.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Obligations of parties at completion</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">At completion of any Transfer of Shares under this Agreement:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">each transferee (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Buyer</font><font style="font-family:Arial;font-size:10pt;">) must pay to the Shareholder selling or required to Transfer the Shares in question (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Seller</font><font style="font-family:Arial;font-size:10pt;">) the relevant purchase price for those Shares in full;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Seller must deliver to each Buyer:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the certificates relating to the Shares being Transferred;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a transfer of those Shares, duly executed by the Seller in favour of the Buyer; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a release of any Encumbrances affecting the relevant Shares; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">subject to the Corporations Act and unless otherwise determined by Special Majority Vote of the Board, the Buyer must provide loans to the Company:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">to replace the value of any outstanding loans from the Seller to the Company immediately prior to the Transfer of the Seller's Shares to the Buyer; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">on the same terms as the Seller's outstanding loans,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">to ensure that the Company is funded to enable it to repay all outstanding loans from the Seller to the Company.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Non-Completing Seller</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If a Seller defaults in completing the Transfer of any Shares under this Agreement (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Non-Completing Seller</font><font style="font-family:Arial;font-size:10pt;">), the Chairperson or, failing the Chairperson, a Director determined by resolution of all Directors other than the Director appointed by the Non-Completing Seller, is taken to be the Non&#8209;Completing Seller's duly appointed attorney with full power to:</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 27</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">receive the purchase price from the Buyer on behalf of the Non&#8209;Completing Seller;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">give to the Buyer a valid receipt of the purchase price on behalf of the Non-Completing Seller;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">ensure that the Buyer's name is entered in the Company's register of members as the holder of the Non-Completing Seller's Shares; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">take all further action necessary to complete the Transfer of the Non&#8209;Completing Seller's Shares as required under this Agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">17.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Registration of Transfer</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company must register each Transfer of Shares to which this clause&#160;17 applies.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">18</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Confidentiality</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">18.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Obligations of confidentiality</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to clauses&#160;18.2 and 18.3, the Receiving Party must:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">keep the Confidential Information confidential and not directly or indirectly disclose, divulge or communicate any Confidential Information to, or otherwise place any Confidential Information at the disposal of, any other person without the prior written approval of the Disclosing Party;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">take all reasonable steps to secure and keep secure all Confidential Information coming into its possession or control;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">not memorise, use, modify, reverse engineer or make copies, notes or records of the Confidential Information for any purpose other than in connection with the performance by the Receiving Party of its obligations under this Agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">take all reasonable steps to ensure that any person to whom the Receiving Party is permitted to disclose Confidential Information under clause&#160;18.3 complies at all times with the terms of this clause&#160;18 as if that person were a Receiving Party.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">18.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Exceptions</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The obligations of confidentiality under clause&#160;18.1 do not apply to:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any Confidential Information that:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">is disclosed to the Receiving Party by a third party entitled to do so, whether before or after the date of this Agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">was already lawfully in the Receiving Party's possession when it was given to the Receiving Party and was not otherwise acquired from the Disclosing Party directly or indirectly; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">is generally available to the public at the date of this Agreement or subsequently becomes so available other than by reason of a breach of this Agreement; or</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 28</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any disclosure of Confidential Information by the Receiving Party that is necessary to comply with any court order, law, or the applicable rules of any financial market (as defined in the Corporations Act) if, to the extent practicable and as soon as reasonably possible, the Receiving Party:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">notifies the Disclosing Party of the proposed disclosure;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">consults with the Disclosing Party as to its content; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">uses reasonable endeavours to comply with any reasonable request by the Disclosing Party concerning the proposed disclosure.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">18.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Authorised disclosure</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A Receiving Party may disclose Confidential Information to any Related Entity, employee, agent, contractor, officer, professional adviser, banker, auditor or other consultant of the Receiving Party (each a </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Recipient</font><font style="font-family:Arial;font-size:10pt;">) only if the disclosure is made to the Recipient strictly on a &#8220;need to know basis&#8221; and, prior to the disclosure:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Receiving Party notifies the Recipient of the confidential nature of the Confidential Information to be disclosed;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Recipient undertakes to the Receiving Party (for the benefit of the Disclosing Party) to be bound by the obligations in this clause&#160;18 as if the Recipient were a Receiving Party in relation to the Confidential Information to be disclosed to the Recipient; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">if requested to do so by the Disclosing Party, the Recipient signs an undertaking or deed in a form acceptable to the Disclosing Party (and for the benefit of the Disclosing Party) agreeing to be bound by the obligations in this clause&#160;18 as if it were a Receiving Party in relation to the Confidential Information to be disclosed to the Recipient.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">18.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Return or destruction of Confidential Information</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Immediately on the written request of the Disclosing Party or on the termination of this Agreement for any reason, a Receiving Party must:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">cease the use of all Confidential Information of or relating to the Disclosing Party (or any Related Entity of the Disclosing Party);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">deliver to the Disclosing Party all documents and other materials in its possession or control containing, recording or constituting that Confidential Information or, at the option of the Disclosing Party, destroy, and certify to the Disclosing Party that it has destroyed, those documents and materials; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">for Confidential Information stored electronically, permanently delete that Confidential Information from all electronic media on which it is stored, so that it cannot be restored.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">18.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Warranties</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Disclosing Party warrants to the Receiving Party that:</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 29</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">it has the right to disclose Confidential Information to the Receiving Party and to authorise the Receiving Party to use the Confidential Information as permitted by this Agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the use of the Confidential Information as permitted by this Agreement does not breach the intellectual property rights of any other person.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">18.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Liability for breach by recipient</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Receiving Party is liable for any breach of this clause&#160;18 by a Recipient as if the Recipient were a Receiving Party in relation to the Confidential Information disclosed to the Recipient.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">18.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Survival of clause</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Despite any other provision of this Agreement, this clause&#160;18 survives the expiry or termination of this Agreement.</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 30</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">19</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Public announcements</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">19.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Making announcements</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A party must not make, or authorise or cause to be made, any public announcement relating to the negotiations between the parties or the terms or the subject matter of this Agreement unless:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">it has the prior written consent of each other party; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">it is required to do so by Law or by the rules of any financial market (as defined in the Corporations Act) to which a party, or a Related Body Corporate of a party, is subject.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">19.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Requirements</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If a party is required to make a public announcement under clause&#160;19.1(b), it must before doing so, to the extent practicable and as soon as reasonably possible:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">notify each other party of the proposed announcement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">consult with each other party as to its content; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">use reasonable endeavours to comply with any reasonable request by any other party concerning the proposed announcement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">20</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Indemnity</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Each party (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Indemnifying Party</font><font style="font-family:Arial;font-size:10pt;">) indemnifies and must keep indemnified each other party (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Indemnified Party</font><font style="font-family:Arial;font-size:10pt;">), its officers, employees and contractors, against all actions, claims, proceedings, demands, liabilities, losses, damages, expenses and costs (including legal costs on a full indemnity basis) that may be brought against the Indemnified Party or which the Indemnified Party may pay, sustain or incur as a direct or indirect result of any one or more of the following:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any breach or non-performance of this Agreement by the Indemnifying Party;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any wrongful, wilful or negligent act or omission of the Indemnifying Party or any of its employees, agents or contractors; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">any representation or warranty made or repeated by any party under this Agreement being untrue or misleading in any material respect (including by omission) when made or repeated.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 31</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">21</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Party as trustee</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">21.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Capacity</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If any party (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Trustee</font><font style="font-family:Arial;font-size:10pt;">) enters into this Agreement in the capacity as trustee of any trust (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Trust</font><font style="font-family:Arial;font-size:10pt;">) under any trust deed, deed of settlement or other instrument (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Trust Deed</font><font style="font-family:Arial;font-size:10pt;">), and whether or not the other parties have notice of the Trust, then the Trustee enters into this Agreement both as trustee of the Trust and in its personal capacity.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">21.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Trustee's warranties</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Trustee represents and warrants that:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Trustee has power under the Trust Deed and, in the case of a corporation, under its constitution, to enter into and execute this Agreement and to perform the obligations imposed under this Agreement as trustee;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">all necessary resolutions have been passed as required by the Trust Deed and, in the case of a corporate Trustee, by its constitution, in order to make this Agreement fully binding on the Trustee;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the execution of this Agreement is for the benefit of the Trust;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Trustee is not in default under the Trust Deed;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Trustee has not done, and the Trustee will not during the term of the Agreement do anything by virtue of which there will be in the future, any restriction or limitation on the right of the Trustee to be indemnified out of the assets of the Trust; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">there is no material fact or circumstance relating to the assets, matters or affairs of the Trust that might, if disclosed, be expected to affect the decision of the other parties, acting reasonably, to enter into this Agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">21.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Change of Trustee</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">No change of Trustee can occur without the prior written consent of the other parties, which consent must not be unreasonably withheld or delayed.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">22</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Default</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">22.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Default Notice</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If an Event of Default, other than an Insolvency Event or Change of Control, occurs in relation to a Shareholder (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Relevant Party</font><font style="font-family:Arial;font-size:10pt;">), any other Shareholder may give a notice (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Default Notice</font><font style="font-family:Arial;font-size:10pt;">) to all other Shareholders specifying the Event of Default and requiring the Relevant Party to remedy the default within 10 Business Days after the Default Notice is given to the Relevant Party.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">22.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Consequences of default</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If a Shareholder (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Defaulting Party</font><font style="font-family:Arial;font-size:10pt;">):</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">receives a Default Notice and does not comply with the notice within the period referred to in clause&#160;22.1;</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 32</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">is the subject of an Insolvency Event; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">is the subject of a Change of Control that has not had the prior written approval of the other Shareholders,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">then, without limiting any other rights or remedies that the other Shareholders may have against the Defaulting Party:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">despite any other provision of this Agreement, any Director appointed by the Defaulting Party cannot formally consider nor vote on any matter considered at Board meetings during that period or whilst the default in question continues;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">other than the Defaulting Party's right to receive sale proceeds if its Shares are sold as contemplated by clause&#160;22.2(f), all rights under this Agreement or otherwise attaching to the Shares (including voting rights) held by the Defaulting Party or its appointed Director will be suspended until the default is remedied (if applicable) and otherwise will be suspended indefinitely; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the Defaulting Party is taken to have issued a Transfer Notice to the Board for all the Defaulting Party's Shares and clause&#160;13 and any other applicable provisions of this Agreement will apply to the sale of those Shares, except that the Shares will not be offered to the Defaulting Party or any Shareholder that is also a Related Entity of the Defaulting Party.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">23</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Resolution of deadlocks</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">23.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Adjourned meeting</font><font style="font-family:Arial;font-size:11pt;color:#0000ff;font-weight:bold;">&#32;</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If a matter requiring the Special Majority Vote of the Directors or the Shareholders is raised in good faith, but not passed, the Directors or Shareholders (as the case may be) must cause the following procedure to be followed:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the meeting will, at the request of a Director or a Shareholder (as applicable), be adjourned to a date not earlier than 5&#160;Business Days and not later than 10&#160;Business Days after the date of the original meeting; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the resolution must be proposed again and reconsidered at the adjourned meeting.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">23.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Deadlock</font><font style="font-family:Arial;font-size:11pt;color:#0000ff;font-weight:bold;">&#32;</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If on</font><font style="font-family:Arial;font-size:10pt;color:#0000ff;">&#32;</font><font style="font-family:Arial;font-size:10pt;">3 or more occasions in any period of 6&#160;consecutive months a resolution is reconsidered at an adjourned meeting under clause&#160;23.1 but is not passed, then any Director or Shareholder (as the case may be) may at any time within 30&#160;days after the end of that </font><font style="font-family:Arial;font-size:10pt;color:#0000ff;">&#32;</font><font style="font-family:Arial;font-size:10pt;">6&#160;month period notify the other Directors or Shareholders (as applicable) under this clause&#160;23.2, in which case a deadlock is taken to have occurred (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Deadlock</font><font style="font-family:Arial;font-size:10pt;">).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">23.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Mediation</font><font style="font-family:Arial;font-size:11pt;color:#0000ff;font-weight:bold;">&#32;</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If a Deadlock occurs, then the Deadlock must be referred to mediation in accordance with the following:</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 33</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The Directors or Shareholders (as applicable) must agree on a mediator within 5&#160;Business days.  If they fail to do so, any party may request the Australian Dispute Centre (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">ADC</font><font style="font-family:Arial;font-size:10pt;">) to appoint a mediator.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Any mediator agreed by the parties or appointed byADC must be independent and impartial and have appropriate qualifications and experience relevant to negotiating a resolution of the Deadlock.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The mediation must be commenced within</font><font style="font-family:Arial;font-size:10pt;color:#0000ff;">&#32;</font><font style="font-family:Arial;font-size:10pt;">20&#160;Business Days after the mediator has been appointed and must be concluded within 30&#160;Business Days after the mediator has been appointed, unless otherwise agreed between the parties to the Dispute.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The mediation must take place in Brisbane, Australia.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The parties must in good faith co-operate with the mediator and must comply with requests by the mediator including requests to submit written materials, provide evidence, attend meetings and pay the mediator's fees. Each party must pay its own costs of complying with this clause 23.3.  The Company must pay the costs of any Mediator engaged.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The parties agree that the mediation will be private and confidential and they undertake not to rely on or introduce as evidence in any arbitral or judicial proceedings, whether or not such proceedings relate to the Dispute that is the subject of the mediation, any matter relating to the mediation (including the existence of the mediation), any settlement agreement, materials created for the purpose of the mediation and documents produced by another party in the mediation except:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">for the purpose of making an application to a court of competent jurisdiction to enforce the settlement agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">pursuant to the order of a court of competent jurisdiction; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">if required by the law of any State which is binding on the party making the disclosure.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(g)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Without limiting any other right that a Shareholder may have to Transfer Shares under this Agreement, if after exhausting the procedure set out in this clause&#160;23.3, the Deadlock has not been resolved, then clause 23.4 applies without the necessity of first complying with clause&#160;13.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">23.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Party may offer to Sell Shares</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">If the Deadlock is not resolved within the period set out in clause&#160;23.3(c), then within 10&#160;Business Days after that period expires, any Shareholder (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Offeror</font><font style="font-family:Arial;font-size:10pt;">) may make an unconditional written offer (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Offer Notice</font><font style="font-family:Arial;font-size:10pt;">) to the other Shareholders (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Receiving Parties</font><font style="font-family:Arial;font-size:10pt;">) to either:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">sell all of the Offeror's Shares to the Receiving Parties at the price and on the terms specified in the Offer Notice; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">buy all of the Receiving Parties' Shares at the price and on the terms specified in the Offer Notice,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">and otherwise on the terms set out in this clause&#160;23.4. </font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 34</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The Receiving Parties must, within 5&#160;Business Days after receipt of an Offer Notice under clause&#160;23.4(a)(i), either:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">purchase all the Offeror's Shares (with the number of Shares to be purchased by each Receiving Party being calculated under clause&#160;23.4(f)) for the price and on the terms specified in the Offer Notice; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">collectively give notice (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Counter Purchase Notice</font><font style="font-family:Arial;font-size:10pt;">) to the Offeror stating that the Receiving Parties:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(A)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">do not intend to purchase the Offeror's Shares; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(B)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">instead requiring the Offeror to purchase all of the Receiving Parties' Shares at the price per Share and on the other terms set out in the Offer Notice.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If the Receiving Parties do not comply with this clause&#160;23.4(b) within that 5&#160;Business Day period, the Receiving Parties will be taken to have made an election under, and must comply with, clause&#160;23.4(b)(i).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Not later than 10&#160;Business Days after receipt of a Counter Purchase Notice given under clause&#160;23.4(b)(ii), the Offeror must purchase the Receiving Parties' Shares at the price per Share and on the terms set out in the Offer Notice.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The Receiving Parties must, within 5&#160;Business Days after receipt of an Offer Notice under clause&#160;23.4(a)(ii), either:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">sell all of their Shares to the Offeror for the price and on the terms specified in the Offer Notice; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">give notice (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Counter Sale Notice</font><font style="font-family:Arial;font-size:10pt;">) to the Offeror stating that the Receiving Parties:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(A)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">do not intend to sell their Shares; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(B)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">instead require the Offeror to sell all of its Shares to the Receiving Parties (with the number of Shares to be sold to each Receiving Party being calculated under clause&#160;23.4(f)) at the price per Share and on the other terms set out in the Offer Notice.</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If the Receiving Parties do not comply with this clause&#160;23.4(d) within that 5&#160;Business Day period, the Receiving Parties will be taken to have made an election under, and must comply with, clause&#160;23.4(d)(i).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Not later than 10&#160;Business Days after receipt of a Counter Sale Notice given under clause&#160;23.4(d)(ii), the Offeror must sell all of its Shares to the Receiving Parties at the price per Share and on the terms set out in the Offer Notice.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">For the purposes of clauses&#160;23.4(b)(i) and 23.4(d)(ii), the number of Shares to be purchased by or sold to each Receiving Party must be determined by applying the following formula:</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 35</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:14pt;"><font style="font-family:Arial;font-size:10pt;">A  =  B  x  </font><font style="font-family:Arial;font-size:14pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">C</sup></font><font style="font-family:Arial;font-size:10pt;">/</font><font style="font-family:Arial;font-size:14pt;"><sub style="vertical-align:bottom;line-height:120%;font-size:8pt">D</sub>&#160;</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">where:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:122px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:93px;"><font style="font-family:Arial;font-size:10pt;">A</font></div></td><td style="vertical-align:top;padding-left:28px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-28px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the number of Shares to be purchased by or sold to a Receiving Party, which number may be rounded up or down to the nearest whole number at the discretion of the Board if A is not a whole number;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:122px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:93px;"><font style="font-family:Arial;font-size:10pt;">B</font></div></td><td style="vertical-align:top;padding-left:28px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-28px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the total number of the Offeror&#8217;s Shares;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:122px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:93px;"><font style="font-family:Arial;font-size:10pt;">C</font></div></td><td style="vertical-align:top;padding-left:28px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-28px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the number of Shares held by that Receiving Party at that time; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:122px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:93px;"><font style="font-family:Arial;font-size:10pt;">D</font></div></td><td style="vertical-align:top;padding-left:28px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-28px;"><font style="font-family:Arial;font-size:10pt;">=&#160;&#160;&#160;&#160;the total number of Shares held by all Receiving Parties at that time.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(g)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Completion of the Transfer of Shares under clause&#160;23.4(b)(i), clause&#160;23.4(c), clause&#160;23.4(d)(i) or clause&#160;23.4(e) as applicable must take place in accordance with clause&#160;17.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">24</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Termination</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">24.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">When terminated</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to clause&#160;24.3, this Agreement will be terminated:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">by mutual agreement in writing of all Shareholders;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">for any Shareholder, if and when it ceases to hold, directly or indirectly, any Shares;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">if and when the Company is deregistered or wound up voluntarily or by an order of a court; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">if the Company is listed on any financial market (as that term is defined in the Corporations Act).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">24.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Consequences generally</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Subject to clause 24.3, on the termination of this Agreement, this Agreement is at an end as to its future operation except for the enforcement of any right or claim that arises on, or has arisen before, the termination.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">24.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Clauses surviving termination</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Despite any other provision of this Agreement, this clause&#160;24 and clauses&#160;1, 17, 18, 19, 20, 25 and 26 survive the expiry or termination of this Agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">25</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">Notices</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Any notice or other communication to or by a party under this Agreement:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">must be given in accordance with this clause&#160;25;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">may be given by personal service, post or facsimile;</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 36</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">must be in writing, legible and in English addressed (depending on the manner in which it is given) as shown in Schedule 2 or addressed in accordance with any updated details last notified by the party to the sender by notice given in accordance with this clause;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">must be signed:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">in the case of a corporation registered in Australia, by any authorised representative or by the appropriate office holders of that corporation in accordance with the Corporations Act; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">in the case of a corporation registered outside of Australia, by a person duly authorised by the sender in accordance with the laws governing the place of registration of that corporation;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">is taken to be given by the sender and received by the addressee:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">if delivered in person, when delivered to the addressee;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">if posted, at 9.00&#160;am on the third Business Day after the date of posting to the addressee whether delivered or not; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">if sent by email the earlier of:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:188px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:142px;"><font style="font-family:Arial;font-size:10pt;">(A)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">the time that the sender receives an automated message from the recipient&#8217;s information system confirming delivery of the email; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the time that the email is first opened or read by the recipient, or an employee or officer of the recipient</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">but if the delivery or receipt is on a day which is not a Business Day or is after 4.00 pm (addressee's time), it is taken to have been received at 9.00 am on the next Business Day.</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 37</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:13pt;padding-left:0px;"><font style="font-family:Arial;font-size:13pt;">26</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;">General</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Obligations are several</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The rights, duties, obligations and liabilities of the Shareholders under this Agreement are several and not joint or joint and several.  Each Shareholder is individually responsible only for its obligations as specified in this Agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Time of the essence</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In this Agreement, time is of the essence unless otherwise stated.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Entire understanding</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">This Agreement contains the entire understanding between the parties concerning the subject matter of this Agreement and supersedes, terminates and replaces all prior agreements and communications between the parties concerning that subject matter.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Each party acknowledges that, except as expressly stated in this Agreement, it has not relied on any representation, warranty, undertaking or statement made by or on behalf of another party in relation to this Agreement or its subject matter.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">No adverse construction</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">No provision of this Agreement is to be construed to the disadvantage of a party solely because that party was responsible for preparing or proposing this Agreement or the provision.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Further assurances</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A party, at its own expense and within a reasonable time of being requested by another party to do so, must do all things and execute all documents that are reasonably necessary to give full effect to this Agreement.  </font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">No waiver</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A failure to exercise, a delay in exercising or partially exercising any power, right or remedy conferred on a party by or in respect of this Agreement does not operate as a waiver by that party of the power, right or remedy.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A single or partial exercise of any power, right or remedy does not preclude a further exercise of it or the exercise of any other power, right or remedy.  A waiver of a breach does not operate as a waiver of any other breach.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Remedies cumulative</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Except as set out in this Agreement, the powers, rights and remedies under this Agreement are cumulative with and not exclusive of any powers, rights and remedies provided by Law independently of this Agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Severability</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Any provision of this Agreement which is invalid in any jurisdiction must, in relation to that jurisdiction, be:</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 38</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">read down to the minimum extent necessary to achieve its validity, if applicable; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">severed from this Agreement in any other case,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">without invalidating or affecting the remaining provisions of this Agreement or the validity of that provision in any other jurisdiction.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.9</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">No assignment</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A party cannot assign or otherwise deal with the benefit of this Agreement without the prior written consent of each other party, which consent may be withheld by a party in its absolute discretion.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.10</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Consents and approvals</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Unless this Agreement provides otherwise, where anything depends on the consent or approval of a party, then that consent or approval may be given conditionally, unconditionally or withheld, in the absolute discretion of that party.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.11</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Variation</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This Agreement may be varied (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder</font><font style="font-family:Arial;font-size:10pt;">&#32;</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Variation</font><font style="font-family:Arial;font-size:10pt;">) at any time as approved by a Special Majority Vote of the Shareholders or as evidenced by a written document signedf by at least that number of shareholders which in respect of their Shares would in aggregate constitute a Special Majority Vote.  A Shareholder Varation is binding on all Shareholders (whether or not they have approved the variation or signed a document incorporating the variation).  </font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.12</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Costs</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company must pay all legal costs of and incidental to the preparation and completion of this Agreement, other than any costs and expenses that arise from a Shareholder obtaining independent advice which must be paid by that Shareholder.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.13</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Duty</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Any duty (including related interest or penalties) payable in respect of this Agreement or any instrument created in connection with it must be paid by the Company.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.14</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Conflicting provisions</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If there is any conflict between the main body of this Agreement and any schedules or annexures comprising it, then the provisions of the main body of this Agreement prevail.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.15</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">No merger</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Unless otherwise provided in this Agreement, the representations, undertakings, warranties and indemnities of the parties in, or the rights and remedies of the parties under, this Agreement will not merge on the completion of any transaction contemplated by this Agreement but will survive and remain enforceable to the fullest extent.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.16</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Relationship of parties</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 39</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#32;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Except as otherwise expressly stated in this Agreement, nothing in this Agreement may be construed as creating a relationship of partnership, of principal and agent or of trustee and beneficiary between the parties or any of them.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">A Shareholder must not act, represent or hold itself out as having authority to act as the agent of or in any way bind or commit the other Shareholders to any obligation.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.17</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Counterparts</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:46px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If this Agreement consists of a number of signed counterparts, each is an original and all of the counterparts together constitute the same document.  A party may sign a counterpart by executing a signature page and electronically transmitting a copy of the signed page to each other party or their authorised representative.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:46px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">26.18</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Governing law and jurisdiction</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">This Agreement is governed by and must be construed in accordance with the Laws of Queensland.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">The parties submit to the exclusive jurisdiction of the courts of that State and the Commonwealth of Australia in respect of all matters arising out of or relating to this Agreement, its performance or subject matter.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:93px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:48px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:left;font-size:10pt;text-indent:-1.3333333333333333px;"><font style="font-family:Arial;font-size:10pt;">Each party waives any rights to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">object to the venue of any proceedings; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:141px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:94px;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">claim that the proceedings have been brought in an inconvenient forum or that the courts of another place are a more convenient forum,</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:94px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">if the proceedings have been brought in a court referred to in clause&#160;26.18(b).</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 40</font></div></div><hr style="page-break-after:always"><div><a name="sA7E5FA8B525888126273696724DD6361"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:57px;text-indent:0px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-left:0px;padding-bottom:10px;text-align:left;text-indent:0px;"><font style="padding-bottom:10px;text-align:left;font-family:Arial;font-size:14pt;font-weight:bold;padding-right:144px;">Schedule&#160;1</font><font style="font-family:Arial;font-size:14pt;font-weight:bold;">&#32;&#8211; Shareholders</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:97.48520710059172%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:27%;"></td><td style="width:14%;"></td><td style="width:36%;"></td><td style="width:23%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #9c9282;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#ffffff;font-weight:bold;">Name</font></div></td><td style="vertical-align:top;border-bottom:1px solid #9c9282;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#ffffff;font-weight:bold;">Defined term used in this document</font></div></td><td style="vertical-align:top;border-bottom:1px solid #9c9282;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#ffffff;font-weight:bold;">Address for service</font></div></td><td style="vertical-align:top;border-bottom:1px solid #9c9282;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#ffffff;font-weight:bold;">Class and number of Shares held at date of this document (if any)</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #9c9282;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #9c9282;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Dyadic International (USA), Inc</font></div></td><td style="vertical-align:top;border-bottom:1px solid #9c9282;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #9c9282;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Dyadic</font></div></td><td style="vertical-align:top;border-bottom:1px solid #9c9282;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #9c9282;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Address</font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">140 Intracoastal Pointe Drive, Suite 404 <br>Jupiter, FL 33477</font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Email</font><font style="font-family:Arial;font-size:10pt;">&#160;</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Address</font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">memalfarb@dyadic.com </font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Contact</font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Mark Emalfarb</font></div></td><td style="vertical-align:top;border-bottom:1px solid #9c9282;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #9c9282;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Ordinary Shares</font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,500,000</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #9c9282;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #9c9282;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">JCL Biologics Pty Ltd</font></div></td><td style="vertical-align:top;border-bottom:1px solid #9c9282;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #9c9282;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">JCL</font></div></td><td style="vertical-align:top;border-bottom:1px solid #9c9282;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #9c9282;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Address</font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2806 Ipswich Road <br>Darra QLD 4076 Australia</font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Email</font><font style="font-family:Arial;font-size:10pt;">&#160;</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Address</font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">chris.burrell@luinabio.com.au </font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Contact</font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Chris Burrell</font></div></td><td style="vertical-align:top;border-bottom:1px solid #9c9282;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #9c9282;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Ordinary Shares</font></div><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">6,000,000</font></div></td></tr></table></div></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 41</font></div></div><hr style="page-break-after:always"><div><a name="s1A9EF721B9BDBC731C3D696724EC1ED4"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:57px;text-indent:0px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Schedule&#160;2 - Matters requiring Special Majority Approval</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:32px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The following matters require a "Special Majority Approval" before being implemented by the Company:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">any change, suspension, cessation or abandonment of the Business or any substantial part of it;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the submission of any tender, bid or proposal relating to any contract or commitment with a value of $100,000 or more or duration of more than 1 year;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the execution of any contract or entering into any commitment with a value of $200,000 or more or duration of more than 1 year;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">incurring any capital expenditure or liability of $100,000 or more in any Financial Year for an individual transaction or for a series of transactions in aggregate;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the acquisition of any freehold land;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">entering into leases of real property with rental payments of more than $50,000 for any Financial Year or duration of more than 1 year;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the appointment or removal of a Director;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the payment of remuneration or granting of other benefits to Directors or other officers of the Company;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the provision of guarantees or any other security by the Company to any Third Party;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">obtaining new or increasing existing borrowings from any Third Party;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the sale of the whole or part of any material undertaking of the Company, including the sale of any assets with a value of $500,000 or more;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">entering into any transaction (including with a Shareholder (or any Related Entity) that is:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">not proposed on a commercial "arms-length" basis;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">of any unusual or onerous nature; or</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">outside the ordinary course of the Business;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the issue of any shares or other securities, or options to take up unissued shares or other securities, in the capital of the Company other than under clause 7;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">any declaration of dividends;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the execution of or entry into any service, employment or consultancy contract with:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a term of more than 12 months; or</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a financial commitment of $100,000 or more;</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 42</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the provision of any Encumbrance by the Company over any of its assets, property or undertaking securing an amount in excess of $100,000;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">any application for, or acquisition or sale of, any shares or other securities in any company (other than the Company), including the formation, sale or acquisition of any company as a subsidiary of the Company;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the commencement of any new business (other than the Business);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a modification, variation or amendment to any agreement or arrangement (other than this Agreement) referred to in this clause 5.2;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">subject to clause 7 a determination by the Board on any of the matters relating to funding of the Company;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the number and identity of signatories to any cheque or other bank accounts of the Company;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the adoption or variation of a Business Plan;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">settling or proceeding with any litigation or other form of dispute resolution;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the compromising, compounding, releasing or discharging (except on payment in full) of any debt exceeding $50,000 due to the Company; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:74px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">any other matter that the Shareholders determine from time to time requires a decision by Special Majority Vote.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 43</font></div></div><hr style="page-break-after:always"><div><a name="s3DD3F5AEC43A67D2E595696724FDE74D"></a></div><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;padding-top:6px;text-align:left;font-size:14pt;"><font style="font-family:Arial;font-size:14pt;font-weight:bold;">Execution page</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Executed as an Agreement.</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:12%;"></td><td style="width:88%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Signed by</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Novovet Pty Ltd</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:Arial;font-size:10pt;">by</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;"><br>sign here &#9658;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#160;<br></font><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">/s/ Chris Burrell</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">_</font><font style="font-family:inherit;font-size:10pt;">________________________ <br>Director</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;"><br>print name &#9658;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">_</font><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Chris Burrell</font><font style="font-family:Arial;font-size:10pt;">_______________________</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;"><br>Sign here &#9658;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">/s/ Robbie White</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">_</font><font style="font-family:inherit;font-size:10pt;">_______________________ <br>Company Secretary</font></div></td></tr><tr><td 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Deed of Accession</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[Acceding Party's name] of [Acceding Party's address] (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">New Shareholder</font><font style="font-family:Arial;font-size:10pt;">)</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">In favour of</font><font style="font-family:Arial;font-size:10pt;">&#32;the parties to the Shareholders Agreement from time to time.</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">RECITALS</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:57px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">A.</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The New Shareholder has acquired or will acquire securities in Novovet Pty Ltd ACN 631 032 749 (the</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;Company</font><font style="font-family:Arial;font-size:10pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:57px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">B.</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This deed poll is supplemental to the shareholders&#8217; agreement dated 26 April 2019 between the Company and its shareholders in relation to the Company (</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Shareholders Agreement</font><font style="font-family:Arial;font-size:10pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:57px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">C.</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The New Shareholder agrees to become a party to the Shareholders Agreement and to be bound by the terms and conditions of the Shareholders Agreement.</font></div></td></tr></table><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">OPERATIVE PART</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:57px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">1</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Definitions and Interpretation</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:57px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Unless the context otherwise requires:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:135%;font-size:10pt;padding-left:57px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:135%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">terms defined in the Shareholders Agreement have the same meaning when used in this deed; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:135%;font-size:10pt;padding-left:57px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:135%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the interpretation provisions in the Shareholders Agreement apply to the interpretation of this deed.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:57px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">New Shareholder&#8217;s Shareholding</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:57px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The New Shareholder confirms that:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:135%;font-size:10pt;padding-left:57px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:135%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">it has been given a copy of the Shareholders Agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:135%;font-size:10pt;padding-left:57px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:135%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">it will hold Securities in the capacity of a Shareholder.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:57px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">3</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Covenant</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:57px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The New Shareholder covenants and agrees with the parties to the Shareholders Agreement (whether or original or by accession) that, as from the date of this deed, the New Shareholder will comply with the provisions of the Shareholders Agreement as fully and in the same manner as if it were a party to the Shareholders Agreement from the date of the Shareholders Agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:57px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">4</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Notices</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:57px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The notice details of the New Shareholder are as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:135%;font-size:10pt;padding-left:57px;"><font style="font-family:Arial;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:135%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">address: [insert address]; </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 46</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:46px;text-indent:601px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:135%;font-size:10pt;padding-left:57px;"><font style="font-family:Arial;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:135%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">and attention: </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">[insert name of person notices should be sent to]</font><font style="font-family:Arial;font-size:10pt;">; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:94px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:135%;font-size:10pt;padding-left:57px;"><font style="font-family:Arial;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:135%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">email: [insert email address].</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:57px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">5</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Costs</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:57px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The New Shareholder is responsible for all legal and other costs and expenses of and incidental to the preparation and execution of this deed and any stamp duty payable in connection with this deed.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:57px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">6</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Governing law</font></div></td></tr></table><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;padding-left:57px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This deed is governed by the laws in force from time to time in the State of Queensland.</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">EXECUTED</font><font style="font-family:Arial;font-size:10pt;">&#32;as a deed poll</font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:144%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[insert appropriate execution clause]</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:8px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:10px;text-align:right;padding-left:46px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Shareholders Agreement &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;page 47</font></div></div>	</body>
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<div><a name="s3E477F6B98B32A9489345AC262460061"></a></div><div><div style="line-height:120%;text-align:right;text-indent:576px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Exhibit 99.1</font></div></div><div><br></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><img src="image0a09.jpg" alt="image0a09.jpg" style="height:60px;width:76px;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Dyadic Announces Sub-Licensing Agreement with Luina Bio</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">JUPITER, FL / ACCESSWIRE / April 30, 2019 </font><font style="font-family:Arial;font-size:10pt;">Dyadic International, Inc. (&#8220;Dyadic&#8221;) (NASDAQ: DYAI), a global biotechnology company focused on further improving and applying its proprietary C1 gene expression platform to speed up the development, lower production costs and improve the performance of biologic vaccines, drugs and other biologic products, at flexible commercial scales, is pleased to announce it has entered into a worldwide sub-licensing agreement with Australian based drug development and contract manufacturing organization, Luina Bio Pty Ltd (&#8220;Luina Bio&#8221;), for the development and commercialization of certain targeted antigen and biological products for the prevention and treatment of various ailments for companion animals using Dyadic&#8217;s proprietary C1 gene expression platform. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Dyadic&#8217;s Chief Executive Officer, Mark Emalfarb, said &#8220;We are very excited to announce this sub-licensing agreement with Luina Bio. Luina Bio has over 20 years of GMP contract manufacturing and drug development experience in human and animal health products, including recombinant proteins and vaccines.&#8221;  Matthew Jones, Dyadic&#8217;s Chief Commercial Officer added that, &#8220;we believe that our proprietary C1 gene expression platform coupled with Luina Bio&#8217;s animal health drug development expertise will bring us another step closer to achieving our mission to help speed the development and lower the cost of biologic drugs for human and animal health.&#8221;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Luina Bio&#8217;s Executive Chairman, Chris Burrell, said &#8220;We are thrilled to be working with Dyadic to develop  and commercialize a number of targeted products for use in the prevention and treatment of various ailments for companion animals.&#8221; Mr. Burrell further commented, &#8220;Continued population growth, urbanization and rising per capita income is seeing the rate of pet ownership globally continue to rise year on year.  As pet ownership rates continue to rise so too will the standard of living for pets.  In turn, animal health medicines and vaccines will be required in greater volumes.  Our goal is to utilize Dyadic&#8217;s C1 proprietary gene expression platform to not only speed up the development of new animal health medicines and vaccines but to lower the cost for such products making them more accessible to more people and their pets&#8221;. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Under the worldwide sub-licensing agreement, Dyadic will receive 20% equity in a new joint venture company, Novovet Pty Ltd, and a percentage of royalties on net sales and non-sales revenue which incorporates Dyadic&#8217;s proprietary C1 gene expression platform.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">About Dyadic International, Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the fungus Myceliophthora thermophila, named C1. The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines and drugs (such as virus like particles (VLPs) and antigens), monoclonal antibodies, Fab antibody fragments, Fc-Fusion proteins, biosimilars and/or biobetters, and other therapeutic proteins. Additionally, and more recently, Dyadic is also beginning to explore the use of its C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of Adeno-associated&#160;viral vectors&#160;(AAV), certain metabolites and other biologic products. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in development and manufacture of biopharmaceuticals. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic vaccines, drugs and other biologic products to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers and, hopefully, improve access and cost to patients and the healthcare system, but most importantly save lives.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Please visit Dyadic&#8217;s website at http://www.dyadic.com for additional information, including details regarding Dyadic&#8217;s plans for its biopharmaceutical business.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;text-indent:576px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Exhibit 99.1</font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">About Luina Bio</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Luina Bio is a Brisbane, Australia based drug development and contract manufacturing organization (CMO) serving the pharmaceutical, biotechnology and veterinary industries.  Drawing on more than 20 years of contract manufacturing experience, Luina Bio has the scientific expertise, training and experience to ensure a successful outcome to any project.  Utilizing its TGA/APVMA licensed facilities operating to international cGMP standards, Luina Bio provides a comprehensive suite of manufacturing services for both biological and small molecule drugs.  Luina Bio has extensive experience in manufacturing recombinant proteins, live therapeutics, whole cell vaccines, viral vaccines, purified plant extracts and pro-biotics for pre-clinical, phase 1 to 3 human clinical trials and commercial products for veterinary industry for clients both within Australia and internationally in the United States, Europe and Asia. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In 2017 Luina Bio was the winner of the Queensland Government Export Awards for the Health and Biotechnology Industry and in 2018 was a winner in the Westpac Banking Top 200 Businesses of Tomorrow. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Learn more about Luina Bio https://luinabio.com.au/</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Safe Harbor Regarding Forward-Looking Statements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;goal,&#8221; &#8220;intend,&#8221; &#8220;look forward to,&#8221; &#8220;may,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;would&#8221; and similar expressions. Forward-looking statements are based on management&#8217;s beliefs and assumptions and on information available to management only as of the date of this press release. These forward-looking statements involve risks, uncertainties and other factors that could cause Dyadic&#8217;s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Investors are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Dyadic expressly disclaims any intent or obligation to update or revise any forward-looking statements to reflect actual results, any changes in expectations or any change in events. Factors that could cause results to differ materially include, but are not limited to: (1) general economic, political and market conditions; (2) our ability to generate the required productivity, stability, purity, performance, cost, safety and other data necessary to carry out and implement our biopharmaceutical research and business plans and strategic initiatives; (3) our ability to retain and attract employees, consultants, directors and advisors; (4) our ability to implement and successfully carry out Dyadic&#8217;s and third parties research and development efforts; (5) our ability to obtain new license and research agreements; (6) our ability to maintain our existing access to, and/or expand access to third party contract research organizations in order to carry out our research projects for ourselves and third parties; (7) competitive pressures and reliance on key customers and collaborators; (8) the pharmaceutical and biotech industry, governmental regulatory and other agencies&#8217; willingness to adopt, utilize and approve the use of the C1 gene expression platform; and (9) other factors discussed in Dyadic&#8217;s publicly available filings, including information set forth under the caption &#8220;Risk Factors&#8221; in our December&#160;31, 2018 Annual Report filed with the SEC on the Form 10-K on March&#160;27, 2018. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Contact:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Dyadic International, Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Ping W. Rawson</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Chief Accounting Officer</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Phone: (561) 743-8333</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Email: </font><font style="font-family:Arial;font-size:10pt;color:#0563c1;text-decoration:underline;">prawson@dyadic.com</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Luina Bio Pty Ltd</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Chris Burrell</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Executive Chairman</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Phone: +61 (0)47 832 153</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Email: </font><font style="font-family:Arial;font-size:10pt;color:#0563c1;text-decoration:underline;">chris.burrell@luinabio.com.au</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
