The directors of XPED Limited (‘Xped’ or the ‘Company’) announced that on 7 July 2020 the Company entered into a termination agreement (‘Termination Agreement’) with Heuresy LLC and Heuresy Labs LLC (together referred to as ‘Heuresy’) to terminate the Technology Development Agreement (‘Development Agreement’) dated 23 May 2018 amongst the parties. Pursuant to the Termination Agreement, the parties agreed to i) terminate the Development Agreement and any obligations and claims arising therefrom and ii) the Company shall pay Heuresy AUD 360,000 or equivalent to about USD 250,000 for terminating the Development Agreement. The payment of the AUD 360,000 shall be made as follows: i) AUD 50,000 at completion, ii) AUD 200,000 by the issuance of a Converible Note which is further detailed below and in Appendix A, iii) transfer all the shares in Xped Holdings Limited which holds certain patents and the ADRC technologies (‘Technologies’) to Heuresy. In addition, the parties shall enter into a technology licensing agreement granting the Company the right to resell the products developed using the Technologies and access to the ADRC technology for future development as further detailed below. This Termination Agreement is expected to complete on 13 July 2020.