Standard Terms and Conditions

Shark Marine Technologies Inc. Terms and Conditions for Sale of Goods and Services

I. DEFINITIONS: In this document the following words shall have the following meanings:

1. “Buyer” means the organization or person who is engaged in the contract

2. “Goods” means the articles to be supplied to the Buyer, Buyers agent or Reseller by the Seller;

3. “Intellectual Property Rights” means all patents, registered and unregistered designs, copyright, trademarks, know-how and all other forms of
intellectual property wherever in the world enforceable;

4. “Seller” means Shark Marine Technologies Inc.

II. GENERAL

1. These Terms and Conditions shall apply to sales of Goods by the Seller to the Buyer to the exclusion of all other terms and conditions referred to,
offered or relied on by the Buyer whether in negotiation or at any stage in the dealings between the parties, including any standard or printed
terms tendered by the Buyer, unless the Buyer specifically states in writing, separately from such terms, that it wishes such terms to apply and this
has been acknowledged by the Seller in writing.

2. Any variation to these Terms and Conditions (including any special terms and conditions agreed between the parties shall be inapplicable unless
agreed in writing by the Seller.

III. PRICE AND PAYMENT

1. The price shall be the Standard Published Price less agreed discount, unless otherwise agreed in writing between the parties. The price is exclusive
of VAT or any other applicable costs.

2. Quotations are valid for a period of 60 days unless otherwise agreed upon.

3. Payment Terms:

A. Where staged payment terms are determined then each such staged payment must be made at the time and by the method specified.

B. Where prepayment is specified the buyer must pay the entire purchase price by the method specified prior to commencement of
production.

C. Where payment time is specified the buyer shall pay the purchase price within the specified time of the invoice date of the Seller’s
invoice.

D. Any unpaid amount past the due date will be subject to interest at the rate of 2% per month.

E. All payments payable to the Seller under the contract shall become due immediately on its termination despite any other provision.

F. Shark Marine will not incur any liability whatever to the End-User for non-delivery or any delay in delivery caused by the end user or their
agent.

IV. DESCRIPTION

Any description given or applied to the Goods is given by way of identification only and the use of such description shall not constitute a sale by description.
For the avoidance of doubt, the Buyer hereby affirms that it does not in any way rely on any description when entering into the contract.

V. DELIVERY

1. Shipping terms are FCA Shark Marine Technologies Inc., 23 Nihan Drive, St.Catharines, ON Canada L2N 1L2 – Incoterms 2020.

2. If the Seller is unable to deliver the Goods because of actions or circumstances under the control of the Buyer, then the Seller shall be entitled to
place the Goods in storage until such times as delivery may be effected and the Buyer shall be liable for any expense associated with such storage.

3. Any damages, shortages, over deliveries and duplicated orders should be reported to the Seller within 14 days of signed receipt to enable
replacement or refund.

4. The seller will only ship the goods by air or road freight. If the buyer chooses to arrange shipment by ocean freight, the invoice must be paid in full
before the seller will release the goods.

VI. TITLE

Title in the Goods shall not pass to the Buyer until the Seller has been paid in full for the Goods.

VII. RETURN OF UNUSED GOODS

1. All goods are sold on a firm sale basis, i.e. the Seller will not take back any goods not required or sold by the Buyer, unless otherwise agreed, in
which case the following terms apply.

2. Any returns must be authorized by an administrative representative of the Seller before any credit will be given.

3. Where the Seller agrees to accept the return of goods that are not damaged the Buyer will be responsible for the cost of carriage, insurance and
brokerage charges and will ensure that they are carefully packaged to avoid any damage in transit. The Seller will not be obliged to accept any
goods that are damaged in any way. The Seller will only accept returns that appear in the Sellers current Published Price List.

4. Credit of amounts due or paid in will only be given for goods that are in saleable condition. Restocking fees may apply.

VIII. LIMITATION OF LIABILITY

1. The Seller shall not be liable for any all loss or damage suffered by the Buyer in excess of the contract price.

2. Nothing contained in these Terms and Conditions shall be construed so as to limit or exclude the liability of the Seller for death or personal injury as
a result of the Seller’s negligence or that of its employees or agents.

IX. INTELLECTUAL PROPERTY RIGHTS

All Intellectual Property Rights produced from or arising as a result of the performance of this Agreement shall, so far as not already vested, become the
absolute property of the Seller, and the Buyer shall do all that is reasonably necessary to ensure that such rights vest in the Seller by the execution of
appropriate instruments or the making of agreements with third parties.

X. FORCE MAJEURE

The Seller shall not be liable for any delay or failure to perform any of its obligations if the delay or failure results from events or circumstances outside its
reasonable control, including but not limited to acts of God, strikes, lock outs, accidents, war, fire, breakdown of plant or machinery or shortage or
unavailability of raw materials from a natural source of supply, and the Seller shall be entitled to a reasonable extension of its obligations. If the delay persists
for such time as the Seller considers unreasonable, it may, without liability on its part, terminate the contract.

XI. RELATIONSHIP OF PARTIES

Nothing contained in these Terms and Conditions shall be construed as establishing or implying any partnership or joint venture between the parties and
nothing in these Terms and Conditions shall be deemed to construe either of the parties as the agent of the other.

XII. ASSIGNMENT AND SUB-CONTRACTING

The contract between the Buyer and Seller for the sale of Goods shall not be assigned or transferred, nor the performance of any obligation sub-contracted, in
either case by the Buyer, without the prior written consent of the Seller.

XIII. WAIVER

The failure by either party to enforce at any time or for any period any one or more of the Terms and Conditions herein shall not be a waiver of them or of the
right at any time subsequently to enforce all Terms and Conditions of this Agreement.

XIV. SEVERABILITY

If any term or provision of these Terms and Conditions is held invalid, illegal or unenforceable for any reason by any court of competent jurisdiction such
provision shall be severed and the remainder of the provisions hereof shall continue in full force and effect as if these Terms and Conditions had been agreed
with the invalid, illegal or unenforceable provision eliminated.

XV. GOVERNING LAW AND JURISDICTION

This Agreement shall be governed by and construed in accordance with the laws the province of Ontario and the parties hereby submit to the exclusive
jurisdiction of the courts in Ontario Canada.