New Zealand Coastal Seafoods Limited received a contract from Aquadev Pty Ltd. for NZD 793,000 worth of Ling Maw, with NZD 317,500 worth planned for delivery in July 2022, with a additional delivery worth NZD 475,500 planned for delivery in November 2022. Pursuant to the arrangement, NZCS will provide Aquadev with branded 500g packets of Dried Ling Maw for retail sale in Australia, with the Company maintaining the ability to sell Ling Maw at wholesale to other companies in Australia. Pursuant to the supply agreement entered into between Aquadev Pty Ltd. and the Company, the Company has agreed that it will not supply Dried Ling Maw of certain specifications to any other persons for the purpose of branded retail sale within Australia (which for the avoidance of doubt, excludes the sale of the products at wholesale).

The term of the agreement is one year, subject to the parties mutually agreeing to renew the term for up to three further one-year periods. The supply agreement contains industry standard provisions for an agreement of its nature including, without limitation, delivery and inspection of products, insurance, termination, and liability provisions.