exhibit 10. 40 certain portions of this exhibit have been omitted based upon a request for confidential treatment and the non - public information has been filed with the securities and exchange commission. license agreement this agreement is made as of the date of the signature of the last party to execute this agreement ( “ effective date ” ) between integral technologies, inc., a nevada corporation, 805 west orchard street, # 7 bellingham, wa 98225, u. s. a. ( " licensor " ), and hanwha l & c corp. a south korea corporation, hanwha building janggyo - dong 1 jung - gu seoul, south korea ( " licensee " ), hereinafter referred to individually as the " party " and collectively as the " parties ". whereas, licensee develops, manufactures and supplies a variety of thermoplastic and thermoset composites and components ; and whereas, licensor is a company that engages in the discovery, development, and commercialization of electrically conductive hybrid plastics used primarily as raw materials in the production of industrial, commercial and consumer products and services worldwide. now, therefore, the parties agree as follows : article 1 definitions in this agreement, the following terms have the following meanings and the singular shall incorporate the plural and vice versa : 1. 1 “ affiliate ” shall mean with respect to either party any entity or entities directly or indirectly ( i ) controlling or ( ii ) controlled by or ( iii ) under common control by, one of the parties. as used in this definition the term “ control ” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a party, whether through ownership of voting securities, by contract or otherwise. certain portions of this exhibit have been omitted based upon a request for confidential treatment and the non - public information has been filed with the securities and exchange commission. 1. 2 “ agreement ” means this license agreement signed by licensor and licensee. 1. 3 “ customer ” means a company that manufactures or uses end products. 1. 4 “ end product ( s ) ” means part produced using a product supplied by licensee or its affiliates in accordance with the terms of this agreement. 1. 5 “ headquartered ” means a company that is incorporated in south korea or whose primary place of business is in south korea. 1. 6 “ patent ( s ) ” means any and all patents,