Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 24

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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igon Silicon City JSC within
forty-five days commencing April 21, 2023.

On
June 05, 2023, Philux Global Vietnam Investment and Development Co. Ltd., a subsidiary of Philux Global Group Inc. (f/k/a PHI Group,
Inc.), and Saigon Silicon City JSC (“SSC”) signed an Agreement to terminate the Investment Commitment Agreement previously
entered into by the two parties on February 21, 2023 in its entirety.

On
June 05, 2023 Philux Global Group Inc. (a/k/a PHI Group, Inc.) (the “Investor”/”Provider”) signed an Investment
Commitment Agreement with SSC whereby the Investor/Provider is committed to arranging up to one and half billion U.S. dollars (USD 1,500,000,000)
as may be needed to complete the SSC’s entire development and investment program over a 52-hectare of land at Lot I6 & I7,
Road D1, Saigon High Technology Park, Long Thanh My Ward, District 9, Ho Chi Minh City, Vietnam.

According
to the Investment Commitment Agreement, upon the signing of this Agreement, the SSC shall make a deposit of Five Hundred Thousand U.S.
Dollars (USD 500,000) with Philux Global Group as earnest money for legal, administrative and processing fees in connection with the
Investment Commitment Agreement. This amount will be fully refundable to SSC if the Company fails to fulfill its commitment as mentioned
in the Agreement

Within
thirty days after the deposit of at least two hundred thousand U.S. dollars (USD 200,000) of the refundable earnest money as mentioned
above, the Investor/Provider will provide or cause to be provided fifty million U.S. dollars (USD 50,000,000) for SSC to resume the implementation
of its building plan. Additional tranches of funds will be released to SSC at regular intervals as needed to ensure uninterrupted construction
progress. Both Parties shall determine and stipulate the terms and conditions for the Investment Commitment in writing prior to the release
of funds to SSC. The Investor/Provider intends to use a portion of the financing commitments from certain international institutional
and ultra-high net worth investors for investment in SSC.

    F-14

6.
BUSINESS COOPERATION AGREEMENT WITH SSE GLOBAL JSC

In
May 2023, the Company signed a Business Cooperation Agreement with SSE Group J