# EDGAR Filing Document

**Accession Number:** 0001765850
**File Stem:** 0001213900-25-097956
**Filing Date:** 2025-10
**Character Count:** 1320525
**Document Hash:** 3d6cc5df7a7b2d910728d9b3fbbc83d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-097956.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0001213900-25-097956

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251010

**FILED AS OF DATE**: 20251010

**DATE AS OF CHANGE**: 20251010

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Prestige Wealth Inc.
- **CENTRAL INDEX KEY:** 0001765850
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41734
- **FILM NUMBER:** 251386460

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 3201, CHAMPION TOWER
- **STREET 2:** 3 GARDEN ROAD, CENTRAL
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852 2122 8560

**MAIL ADDRESS:**
- **STREET 1:** SUITE 3201, CHAMPION TOWER
- **STREET 2:** 3 GARDEN ROAD, CENTRAL
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** 00000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of October 2025**

**Commission File Number: 001-41734**

**Prestige Wealth Inc.**

**Office Unit 6620B, 66/F, The Center**

**99 Queen's Road Central**

**Central, Hong Kong** 

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

***PIPE Financing***

On October 7, 2025, Prestige Wealth Inc. (the "<u>Company</u>") entered into subscription agreements (the "<u>Class A PIPE Subscription Agreements</u>") with certain accredited investors (the "<u>Class A PIPE Subscribers</u>") in an aggregate amount of approximately $51 million, pursuant to which the Company agreed to issue, and the Class A PIPE Subscribers agreed to purchase, units, with each unit consisting of (i) one Class A ordinary share of the Company, par value $0.000625 per share (each a "<u>Class A Share</u>" and collectively, the "<u>Class A Shares</u>") at a purchase price of $0.36 per share (or, if so elected by a Class A PIPE Subscriber or a pre-funded warrant to purchase one Class A Share (each, a "<u>Pre-Funded Warrant</u>" and collectively, the "<u>Pre-Funded Warrants</u>") at a purchase price per warrant of $0.36 less $0.0001 with an exercise price equal to $0.0001 per Pre-Funded Warrant), and (ii) two warrants to purchase Class A Shares consisting of (a) a warrant to purchase 0.5 Class A Shares with an exercise price of $0.47 per warrant (each, a "<u>Series A-1 Ordinary Warrant</u>" and collectively, the "<u>Series A-1 Ordinary Warrants</u>") and (b) a warrant to purchase 0.5 Class A Shares with an exercise price of $0.54 per warrant (each, a "<u>Series A-2 Ordinary Warrant</u>" and collectively, the "<u>Series A-2 Ordinary Warrants</u>, and the A-2 Ordinary Warrants together with the Series A-1 Ordinary Warrants, the "<u>Class A Ordinary Warrants</u>")(such offering, the "<u>Class A PIPE Financing</u>").

The Company also entered into subscription agreements (the "<u>Class B Subscription Agreements</u>") with certain accredited investors (the "<u>Class B PIPE Subscribers</u>") in an aggregate amount of approximately $49 million, pursuant to which the Company agrees to issue, and the Class B PIPE Subscribers agreed to purchase, units, with each unit consisting of (i) one Class B ordinary share of the Company, par value $0.000625 per share (each, a "<u>Class B Share</u>" and collectively, the "<u>Class B Shares</u>") at a purchase price of $0.36 per share and (ii) two warrants to purchase Class B Shares consisting of (a) a warrant to purchase 0.5 Class B Shares with an exercise price of $0.47 per warrant (each, a "<u>Series B-1 Ordinary Warrant</u>" and collectively, the "<u>Series B-1 Ordinary Warrants</u>") and (b) a warrant to purchase 0.5 Class B Shares with an exercise price of $0.54 per warrant (each a "<u>Class B-2 Ordinary Warrant</u>" and collectively, the "<u>Series B-2 Ordinary Warrants</u>, and the Series B-2 Warrants together with the Series B-1 Ordinary Warrants, the "<u>Class B Ordinary Warrants</u>")(such offering, the "<u>Class B PIPE Financing</u>" and collectively with the Class A PIPE Financing, the "<u>PIPE Financing</u>").

The Class A Ordinary Warrants and Class B Ordinary Warrants are collectively referred to as the "<u>Ordinary Warrants</u>". The Class A PIPE Subscription Agreements and the Class B PIPE Subscription Agreements are collectively referred to as the "<u>PIPE Subscription Agreements</u>".

Key investors in the PIPE Financing include Antalpha Capital (HK) Limited ("<u>Antalpha Capital</u>"), a wholly-owned subsidiary of Antalpha Platform Holdings Co. (Nasdaq: ANTA) ("<u>Antalpha</u>"), and Kiara Capital Holding Limited, an entity invested by Antalpha's management ("<u>Kiara Capital</u>"). The units, Class A Shares, Pre-Funded Warrants and the Ordinary Warrants were issued in a private placement in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "<u>Securities Act</u>") and/or Regulation D promulgated thereunder.

The consideration for the PIPE Financing was cash and/or USDT (Tether), a digital asset.

The net proceeds from the PIPE Financing are intended to be used by the Company to purchase Tether Gold ("XAUt"), a digital asset backed by physical gold, and for working capital and general corporate purposes.

The PIPE Financing closed on October 10, 2025, concurrently with the Primary Purchase and the Secondary Purchase, each as described below.

Pursuant to the PIPE Subscription Agreements, the Company has agreed to use commercially reasonable efforts to file with the Securities and Exchange Commission (the "<u>SEC</u>"), as soon as reasonably practicable following the closing of the PIPE Financing and in any case within 30 calendar days after the closing of the PIPE Financing, a registration statement (the "<u>Registration Statement</u>"), registering the resale of the Class A Shares offered in the PIPE Financing and any Class A Shares issuable upon exercise of the Pre-Funded Warrants and Ordinary Warrants. The Registration Statement is also expected to include Class A Shares sold pursuant to the Secondary Purchase and the Class A Shares issued or issuable upon conversion of the Class B Shares sold and upon exercise of warrants sold pursuant to the Primary Purchase and other Class A Shares that the Company may designate. The Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after filing, but no later than sixty business days (excluding any day on which the SEC is closed or not accepting, processing or reviewing filings) following the filing of such Registration Statement.

Antalpha Capital and Kiara Capital have agreed to lock-up restrictions with the Company whereby they will not sell or transfer the Company's securities for six months following the effectiveness of the Registration Statement, subject to customary exceptions. Additionally, the selling shareholders in the Secondary Purchase, certain officers and directors of the Company, and certain prior PIPE investors of the Company have agreed to similar lock-up restrictions for three months following the effectiveness of the Registration Statement.

The foregoing description of the Series A-1 Ordinary Warrants, the Series A-2 Ordinary Warrants, the Series B-1 Ordinary Warrants, the Series B-2 Ordinary Warrants, the Pre-Funded Warrants, the Class A PIPE Subscription Agreement and the Class B PIPE Subscription Agreement is qualified in its entirety by reference to the complete text of the forms of those agreements, which are attached hereto as Exhibits 4.1, 4.2, 4.3, 4.4, 4.5, 10.1 and 10.2, respectively, to this Report on Form 6-K (this "<u>Report</u>") and the terms of which are incorporated by reference herein.

In connection with the PIPE Financing and related transactions described herein, the Company included in Exhibit A to the PIPE Subscription Agreements certain risk factors disclosure applicable to the Company's business and the PIPE Financing. The risk factors disclosure included in Exhibit A to the PIPE Subscription Agreements, the forms of which are filed as Exhibits 10.1 and 10.2 to this Report and are incorporated by reference herein.

Cohen & Company Securities, LLC, acting through its Cohen & Company Capital Markets division, acted as placement agent in connection with the PIPE Financing.

The Company paid Cohen & Company Securities, LLC, a cash placement fee equal to 5% of the aggregate gross proceeds of the PIPE Financing, excluding any gross proceeds from certain investors, and an equity fee consisting of Class A Shares equal to 1% of the outstanding shares of the Company post-closing. The Company also reimbursed certain reasonable and documented out-of-pocket expenses of Cohen & Company Securities, LLC, in connection with the PIPE Financing, including but not limited to the reasonable fees and disbursements of outside attorneys, up to a maximum of $150,000.

In connection with and upon completion of the PIPE Financing, (i) the Series C ordinary warrants to purchase up to 24,456,522 Class A Shares that were issued pursuant to that certain amended and restated securities purchase agreement dated as of April 19, 2025 (the "<u>April 2025 PIPE Agreement</u>"), (ii) the Series D ordinary warrants to purchase up to 24,456,522 Class A Shares that were issued pursuant to the April 2025 PIPE Agreement, (iii) warrants to purchase up to 2,625,000 Class A Shares that issued in connection with acquisition of InnoSphere Tech Inc., and (iv) warrants to purchase up to 1,875,000 Class A Shares that were issued in connection with acquisition of Tokyo Bay Management Inc. were terminated.

***Primary Purchase***

On October 7, 2025, the Company entered into a subscription agreement (the "<u>Primary Subscription Agreement</u>") with Kiara Capital, pursuant to which the Company agreed to issue, and Kiara Capital agreed to purchase, 8,000,000 Class B Shares and warrants (the "<u>Primary Warrants</u>") to purchase an additional 8,000,000 Class B Shares at an exercise price of $0.01 per share, for an aggregate of purchase price of approximately $1.8 million (the "<u>Primary Purchase</u>"). The Primary Purchase closed concurrently with the PIPE Financing and the Secondary Purchase on October 10, 2025.

The foregoing description of the Primary Subscription Agreement and the Primary Warrants is qualified in its entirety by reference to the complete text of the form of the Primary Subscription Agreement and Primary Warrant, which are attached hereto as Exhibit 10.3 and Exhibit 4.6 to this Report and the terms of which are incorporated by reference herein.

***Secondary Purchase***

On October 7, 2025, Kiara Capital and certain existing shareholders of the Company named therein (the "<u>Selling Shareholders</u>") entered into that certain securities purchase agreement (the "<u>Secondary Purchase Agreement</u>"), pursuant to which the Selling Shareholders agreed to sell, and Kiara Capital agreed to purchase, an aggregate of 1,000,000 Class A Shares and 6,167,647 Class B Shares for an aggregate purchase price of $5 million in cash, subject to certain downward adjustments based on the net current liabilities of the Company (the "<u>Secondary Purchase</u>"). On October 7, 2025, the board of directors of the Company (the "<u>Board</u>") approved the transfer of such Class B Shares underlying the Secondary Purchase pursuant to its then effective memorandum and articles of association.

The Secondary Purchase closed concurrently with the PIPE Financing and the Primary Purchase on October 10, 2025.

The foregoing description of the Secondary Purchase Agreement is qualified in its entirety by reference to the complete text of the form of the Secondary Purchase Agreement, which is attached hereto as Exhibit 10.4 to this Report and the terms of which are incorporated by reference herein.

***Term Loan Agreement***

 ****

On October 10, 2025, Prestige Wealth Management Limited, a wholly-owned subsidiary of the Company, as the borrower, entered into a $50 million term loan agreement (the "<u>Loan Agreement</u>") with Northstar Digital (HK) Limited, as lender. The term loan is for a three-year period and bears interest at 6% per annum, and will be secured by first priority perfected liens on XAUt of the Company with an aggregate market value of $66,666,667 to be held in a collateral account.

The foregoing description of the Loan Agreement is qualified in its entirety by reference to the complete text of the form of the Loan Agreement, which is attached hereto as Exhibit 10.5 to this Report and the terms of which are incorporated by reference herein.

***Changes in Board and Executive Officers***

Concurrently with and upon the closing of the PIPE Financing, the Primary Purchase and the Secondary Purchase, Kazuho Komoda, the chief executive officer and chairman of the Board, resigned from the Board, the size of the Board was increased from five to six directors, and Moore Jin Xin, the founder and chief executive officer of Antalpha, and Herman Yu, Head of Strategy of Antalpha were appointed to the Board.

The Company entered into a director agreement (the "<u>Director Agreement</u>") with each of Moore Jin Xin and Herman Yu pursuant to which each will serve on the Board, and on applicable committees, effective as of the Closing, for a one year term. Each director will not receive compensation under the Director Agreement other than reimbursement of reasonable expenses. The Director Agreements include customary fiduciary duty, confidentiality, conflict-of-interest, non-interference, and Company property provisions, with survival of confidentiality and restrictive covenants and are governed by Cayman Islands law.

The Company also entered into an indemnification agreement (the "<u>Indemnification Agreement</u>") with each of Moore Jin Xin and Herman Yu that provides indemnification to the fullest extent permitted by applicable law and for advancement of expenses incurred in legal proceedings arising by reason of their service, subject to customary limitations (including exclusions for final adjudications of willful misconduct, certain securities law liabilities, and personal tax matters). The Indemnification Agreements are governed by Cayman Islands law and continue for periods during which claims may be asserted after service ends.

On October 10, 2025, the Company entered into an employment agreement (the "<u>Employment Agreement</u>") with each of Zimuyin Jiang and Wei Gao. Zimuyin Jiang will serve as the Company's Chief Accounting Officer and Wei Gao will serve as the Head of Wealth Management. The Employment Agreements include customary confidentiality and intellectual property assignment provisions and impose non-competition and non-solicitation restrictions for one year following termination. The Employment Agreements are governed by Cayman Islands law.

The foregoing description of the Director Agreement, Indemnification Agreement and Employment Agreement are qualified in their entirety by reference to the complete text of the forms of Director Agreement, Indemnification Agreement and Employment Agreement, which are attached hereto as Exhibits 10.6,10.7 and 10.8, respectively, to this Report and the terms of which are incorporated by reference herein.

***Consulting Services Agreement***

On October 10, 2025, the Company appointed Bjorn Schmidtke as Chief Executive Officer and will enter into a consulting services agreement (the "<u>Consulting Agreement</u>") with BD International Services LLC, a Limited Liability Company incorporated and existing under the laws of Wyoming, the United States, and Bjorn Schmidtke, under which Bjorn Schmidtke will provide management services to the Company, subject to the direction of the Board. The Consulting Agreement will have an indefinite term, unless it is terminated pursuant to the Consulting Agreement or mutually agreed by the parties thereto. The Consulting Agreement will provide for compensation and include customary terms such as confidentiality provisions, one-year post-termination non-compete and non-solicitation covenants, termination rights (including for cause by the Company and with advance notice by the consultant), independent contractor status, and is governed by Cayman Islands law.

The foregoing description of the Consulting Agreement is qualified in its entirety by reference to the complete text of the form of the Consulting Agreement, which is attached hereto as Exhibit 10.9 to this Report and the terms of which are incorporated by reference herein.

***Press Release***

In connection with the Offering, the Company delivered an investor presentation to potential investors on a confidential basis. On October 10, 2025, the Company issued a press release announcing the relevant transactions. A copy of the press release and investor presentation are attached as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report hereto.

The Company plans to rebrand as Aurelion, subject to approvals, and dedicate the majority of the proceeds from the PIPE Financing and the Primary Purchase to acquiring and holding XAUt as its primary treasury reserve asset. The new business line will focus on building a significant XAUt treasury. Additional updates regarding the acquisition of XAUt, treasury growth, and governance measures are expected in the coming weeks. The Company's existing business operations will continue.

**Incorporation by Reference**

The contents of this Report on Form 6-K, including the exhibits hereto, are hereby incorporated by reference into the Company's registration statement on [Form S-8](https://www.sec.gov/Archives/edgar/data/1765850/000121390024113480/ea0224866-s8_prestige.htm) filed with the U.S. Securities and Exchange Commission ("SEC") on December 30, 2024 (File No. 333-284085).

***Forward-Looking Statements***

This Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the expected consummation of the PIPE Financing, the Primary Purchase and the Secondary Purchase, the Company's existing operations and the implementation of its proposed XAUt treasury strategy. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. Important factors that may affect actual results or outcomes include, but are not limited to: risks related to whether the conditions required to close the PIPE Financing, the Primary Purchase and the Secondary Purchase will be satisfied; the potential impact of market and other general economic conditions; the ability of the Company to successfully execute its business plan, including the implementation of the XAUt treasury strategy and achieve the intended benefits thereof; the Company's failure to manage growth effectively; the Company's failure to fully realize the anticipated benefits of the PIPE Financing and the Primary Purchase and use of proceeds therefrom; and other risks and uncertainties set forth in Exhibit A to the form of PIPE Subscription Agreements filed as Exhibits 10.1 and 10.2 to this Report on Form 6-K and in the Company's Annual Report on 20-F for the fiscal year ended September 30, 2024 filed with the SEC, and in the Company's subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

***No Offer or Solicitation***

None of this Report nor the exhibits attached hereto constitutes an offer to sell, or a solicitation of an offer to sell Class A Shares, Class B Shares or any other securities, nor shall there be any sale of Class A Shares, Class B Shares or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

**Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1 | [Form of Series A-1 Warrant](ea026033801ex4-1_prestige.htm) |
| 4.2 | [Form of Series A-2 Warrant](ea026033801ex4-2_prestige.htm) |
| 4.3 | [Form of Series B-1 Warrant](ea026033801ex4-3_prestige.htm) |
| 4.4 | [Form of Series B-2 Warrant](ea026033801ex4-4_prestige.htm) |
| 4.5 | [Form of Pre-Funded Warrant](ea026033801ex4-5_prestige.htm) |
| 4.6 | [Form of Primary Warrant](ea026033801ex4-6_prestige.htm) |
| 10.1\* | [Form of Class A PIPE Subscription Agreement, dated as of October 7, 2025](ea026033801ex10-1_prestige.htm) |
| 10.2\* | [Form of Class B PIPE Subscription Agreement, dated as of October 7, 2025](ea026033801ex10-2_prestige.htm) |
| 10.3\* | [Primary Subscription Agreement, dated as of October 7, 2025](ea026033801ex10-3_prestige.htm) |
| 10.4\* | [Secondary Purchase Agreement, dated as of October 7, 2025, by and among Kiara Capital Holding Limited, the sellers named therein, and Kazuho Komoda, as the representative of the sellers.](ea026033801ex10-4_prestige.htm) |
| 10.5\* | [NorthStar Loan Agreement, dated as of October 10, 2025, by and between Northstar Digital (HK) Limited and Prestige Wealth Management Limited.](ea026033801ex10-5_prestige.htm) |
| 10.6 | [Form of Director Agreement](ea026033801ex10-6_prestige.htm) |
| 10.7 | [Form of Indemnification Agreement](ea026033801ex10-7_prestige.htm) |
| 10.8 | [Form of Officer Employment Agreement](ea026033801ex10-8_prestige.htm) |
| 10.9 | [Form of Consulting Services Agreement, by and among, the Company, BD International Services LLC and Bjorn Schmidtke](ea026033801ex10-9_prestige.htm) |
| 99.1 | [Press Release, dated as of October 10, 2025](ea026033801ex99-1_prestige.htm) |
| 99.2 | [Investor Presentation](ea026033801ex99-2_prestige.htm) |

---

\* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the SEC upon request.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Prestige Wealth Inc.** | **Prestige Wealth Inc.** |
| Date: October 10, 2025 | By: | /s/ Kazuho Komoda |
|  | Name: | Kazuho Komoda |
|  | Title: | Chief Executive Officer and Chairman |

---

## Exhibit 4.1

**Exhibit 4.1**

**NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.**

**CLASS A ORDINARY SHARE PURCHASE WARRANT**

**[______________________]**

Warrant Shares: ______ Class A Ordinary Shares

Date of Issuance: October 10, 2025

THIS CLASS A ORDINARY SHARE PURCHASE WARRANT (the "<u>Warrant</u>") certifies that, for value received, _____________ or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date of issuance hereof (the "<u>Initial Exercise Date</u>") and until on or prior to 5:00 p.m. (New York City time) on October 10, 2028 (the "<u>Termination Date</u>") but not thereafter (the "<u>Exercise Period</u>"), to subscribe for and purchase from Prestige Wealth Inc., a Cayman Islands exempted company (the "<u>Company</u>"), up to [●] Class A Ordinary Shares (as subject to adjustment hereunder, the "<u>Warrant Shares</u>"). The purchase price of one Class A Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. Capitalized terms used and not defined herein shall have the meanings set forth in that certain Subscription Agreement (the "<u>Subscription Agreement</u>"), and the following terms have the meanings indicated in this Section 1:

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the bid price of the Class A Ordinary Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price of the Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.

"<u>Class A Ordinary Shares</u>" means the Class A Ordinary Shares of the Company, par value US$0.000625 per share.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Trading Day</u>" means a day on which the Class A Ordinary Share is traded on a Trading Market.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Class A Ordinary Share is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, (or any successors to any of the foregoing).

"<u>Transfer Agent</u>" means Transhare Corporation, the current transfer agent of the Company, and any successor transfer agent of the Company.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the "<u>Notice of Exercise</u>"). Within one (1) Trading Day, following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The exercise price per Class A Ordinary Share under this Warrant shall be US$0.47 per share, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Cashless Exercise</u>. Solely in the event that if at any time after six (6) months following the Closing Date as defined in the Subscription Agreement there is no effective registration statement registering, or the prospectus contained therein is not available for the resale of, the Warrant Shares , in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading
Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading
hours" (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at
the option of the Holders, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the Class A Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. (" <u>Bloomberg</u> ")
as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular
trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close
of "regular trading hours" on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable
Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) = the Exercise Price of this Warrant, as adjusted hereunder;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(X) = the number of Warrant Shares that would be issuable upon exercise
of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless
exercise.

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section 2(c).

Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's or its designee's
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (" <u>DWAC</u> ") if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of
the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is exercised via cashless exercise, and otherwise
by physical delivery of a certificate to the address specified by the Holder in the Notice of Exercise and the name of the Holder or its
designee registered in the Company's register of members, for the number of Warrant Shares to which the Holder is entitled pursuant
to such exercise by the date that is three (3) Trading Days, after the delivery to the Company of the Notice of Exercise (such date, the
" <u>Warrant Share Delivery Date</u> "). Upon delivery of the Notice of Exercise and the name of the Holder registered in the
Company's register of members, the Holder shall be deemed for all corporate purposes to have become the holder of record of the
Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided
that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company. If the Company fails for any reason to deliver to the Holder the Warrant Shares
subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages
and not as a penalty, for each US$1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Class A Ordinary Shares on
the date of the applicable Notice of Exercise), US$10 per Trading Day (increasing to US$20 per Trading Day on the third Trading Day after
such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered
or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as
this Warrant remains outstanding and exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Legend Removal</u>. If the Warrant Shares may be sold under Rule 144 or pursuant to an effective registration
statement, the Holder may request that the Company instruct the Transfer Agent to remove any restrictive legend from the Warrant Shares.
The Company shall, at its own expense, cause its counsel to issue any legal opinion required by the Transfer Agent to effect the removal
of the legend, provided that the Holder delivers to the Company and its counsel such representations and other documentation as are reasonably
requested to enable such opinion to be rendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the
Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares,
deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the
Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition
to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other
than any such failure that is solely due to any action or inaction by the Holder with respect to such exercise), and if after such date
the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise
purchases, Class A Ordinary Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a " <u>Buy-In</u> "), then the Company shall (A) pay in cash to the Holder the amount, if any,
by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the Class A Ordinary Shares so purchased
exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder
in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed,
and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such
exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Class A Ordinary
Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example,
if the Holder purchases Class A Ordinary Shares having a total purchase price of US$11,000 to cover a Buy-In with respect to an attempted
exercise of Warrants with an aggregate sale price giving rise to such purchase obligation of US$10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder US$1,000. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing
herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver Class
A Ordinary Shares upon exercise of the Warrant as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall
be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to
such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as <u>Exhibit B</u> duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any
transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Closing of Books</u>. The Company will not close its register of members or records in any manner which
prevents the timely exercise of this Warrant, pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Holder's Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant,
and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that
after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates (such Persons, " <u>Attribution Parties</u> ")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of
the foregoing sentence, the number of Class A Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties
shall include the Class A Ordinary Shares issuable upon exercise of this Warrant with respect to which such determination is being made,
but shall exclude the number of Class A Ordinary Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion
of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the
unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Class A Ordinary
Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by
the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this
Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is
in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance
therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this
Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a
determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and
the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Class A
Ordinary Shares, a Holder may rely on the number of outstanding Class A Ordinary Shares as reflected in (A) the Company's most recent
periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a
more recent written notice by the Company or the Transfer Agent setting forth the number of Class A Ordinary Shares outstanding. 
Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the
number of Class A Ordinary Shares then outstanding. In any case, the number of outstanding Class A Ordinary Shares shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates
or Attribution Parties since the date as of which such number of outstanding Class A Ordinary Shares was reported. The " <u>Beneficial Ownership Limitation</u> " shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number
of Class A Ordinary Shares outstanding immediately after giving effect to the issuance of Class A Ordinary Shares issuable upon exercise
of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this
Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Class A Ordinary Shares outstanding
immediately after giving effect to the issuance of Class A Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions
of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup>st</sup>
day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Share Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on its Class A Ordinary Shares or any other equity or equity equivalent securities payable in Class A Ordinary Shares (which, for avoidance of doubt, shall not include any Class A Ordinary Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Class A Ordinary Shares into a larger number of shares, (iii) combines (including by way of share consolidation) outstanding Class A Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of Class A Ordinary Shares any shares of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Class A Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Class A Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time that this Warrant is outstanding the Company grants, issues or sells any Class A Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of Class A Ordinary Shares (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Class A Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Class A Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Class A Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Pro Rata Distributions.</u> During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Class A Ordinary Shares, by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Class A Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Class A Ordinary Shares are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Class A Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Class A Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the voting power of the equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Class A Ordinary Shares or any compulsory share exchange pursuant to which the Class A Ordinary Shares is effectively converted into or exchanged for other securities, cash or property and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires greater than 50% of the voting power of the equity of the Company (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Class A Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of Class A Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Class A Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Class A Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Class A Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Class A Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(e) regardless of (i) whether the Company has sufficient authorized Class A Ordinary Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Class A Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Class A Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Class A Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Class A Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Class A Ordinary Shares rights or warrants to subscribe for or purchase any shares of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Class A Ordinary Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Class A Ordinary Shares is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Class A Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Class A Ordinary Shares of record shall be entitled to exchange their Class A Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with (i) a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and (ii) funds sufficient to pay any transfer taxes payable upon the making of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Representation by the Holder</u>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

<u>Section 5</u>. <u>Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Redemption of Warrants</u>. Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Company, upon notice to the Holders, as described in Section 5(b) below, at the price of $0.01 per Warrant (the "<u>Redemption Price</u>"), provided that the closing price of the Class A Ordinary Shares reported has been at least $0.94 per share (subject to adjustment in compliance with Section 3 hereof), on each of twenty (20) Trading Days, within the thirty (30) Trading-Day period ending on the third Trading Day prior to the date on which notice of the redemption is given and provided that there is an effective registration statement covering the Class A Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 5(b) below) or the Company has elected to require the exercise of the Warrants on a "cashless basis" pursuant to Section 2(c) and such cashless exercise is exempt from registration under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Date Fixed for, and Notice of, Redemption</u>. In the event that the Company elects to redeem all of the Warrants pursuant to Section 5(a), the Company shall fix a date for the redemption (the "<u>Redemption Date</u>"). Notice of redemption shall be emailed and mailed by first class mail, postage prepaid, by the Company not less than thirty (30) calendar days prior to the Redemption Date (such 30-day period, the "<u>Redemption Period</u>") to the Holders of the Warrants to be redeemed at their last email and physical addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Holder received such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Exercise After Notice of Redemption</u>. The Warrants may be exercised, for cash (or on a "cashless basis" in accordance with Section 2(c)) at any time after notice of redemption shall have been given by the Company pursuant to Section 5(b) hereof and prior to the Redemption Date. In the event that the Company determines to require all Holders of Warrants to exercise their Warrants on a "cashless basis" pursuant to Section 2(c), the notice of redemption shall contain the information necessary to calculate the number of Class A Ordinary Shares to be received upon exercise of the Warrants. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

<u>Section 6</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a RR Business Day (defined herein), then such action may be taken or such right may be exercised on the next succeeding RR Business Day. "<u>RR Business Day</u>" means any day other than a Saturday, Sunday or day on which the Commission is closed or on which the commission is not accepting, processing or reviewing filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its memorandum and articles of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant or the Subscription Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any and all notices, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Class A Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder of this Warrant, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

 

*(Signature Page Follows)*

 

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

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| | |
|:---|:---|
| **PRESTIGE WEALTH INC.** | **PRESTIGE WEALTH INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

<u>Exhibit A</u>

**NOTICE OF EXERCISE**

To: prestige wealth inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity: ________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

<u>EXHIBIT B</u>

**ASSIGNMENT FORM**

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)*

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

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| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |
| Dated: _______________ __, ______ |  |
| Holder's Signature:<u> </u>______________________ |  |
| Holder's Address: _______________________ |  |

---

## Exhibit 4.2

**Exhibit 4.2**

**NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.**

**CLASS A ORDINARY SHARE PURCHASE WARRANT**

**[______________________]**

Warrant Shares: ______ Class A Ordinary Shares

Date of Issuance: October 10, 2025

THIS CLASS A ORDINARY SHARE PURCHASE WARRANT (the "<u>Warrant</u>") certifies that, for value received, _____________ or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date of issuance hereof (the "<u>Initial Exercise Date</u>") and until on or prior to 5:00 p.m. (New York City time) on October 10, 2028 (the "<u>Termination Date</u>") but not thereafter (the "<u>Exercise Period</u>"), to subscribe for and purchase from Prestige Wealth Inc., a Cayman Islands exempted company (the "<u>Company</u>"), up to [●] Class A Ordinary Shares (as subject to adjustment hereunder, the "<u>Warrant Shares</u>"). The purchase price of one Class A Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. Capitalized terms used and not defined herein shall have the meanings set forth in that certain Subscription Agreement (the "<u>Subscription Agreement</u>"), and the following terms have the meanings indicated in this Section 1:

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the bid price of the Class A Ordinary Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price of the Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.

"<u>Class A Ordinary Shares</u>" means the Class A Ordinary Shares of the Company, par value US$0.000625 per share.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Trading Day</u>" means a day on which the Class A Ordinary Share is traded on a Trading Market.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Class A Ordinary Share is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, (or any successors to any of the foregoing).

"<u>Transfer Agent</u>" means Transhare Corporation, the current transfer agent of the Company, and any successor transfer agent of the Company.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the "<u>Notice of Exercise</u>"). Within one (1) Trading Day, following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The exercise price per Class A Ordinary Share under this Warrant shall be US$0.54 per share, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Cashless Exercise</u>. Solely in the event that if at any time after six (6) months following the Closing Date as defined in the Subscription Agreement there is no effective registration statement registering, or the prospectus contained therein is not available for the resale of, the Warrant Shares, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading
Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading
hours" (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at
the option of the Holders, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the Class A Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. (" <u>Bloomberg</u> ")
as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular
trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close
of "regular trading hours" on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable
Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) = the Exercise Price of this Warrant, as adjusted hereunder;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(X) = the number of Warrant Shares that would be issuable upon exercise
of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless
exercise.

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section 2(c).

Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's or its designee's
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (" <u>DWAC</u> ") if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of
the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is exercised via cashless exercise, and otherwise
by physical delivery of a certificate to the address specified by the Holder in the Notice of Exercise and the name of the Holder or its
designee registered in the Company's register of members, for the number of Warrant Shares to which the Holder is entitled pursuant
to such exercise by the date that is three (3) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the
" <u>Warrant Share Delivery Date</u> "). Upon delivery of the Notice of Exercise and the name of the Holder registered in the
Company's register of members, the Holder shall be deemed for all corporate purposes to have become the holder of record of the
Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided
that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company. If the Company fails for any reason to deliver to the Holder the Warrant Shares
subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages
and not as a penalty, for each US$1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Class A Ordinary Shares on
the date of the applicable Notice of Exercise), US$10 per Trading Day (increasing to US$20 per Trading Day on the third Trading Day after
such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered
or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as
this Warrant remains outstanding and exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Legend Removal</u>. If the Warrant Shares may be sold under Rule 144 or pursuant to an effective registration
statement, the Holder may request that the Company instruct the Transfer Agent to remove any restrictive legend from the Warrant Shares.
The Company shall, at its own expense, cause its counsel to issue any legal opinion required by the Transfer Agent to effect the removal
of the legend, provided that the Holder delivers to the Company and its counsel such representations and other documentation as are reasonably
requested to enable such opinion to be rendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the
Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares,
deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the
Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition
to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other
than any such failure that is solely due to any action or inaction by the Holder with respect to such exercise), and if after such date
the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise
purchases, Class A Ordinary Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a " <u>Buy-In</u> "), then the Company shall (A) pay in cash to the Holder the amount, if any,
by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the Class A Ordinary Shares so purchased
exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder
in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed,
and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such
exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Class A Ordinary
Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example,
if the Holder purchases Class A Ordinary Shares having a total purchase price of US$11,000 to cover a Buy-In with respect to an attempted
exercise of Warrants with an aggregate sale price giving rise to such purchase obligation of US$10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder US$1,000. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing
herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver Class
A Ordinary Shares upon exercise of the Warrant as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall
be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to
such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as <u>Exhibit B</u> duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any
transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Closing of Books</u>. The Company will not close its register of members or records in any manner which
prevents the timely exercise of this Warrant, pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Holder's Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant,
and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that
after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates (such Persons, " <u>Attribution Parties</u> ")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of
the foregoing sentence, the number of Class A Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties
shall include the Class A Ordinary Shares issuable upon exercise of this Warrant with respect to which such determination is being made,
but shall exclude the number of Class A Ordinary Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion
of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the
unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Class A Ordinary
Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by
the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this
Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is
in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance
therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this
Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a
determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and
the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Class A
Ordinary Shares, a Holder may rely on the number of outstanding Class A Ordinary Shares as reflected in (A) the Company's most recent
periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a
more recent written notice by the Company or the Transfer Agent setting forth the number of Class A Ordinary Shares outstanding. 
Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the
number of Class A Ordinary Shares then outstanding. In any case, the number of outstanding Class A Ordinary Shares shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates
or Attribution Parties since the date as of which such number of outstanding Class A Ordinary Shares was reported. The " <u>Beneficial Ownership Limitation</u> " shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number
of Class A Ordinary Shares outstanding immediately after giving effect to the issuance of Class A Ordinary Shares issuable upon exercise
of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this
Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Class A Ordinary Shares outstanding
immediately after giving effect to the issuance of Class A Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions
of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup>st</sup>
day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Share Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on its Class A Ordinary Shares or any other equity or equity equivalent securities payable in Class A Ordinary Shares (which, for avoidance of doubt, shall not include any Class A Ordinary Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Class A Ordinary Shares into a larger number of shares, (iii) combines (including by way of share consolidation) outstanding Class A Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of Class A Ordinary Shares any shares of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Class A Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Class A Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time that this Warrant is outstanding the Company grants, issues or sells any Class A Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of Class A Ordinary Shares (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Class A Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Class A Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Class A Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Pro Rata Distributions.</u> During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Class A Ordinary Shares, by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Class A Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Class A Ordinary Shares are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Class A Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Class A Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the voting power of the equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Class A Ordinary Shares or any compulsory share exchange pursuant to which the Class A Ordinary Shares is effectively converted into or exchanged for other securities, cash or property and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires greater than 50% of the voting power of the equity of the Company (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Class A Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of Class A Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Class A Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Class A Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Class A Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Class A Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(e) regardless of (i) whether the Company has sufficient authorized Class A Ordinary Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Class A Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Class A Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Class A Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Class A Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Class A Ordinary Shares rights or warrants to subscribe for or purchase any shares of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Class A Ordinary Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Class A Ordinary Shares is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Class A Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Class A Ordinary Shares of record shall be entitled to exchange their Class A Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with (i) a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and (ii) funds sufficient to pay any transfer taxes payable upon the making of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Representation by the Holder</u>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

<u>Section 5</u>. <u>Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Redemption of Warrants</u>. Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Company, upon notice to the Holders, as described in Section 5(b) below, at the price of $0.01 per Warrant (the "<u>Redemption Price</u>"), provided that the closing price of the Class A Ordinary Shares reported has been at least $1.08 per share (subject to adjustment in compliance with Section 3 hereof), on each of twenty (20) Trading Days, within the thirty (30) Trading-Day period ending on the third Trading Day prior to the date on which notice of the redemption is given and provided that there is an effective registration statement covering the Class A Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 5(b) below) or the Company has elected to require the exercise of the Warrants on a "cashless basis" pursuant to Section 2(c) and such cashless exercise is exempt from registration under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Date Fixed for, and Notice of, Redemption</u>. In the event that the Company elects to redeem all of the Warrants pursuant to Section 5(a), the Company shall fix a date for the redemption (the "<u>Redemption Date</u>"). Notice of redemption shall be emailed and mailed by first class mail, postage prepaid, by the Company not less than thirty (30) calendar days prior to the Redemption Date (such 30-day period, the "<u>Redemption Period</u>") to the Holders of the Warrants to be redeemed at their last email and physical addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Holder received such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Exercise After Notice of Redemption</u>. The Warrants may be exercised, for cash (or on a "cashless basis" in accordance with Section 2(c)) at any time after notice of redemption shall have been given by the Company pursuant to Section 5(b) hereof and prior to the Redemption Date. In the event that the Company determines to require all Holders of Warrants to exercise their Warrants on a "cashless basis" pursuant to Section 2(c), the notice of redemption shall contain the information necessary to calculate the number of Class A Ordinary Shares to be received upon exercise of the Warrants. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

<u>Section 6</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a RR Business Day (defined herein), then such action may be taken or such right may be exercised on the next succeeding RR Business Day. "<u>RR Business Day</u>" means any day other than a Saturday, Sunday or day on which the Commission is closed or on which the commission is not accepting, processing or reviewing filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its memorandum and articles of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant or the Subscription Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any and all notices, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Class A Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder of this Warrant, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

 

*(Signature Page Follows)*

 

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

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| | |
|:---|:---|
| **PRESTIGE WEALTH INC.** | **PRESTIGE WEALTH INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

<u>Exhibit A</u>

**NOTICE OF EXERCISE**

To: prestige wealth inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity: ________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

<u>EXHIBIT B</u>

**ASSIGNMENT FORM**

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)*

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

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| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |
| Dated: _______________ __, ______ |  |
| Holder's Signature: ____________________<u> </u> |  |
| Holder's Address:<u> </u>_____________________ |  |

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## Exhibit 4.3

**Exhibit 4.3**

**NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.**

**CLASS B ORDINARY SHARE PURCHASE WARRANT**

**[______________________]**

Warrant Shares: ______ Class B Ordinary Shares

Date of Issuance: October 10, 2025

THIS CLASS B ORDINARY SHARE PURCHASE WARRANT (the "<u>Warrant</u>") certifies that, for value received, _____________ or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Shareholder Approval Date and until on or prior to 5:00 p.m. (New York City time) on October 10, 2035 (the "<u>Termination Date</u>") but not thereafter (the "<u>Exercise Period</u>"), to subscribe for and purchase from Prestige Wealth Inc., a Cayman Islands exempted company (the "<u>Company</u>"), up to [●] Class B Ordinary Shares (as subject to adjustment hereunder, the "<u>Warrant Shares</u>"). The purchase price of one Class B Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. Capitalized terms used and not defined herein shall have the meanings set forth in that certain Subscription Agreement (the "<u>Subscription Agreement</u>"), and the following terms have the meanings indicated in this Section 1:

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the bid price of the Class A Ordinary Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price of the Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.

"<u>Class A Ordinary Shares</u>" means the Class A Ordinary Shares of the Company, par value US$0.000625 per share.

"<u>Class B Ordinary Shares</u>" means the Class B Ordinary Shares of the Company, par value US$0.000625 per share.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Ordinary Shares</u>" means the Class A Ordinary Shares and the Class B Ordinary Shares, and any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Trading Day</u>" means a day on which the Class A Ordinary Share is traded on a Trading Market.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Class A Ordinary Share is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, (or any successors to any of the foregoing).

"<u>Transfer Agent</u>" means Transhare Corporation, the current transfer agent of the Company, and any successor transfer agent of the Company.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the "<u>Notice of Exercise</u>"). Within one (1) Trading Day following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The exercise price per Class B Ordinary Share under this Warrant shall be US$0.47 per share, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's or its designee's
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (" <u>DWAC</u> ") if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of
the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is exercised by physical delivery of a certificate
to the address specified by the Holder in the Notice of Exercise and the name of the Holder or its designee registered in the Company's
register of members, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise by the date that is three
(3) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the " <u>Warrant Share Delivery Date</u> ").
Upon delivery of the Notice of Exercise and the name of the Holder registered in the Company's register of members, the Holder shall
be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has
been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price is received
within one (1) Trading Day after delivery of the aggregate Exercise Price to the Company. If the Company fails for any reason to deliver
to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, for each US$1,000 of Warrant Shares subject to such exercise (based on the VWAP of
the Class A Ordinary Shares on the date of the applicable Notice of Exercise), US$10 per Trading Day (increasing to US$20 per Trading
Day on the third Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date
until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant
in the FAST program so long as this Warrant remains outstanding and exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Legend Removal</u>. If the Warrant Shares may be sold under Rule 144 or pursuant to an effective registration
statement, the Holder may request that the Company instruct the Transfer Agent to remove any restrictive legend from the Warrant Shares.
The Company shall, at its own expense, cause its counsel to issue any legal opinion required by the Transfer Agent to effect the removal
of the legend, provided that the Holder delivers to the Company and its counsel such representations and other documentation as are reasonably
requested to enable such opinion to be rendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the
Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares,
deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the
Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition
to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other
than any such failure that is solely due to any action or inaction by the Holder with respect to such exercise), and if after such date
the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise
purchases, Class A Ordinary Shares to deliver in satisfaction of a sale by the Holder of Class A Ordinary Shares into which the Warrant
Shares that the Holder anticipated receiving upon such exercise is then convertible (a " <u>Buy-In</u> "), then the Company
shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions,
if any) for the Class A Ordinary Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Class A Ordinary
Shares that the Company was required to deliver to the Holder in connection with the exercise at issue and conversion thereof times (2)
the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate
the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise
shall be deemed rescinded) or deliver to the Holder the number of Class B Ordinary Shares that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Class A Ordinary Shares having
a total purchase price of US$11,000 to cover a Buy-In with respect to an attempted exercise of Warrants and conversion of Warrant Shares
for Class A Ordinary Shares with an aggregate sale price giving rise to such purchase obligation of US$10,000, under clause (A) of the
immediately preceding sentence the Company shall be required to pay the Holder US$1,000. The Holder shall provide the Company written
notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to
timely deliver Class B Ordinary Shares upon exercise of the Warrant and Class A Ordinary Shares upon conversion of the Warrant Shares
as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall
be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to
such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as [ <u>Exhibit B</u> ]
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any
transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Closing of Books</u>. The Company will not close its register of members or records in any manner which
prevents the timely exercise of this Warrant, pursuant to the terms hereof.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Share Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on its Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary Shares (which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of share consolidation) outstanding Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of Ordinary Shares any shares of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time that this Warrant is outstanding the Company grants, issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Class B Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Class B Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the voting power of the equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares is effectively converted into or exchanged for other securities, cash or property and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires greater than 50% of the voting power of the equity of the Company (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Class B Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of Class B Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Class B Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of the Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Class B Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Class B Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(e) regardless of (i) whether the Company has sufficient authorized Class B Ordinary Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Shareholder Approval Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Ordinary Shares is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with (i) a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and (ii) funds sufficient to pay any transfer taxes payable upon the making of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Representation by the Holder</u>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

<u>Section 5</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a RR Business Day (defined herein), then such action may be taken or such right may be exercised on the next succeeding RR Business Day. "<u>RR Business Day</u>" means any day other than a Saturday, Sunday or day on which the Commission is closed or on which the commission is not accepting, processing or reviewing filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its memorandum and articles of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant or the Subscription Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any and all notices, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Class B Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder of this Warrant, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

 

*(Signature Page Follows)*

 

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

---

| | |
|:---|:---|
| **PRESTIGE WEALTH INC.** | **PRESTIGE WEALTH INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

<u>Exhibit A</u>

**NOTICE OF EXERCISE**

To: PRESTIGE WEALTH INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity: ________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

<u>EXHIBIT B</u>

**ASSIGNMENT FORM**

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)*

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

---

| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |
| Dated: _______________ __, ______ |  |
| Holder's Signature: ______________________ |  |
| Holder's Address: _______________________ |  |

---

## Exhibit 4.4

**Exhibit 4.4**

**NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.**

**CLASS B ORDINARY SHARE PURCHASE WARRANT**

**[______________________]**

Warrant Shares: ______ Class B Ordinary Shares

Date of Issuance: October 10, 2025

THIS CLASS B ORDINARY SHARE PURCHASE WARRANT (the "<u>Warrant</u>") certifies that, for value received, _____________ or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Shareholder Approval Date and until on or prior to 5:00 p.m. (New York City time) on October 10, 2035 (the "<u>Termination Date</u>") but not thereafter (the "<u>Exercise Period</u>"), to subscribe for and purchase from Prestige Wealth Inc., a Cayman Islands exempted company (the "<u>Company</u>"), up to [●] Class B Ordinary Shares (as subject to adjustment hereunder, the "<u>Warrant Shares</u>"). The purchase price of one Class B Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. Capitalized terms used and not defined herein shall have the meanings set forth in that certain Subscription Agreement (the "<u>Subscription Agreement</u>"), and the following terms have the meanings indicated in this Section 1:

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the bid price of the Class A Ordinary Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price of the Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.

"<u>Class A Ordinary Shares</u>" means the Class A Ordinary Shares of the Company, par value US$0.000625 per share.

"<u>Class B Ordinary Shares</u>" means the Class B Ordinary Shares of the Company, par value US$0.000625 per share.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Ordinary Shares</u>" means the Class A Ordinary Shares and the Class B Ordinary Shares, and any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Trading Day</u>" means a day on which the Class A Ordinary Share is traded on a Trading Market.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Class A Ordinary Share is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, (or any successors to any of the foregoing).

"<u>Transfer Agent</u>" means Transhare Corporation, the current transfer agent of the Company, and any successor transfer agent of the Company.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the "<u>Notice of Exercise</u>"). Within one (1) Trading Day following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The exercise price per Class B Ordinary Share under this Warrant shall be US$0.54 per share, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant Shares Upon Exercise.</u> The Company shall cause the Warrant Shares purchased
 hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account
 of the Holder's or its designee's balance account with The Depository Trust Company
 through its Deposit or Withdrawal at Custodian system (" <u>DWAC</u> ") if the
 Company is then a participant in such system and either (A) there is an effective registration
 statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares
 by the Holder or (B) this Warrant is exercised by physical delivery of a certificate to the
 address specified by the Holder in the Notice of Exercise and the name of the Holder or its
 designee registered in the Company's register of members, for the number of Warrant
 Shares to which the Holder is entitled pursuant to such exercise by the date that is the
 earlier of three (3) Trading Days after the delivery to the Company of the Notice of Exercise
 (such date, the " <u>Warrant Share Delivery Date</u> "). Upon delivery of the Notice
 of Exercise and the name of the Holder registered in the Company's register of members,
 the Holder shall be deemed for all corporate purposes to have become the holder of record
 of the Warrant Shares with respect to which this Warrant has been exercised, irrespective
 of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise
 Price is received within one (1) Trading Day after delivery of the aggregate Exercise Price
 to the Company. If the Company fails for any reason to deliver to the Holder the Warrant
 Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall
 pay to the Holder, in cash, as liquidated damages and not as a penalty, for each US$1,000
 of Warrant Shares subject to such exercise (based on the VWAP of the Class A Ordinary Shares
 on the date of the applicable Notice of Exercise), US$10 per Trading Day (increasing to US$20
 per Trading Day on the third Trading Day after such liquidated damages begin to accrue) for
 each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered
 or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is
 a participant in the FAST program so long as this Warrant remains outstanding and exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Legend Removal</u>. If the Warrant Shares may be sold under Rule 144 or pursuant to an effective
 registration statement, the Holder may request that the Company instruct the Transfer Agent
 to remove any restrictive legend from the Warrant Shares. The Company shall, at its own expense,
 cause its counsel to issue any legal opinion required by the Transfer Agent to effect the
 removal of the legend, provided that the Holder delivers to the Company and its counsel such
 representations and other documentation as are reasonably requested to enable such opinion
 to be rendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the
 Company shall, at the request of a Holder and upon surrender of this Warrant certificate,
 at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing
 the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
 which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the
 Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder
 will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to
 any other rights available to the Holder, if the Company fails to cause the Transfer Agent
 to transmit to the Holder the Warrant Shares in accordance with the provisions of Section
 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other
 than any such failure that is solely due to any action or inaction by the Holder with respect
 to such exercise), and if after such date the Holder is required by its broker to purchase
 (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise
 purchases, Class A Ordinary Shares to deliver in satisfaction of a sale by the Holder of
 Class A Ordinary Shares into which the Warrant Shares that the Holder anticipated receiving
 upon such exercise is then convertible (a " <u>Buy-In</u> "), then the Company
 shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total
 purchase price (including brokerage commissions, if any) for the Class A Ordinary Shares
 so purchased exceeds (y) the amount obtained by multiplying (1) the number of Class A Ordinary
 Shares that the Company was required to deliver to the Holder in connection with the exercise
 at issue and conversion thereof times (2) the price at which the sell order giving rise to
 such purchase obligation was executed, and (B) at the option of the Holder, either reinstate
 the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
 was not honored (in which case such exercise shall be deemed rescinded) or deliver to the
 Holder the number of Class B Ordinary Shares that would have been issued had the Company
 timely complied with its exercise and delivery obligations hereunder. For example, if the
 Holder purchases Class A Ordinary Shares having a total purchase price of US$11,000 to cover
 a Buy-In with respect to an attempted exercise of Warrants and conversion of Warrant Shares
 for Class A Ordinary Shares with an aggregate sale price giving rise to such purchase obligation
 of US$10,000, under clause (A) of the immediately preceding sentence the Company shall be
 required to pay the Holder US$1,000. The Holder shall provide the Company written notice
 indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of
 the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's
 right to pursue any other remedies available to it hereunder, at law or in equity including,
 without limitation, a decree of specific performance and/or injunctive relief with respect
 to the Company's failure to timely deliver Class B Ordinary Shares upon exercise of
 the Warrant and Class A Ordinary Shares upon conversion of the Warrant Shares as required
 pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares
 shall be issued upon the exercise of this Warrant. As to any fraction of a share which the
 Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at
 its election, either pay a cash adjustment in respect of such final fraction in an amount
 equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder
 for any issue or transfer tax or other incidental expense in respect of the issuance of such
 Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
 Shares shall be issued in the name of the Holder or in such name or names as may be directed
 by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are
 to be issued in a name other than the name of the Holder, this Warrant when surrendered for
 exercise shall be accompanied by the Assignment Form attached hereto as [ <u>Exhibit B</u> ]
 duly executed by the Holder and the Company may require, as a condition thereto, the payment
 of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company
 shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
 and all fees to the Depository Trust Company (or another established clearing corporation
 performing similar functions) required for same-day electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Closing of Books</u>. The Company will not close its register of members or records in any manner
 which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Share Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on its Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary Shares (which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of share consolidation) outstanding Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of Ordinary Shares any shares of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time that this Warrant is outstanding the Company grants, issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Class B Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Class B Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the voting power of the equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares is effectively converted into or exchanged for other securities, cash or property and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires greater than 50% of the voting power of the equity of the Company (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Class B Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of Class B Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Class B Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of the Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Class B Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Class B Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(e) regardless of (i) whether the Company has sufficient authorized Class B Ordinary Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Shareholder Approval Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Ordinary Shares is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with (i) a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and (ii) funds sufficient to pay any transfer taxes payable upon the making of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Representation by the Holder</u>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

<u>Section 5</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a RR Business Day (defined herein), then such action may be taken or such right may be exercised on the next succeeding RR Business Day. "<u>RR Business Day</u>" means any day other than a Saturday, Sunday or day on which the Commission is closed or on which the commission is not accepting, processing or reviewing filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its memorandum and articles of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant or the Subscription Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any and all notices, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Class B Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder of this Warrant, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

 

*(Signature Page Follows)*

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

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| | |
|:---|:---|
| **PRESTIGE WEALTH INC.** | **PRESTIGE WEALTH INC.** |
| By: |  |
|  | Name: |
|  | Title: |

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<u>Exhibit A</u>

**NOTICE OF EXERCISE**

To: PRESTIGE WEALTH INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity: ________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

<u>EXHIBIT B</u>

**ASSIGNMENT FORM**

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)*

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

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| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |
| Dated: _______________ __, ______ |  |
| Holder's Signature:<u> </u>______________________ |  |
| Holder's Address: _______________________ |  |

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## Exhibit 4.5

**Exhibit 4.5**

**NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.**

**PRE-FUNDED CLASS A ORDINARY SHARE PURCHASE WARRANT**

**[______________________]**

Warrant Shares: ______ Class A Ordinary Shares

Date of Issuance: _______, 2025

THIS PRE-FUNDED CLASS A ORDINARY SHARE PURCHASE WARRANT (the "<u>Warrant</u>") certifies that, for value received, _____________ or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date of issuance hereof (the "<u>Initial Exercise Date</u>"), to subscribe for and purchase from Prestige Wealth Inc., a Cayman Islands exempted company (the "<u>Company</u>"), up to [●] Class A Ordinary Shares (as subject to adjustment hereunder, the "<u>Warrant Shares</u>"). The purchase price of one Class A Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. Capitalized terms used and not defined herein shall have the meanings set forth in that certain Subscription Agreement (the "<u>Subscription Agreement</u>"), and the following terms have the meanings indicated in this Section 1:

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the bid price of the Class A Ordinary Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price of the Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.

"<u>Class A Ordinary Shares</u>" means the Class A Ordinary Shares of the Company, par value US$0.000625 per share.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Trading Day</u>" means a day on which the Class A Ordinary Share is traded on a Trading Market.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Class A Ordinary Share is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, (or any successors to any of the foregoing).

"<u>Transfer Agent</u>" means Transhare Corporation, the current transfer agent of the Company, and any successor transfer agent of the Company.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the "<u>Notice of Exercise</u>"). No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The aggregate exercise price of this Warrant, except for the nominal $0.0001 per share, was pre-funded to the Company on or before the Date of Issuance, and consequently no additional consideration (other than the nominal $0.0001 per share) shall be required to be paid by the Holder to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-funded exercise price under any circumstance or for any reason whatsoever. The remaining unpaid exercise price per Class A Ordinary Share under this Warrant shall be $0.0001, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Cashless Exercise</u>. Solely in the event that if at any time after six (6) months following the Closing Date as defined in the Subscription Agreement there is no effective registration statement registering, or the prospectus contained therein is not available for the resale of, the Warrant Shares , in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

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| | |
|:---|:---|
| (A) = | as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holders, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Class A Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. ("<u>Bloomberg</u>") as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of "regular trading hours" on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day; |
| (B) = | the Exercise Price of this Warrant, as adjusted hereunder; and |
| (X) = | the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise. |

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If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section 2(c).

Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased
 hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account
 of the Holder's or its designee's balance account with The Depository Trust Company
 through its Deposit or Withdrawal at Custodian system (" <u>DWAC</u> ") if the
 Company is then a participant in such system and either (A) there is an effective registration
 statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares
 by the Holder or (B) this Warrant is exercised via cashless exercise, and otherwise by physical
 delivery of a certificate to the address specified by the Holder in the Notice of Exercise
 and the name of the Holder or its designee registered in the Company's register of
 members, for the number of Warrant Shares to which the Holder is entitled pursuant to such
 exercise by the date that is two (2) Trading Days after the delivery to the Company of the
 Notice of Exercise (such date, the " <u>Warrant Share Delivery Date</u> "). Upon
 delivery of the Notice of Exercise and the name of the Holder registered in the Company's
 register of members, the Holder shall be deemed for all corporate purposes to have become
 the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
 irrespective of the date of delivery of the Warrant Shares, provided that payment of the
 aggregate Exercise Price (other than in the case of a cashless exercise) is received within
 the earlier of (i) one (1) Trading Day after delivery of the aggregate Exercise Price to
 the Company and (ii) the number of Trading Days comprising the Standard Settlement Period
 following delivery of the Notice of Exercise. If the Company fails for any reason to deliver
 to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery
 Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty,
 for each US$1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Class
 A Ordinary Shares on the date of the applicable Notice of Exercise), US$10 per Trading Day
 (increasing to US$20 per Trading Day on the third Trading Day after such liquidated damages
 begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant
 Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer
 agent that is a participant in the FAST program so long as this Warrant remains outstanding
 and exercisable. As used herein, " <u>Standard Settlement Period</u> " means the
 standard settlement period, expressed in a number of Trading Days, on the Company's
 primary Trading Market with respect to the Class A Ordinary Shares as in effect on the date
 of delivery of the Notice of Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Legend Removal</u>. If the Warrant Shares may be sold under Rule 144 or pursuant to an effective
 registration statement, the Holder may request that the Company instruct the Transfer Agent
 to remove any restrictive legend from the Warrant Shares. The Company shall, at its own expense,
 cause its counsel to issue any legal opinion required by the Transfer Agent to effect the
 removal of the legend, provided that the Holder delivers to the Company and its counsel such
 representations and other documentation as are reasonably requested to enable such opinion
 to be rendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the
 Company shall, at the request of a Holder and upon surrender of this Warrant certificate,
 at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing
 the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
 which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the
 Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder
 will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to
 any other rights available to the Holder, if the Company fails to cause the Transfer Agent
 to transmit to the Holder the Warrant Shares in accordance with the provisions of Section
 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other
 than any such failure that is solely due to any action or inaction by the Holder with respect
 to such exercise), and if after such date the Holder is required by its broker to purchase
 (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise
 purchases, Class A Ordinary Shares to deliver in satisfaction of a sale by the Holder of
 the Warrant Shares which the Holder anticipated receiving upon such exercise (a " <u>Buy-In</u> "),
 then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the
 Holder's total purchase price (including brokerage commissions, if any) for the Class
 A Ordinary Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number
 of Warrant Shares that the Company was required to deliver to the Holder in connection with
 the exercise at issue times (2) the price at which the sell order giving rise to such purchase
 obligation was executed, and (B) at the option of the Holder, either reinstate the portion
 of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored
 (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number
 of Class A Ordinary Shares that would have been issued had the Company timely complied with
 its exercise and delivery obligations hereunder. For example, if the Holder purchases Class
 A Ordinary Shares having a total purchase price of US$11,000 to cover a Buy-In with respect
 to an attempted exercise of Warrants with an aggregate sale price giving rise to such purchase
 obligation of US$10,000, under clause (A) of the immediately preceding sentence the Company
 shall be required to pay the Holder US$1,000. The Holder shall provide the Company written
 notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request
 of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's
 right to pursue any other remedies available to it hereunder, at law or in equity including,
 without limitation, a decree of specific performance and/or injunctive relief with respect
 to the Company's failure to timely deliver Class A Ordinary Shares upon exercise of
 the Warrant as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares
 shall be issued upon the exercise of this Warrant. As to any fraction of a share which the
 Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at
 its election, either pay a cash adjustment in respect of such final fraction in an amount
 equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder
 for any issue or transfer tax or other incidental expense in respect of the issuance of such
 Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
 Shares shall be issued in the name of the Holder or in such name or names as may be directed
 by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are
 to be issued in a name other than the name of the Holder, this Warrant when surrendered for
 exercise shall be accompanied by the Assignment Form attached hereto as <u>Exhibit B</u> duly executed by the Holder and the Company may require, as a condition thereto, the payment
 of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company
 shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
 and all fees to the Depository Trust Company (or another established clearing corporation
 performing similar functions) required for same-day electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Closing of Books</u>. The Company will not close its register of members or records in any manner
 which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Holder's Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and
 a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section
 2 or otherwise, to the extent that after giving effect to such issuance after exercise as
 set forth on the applicable Notice of Exercise, the Holder (together with the Holder's
 Affiliates, and any other Persons acting as a group together with the Holder or any of the
 Holder's Affiliates (such Persons, " <u>Attribution Parties</u> ")), would
 beneficially own in excess of the Beneficial Ownership Limitation (as defined below). 
 For purposes of the foregoing sentence, the number of Class A Ordinary Shares beneficially
 owned by the Holder and its Affiliates and Attribution Parties shall include the Class A
 Ordinary Shares issuable upon exercise of this Warrant with respect to which such determination
 is being made, but shall exclude the number of Class A Ordinary Shares which would be issuable
 upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned
 by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
 of the unexercised or nonconverted portion of any other securities of the Company (including,
 without limitation, any other Class A Ordinary Share Equivalents) subject to a limitation
 on conversion or exercise analogous to the limitation contained herein beneficially owned
 by the Holder or any of its Affiliates or Attribution Parties. Except as set forth
 in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall
 be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
 promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
 to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act
 and the Holder is solely responsible for any schedules required to be filed in accordance
 therewith. To the extent that the limitation contained in this Section 2(e) applies, the
 determination of whether this Warrant is exercisable (in relation to other securities owned
 by the Holder together with any Affiliates and Attribution Parties) and of which portion
 of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
 of a Notice of Exercise shall be deemed to be the Holder's determination of whether
 this Warrant is exercisable (in relation to other securities owned by the Holder together
 with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable,
 in each case subject to the Beneficial Ownership Limitation, and the Company shall have no
 obligation to verify or confirm the accuracy of such determination. In addition, a determination
 as to any group status as contemplated above shall be determined in accordance with Section
 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
 of this Section 2(e), in determining the number of outstanding Class A Ordinary Shares, a
 Holder may rely on the number of outstanding Class A Ordinary Shares as reflected in (A)
 the Company's most recent periodic or annual report filed with the Commission, as the
 case may be, (B) a more recent public announcement by the Company or (C) a more recent written
 notice by the Company or the Transfer Agent setting forth the number of Class A Ordinary
 Shares outstanding. Upon the written or oral request of a Holder, the Company shall
 within one Trading Day confirm orally and in writing to the Holder the number of Class A
 Ordinary Shares then outstanding. In any case, the number of outstanding Class A Ordinary
 Shares shall be determined after giving effect to the conversion or exercise of securities
 of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties
 since the date as of which such number of outstanding Class A Ordinary Shares was reported.
 The " <u>Beneficial Ownership Limitation</u> " shall be 4.99% (or, upon election
 by a Holder prior to the issuance of any Warrants, 9.99%) of the number of Class A Ordinary
 Shares outstanding immediately after giving effect to the issuance of Class A Ordinary Shares
 issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase
 or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided
 that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Class
 A Ordinary Shares outstanding immediately after giving effect to the issuance of Class A
 Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of this
 Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation
 will not be effective until the 61<sup>st</sup> day after such notice is delivered to the
 Company. The provisions of this paragraph shall be construed and implemented in a manner
 otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph
 (or any portion hereof) which may be defective or inconsistent with the intended Beneficial
 Ownership Limitation herein contained or to make changes or supplements necessary or desirable
 to properly give effect to such limitation. The limitations contained in this paragraph shall
 apply to a successor holder of this Warrant.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Share Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on its Class A Ordinary Shares or any other equity or equity equivalent securities payable in Class A Ordinary Shares (which, for avoidance of doubt, shall not include any Class A Ordinary Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Class A Ordinary Shares into a larger number of shares, (iii) combines (including by way of share consolidation) outstanding Class A Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of Class A Ordinary Shares any shares of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Class A Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Class A Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time that this Warrant is outstanding the Company grants, issues or sells any Class A Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of Class A Ordinary Shares (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Class A Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Class A Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Class A Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Pro Rata Distributions.</u> During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Class A Ordinary Shares, by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Class A Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Class A Ordinary Shares are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Class A Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Class A Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the voting power of the equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Class A Ordinary Shares or any compulsory share exchange pursuant to which the Class A Ordinary Shares is effectively converted into or exchanged for other securities, cash or property and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires greater than 50% of the voting power of the equity of the Company (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Class A Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of Class A Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Class A Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Class A Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Class A Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Class A Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(e) regardless of (i) whether the Company has sufficient authorized Class A Ordinary Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Class A Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Class A Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Class A Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Class A Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Class A Ordinary Shares rights or warrants to subscribe for or purchase any shares of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Class A Ordinary Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Class A Ordinary Shares is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Class A Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Class A Ordinary Shares of record shall be entitled to exchange their Class A Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with (i) a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and (ii) funds sufficient to pay any transfer taxes payable upon the making of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Representation by the Holder</u>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

<u>Section 5</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its memorandum and articles of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant or the Subscription Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any and all notices, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Class A Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder of this Warrant, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

 

*(Signature Page Follows)*

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

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| | |
|:---|:---|
| **PRESTIGE WEALTH INC.** | **PRESTIGE WEALTH INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

<u>Exhibit A</u>

**NOTICE OF EXERCISE**

To: prestige wealth inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity: ________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

<u>EXHIBIT B</u>

**ASSIGNMENT FORM**

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)*

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

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| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |
| Dated: _______________ __, ______ |  |
| Holder's Signature:<u> </u>______________________ |  |
| Holder's Address: _______________________ |  |

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## Exhibit 4.6

**Exhibit 4.6**

**NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.**

**CLASS B ORDINARY SHARE PURCHASE WARRANT**

**[______________________]**

Warrant Shares: ______ Class B Ordinary Shares

Date of Issuance: October 10, 2025

THIS CLASS B ORDINARY SHARE PURCHASE WARRANT (the "<u>Warrant</u>") certifies that, for value received, _____________ or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Shareholder Approval Date and until on or prior to 5:00 p.m. (New York City time) on October 10, 2035 (the "<u>Termination Date</u>") but not thereafter (the "<u>Exercise Period</u>"), to subscribe for and purchase from Prestige Wealth Inc., a Cayman Islands exempted company (the "<u>Company</u>"), up to [●] Class B Ordinary Shares (as subject to adjustment hereunder, the "<u>Warrant Shares</u>"). The purchase price of one Class B Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. Capitalized terms used and not defined herein shall have the meanings set forth in that certain Subscription Agreement (the "<u>Subscription Agreement</u>"), and the following terms have the meanings indicated in this Section 1:

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the bid price of the Class A Ordinary Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price of the Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.

"<u>Class A Ordinary Shares</u>" means the Class A Ordinary Shares of the Company, par value US$0.000625 per share.

"<u>Class B Ordinary Shares</u>" means the Class B Ordinary Shares of the Company, par value US$0.000625 per share.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Ordinary Shares</u>" means the Class A Ordinary Shares and the Class B Ordinary Shares, and any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Trading Day</u>" means a day on which the Class A Ordinary Share is traded on a Trading Market.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Class A Ordinary Share is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, (or any successors to any of the foregoing).

"<u>Transfer Agent</u>" means Transhare Corporation, the current transfer agent of the Company, and any successor transfer agent of the Company.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Ordinary Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Class A Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Ordinary Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Class A Ordinary Share so reported, or (d) in all other cases, the fair market value of a Class A Ordinary Share as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the "<u>Notice of Exercise</u>"). Within the earlier of (i) one (1) Trading Day following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The exercise price per Class B Ordinary Share under this Warrant shall be US$0.01 per share, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Cashless Exercise</u>. Solely in the event that if at any time after six (6) months following the Closing Date as defined in the Subscription Agreement there is no effective registration statement registering, or the prospectus contained therein is not available for the resale of, the Warrant Shares, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) = the number of Class A Ordinary Shares into which each Class B Ordinary Shares is then convertible multiplied
by, as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed
and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined
in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holders,
either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the
Class A Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. (" <u>Bloomberg</u> ") as of the time
of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading
hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of "regular
trading hours" on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise
if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section
2(a) hereof after the close of "regular trading hours" on such Trading Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) = the Exercise Price of this Warrant, as adjusted hereunder;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(X) = the number of Warrant Shares that would be issuable upon exercise
of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless
exercise.

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section 2(c).

Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's or its designee's
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (" <u>DWAC</u> ") if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of
the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is exercised via cashless exercise, and otherwise
by physical delivery of a certificate to the address specified by the Holder in the Notice of Exercise and the name of the Holder or its
designee registered in the Company's register of members, for the number of Warrant Shares to which the Holder is entitled pursuant
to such exercise by the date that is the earlier of (i) three (3) Trading Days after the delivery to the Company of the Notice of Exercise,
(such date, the " <u>Warrant Share Delivery Date</u> "). Upon delivery of the Notice of Exercise and the name of the Holder
registered in the Company's register of members, the Holder shall be deemed for all corporate purposes to have become the holder
of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant
Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within one (1)
Trading Day after delivery of the aggregate Exercise Price to the Company. If the Company fails for any reason to deliver to the Holder
the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as
liquidated damages and not as a penalty, for each US$1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Class
A Ordinary Shares on the date of the applicable Notice of Exercise), US$10 per Trading Day (increasing to US$20 per Trading Day on the
third Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such
Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in
the FAST program so long as this Warrant remains outstanding and exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Legend Removal</u>. If the Warrant Shares may be sold under Rule 144 or pursuant to an effective registration
statement, the Holder may request that the Company instruct the Transfer Agent to remove any restrictive legend from the Warrant Shares.
The Company shall, at its own expense, cause its counsel to issue any legal opinion required by the Transfer Agent to effect the removal
of the legend, provided that the Holder delivers to the Company and its counsel such representations and other documentation as are reasonably
requested to enable such opinion to be rendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the
Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares,
deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the
Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition
to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other
than any such failure that is solely due to any action or inaction by the Holder with respect to such exercise), and if after such date
the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise
purchases, Class A Ordinary Shares to deliver in satisfaction of a sale by the Holder of Class A Ordinary Shares into which the Warrant
Shares that the Holder anticipated receiving upon such exercise is then convertible (a " <u>Buy-In</u> "), then the Company
shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions,
if any) for the Class A Ordinary Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Class A Ordinary
Shares that the Company was required to deliver to the Holder in connection with the exercise at issue and conversion thereof times (2)
the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate
the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise
shall be deemed rescinded) or deliver to the Holder the number of Class B Ordinary Shares that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Class A Ordinary Shares having
a total purchase price of US$11,000 to cover a Buy-In with respect to an attempted exercise of Warrants and conversion of Warrant Shares
for Class A Ordinary Shares with an aggregate sale price giving rise to such purchase obligation of US$10,000, under clause (A) of the
immediately preceding sentence the Company shall be required to pay the Holder US$1,000. The Holder shall provide the Company written
notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to
timely deliver Class B Ordinary Shares upon exercise of the Warrant and Class A Ordinary Shares upon conversion of the Warrant Shares
as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall
be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to
such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as [ <u>Exhibit B</u> ]
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any
transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Closing of Books</u>. The Company will not close its register of members or records in any manner which
prevents the timely exercise of this Warrant, pursuant to the terms hereof.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Share Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on its Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary Shares (which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of share consolidation) outstanding Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of Ordinary Shares any shares of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time that this Warrant is outstanding the Company grants, issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Class B Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Class B Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the voting power of the equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares is effectively converted into or exchanged for other securities, cash or property and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires greater than 50% of the voting power of the equity of the Company (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Class B Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of Class B Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Class B Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of the Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Class B Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Class B Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(e) regardless of (i) whether the Company has sufficient authorized Class B Ordinary Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Shareholder Approval Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Ordinary Shares is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with (i) a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and (ii) funds sufficient to pay any transfer taxes payable upon the making of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Representation by the Holder</u>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

<u>Section 5</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a RR Business Day (defined herein), then such action may be taken or such right may be exercised on the next succeeding RR Business Day. "RR Business Day" means any day other than a Saturday, Sunday or day on which the Commission is closed or on which the commission is not accepting, processing or reviewing filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its memorandum and articles of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant or the Subscription Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any and all notices, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Class B Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder of this Warrant, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

 

*(Signature Page Follows)*

 

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

---

| | |
|:---|:---|
| **PRESTIGE WEALTH INC.** | **PRESTIGE WEALTH INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

<u>Exhibit A</u>

**NOTICE OF EXERCISE**

To: PRESTIGE WEALTH INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity: ________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

<u>EXHIBIT B</u>

**ASSIGNMENT FORM**

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)*

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

---

| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |
| Dated: _______________ __, ______ |  |
| Holder's Signature: ______________________ |  |
| Holder's Address: _______________________ |  |

---

## Exhibit 10.1

**Exhibit 10.1**

**SUBSCRIPTION AGREEMENT**

This SUBSCRIPTION AGREEMENT (this "<u>Agreement</u>") is entered into on October 7, 2025, by and between Prestige Wealth Inc., a Cayman Islands exempted company (the "<u>Issuer</u>"), and the undersigned investor ("<u>Subscriber</u>").

WHEREAS, the Issuer and Subscriber are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>");

WHEREAS, Subscriber desires to purchase and the Issuer desires to issue and sell, upon the terms and conditions set forth in this Agreement, securities of the Issuer as more fully described in this Agreement;

WHEREAS, in connection with the Subscription (as defined below), Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, in its capacity as placement agent (the "<u>Placement Agent</u>") for the offer and sale of the Acquired Securities (as defined below), may identify and solicit certain other "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) or "accredited investors" (as such term is defined in Rule 501 under the Securities Act, and each such "qualified institutional buyer" or "accredited investor," an "<u>Other Subscriber</u>"), each of which shall have entered into subscription agreements with the Issuer substantially similar to this Agreement contemporaneously herewith (the "<u>Other Subscription Agreements</u>"), pursuant to which such Other Subscribers have agreed to subscribe for and purchase, and the Issuer has agreed to issue and sell to such Other Subscribers, on the Closing Date, units consisting of (i) Class A Ordinary Shares and/or Pre-Funded Warrants (as applicable) and three-year warrants to purchase Class A Ordinary Shares or (ii) Class B Ordinary Shares and ten-year warrants to purchase Class B Ordinary Shares, in each case at the subscription prices set forth therein (the "<u>Other Subscriptions</u>");

WHEREAS, the consummation of the Subscription (as defined below) and the Other Subscriptions is contemplated to occur subject to and conditional upon both (i) the offer and sale by the Issuer to Antalpha Capital (HK) Limited of Class B Ordinary Shares of the Issuer, par value $0.000625 per share (the "<u>Class B Ordinary Shares</u>") and warrants to purchase Class B Ordinary Shares (the "<u>Primary Purchase</u>"), pursuant to that certain subscription agreement to be entered on or about the date hereof between Antalpha Capital (HK) Limited and the Issuer (the "<u>Primary Subscription Agreement</u>"), and (ii) the offer and sale by certain existing shareholders of the Issuer to Kiara Capital Holding Limited of Class A Ordinary Shares of the Issuer, par value $0.000625 per share (the "<u>Class A Ordinary Shares</u>" and, together with Class B Ordinary Shares, collectively the "<u>Ordinary Shares</u>") and Class B Ordinary Shares held by such existing shareholders (the "<u>Secondary Purchase</u>" and, together with the Subscription, the Other Subscriptions and the Primary Purchase, the "<u>Contemplated Transactions</u>"; and the agreements memorializing the Contemplated Transactions, collectively, the "<u>Contemplated Transaction Documents</u>"), pursuant to that certain securities purchase agreement to be entered on or about the date hereof between Kiara Capital Holding Limited and such existing shareholders named therein (the "<u>Secondary Purchase Agreement</u>"); and

WHEREAS, the Issuer, as borrower, and Northstar Digital (HK) Limited, as lender, will enter into a term loan agreement (the "<u>Term Loan Agreement</u>"), the material terms of which are substantially consistent with those set forth in the general term sheet attached hereto as <u>Exhibit E</u>, with the closing of the transactions contemplated under such Term Loan Agreement to occur immediately following consummation of the Contemplated Transactions.

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription</u>. Subject to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase, and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price (as defined below), such number of units (the "<u>Units</u>") as set forth on Subscriber's signature page hereto, with each Unit consisting of: (i) (A) one (1) Class A Ordinary Share (each an "<u>Acquired Share</u>" and collectively, the "<u>Acquired Shares</u>") for a purchase price of $0.36 per share (the "<u>Share Purchase Price</u>") or (B) pre-funded warrant to purchase one (1) Class A Ordinary Shares (each a "<u>Pre-Funded Warrant Share</u>" and collectively, the "<u>Pre-Funded Warrant Shares</u>") substantially in the form attached hereto as <u>Exhibit B</u> (the "<u>Pre-Funded Warrant</u>"), if so elected by Subscriber in lieu of the Acquired Shares as indicated on Subscriber's signature page, at a purchase price equal to the Share Purchase Price less $0.0001 per Pre-Funded Warrant, with an exercise price equal to $0.0001 per Pre-Funded Warrant Share (the "<u>Pre-Funded Warrant Purchase Price</u>"), and (ii) two warrants, with a) one warrant (the "<u>Series A-1 Warrant</u>" and collectively, the "<u>Series A-1 Warrants</u>") to purchase 0.5 Class A Ordinary Shares (each a "<u>Series A-1 Warrant Share</u>" and collectively, the "Series <u>A Warrant Shares</u>") with an exercise price per share equal to 130% of the Share Purchase Price and a term of three (3) years from the Closing Date and (b) one warrant (the "<u>Series A-2 Warrant</u>" and collectively, the "<u>Series A-2 Warrants</u>") to purchase 0.5 Class A Ordinary Shares (each, a "<u>Series A-2 Warrant Share</u>", and collectively, the "<u>Series A-2 Warrant Shares</u>," and together with the Series A-1 Warrant Shares, the "<u>Ordinary Warrant Shares</u>", and the Ordinary Warrant Shares together with the Pre-Funded Warrant Shares, the "<u>Warrant Shares</u>"), with an exercise price per share equal to 150% of the Share Purchase Price and a term of three (3) years from the Closing Date, with Series A-1 Warrants and Series A-2 Warrants in substantially the forms attached hereto as <u>Exhibit C-1</u> and <u>Exhibit C-2</u>, respectively (the "<u>Series A-2 Warrant</u>" and together with the Series A-1 Warrant, the "<u>Ordinary Warrants</u>" and the Ordinary Warrants together with the Units, the Acquired Shares and Pre-Funded Warrant (if any), collectively the "<u>Acquired Securities</u>") (such subscription and issuance, the "<u>Subscription</u>").

"<u>Purchase Price</u>" means the aggregate amount in United States dollars as specified below on Subscriber's signature page, for the Units purchased hereunder (minus, if applicable, the aggregate exercise price of the Pre-Funded Warrant, which amounts shall be paid as and when such Pre-Funded Warrant is exercised for cash).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to the satisfaction or waiver of the conditions set forth in <u>Sections 2.d</u> and <u>2.e</u> (other than those conditions that by their nature are to be satisfied at Closing, but without affecting the requirement that such conditions be satisfied or waived at Closing), the closing of the Subscription contemplated hereby (the "<u>Closing</u>") shall take place remotely via telephone or video conference, or in such other manner as the Issuer and Subscriber mutually agree in writing, substantially concurrently with the closing of the Other Subscriptions (such date, the "<u>Closing Date</u>"). For the avoidance of doubt, the Subscription, the Other Subscriptions, the Primary Purchase and the Secondary Purchase shall be considered part of an integrated transaction and the Closing shall not occur or be valid unless all of the Subscription, the Other Subscriptions, the Primary Purchase and the Secondary Purchase are completed together at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. On or prior to 4:00 p.m. New York City time on October 8, 2025 (the "<u>Escrow Payment Deadline</u>"), Subscriber shall pay the Purchase Price in cash by wire transfer of U.S. dollars in immediately available funds in accordance with wire instructions provided by the Issuer to Subscriber into an escrow account established pursuant to the Escrow Agent Agreement (as defined in the Primary Subscription Agreement). At the Closing, the Issuer shall issue and deliver or cause to be issued and delivered to Subscriber the Acquired Securities, registered in the name of Subscriber, equal to the number of the Acquired Securities indicated on Subscriber's signature page to this Agreement. The Issuer shall deliver or cause to be delivered to Subscriber as promptly as practicable after the Closing, evidence from the Issuer's transfer agent or share registrar, evidencing the issuance to Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable, of Subscriber's Acquired Securities on and as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Subject to the satisfaction or waiver of the conditions set forth in <u>Sections 2.c</u> and <u>2.d</u> (other than those conditions that by their nature are to be satisfied at Closing, but without affecting the requirement that such conditions be satisfied or waived at Closing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subscriber shall deliver to the Issuer (A) no later than the Escrow Payment Deadline, the Purchase Price for the Acquired Securities in the manner as prescribed in <u>Section 2.b</u>, and (B) no later than two (2) business days in advance of the Closing, any other information that is reasonably requested in the notice provided by Issuer (the "<u>Closing Notice</u>") that is required in order to enable the Issuer to issue, sell and deliver the Acquired Securities, including, without limitation, the legal name of the person (or nominee) in whose name such Acquired Securities are to be delivered and a duly executed Internal Revenue Service Form W-9 or W-8, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the Closing Date, the Issuer shall issue and deliver or cause to be issued and delivered to Subscriber the Acquired Shares against and upon payment by Subscriber of the Purchase Price in book-entry form, free and clear of any Liens (other than those arising under state or federal securities laws or the currently effective third amended and restated memorandum and articles of association of the Issuer, adopted by special resolution dated on March 27, 2025 and effective from March 27, 2025 (the "<u>Memorandum and Articles of Associations</u>")), in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable. Each book entry for the Acquired Shares shall contain a legend in substantially the following form:

[NEITHER] THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the Closing Date, the Issuer shall issue and deliver or cause to be issued and delivered to Subscriber the Ordinary Warrants against and upon payment by Subscriber of the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If so indicated on Subscriber's signature page, the Issuer shall issue and deliver or cause to be issued and delivered to Subscriber the Pre-Funded Warrant against and upon payment by Subscriber of the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Issuer's obligation to effect the Closing shall be subject to the satisfaction on the Closing Date, or, to the extent permitted by applicable law, the waiver by the Issuer, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Nasdaq Stock Market LLC ("<u>Nasdaq</u>") shall not have raised any objection to the Notification Form of Listing of Additional Shares for the listing of the Acquired Shares and Warrant Shares (the "<u>LAS Notice</u>") or the transactions contemplated hereby, the Other Subscriptions, the Primary Purchase or the Secondary Purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Placement Agent and the Issuer shall each have received a completed copy of the "Eligibility Representations of Subscriber" questionnaire in substantially the form attached as <u>Schedule A</u> hereto no later than the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all representations and warranties of Subscriber contained in this Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect (as defined herein), which representations and warranties shall be true and correct in all respects) at and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) that is then in effect and has the effect of making consummation of the Subscription illegal or otherwise preventing or prohibiting consummation of the Subscription, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such prevention or prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Issuer shall have received a lock-up agreement, substantially in the form attached hereto as <u>Exhibit D</u>, duly executed by the parties set forth on <u>Annex 2(d)(vi)</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the consummation of the Primary Purchase, the Secondary Purchase, and the Other Subscriptions shall have occurred concurrently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Subscriber's obligation to effect the Closing shall be subject to the satisfaction on the Closing Date, or, to the extent permitted by applicable law, the written waiver by Subscriber, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no suspension of the listing on The Nasdaq Capital Market or another national securities exchange (collectively, the "<u>Exchange</u>") of the Class A Ordinary Shares shall have occurred, and the Issuer shall have filed with Nasdaq the LAS Notice, and Nasdaq shall not have raised any objection to such notice or the transactions contemplated hereby, the Other Subscriptions, the Primary Purchase, or the Secondary Purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all representations and warranties of the Issuer contained in this Agreement shall be true and correct in all material respects at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct in all material respects as of such date), except to the extent that such representations and warranties are qualified by the term "material" or contain term of "Material Adverse Effect", in which case such representations and warranties shall be true and correct in all respects at and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer shall have performed, satisfied and complied (unless waived) in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) that is then in effect and has the effect of making consummation of the Subscription illegal or otherwise preventing or prohibiting consummation of the Subscription and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such prevention or prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Issuer shall have provided Subscriber with the wire instructions of the escrow agent that will receive the Purchase Price, on Issuer's letterhead and executed by the Chief Executive Officer or Chief Financial Officer of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Issuer shall have delivered to Subscriber a certificate duly executed by a duly appointed officer of the Issuer, dated as of the Closing Date, in form and substance reasonably satisfactory to Subscriber, certifying, respectively, (i) the Issuer's Charter Documents (as defined below) in effect as of the Closing Date, and (ii) the resolutions duly adopted by the board of directors of the Issuer (the "<u>Board of Directors</u>") authorizing and approving the Contemplated Transactions, the Contemplated Transaction Documents and the transactions and obligations contemplated thereby, which resolutions shall have been certified as true and complete, and in full force and effect without rescission, revocation, or amendment as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Issuer shall have furnished to the Placement Agent a certificate, dated the Closing Date, of its Chief Executive Officer and its Chief Financial Officer stating in their respective capacities as officers of the Issuer on behalf of the Issuer and not in their individual capacities that (x) for the period from and including the date of this Agreement through and including the Closing Date, there has not occurred any Material Adverse Effect, (y) to their knowledge, after reasonable investigation, as of the Closing Date, the representations and warranties of the Issuer in this Agreement are true and correct and the Issuer has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date, and (z) there has not been, subsequent to the date of the most recent audited financial statements included or incorporated by reference in SEC Reports (as defined below), any Material Adverse Effect in the financial position or results of operations of the Issuer, or any change or development that, singularly or in the aggregate, would reasonably be expected to involve a Material Adverse Effect, except as set forth in the SEC Reports. "Knowledge" means the actual knowledge of the officers of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) no event or series of events that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect shall have occurred and be continuing on the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the consummation of the Secondary Purchase and the Primary Purchase shall have occurred concurrently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prior to or at the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Issuer Representations and Warranties</u>. Issuer represents and warrants as of the date hereof and the Closing Date, except (x) as otherwise disclosed or incorporated by reference in the Most Recent SEC Reports (as defined below) (excluding (aa) any disclosures in any "risk factors" section that do not constitute statements of fact, disclosures in any forward-looking statements disclaimers and other disclosures that are generally cautionary, predictive or forward-looking in nature, (bb) any information incorporated by reference into the Most Recent SEC Reports (other than from other Most Recent SEC Reports), or (cc) any information or disclosure subject to a confidential treatment order and not otherwise publicly available), and (y) as set forth in the Disclosure Schedules, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Issuer and each of its Subsidiaries (as defined below) has been duly incorporated or organized, is validly existing as a corporation or other business entity under the laws of its jurisdiction of incorporation or organization and is in good standing under the laws of its jurisdiction of incorporation or organization, with requisite corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted. Neither the Issuer nor any of its Subsidiaries is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, memorandum and articles of association, bylaws or other organizational or charter documents (the "<u>Charter Documents</u>"). Each of the Issuer and its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in a Material Adverse Effect and no Action has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

For purposes of this Agreement, "<u>Material Adverse Effect</u>" means (a) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (b) a material adverse effect on the results of operations, assets, business, or condition (financial or otherwise) of the Issuer and the Subsidiaries, taken as a whole, or (c) a material adverse effect on the Issuer's ability to perform in any material respect on a timely basis its obligations under any Transaction Document; provided that, with respect to clause (b), none of the following shall be deemed in themselves, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or will be, a Material Adverse Effect: any adverse change, effect, event, occurrence, state of facts or development attributable to (i) any downturn after the date hereof in general economic conditions, including changes in the credit, debt, securities, financial, capital markets, or in the industry in which the Issuer and the Subsidiaries operate; (ii) the taking of any action required by this Agreement or any other Transaction Document; (iii) any change after the date hereof in applicable Laws after the date hereof; (iv) any actual or potential sequester, stoppage, shutdown, default or similar event or occurrence by or involving any governmental authority affecting a national or federal government as a whole; (v) any change in the U.S. generally accepted accounting principles ("<u>GAAP</u>") after the date hereof; (vi) the commencement, continuation or escalation of a war, riots, material armed hostilities or other material international or national calamity or act of terrorism directly or indirectly involving countries in which the Issuer and its Subsidiaries operate; (vii) effects arising from or relating to, following the date hereof, any earthquake, hurricane, tsunami, tornado, flood, mudslide or other natural disaster, weather condition, explosion or fire or other force majeure event; (viii) changes in, or effects arising from or relating to, any epidemic, pandemic or disease outbreak, curfews or other restrictions that relate to, or arise out of, any epidemic, pandemic or disease outbreak or material worsening of such conditions threatened or existing as of the date hereof; and (ix) the failure of the Issuer and the Subsidiaries to meet or achieve the results set forth in any internal projection (provided that, this item (ix) shall not prevent a determination that any change or effect underlying such change has resulted in a Material Adverse Effect); provided further that changes, events, Occurrences or circumstances set forth in clauses (i) and (iii)-(viii) shall be taken into account to the extent they have a disproportionate effect on the Issuer and Subsidiaries relative to other participants in the industry in which the Issuer and Subsidiaries operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. As of the Closing Date, the Acquired Shares will have been duly authorized and, when issued, sold and delivered to Subscriber against full payment of the Purchase Price in accordance with the terms of this Agreement, the Acquired Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights created under the Issuer's Charter Documents (as in effect at such time of issuance) or under the laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. As of the Closing Date, the Pre-Funded Warrant Shares will have been duly authorized and reserved for issuance and, upon issuance pursuant to the terms of the Pre-Funded Warrant against full payment therefor in accordance with the terms of the Pre-Funded Warrant, will be duly and validly issued, fully paid and non-assessable and will be issued free and clear of any Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Associations), and the holder of the Pre-Funded Warrant Shares shall be entitled to all rights accorded to a holder of Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. As of the Closing Date, the Ordinary Warrant Shares will have been duly authorized and reserved for issuance and, upon issuance pursuant to the terms of the Ordinary Warrants against full payment therefor in accordance with the terms of the Ordinary Warrants, will be duly and validly issued, fully paid and non-assessable and will be issued free and clear of any Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Associations), and the holder of the Ordinary Warrant Shares shall be entitled to all rights accorded to a holder of Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement, the Pre-Funded Warrant, the Ordinary Warrants, and the Escrow Agent Agreement (collectively, the "<u>Transaction Documents</u>") have been duly authorized, executed and delivered by the Issuer and the Transaction Documents constitute the valid and legally binding obligation of the Issuer, enforceable against the Issuer in accordance with their respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally and (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Assuming the accuracy of Subscriber's representations and warranties in <u>Section 4</u>, the execution and delivery of the Transaction Documents by the Issuer, and the performance by the Issuer of its obligations under the Transaction Documents, including the issuance and sale of the Acquired Securities, do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Issuer is a party or by which the Issuer is bound or to which any of the property or assets of the Issuer is subject, which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or affect the validity of the Acquired Securities or the legal authority of the Issuer to comply with the terms of this Agreement or any other Transaction Document; (ii) the Charter Documents; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Issuer or any of its properties that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or affect the validity of the Acquired Securities or the legal authority of the Issuer to comply with the terms of this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. There are no securities or instruments issued by or to which the Issuer is a party containing anti-dilution, price reset or similar provisions that will be triggered by the issuance of (i) the Acquired Securities, (ii) the Pre-Funded Warrant Shares to be issued upon exercise of the Pre-Funded Warrant, or (iii) the Ordinary Warrant Shares to be issued upon exercise of the Ordinary Warrants, in each case, that have not been or will not be validly and irrevocably waived on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Assuming the accuracy of Subscriber's representations and warranties in <u>Section 4</u>, the Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including the Exchange) or other person in connection with the execution, delivery and performance by the Issuer of this Agreement (including, without limitation, the issuance of the Acquired Securities and Warrant Shares), other than (i) the filing with the Commission of the Registration Statement (as defined below), (ii) the filings required in accordance with <u>Section 7.n</u>, and (iii) notifications required by Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The authorized share capital of the Issuer is US$1,000,000 divided into (a) 1,440,000,000 Class A Ordinary Shares of a par value of US$0.000625 each, and (b) 160,000,000 Class B Ordinary Shares of a par value of US$0.000625 each. The total number of Class A Ordinary Shares and Class B Ordinary Shares issued and outstanding is 78,750,655, of which 70,346,624.2 are Class A Ordinary Shares and 8,404,030.8 are Class B Ordinary Shares. <u>Section 3.i</u> of the Disclosure Schedules sets forth, inter alia, the name of each Subsidiary and the jurisdiction in which it is incorporated or organized, and identifies the Subsidiaries' respective registered shareholders and their shareholding interests. The Issuer does not own or control, directly or indirectly, any interest in any Person, other than the Subsidiaries of the Issuer set forth on <u>Section 3.i</u> of the Disclosure Schedules. All of the equity securities of the Issuer and each Subsidiary are duly authorized, validly issued, and are fully paid and nonassessable. The shareholders and owners listed in <u>Section 3.i</u> of the Disclosure Schedules are the sole record holder of the shares in or charter capital of each Subsidiary, free from all Liens. Except as set forth in <u>Section 3.i</u> of the Disclosure Schedule, there are no shares of the Issuer reserved for future issuance pursuant to any warrants, plans, awards, instruments, arrangements or other outstanding rights or Company plans except for Class A Ordinary Shares available for issuance upon conversion of Class B Ordinary Shares or as required for purposes of the Contemplated Transactions.

For purposes of this Agreement, "<u>Subsidiary</u>" of any Person shall mean any corporation, partnership, joint venture, limited liability company, trust or estate of or in which: (a) such Person or a Subsidiary of such Person is a general partner or (b) more than fifty percent (50%) of (i) the issued and outstanding capital stock or other equity interests having ordinary voting power to elect a majority of the board of directors (or similar body) of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the Occurrence of any contingency), (ii) the interest in the capital or profits of such partnership, joint venture or limited liability company or (iii) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person's other Subsidiaries. For the avoidance of doubt, with respect to the Issuer, "Subsidiary" shall also mean any subsidiary of the Issuer as set forth on <u>Section 3.i</u> of the Disclosure Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Except as set forth in <u>Section 3.j</u> of the Disclosure Schedule, with respect to the Issuer and any Subsidiary (a) there are no options, warrants, calls, rights, convertible securities, commitments or agreements (which, for purposes of this Agreement, shall be deemed to include "phantom" stock or other commitments that provide any right to receive value or benefits similar to capital stock or other similar rights) of any character to which the Issuer or any Subsidiary is a party or by which the Issuer or any Subsidiary is bound obligating the Issuer or any Subsidiary to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock or obligating the Issuer to grant, extend or enter into any such option, warrant, call, right, commitment or agreement, (b) there are no outstanding contractual obligations of the Issuer or any other Person to repurchase, redeem or otherwise acquire any shares of capital stock of the Issuer or any Subsidiary, and (c) there are no outstanding securities of any kind convertible into or exchangeable or exercisable for the capital stock of the Issuer or any Subsidiary. There are no statutory or contractual preemptive rights or rights of first offer or refusal or similar rights with respect to any shares of capital stock of the Issuer or any Subsidiary, and there are no declared and unpaid dividends or distributions on any shares of capital stock of the Issuer or any Subsidiary. There are no securities or instruments issued by or to which the Issuer or any Subsidiary is a party containing anti-dilution or similar provisions that will be triggered by the sale and transfer of Sale Securities that have not been validly waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. (a) The consolidated financial statements and notes of the Issuer contained or incorporated by reference in the SEC Reports (collectively, the "<u>Financial Statements</u>") fairly and accurately present, in all material respects, the financial condition and the results of operations, changes in shareholders' equity and cash flows of the Issuer and its Subsidiaries as of the relevant time that they relate to as at the respective dates of, and for the periods referred to in, such Financial Statements, subject, in the case of interim financial statements, to normal recurring year-end adjustments (the effect of which will not, individually or in the aggregate, be material to the Issuer and its Subsidiaries as of the relevant time, taken as a whole) and the absence of footnotes, and (i) were prepared in accordance with: (A) the accounting principles applied on a consistent basis during the periods involved; and (B) Regulation S-X under the Securities Act or Regulation S-K under the Securities Act, as applicable, (ii) were prepared from the books and records of the Issuer and its Subsidiaries as of the relevant time, and (iii) were prepared in good faith based upon reasonable assumptions made by the Issuer on a basis consistent with the basis employed in such books and records for the relevant periods. Other than disclosed in <u>Section 3.k(a)</u> of the Disclosure Schedules, the Issuer has no material off-balance sheet arrangements that are not disclosed in the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer and its Subsidiaries have no Liabilities of the type required to be reflected or reserved for on a balance sheet prepared in accordance with applicable accounting principles, other than Liabilities (i) set forth in or reserved against or otherwise reflected in the Financial Statements or in the notes thereto, (ii) arising in the ordinary course of business of the Issuer and its Subsidiaries since the date of the most recent balance sheet included in the Financial Statements, or (iii) incurred in connection with the transactions contemplated hereunder or the Contemplated Transactions and disclosed to Subscriber. Other than disclosed in <u>Section 3.k(b)</u> of the Disclosure Schedules, neither the Issuer nor any Issuer Subsidiary has any secured creditors holding a security interest. For purposes of this Section 3.k(b), "<u>Liabilities</u>" means all indebtedness, obligations, and other liabilities of the Issuer or a Subsidiary, as the case may be (whether known or unknown, asserted, unasserted, direct, indirect, absolute, accrued, contingent, fixed, liquidated, unliquidated or otherwise, whether due or to become due and whether or not required under the applicable accounting principles to be accrued on the financial statements of the Issuer or such Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since the date of the latest audited financial statements included within the SEC Reports, (i) there has been no event, occurrence or development that has had or that would reasonably be expected to result in a Material Adverse Effect, (ii) the Issuer has not altered its method of accounting, (iii) the Issuer has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (iv) the Issuer has not issued any equity securities to any officer, director or affiliate, except as disclosed in <u>Section 3.k (c)</u> of the Disclosure Schedules. The Issuer does not have pending before the Commission any request for confidential treatment of information. Except for the Contemplated Transactions or as set forth on <u>Section 3.k (c)</u> of the Disclosure Schedules, no event, liability, fact, circumstance, occurrence or development has occurred or exists, or is reasonably expected to occur or exist, with respect to the Issuer or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition, that would be required to be disclosed by the Issuer under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least one (1) business day prior to the date that this representation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Neither the Issuer nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Issuer or any Subsidiary under), nor has the Issuer or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. The issued and outstanding Class A Ordinary Shares are, and as of the Closing will be, registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and are listed for trading on each Exchange. The Issuer has taken no action that is designed to terminate the registration of the Class A Ordinary Shares under the Exchange Act or the listing of the Class A Ordinary Shares on the Exchange. Except as included in the SEC Reports, the Issuer has not received notice from any Exchange on which the Class A Ordinary Shares are or have been listed or quoted to the effect that the Issuer is not in compliance with the listing or maintenance requirements of such Exchange. There is no suit, action, proceeding or investigation pending or, to the knowledge of the Issuer, threatened against the Issuer by the Exchange or the Commission with respect to any intention by such entity to deregister the Class A Ordinary Shares or prohibit or terminate the listing of the Class A Ordinary Shares on the Exchange. The Issuer is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements except as set forth in Section 3.u(b) of the Disclosure Schedules. The Class A Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Issuer is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Assuming the accuracy of Subscriber's representations and warranties set forth in <u>Section 4</u>, no registration under the Securities Act is required for the offer, sale and issuance of the Acquired Securities by the Issuer to Subscriber or the Other Subscribers in the manner contemplated by this Agreement or the Other Subscription Agreements, as the case may be. The issuance, contribution, sale and delivery of the Acquired Securities hereunder does not contravene the rules and regulations of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Neither the Issuer nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the Acquired Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Neither the Issuer nor any Subsidiary is, and immediately after the Closing neither the Issuer nor any Subsidiary will be, an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. The Issuer has not entered into any subscription agreement, side letter or other agreement with any Other Subscriber or any other investor (except with respect to payment method and timing) in connection with such Other Subscriber's or investor's direct or indirect investment in the Issuer, other than (i) the Other Subscription Agreements, (ii) the pre-funded warrants and ordinary warrants issued by the Issuer pursuant to the Other Subscription Agreements, (iii) transaction documents for purposes of the Contemplated Transactions, and (iv) agreements or forms thereof that have been publicly filed as exhibits to the SEC Reports via the Commission's EDGAR system, including filings made by the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. The Issuer acknowledges and agrees that Subscriber is acting solely in the capacity of an arm's length purchaser with respect to this Agreement and the transactions contemplated hereby. The Issuer further acknowledges that Subscriber is not acting as a financial advisor or fiduciary of the Issuer (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereby and any advice given by Subscriber or any of its representatives or agents in connection with this Agreement and the transactions contemplated hereby is merely incidental to Subscriber's purchase of the Acquired Securities. The Issuer further represents to Subscriber that the Issuer's decision to enter into this Agreement has been based solely on the independent evaluation of the transactions contemplated hereby by the Issuer and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. Anything in this Agreement or elsewhere herein to the contrary notwithstanding, it is understood and acknowledged by the Issuer that: (i) Subscriber has not been asked by the Issuer to agree, nor has Subscriber agreed, to desist from purchasing or selling, long and/or short, securities of the Issuer, or "derivative" securities based on securities issued by the Issuer or to hold the Acquired Securities for any specified term; (ii) past or future open market or other transactions by Subscriber, specifically including, without limitation, "short sales" (as defined in Rule 200 of Regulation SHO under the Exchange Act) or "derivative" transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Issuer's publicly-traded securities; (iii) Subscriber and counter-parties in "derivative" transactions to which Subscriber is a party, directly or indirectly, presently may have a "short" position in the Class A Ordinary Shares, and (iv) Subscriber shall not be deemed to have any affiliation with or control over any arm's length counter-party in any "derivative" transaction. The Issuer further understands and acknowledges that (y) Subscriber may engage in hedging activities at various times during the period that the Acquired Securities are outstanding, and (z) such hedging activities (if any) could reduce the value of the existing shareholders' equity interests in the Issuer at and after the time that the hedging activities are being conducted. The Issuer acknowledges that such aforementioned hedging activities do not constitute a breach of this Agreement or any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. The Issuer has filed or furnished, as the case may be, all reports, statements, schedules, prospectuses, proxies, registration statements, forms and other documents required to be filed or furnished by it under the Exchange Act, including pursuant to Section 13(a) or 15(d) of the Exchange Act, for the twelve (12) months preceding the date hereof on a timely basis or has received a valid extension of such time of filing or furnishment and has filed or furnished any such SEC Reports prior to the expiration of any such extension. As of their respective dates (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such filing), the SEC Reports filed and furnished by the Issuer complied in all material respects with the requirements of the Securities Act, and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed or furnished (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such filing) by the Issuer, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. All material agreements to which the Issuer or any Subsidiary is a party or to which the property or assets of the Issuer or any Subsidiary are subject are included as part of or identified in the Most Recent SEC Reports, to the extent such agreements are required to be included or identified pursuant to the rules and regulations of the Commission. As of the date hereof, none of the Most Recent SEC Reports are subject to ongoing review or outstanding investigation by the Commission. For purposes of this Agreement, "<u>SEC Reports</u>" means, collectively, each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by the Issuer with the Commission since its initial registration of the Class A Ordinary Shares, under the Securities Act and the Exchange Act, including the exhibits thereto and documents incorporated by reference therein. For purposes of this Agreement, "<u>Most Recent SEC Reports</u>" means the Issuer's Annual Report on Form 20-F for the fiscal year ended September 30, 2024 or its other reports and forms filed with the Commission under Sections 12, 13, or 15(d) of the Exchange Act after September 30, 2024 and before the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. (a) Except as disclosed in <u>Section 3.u(a)</u> of the Disclosure Schedules, (i) there are no pending Actions against the Issuer or any Subsidiary, or any of their properties or assets, or any of the directors, managers or officers of the Issuer or any Subsidiary with regard to their actions as such which, if determined adversely, would reasonably be expected to adversely affect the ability of the Issuer to timely consummate the Subscription or otherwise adversely affect or challenge the legality, validity, or enforceability of any of the Transaction Documents or transactions contemplated therein, or, if resolved adversely, would reasonably be expected to result in a Material Adverse Effect, (ii) there are no pending or to the Issuer's Knowledge, threatened audit, examination, enquiry or investigation by any Governmental Authority against the Issuer or any Subsidiary, or any of their properties or assets, or any of the directors, managers or officers of the Issuer or any Subsidiary with regard to their actions as such, and no facts exist that would reasonably be expected to form the basis for any such audit, examination, enquiry or investigation; (iii) there is no pending Action or threatened Action in writing, or investigation, by the Issuer or any Subsidiary against any third party; (iv) there is no settlement or similar agreement that imposes any material ongoing obligation or restriction on the Issuer or any Subsidiary; and (v) there is no Order imposed or threatened in writing to be imposed upon any the Issuer or any Subsidiary, or any of its respective properties or assets, or any of the directors, managers or officers of the Issuer or any Subsidiary with regard to their actions as such that would, individually or in the aggregate, result in a Material Adverse Effect. Neither the Issuer nor any Subsidiary, nor any director or officer thereof, is the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Issuer, there is not pending or contemplated, any investigation by the Commission involving the Issuer or any current or former director or officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Section 3.u(b)</u> of the Disclosure Schedules, there is no Action pending or, to Issuer's Knowledge, threatened against the Issuer by the Exchange or the Commission with respect to any intention by such entity to deregister the Class A Ordinary Shares or prohibit or terminate the listing of the Class A Ordinary Shares on the Exchange. The Issuer is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements except for those with respect to bidding price deficiency. The Class A Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Issuer is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Except as forth in <u>Section 3.v</u> of the Disclosure Schedule, the Issuer has not paid, and are not obligated to pay, any brokerage, finder's or other commission or similar fees in connection with the transactions contemplated by the Transaction Documents. Subscriber shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. None of the Issuer, any predecessor or affiliated issuer of the Issuer, any director, executive officer or other officer of the Issuer, or, to the Issuer's knowledge, any beneficial owner of twenty percent (20%) or more of the Issuer's issued and outstanding voting equity securities, calculated on the basis of voting power, or any promoter connected with the Issuer in any capacity (collectively, "<u>Issuer Covered Persons</u>"), is subject to any of the "bad actor" disqualifications within the meaning of Rule 506(d) under the Securities Act, except for a disqualification event covered by Rule 506(d)(2) or (d)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. The Issuer acknowledges that there have been no representations, warranties, covenants and agreements made to Issuer by or on behalf of Subscriber, any of its respective affiliates or any of its or their control persons, officers, directors, employees, partners, agents or representatives, expressly or by implication, regarding the transactions contemplated by this Agreement other than those representations, warranties, covenants and agreements included in this Agreement (inclusive of the exhibits and schedules attached hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y. The gross proceeds from the Acquired Securities contemplated by the Transaction will be utilized for purposes of acquiring XAUt (including costs associated with such acquisition), transaction costs, working capital and general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z. No labor dispute exists or, to the knowledge of the Issuer, is threatened with respect to any of the employees of the Issuer or its Subsidiaries, which would reasonably be expected to result in a Material Adverse Effect. None of the Issuer's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Issuer or such Subsidiary, and neither the Issuer nor any of its Subsidiaries is a party to a collective bargaining agreement. No executive officer of the Issuer or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Issuer or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Issuer and its Subsidiaries are in compliance with all Applicable Laws relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

aa. The Issuer and its Subsidiaries possess all material Permits as reasonably required to conduct the business of the Issuer ("<u>Material Permits</u>"), and neither the Issuer nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.

bb. The Issuer and its Subsidiaries have good and marketable title to their respective owned properties and assets that are necessary to the business of the Issuer and its Subsidiaries as currently conducted, in each case, free and clear of all Liens, except for Liens as do not materially affect the value of such property, taken as a whole, and do not interfere in any material respect with the use made or proposed to be made of such properties by the Issuer and its Subsidiaries, taken as a whole, and any Liens arising from Indebtedness. Any real property and facilities held under lease by the Issuer or its Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Issuer and its Subsidiaries are in compliance, except where such non-compliance would not have or reasonably be expected to have a Material Adverse Effect. "<u>Liens</u>" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cc. The Issuer and its Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have would have a Material Adverse Effect (collectively, the "<u>Intellectual Property Rights</u>"). None of, and neither the Issuer nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement, except where such expiration, termination or abandonment would not have or reasonably be expected to have a Material Adverse Effect. Neither the Issuer nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim that the Intellectual Property Rights violate or infringe upon the rights of any Person. All such Intellectual Property Rights are enforceable and to the knowledge of the Issuer, there is no existing infringement by another Person of any of the Intellectual Property Rights. The Issuer and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd. The Issuer and its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary for companies of similar size as the Issuer in the businesses in which the Issuer and its Subsidiaries are engaged. Neither the Issuer nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

ee. None of the officers or directors of the Issuer or any Subsidiary, and none of the employees of the Issuer or any Subsidiary is presently a party to any transaction with the Issuer or any Subsidiary (other than for services as employees, officers and directors or with respect to the Contemplated Transactions), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case in excess of $20,000 other than for (a) payment of salary or consulting fees for services rendered, (b) reimbursement for expenses incurred on behalf of the Issuer and (c) other employee benefits, including equity incentives granted under any equity incentive plan of the Issuer.

ff. The Issuer has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one (1) year from the Closing Date. The Issuer has no knowledge that any creditors of the Issuer intend to initiate involuntary bankruptcy, insolvency, reorganization or liquidation proceedings or other Actions for relief under any bankruptcy or reorganization laws of any jurisdiction. All outstanding secured and unsecured Indebtedness of the Issuer or any Subsidiary, or for which the Issuer or any Subsidiary has commitments is set forth in the Most Recent SEC Reports. Neither the Issuer nor any Subsidiary is in default with respect to any Indebtedness.

gg. The Issuer and its Subsidiaries are in compliance in all material respects with any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended, that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The Issuer and its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (a) transactions are executed in accordance with management's general or specific authorizations, (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (c) access to assets is permitted only in accordance with management's general or specific authorization, and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Issuer and its Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Issuer and its Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Issuer in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms.

hh. Except as set forth in Section 3.t of the Disclosure Schedule, the SEC Reports and in connection with this Transaction and the Contemplated Transactions, no Person has any right to cause the Issuer or any Subsidiary to effect the registration under the Securities Act of any securities of the Issuer or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Issuer and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Charter Documents or the laws of its jurisdiction of incorporation that is or could become applicable to Subscriber as a result of Subscriber and the Issuer fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Issuer's sale, issuance and delivery of the Acquired Securities, and Subscriber's ownership of the Acquired Securities.

jj. Assuming the accuracy of Subscriber's representations and warranties set forth in <u>Section 4</u>, neither the Issuer nor any of its affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Acquired Securities to be integrated with prior offerings by the Issuer for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Exchange on which any of the securities of the Issuer are listed or designated.

kk. The Issuer and its Subsidiaries each (a) has made or filed all U.S. federal, state, local, and foreign tax returns, reports and declarations required by any jurisdiction in which it is subject to tax, (b) has paid all taxes and other governmental assessments and charges, and (c) has set aside on its books provisions reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes claimed to be due by the taxing authority of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ll. None of the Issuer, any Subsidiary or any agent or other person acting on behalf of the Issuer or any Subsidiary has (a) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (b) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) failed to disclose fully any contribution made by the Issuer or any Subsidiary (or made by any person acting on its behalf of which the Issuer is aware) which is in violation of law, or (d) violated in any material respect any provision of Foreign Corrupt Practices Act of 1977, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mm. The Issuer's accounting firm is Yu Certified Public Accountant, P.C. (the "<u>Accountant</u>"). The Accountant (a) is a registered public accounting firm as required by the Exchange Act, (b) is independent public accountants within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States), and (c) shall express its opinion with respect to the financial statements to be included in the Issuer's Annual Report on Form 20-F for the fiscal year ending September 30, 2025. The Accountant, whose report was included on the consolidated financial statements of the Issuer for the fiscal year ended September 30, 2024, during the periods covered of its report, was a registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). There are no disagreements of any kind presently existing, or reasonably anticipated by the Issuer to arise, between the Issuer and the accountants formerly or presently employed by the Issuer and the Issuer is current with respect to any fees owed to its accountants which could affect the Issuer's ability to perform any of its obligations under any of the Transaction Documents. To the knowledge of the Issuer, each of the accountants formerly or presently employed by the Issuer is not, or was not, in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002, as amended, with respect to the Issuer.

nn. The Issuer has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Issuer to facilitate the sale or resale of any of the Acquired Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Acquired Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Issuer, other than, in the case of clauses (ii) and (iii), compensation paid to the Placement Agent in connection with the placement of the Acquired Securities.

oo. Each share of capital stock granted by the Issuer under the Issuer's equity incentive plan was granted in accordance with the terms of the Issuer's equity incentive plan and Applicable Law. The Issuer has not granted, and there is no and has been no Issuer policy or practice to grant, awards under the Issuer's equity incentive plan prior to, or otherwise coordinate the grant of awards under the Issuer's equity incentive plan with, the release or other public announcement of material information regarding the Issuer or its Subsidiaries or their financial results or prospects.

pp. (a) There has been no security breach or other compromise of or relating to any of the Issuer's or any Subsidiary's information technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, "<u>IT Systems and Data</u>") and the Issuer and its Subsidiaries have not been notified of any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data, except, with respect to those which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (b) the Issuer and its Subsidiaries are presently in compliance with all Applicable Law or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, individually or in the aggregate, have a Material Adverse Effect; (c) the Issuer and its Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (d) the Issuer and its Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.

qq. The Issuer and its Subsidiaries are, and at all times since January 1, 2024, in material compliance with all applicable state, federal and foreign data privacy and security laws and regulations (collectively, "<u>Privacy Laws</u>"). The execution, delivery and performance of the Transaction Documents will not result in a breach of any Privacy Laws or Policies. Neither the Issuer nor its Subsidiaries (i) has received written notice of any actual or potential liability of the Issuer or its Subsidiaries under, or actual or potential violation by the Issuer or its Subsidiaries of, any of the Privacy Laws since January 1, 2024; (ii) is currently conducting or paying for, in whole or in part, any investigation, remediation or other corrective action pursuant to any regulatory request or demand pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement by or with any court or arbitrator or governmental or regulatory authority that imposed any obligation or liability under any Privacy Law.

rr. Neither the Issuer nor any Subsidiary or any director, officer, agent, employee, affiliate or representative of the Issuer or any of its Subsidiaries is an individual or entity ("<u>Covered Person</u>") currently the subject or target of any sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control, the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authority (collectively, "<u>Sanctions</u>"), nor is the Issuer located, organized or resident in a country or territory that is the subject of Sanctions; and the Issuer will not directly or indirectly use any funds, or lend, contribute or otherwise make available such funds to any Subsidiaries, joint venture partners or other Covered Person, to fund any activities of or business with any Covered Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions or in any other manner that will result in a violation by any Covered Person (including any Covered Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.

ss. The operations of the Issuer and its Subsidiaries are and have been conducted at all times in compliance with the Applicable Laws relating to anti money laundering (collectively, the "<u>Money Laundering Laws</u>"), and no Action involving the Issuer or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Issuer or any Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Subscriber Representations and Warranties</u>. Subscriber represents and warrants, as of the date hereof and the Closing Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation, with the requisite entity power and authority to enter into, deliver and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement has been duly authorized, executed and delivered by Subscriber. This Agreement is enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally and (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The execution and delivery by Subscriber of this Agreement, and the performance by Subscriber of its obligations under this Agreement, including the purchase of the Acquired Securities and the consummation of the other transactions contemplated herein, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject, which would reasonably be expected to have a material adverse effect on the business, properties, financial condition, stockholders' equity or results of operations of Subscriber, taken as a whole (a "<u>Subscriber Material Adverse Effect</u>"), or materially affect the legal authority of Subscriber to comply in all material respects with the terms of this Agreement; (ii) the organizational documents of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of Subscriber's properties that would reasonably be expected to have a Subscriber Material Adverse Effect or materially affect the legal authority of Subscriber to comply in all material respects with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subscriber (i) is an "accredited investor" as such term is defined in Rule 501(a) of Regulation D under the Securities Act, satisfying the applicable requirements set forth on <u>Schedule A</u> and acknowledges that the sale contemplated hereby is being made in reliance on a private placement exemption to "Accredited Investors" within the meaning of Section 501(a) of Regulation D under the Securities Act and similar exemptions under state law, and is an "institutional account" as defined in FINRA Rule 4512(c), (ii) is acquiring the Acquired Securities, and upon the exercise of the Pre-Funded Warrant and Ordinary Warrants, will acquire the Warrant Shares issuable upon such exercise of the Pre-Funded Warrant and the Ordinary Warrants, respectively, only for its own account and not for the account of others, or if Subscriber is subscribing for the Acquired Securities as a fiduciary or agent for one or more investor accounts, each owner of such account is a "qualified institutional buyer" or an "accredited investor" (each as defined above) and Subscriber has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Acquired Securities, and upon the exercise of the Pre-Funded Warrant or the Ordinary Warrants, will not acquire the Warrant Shares issuable upon such exercise of the Pre-Funded Warrant or the Ordinary Warrants, respectively, with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act. Subscriber has completed <u>Schedule A</u> following the signature page hereto and the information contained therein is accurate and complete. Subscriber is not an entity formed for the specific purpose of acquiring the Acquired Securities, and upon the exercise of the Pre-Funded Warrant or the Ordinary Warrants, acquiring the Warrant Shares issuable upon such exercise of the Pre-Funded Warrant or the Ordinary Warrants, respectively, unless Subscriber is a newly formed entity in which all of the equity owners are accredited investors and is an "institutional account" as defined by FINRA Rule 4512(c). Accordingly, Subscriber is aware that this offering of the Acquired Securities meets the exemptions from filing under FINRA Rule 5123(b)(1)(A), (C) or (J).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Subscriber understands that the Acquired Securities are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Acquired Securities and the Warrant Shares underlying the Pre-Funded Warrant and the Ordinary Warrants have not been registered under the Securities Act. Subscriber understands that the Acquired Securities and Warrant Shares may not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the Issuer or a Subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (iii) pursuant to Rule 144 (including Rule 144(i) thereunder) under the Securities Act; *provided*, that all of the applicable conditions thereof have been met, or (iv) pursuant to another applicable exemption from the registration requirements of the Securities Act (including, without limitation, a private resale pursuant to the so-called "Section 4(a)(7)"), and in each case, in accordance with any applicable securities laws of the states of the United States and other applicable jurisdictions, and that any certificates or book-entry records representing the Acquired Securities and Warrant Shares shall contain a legend to such effect. Subscriber acknowledges that the Acquired Securities and Warrant Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees that the Acquired Securities and Warrant Shares will be subject to the foregoing transfer restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Acquired Securities and Warrant Shares and may be required to bear the financial risk of an investment in the Acquired Securities for an indefinite period of time. Subscriber acknowledges and agrees that the Acquired Securities and Warrant Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 until at least six (6) months from the Closing Date. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Acquired Securities and Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Subscriber's acquisition and holding of the Acquired Securities will not constitute or result in a non-exempt prohibited transaction under section 406 of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), section 4975 of the Code, or any applicable similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In making its decision to subscribe for and purchase the Acquired Securities, Subscriber represents that it has relied solely upon its own independent investigation, the investor presentation provided to Subscriber and the Issuer's representations, warranties and covenants set forth in this Agreement. Without limiting the generality of the foregoing, Subscriber has not relied on any statements, representations or warranties or other information provided by the Placement Agent or any of its affiliates, or any of their respective officers, directors, employees or representatives, concerning the Issuer or the Acquired Securities or the offer and sale of the Acquired Securities. Subscriber acknowledges and agrees that Subscriber has received and has had the opportunity to review such information as Subscriber deems necessary in order to make an investment decision with respect to the Acquired Securities and the Issuer, including the SEC Reports, the risk factors set forth therein, a summary of risk factors set forth in <u>Exhibit A</u>, and certain information provided in the Issuer's data room (provided that no risk factor disclosure or information set forth in such data room shall be deemed to qualify any representation or warranty of the Issuer contained herein). Subscriber represents and agrees that Subscriber and Subscriber's professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and Subscriber's professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Acquired Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Subscriber became aware of this offering of the Acquired Securities solely by means of direct contact between Subscriber and the Issuer, the Placement Agent or a representative of the Issuer or the Placement Agent, and the Acquired Securities were offered to Subscriber solely by direct contact between Subscriber and the Issuer, the Placement Agent or a representative of the Issuer or the Placement Agent. Subscriber did not become aware of this offering of the Acquired Securities, nor were the Acquired Securities offered to Subscriber, by any other means. Subscriber acknowledges that the Issuer represents and warrants that the Acquired Securities (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Acquired Securities. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Acquired Securities, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an informed investment decision. Accordingly, Subscriber is aware that the offering of the Acquired Securities meets the institutional account exemptions from FINRA Rule 2111(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Subscriber acknowledges and agrees that none of the Placement Agent, any affiliate of the Placement Agent or any officer, director, employee or representative of any of the Placement Agent or any affiliate thereof has provided Subscriber with any information or advice with respect to the Acquired Securities nor is such information or advice necessary or desired. Subscriber acknowledges that none of the Placement Agent, any affiliate of the Placement Agent or any of its officers, directors, employees or representatives (i) has made any representation as to the Issuer or the quality of the Acquired Securities, and the Placement Agent may have acquired non-public information with respect to the Issuer, which Subscriber agrees need not be provided to it, (ii) has made an independent investigation with respect to the Issuer or the Acquired Securities or the accuracy, completeness or adequacy of any information supplied to Subscriber by the Issuer, (iii) has acted as Subscriber's financial advisor or fiduciary in connection with the issuance and purchase of the Acquired Securities or (iv) has prepared a disclosure or offering document in connection with the offer and sale of the Acquired Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Subscriber represents and acknowledges that Subscriber, either alone or together with any professional advisor(s) has adequately analyzed and fully considered the risks of an investment in the Acquired Securities and determined that the Acquired Securities are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber's investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists; provided, that neither this representation nor any other representation or warranty made by Subscriber herein shall in any way limit Subscriber's right to rely upon the Issuer's representations, warranties and covenants contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired Securities or made any findings or determination as to the fairness of an investment in the Acquired Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. The operations of Subscriber have been conducted in material compliance with the rules and regulations administered or conducted by OFAC applicable to Subscriber. Subscriber has performed due diligence necessary to reasonably determine that its beneficial owners are not named on the lists of denied parties or blocked persons administered by OFAC, resident in or organized under the laws of a country that is the subject of Sanctions, or otherwise the subject of Sanctions, except as permitted under Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Subscriber is not currently (and at all times through the Closing or earlier termination of this Agreement will refrain from being or becoming) a member of a "group" (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) acting for the purpose of acquiring, holding, voting or disposing of equity securities of the Issuer (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any "group" consisting solely of Subscriber and one or more of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. If Subscriber is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of ERISA, (ii) a plan, an individual retirement account or other arrangement that is subject to section 4975 of the Code, (iii) an entity whose underlying assets are considered to include "plan assets" of any such plan, account or arrangement described in clauses (i) and (ii) (each, an "<u>ERISA Plan</u>"), or (iv) an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, "<u>Similar Laws</u>," and together with the ERISA Plans, the "<u>Plans</u>"), Subscriber represents and warrants that (i) neither the Issuer nor any of its respective affiliates has provided investment advice or has otherwise acted as the Plan's fiduciary, with respect to its decision to acquire and hold the Acquired Securities, and none of the Issuer or any of its respective affiliates is or shall at any time be the Plan's fiduciary with respect to any decision to acquire and hold the Acquired Securities, and none of the Issuer or any of its respective affiliates is or shall at any time be the Plan's fiduciary with respect to any decision in connection with Subscriber's investment in the Acquired Securities and (ii) its purchase of the Acquired Securities will not result in a non-exempt prohibited transaction under section 406 of ERISA or section 4975 of the Code, or any applicable Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Subscriber has, and at the Closing, will have, sufficient funds to pay the Purchase Price pursuant to <u>Section 2.b</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Issuer agrees to use commercially reasonable efforts to submit to or file with the Commission, as soon as reasonably practicable upon the consummation of the Subscription and in any case no later than thirty (30) calendar days following the Closing Date (the "<u>Filing Date</u>") (at the Issuer's sole cost and expense), a registration statement on Form F-3 (or Form F-1 if Form F-3 is not available) (the "<u>Registration Statement</u>"), registering the resale of the Registrable Securities (as defined herein), which Registration Statement may include Class A Ordinary Shares sold pursuant to the Secondary Purchase and the Class A Ordinary Shares issued or issuable upon conversion of the Class B Ordinary Shares and upon exercise of warrants sold pursuant to the Primary Purchase and the Secondary Purchase, and other Class A Ordinary Shares that Issuer may designate, and the Issuer shall use its commercially reasonable efforts to have the Registration Statement declared effective under the Securities Act as soon as practicable after the filing thereof and upon the earlier of (i) sixty (60) RR Business Days (as defined below) following the Filing Date if the Commission notifies the Issuer that it will "review" the Registration Statement and (ii) the 5th RR Business Day after the date the Issuer is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be "reviewed" or will not be subject to further review (such earlier date, the "<u>Effective Date</u>"); *provided*, *however*, that the Issuer's obligations to include the Registrable Securities in the Registration Statement are contingent upon Subscriber furnishing in writing to the Issuer such information regarding Subscriber, the securities of the Issuer held by Subscriber and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Issuer to effect the registration of the Registrable Securities, and Subscriber shall execute such documents in connection with such registration as the Issuer may reasonably request that are customary of a selling stockholder in similar situations, including providing that the Issuer shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement as permitted under <u>Section 5.c</u> of this Agreement. Notwithstanding the foregoing, if the Commission prevents the Issuer from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Registrable Securities by the applicable stockholders or otherwise, such Registration Statement shall register for resale such number of Registrable Securities which is equal to the maximum number of Registrable Securities as is permitted by the Commission. In such event, the number of Registrable Securities to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders. Upon notification by the Commission that the Registration Statement has been declared effective by the Commission, within two (2) RR Business Days thereafter, the Issuer shall file the final prospectus under Rule 424 of the Securities Act. The Issuer shall provide a draft of the Registration Statement to Subscriber for review at least two (2) RR Business Days in advance of filing the Registration Statement; *provided*, that for the avoidance of doubt, in no event shall the Issuer be required to delay or postpone the filing of such Registration Statement as a result of or in connection with Subscriber's review. In no event shall Subscriber be identified as an underwriter in the Registration Statement unless required by the Commission; *provided*, that if the Commission requests that Subscriber be identified as an underwriter in the Registration Statement, Subscriber will have an opportunity to withdraw from the Registration Statement (in which case the Issuer shall not identify Subscriber as an underwriter therein). Subscriber shall not be entitled to use the Registration Statement for an underwritten offering of Registrable Securities. For purposes of clarification, any failure by the Issuer to file the Registration Statement by the Filing Date or to effect such Registration Statement by the Effective Date shall not otherwise relieve the Issuer of its obligations to file or effect the Registration Statement as set forth above in this <u>Section 5</u>. "<u>Registrable Securities</u>" means the Acquired Shares, the Ordinary Warrants and the Warrant Shares issued or issuable upon the exercise of the Ordinary Warrants and/or Pre-Funded Warrant (if applicable), and any Class A Ordinary Shares issued or issuable with respect to the Acquired Shares and the Warrant Shares as a result of any stock split or subdivision, stock dividend, recapitalization, exchange or similar event. "<u>RR Business Day</u>" means any day other than a Saturday, Sunday or day on which the Commission is closed or on which the Commission is not accepting, processing or reviewing filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the case of the registration effected by the Issuer pursuant to this Agreement, the Issuer shall, upon reasonable request, inform Subscriber as to the status of such registration. At its expense the Issuer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use its commercially reasonable efforts to keep such registration continuously effective with respect to Subscriber, and to keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of the following: (A) Subscriber ceases to hold any Registrable Securities, (B) the date all Registrable Securities held by Subscriber may be sold without restriction under Rule 144 of the Securities Act, including without limitation, any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for the Issuer to be in compliance with the current public information required under Rule 144(c)(1) or Rule 144(i)(2), as applicable, and (C) three (3) years from the Effective Date of the Registration Statement. The period of time during which the Issuer is required hereunder to keep a Registration Statement effective is referred to herein as the "<u>Registration Period</u>";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during the Registration Period, advise Subscriber promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or any post-effective amendment thereto has become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) of any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein or for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) after it shall receive notice or obtain knowledge thereof, of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Registrable Securities included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) in accordance with <u>Section 5.c</u> of this Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus so that, as of such date, any Registration Statement does not contain an untrue statement of a material fact or does not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or any prospectus does not include an untrue statement of a material fact or does not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

Notwithstanding anything to the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with any material, nonpublic information regarding the Issuer, any of its affiliates or any other Person, unless the Issuer has notified Investor of the existence of such an event (without providing material, nonpublic information about the specific nature of such event) and obtained the written consent of the Investor to receive such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Registration Period, use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) during the Registration Period, upon the occurrence of any event contemplated above, except for such times as the Issuer is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) during the Registration Period, use its commercially reasonable efforts (y) to remain listed on each Exchange and to cause all Registrable Securities to be listed on each securities exchange or market, if any, on which the Class A Ordinary Shares issued by the Issuer have been listed and (z) to timely comply in all material respects with the Issuer's reporting, filing and other obligations under the rules and regulations of the Commission and each Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) during the Registration Period, use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Registrable Securities contemplated hereby and, for so long as Subscriber holds Registrable Securities, to enable Subscriber to sell the Registrable Securities under Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subject to receipt from Subscriber by the Issuer or its transfer agent of customary representations and other customary documentation reasonably acceptable to the Issuer and the transfer agent in connection therewith, Subscriber may request that the Issuer remove, and the Issuer shall cause to be removed, any legend from the book entry position(s) or certificate(s) evidencing its Registrable Securities at any time that such Registrable Securities (A) are subject to or have been or are about to be sold or transferred pursuant to, an effective registration statement (including a registration statement filed under this Agreement); (B) have been or are about to be sold pursuant to Rule 144; or (C) may be sold pursuant to Rule 144 without restriction on the volume or manner of sale and without the requirement for the Issuer to be in compliance with the current public information requirement under Rule 144 (or any similar provision then in force under the Securities Act). If required by the Issuer's transfer agent, the Issuer shall cause its counsel to deliver to such transfer agent an opinion of counsel to the effect that the removal of restrictive legends in such circumstances may be effected under the Securities Act. If restrictive legends are no longer required for such Registrable Securities pursuant to the foregoing, the Issuer shall, in accordance with the provisions of this <u>Section 5</u> and within two (2) business days of any request therefor from Subscriber accompanied by such customary and reasonably acceptable representations and other documentation referred to above establishing that restrictive legends are no longer required, deliver to the transfer agent irrevocable instructions that the transfer agent shall make a new, unlegended entry for such book entry Registrable Securities. The Issuer shall be responsible for the fees of its transfer agent and all Depository Trust Company fees associated with such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Notwithstanding anything to the contrary in this Agreement, the Issuer shall be entitled to delay or postpone the filing or effectiveness of the Registration Statement, and, from time to time, to require Subscriber not to sell under the Registration Statement or to suspend the effectiveness or use thereof, if it determines that the negotiation or consummation of a transaction by the Issuer or its Subsidiaries is pending or an event has occurred, which negotiation, consummation or event that the Board of Directors reasonably believes, upon the advice of outside legal counsel, would require additional disclosure by the Issuer in the Registration Statement of material information that the Issuer has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Issuer, upon the advice of outside legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements or is otherwise necessary for the Registration Statement to not contain a material misstatement or omission (each such circumstance, a "<u>Suspension Event</u>"); *provided*, *however*, that the Issuer may not delay or suspend the effectiveness or use of the Registration Statement on more than one (1) occasion for more than sixty (60) total calendar days during any twelve-month period. Upon receipt of any written notice from the Issuer of the happening of any Suspension Event (which notice shall not contain material, nonpublic information) during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or any related prospectus includes any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, Subscriber agrees that (i) it will promptly discontinue offers and sales of the Registrable Securities under the Registration Statement until Subscriber receives copies of a supplemental or amended prospectus (which the Issuer agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Issuer that it may resume such offers and sales and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Issuer unless otherwise required by law or subpoena. If so directed by the Issuer, Subscriber will deliver to the Issuer or, in Subscriber's sole discretion destroy, all copies of the prospectus covering the Registrable Securities in Subscriber's possession; *provided*, *however*, that this obligation to deliver or destroy all copies of the prospectus covering the Registrable Securities shall not apply (A) to the extent Subscriber is required to retain a copy of such prospectus (x) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (y) in accordance with a bona fide pre-existing document retention policy or (B) to copies stored electronically on archival servers as a result of automatic data back-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subscriber may deliver written notice (including via email in accordance with <u>Section 7.l</u>) (an "<u>Opt-Out Notice</u>") to the Issuer requesting that Subscriber not receive notices from the Issuer otherwise required by this <u>Section 5</u>; *provided*, *however*, that Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the Issuer shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with any such notice and (ii) each time prior to Subscriber's intended use of an effective Registration Statement, Subscriber will notify the Issuer in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this <u>Section 5.d</u>) and the related suspension period remains in effect, the Issuer will so notify Subscriber, within one (1) business day of Subscriber's notification to the Issuer, by delivering to Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber with the related notice of the conclusion of such Suspension Event immediately upon its availability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Issuer shall, notwithstanding any termination of this Agreement in accordance with <u>Section 6</u>, indemnify, defend and hold harmless Subscriber (to the extent a seller under the Registration Statement), its directors, officers, agents, broker-dealers, and employees and each person who controls Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any and all out-of-pocket losses, claims, damages, liabilities and reasonable and documented costs (including, without limitation, reasonable and documented costs of preparation and investigation and reasonable documented attorneys' fees of one legal counsel (and one local counsel)) and all other reasonable and documented expenses (collectively, "<u>Losses</u>"), as incurred, that arise out of or are based upon (i) any untrue statement of a material fact contained in the Registration Statement or in any amendment or supplement thereto, or arising out of or relating to any omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue statement of a material fact included in any prospectus included (or incorporated by reference) in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein or Subscriber has omitted a material fact from such information or otherwise violated the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder; *provided, however*, that the indemnification contained in this <u>Section 5</u> shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of the Issuer (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Issuer be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and in conformity with written information furnished by Subscriber expressly for inclusion in the Registration Statement, or (B) in connection with any offers or sales effected by or on behalf of Subscriber in violation of <u>Section 5.c</u> hereof. The Issuer shall notify Subscriber reasonably promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this <u>Section 5</u> of which the Issuer is aware. The Issuer shall not, without the prior written consent of Subscriber, effect any settlement of any pending proceeding in respect of which Subscriber or any other person entitled to indemnification hereunder is a party, unless such settlement includes an unconditional release of Subscriber or such other person, as applicable, from all liability on claims that are the subject matter of such proceeding. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Registrable Securities by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Subscriber shall indemnify and hold harmless the Issuer, its directors, officers, agents and employees, and each person who controls the Issuer (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, that arise out of or are based upon (i) any untrue statement of a material fact contained in any Registration Statement or in any amendment or supplement thereto or arising out of or relating to any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue statement of a material fact included in any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, to the extent, but only to the extent, that such untrue statement or omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein or a material fact that Subscriber has omitted from such information; *provided, however*, that the indemnification contained in this <u>Section 5.f</u> shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of Subscriber (which consent shall not be unreasonably withheld, conditioned or delayed). In no event shall the liability of Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Registrable Securities giving rise to such indemnification obligation. Subscriber shall notify the Issuer promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this <u>Section 5.f</u> of which Subscriber is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Acquired Securities by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. If the indemnification provided under this <u>Section 5</u> from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any Losses, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue statement of a material fact or omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the Losses shall be deemed to include, subject to the limitations set forth above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this <u>Section 5.g</u> from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party's obligation to make a contribution pursuant to this <u>Section 5.g</u> shall be several, not joint. In no event shall the liability of Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Acquired Securities purchased pursuant to this Agreement giving rise to such contribution obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Termination</u>. This Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) upon the mutual written agreement of each of the parties hereto to terminate this Agreement, (b) if any of the conditions to the Closing set forth in <u>Section 2</u> of this Agreement are not satisfied at, or are not capable of being satisfied on or prior to the Closing and, as a result thereof, the transactions contemplated by this Agreement will not be or are not consummated at the Closing, (c) at the election of Subscriber or Issuer, on or after October 14, 2025, or (d) termination of the Secondary Purchase Agreement; *provided*, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from any such willful breach; *provided further* that neither Subscriber or Issuer (as the case may be) shall be entitled to terminate this Agreement if its failure to perform any covenant or obligation under this Agreement has been the primary cause of, or primarily resulted in, the failure of the Closing to occur on or before October 14, 2025. In the event that this Agreement is terminated for any reason, the Issuer shall within one (1) business day following such termination, return to Subscriber by wire transfer of U.S. dollars in immediately available funds to the account specified by Subscriber, all funds deposited in escrow by Subscriber in connection with the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each party hereto acknowledges that the other party hereto and the Placement Agent will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Agreement. Prior to the Closing, each party hereto agrees to promptly notify the other party hereto if any of the acknowledgments, understandings, agreements, representations and warranties made by such party as set forth herein are no longer accurate in all material respects. Subscriber further acknowledges and agrees that the Placement Agent is a third-party beneficiary of the representations and warranties of Subscriber contained in <u>Section 4</u> and the Issuer further acknowledges and agrees that the Placement Agent is a third-party beneficiary of the representations and warranties of the Issuer contained in <u>Section 3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subscriber agrees that none of (i) any Other Subscriber pursuant to Other Subscription Agreements entered into in connection with the Transaction (including the affiliates or controlling persons, members, officers, directors, partners, agents, or employees of any such Other Subscriber), (ii) the Placement Agent, its affiliates or any of its or their respective affiliates' control persons, officers, directors or employees, and (iii) any affiliates or any control persons, officers, directors, employees, partners, agents or representatives of the Issuer shall be liable to Subscriber or to any Other Subscriber pursuant to this Agreement, the Pre-Funded Warrant, the Ordinary Warrants, the Other Subscription Agreements or any pre-funded warrants and ordinary warrants issued by the Issuer pursuant thereto, as applicable, the negotiation hereof or thereof or the subject matter hereof or thereof, or the transactions contemplated hereby or thereby, for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Acquired Securities. On behalf of itself and its affiliates, Subscriber releases each of the entities or individuals described above in respect of any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements related to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. As of the date hereof, the Issuer has reserved and the Issuer shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of authorized but unissued Class A Ordinary Shares for the purpose of enabling the Issuer to issue Class A Ordinary Shares pursuant to this Agreement and upon exercise of the Pre-Funded Warrant and the Ordinary Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Issuer and Subscriber are entitled to rely upon this Agreement and each is irrevocably authorized to produce this Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby to the extent required by law or by regulatory bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Notwithstanding anything to the contrary in this Agreement, prior to the Closing, Subscriber may not transfer or assign all or a portion of its rights and obligations under this Agreement, other than to one or more of its affiliates without the prior consent of the Issuer; *provided,* that such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, makes the representations and warranties in <u>Section 4</u> and completes <u>Schedule A</u> hereto; *provided, further*, that, no assignment shall relieve the assigning party of any of its obligations hereunder. In the event of such a transfer or assignment, Subscriber shall complete the form of assignment attached as <u>Schedule B</u> hereto. The Issuer may not assign or transfer all or any portion of its rights or obligations under this Agreement without the consent of Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Issuer may request from Subscriber such additional information as the Issuer may reasonably deem necessary to evaluate the eligibility of Subscriber to acquire the Acquired Securities and to register the Acquired Securities for resale, and Subscriber shall promptly provide such information as may be reasonably requested, to the extent readily available and to the extent consistent with its internal policies and procedures; *provided,* that the Issuer agrees to keep any such information provided by Subscriber confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. This Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Except as otherwise provided herein, this Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective affiliates and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If any provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. This Agreement may be executed in two (2) or more counterparts (including by electronic means), all of which shall be considered one and the same agreement and shall become effective when signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Each party shall pay all of its own expenses in connection with this Agreement and the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (i) when so delivered personally, (ii) upon receipt of an appropriate electronic answerback or confirmation when so delivered by telecopy (to such number specified below or another number or numbers as such person may subsequently designate by notice given hereunder), (iii) when sent, with no mail undeliverable or other rejection notice, if sent by email or (iv) five (5) business days after the date of mailing to the address below or to such other address or addresses as such person may hereafter designate by notice given hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to Subscriber, to such address or addresses set forth on the signature page hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to the Issuer, to:

Prestige Wealth Inc.

Office Unit 6620B, 66/F, The Center

99 Queen's Road Central

Central, Hong Kong

with a copy (which shall not constitute notice) to:

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Place

Central, Hong Kong

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if to the Placement Agent, to:

Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC<br> 3 Columbus Circle, 24<sup>th</sup> Floor<br> New York, NY 10019<br> Attn: Christian Lopez

Email: clopez@cohencm.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. This Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Agreement, shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law thereof.

THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN <u>SECTION 7.L</u> OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 7.M</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. The Issuer shall within four (4) business days of the date of the entry into this Agreement, issue one or more press releases and furnish or file with the Commission a Report of Foreign Private Issuer on Form 6-K (collectively, the "<u>Disclosure Document</u>") disclosing, to the extent not previously publicly disclosed, all material terms of the transactions contemplated hereby, the Transaction and any other material, nonpublic information that the Issuer has provided to Subscriber at any time prior to the filing of the Disclosure Document. From and after the issuance of the Disclosure Document, Subscriber shall not be in possession of any material, nonpublic information received from the Issuer or any of its officers, directors, employees or other representatives. Notwithstanding anything in this Agreement to the contrary, the Issuer shall not publicly disclose the name of Subscriber or any of its affiliates, or include the name of Subscriber or any of its affiliates, without the prior written consent of Subscriber, (i) in any press release or (ii) in any filing with the Commission or any regulatory agency or trading market, except (A) as required by the federal securities law in connection with the Registration Statement, (B) in a press release or marketing materials of the Issuer in connection with the Transaction to the extent any such disclosure is substantially equivalent to the information that has previously been made public without breach of the obligation under this <u>Section 7.n</u> or (C) to the extent such disclosure is required by law, at the request of the staff of the Commission or regulatory agency or under the regulations of the Exchange or by any other governmental authority, in which case the Issuer shall provide Subscriber with prior written notice of such disclosure permitted under this subclause (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. In connection with any sale, assignment, transfer or other disposition of the Acquired Securities by Subscriber pursuant to Rule 144 or pursuant to any other exemption under the Securities Act such that the purchaser acquires freely tradable shares and upon compliance by Subscriber with the requirements of this Agreement, if requested by Subscriber by notice to the Issuer, the Issuer shall request its transfer agent to remove any restrictive legends related to the book entry account holding such shares and make a new, unlegended entry for such book entry shares sold or disposed of without restrictive legends within one (1) business day of any such request therefor from Subscriber, *provided,* that the Issuer has timely received from Subscriber a completed representation letter in customary form and such other customary representations as may be reasonably required in accordance with applicable law in connection therewith. The Issuer shall be responsible for the fees of the Issuer's transfer agent, its legal counsel and all DTC fees associated with such legend removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. This Agreement may not be amended, modified, supplemented or waived except by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, supplement or waiver is sought; *provided,* that any rights (but not obligations) of a party under this Agreement may be waived, in whole or in part, by such party on its own behalf without the prior consent of any other party; *provided, further*, that <u>Section 3</u>, <u>Section 4</u>, <u>Section 7.a</u> and this <u>Section 7.p</u> may not be amended, terminated or waived in a manner that is material and adverse to the Placement Agent without the written consent of the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof, and accordingly, that the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions of this Agreement in an appropriate court of competent jurisdiction as set forth in <u>Section 7.n</u>, in addition to any other remedy to which any party is entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Each party hereto intends that the Pre-Funded Warrant shall be treated as stock for U.S. federal (and applicable state and local) income tax purposes (together, the "<u>Intended Tax Treatment</u>"). Each party hereto agrees to report the Pre-Funded Warrant consistently with the Intended Tax Treatment and no party shall take any position inconsistent with the Intended Tax Treatment in the filing of any tax returns, in the course of any audit or tax review by any governmental authority relating to any tax returns, or otherwise, unless required by a "determination" within the meaning of Section 1313(a)(1) of the Code. If a governmental authority disputes or takes a position inconsistent with the Intended Tax Treatment, the party receiving notice of such dispute shall promptly notify the other parties hereto.

[*Signature pages follow.*]

**IN WITNESS WHEREOF**, each of the Issuer and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date first written above.

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| **ISSUER:** |
| **PRESTIGE WEALTH INC.** |
| By: |
| Name: |
| Title: |

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| **SUBSCRIBER:** |
| Name of Subscriber: |
| Signature of Subscriber: |

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By:   <br> Name: <br> Title:

Name in which securities are to be registered (if different): <br>

Email Address: <u>_____________________</u>

Subscriber's EIN: <u>___________________</u>

Address:

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| Attn: |
| Telephone No: |
| Facsimile No: |

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*Signature Page to Subscription Agreement*

Aggregate Number of Units subscribed for: <u>_______________________</u>

Aggregate Number of Acquired Shares subscribed for: <u>_______________________</u>

Aggregate Number of Pre-Funded Warrant subscribed for: <u>___________________</u>

Aggregate Number of Series A-1 Warrants subscribed for: <u>___________________</u> 

Aggregate Number of Series A-2 Warrants subscribed for: <u>___________________</u> 

Aggregate Purchase Price: $<u>______________________</u>

You must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account specified by the Issuer in the Closing Notice.

Name and Address of Beneficial Owner, if different from Subscriber:

Number of Class A Ordinary Shares, Class B Ordinary Shares and other equity securities of the Issuer currently owned by Beneficial Owner prior to this Transaction:

Any descriptions for footnotes to be disclosed in the Registration Statement relating to beneficial ownership:

*Signature Page to Subscription Agreement*

**EXHIBIT A**

**Summary of Risks**

Certain factors may have a material adverse effect on the business, financial condition and results of operations of the Issuer and your proposed investment in the Issuer. The risks and uncertainties described below are not the only ones that the Issuer faces. Additional risks that the Issuer are unaware of, or that the Issuer currently believes are not material, may also become important factors that materially adversely affect the Issuer. If any of the risk factors discussed in the SEC Reports or any of the following risks actually occur, the business, financial condition, results of operation, and future prospects of the Issuer could be adversely affected, the trading price of the Class A Ordinary Shares could decline, and you could lose all or part of your investment.

**RISKS RELATED TO THE ISSUER'S BUSINESS AND XAUT STRATEGY AND HOLDINGS**

***The Issuer's financial results and the market price of the ordinary shares may be affected by the prices of gold and XAUt.***

The Issuer intends to use the proceeds of the Contemplated Transaction primarily to acquire Tether Gold ("XAUt"), a digital asset backed by physical gold, implementing an XAUt treasury strategy. The value of the Issuer's assets and the market price of its ordinary shares are closely linked to the market prices of gold and XAUt. Fluctuations in the price of gold or XAUt, whether due to macroeconomic factors, changes in investor sentiment, or other market dynamics, may have a direct and significant impact on the Issuer's financial performance and the value of its securities. The Issuer's exposure to gold-linked digital assets introduces indirect but material risk. If the price of gold, including prevailing and expected future prices, declines materially or becomes more volatile, demand for XAUt may decrease. As a result, investors in the Issuer's ordinary shares, or securities linked to the Issuer's ordinary shares, including warrants, are exposed to the volatility inherent in gold and digital asset markets.

***The Issuer's XAUt treasury strategy may expose it to complex liquidity risks across both traditional and digital asset markets, which could adversely affect its financial results.***

The Issuer seeks to maintain a long position in XAUt. However, this approach introduces liquidity management challenges that may impact the Issuer's financial performance. The price of XAUt is tied to the price of physical gold. The gold market, while historically liquid, can be subject to temporary dislocations caused by geopolitical events, macroeconomic shocks, or supply chain disruptions. Similarly, emerging token markets—particularly those involving newly issued or bespoke digital assets—often exhibit reduced trading volumes, fragmented order books, and dependence on limited market makers or exchange infrastructure. These structural limitations may prevent timely exits or settlements, or may result in price slippage, widening spreads, or delayed conversions between tokenized assets and fiat currency.

These liquidity risks, across both traditional gold markets and tokenized asset venues, may limit the Issuer's ability to execute its XAUt strategy effectively. If the Issuer is unable to timely deploy capital, or if XAUt fail to achieve meaningful market traction, its financial results, cash flows, and overall operating performance could be materially and adversely affected.

***The redemption risk, pricing risk, and regulatory risk associated with XAUt as a stablecoin may adversely affect the price of XAUt, and thus the Issuer's business, financial condition, and results of operations.***

 ****

Stablecoins are digital assets designed to minimize price volatility. A stablecoin is designed to track the price of an underlying asset such as fiat currency or an exchange-traded commodity. XAUt is a stablecoin issued by Tether; it is designed to track the price of physical gold. Tether claims that XAUt is backed by physical gold stored in vaults in Switzerland, and can be traced and redeemed by the owner of the XAUt token.

Stablecoins are a relatively new phenomenon, and it is impossible to know all of the risks that they could pose to participants in the digital asset markets. In addition, some have argued that some stablecoins, particularly USDT, the U.S.-dollar-pegged stablecoin issued by Tether, were improperly issued, without sufficient backing, in a way that could cause artificial rather than genuine demand for digital assets, raising their prices. Regulators have also charged stablecoin issuers with violations of law or otherwise required certain stablecoin issuers to cease certain operations. For example, on February 17, 2021, the New York Attorney General entered into an agreement with Tether's operators, requiring them to cease any further trading activity with New York persons and pay $18.5 million in penalties for false and misleading statements made regarding the assets backing Tether. On October 15, 2021, the CFTC announced a settlement with Tether's operators in which they agreed to pay $42.5 million in fines to settle charges that, among others, Tether's claims that it maintained sufficient U.S. dollar reserves to back every Tether stablecoin in circulation with the "equivalent amount of corresponding fiat currency" held by Tether were untrue.

Stablecoins have a unique risk associated with redemption of the token for the underlying asset and divergence between the intended redemption rate of the stablecoin and secondary market trading prices. The underlying assets are often invested into perceived "safe" investments such as U.S. Treasury securities. However, there is no guarantee that the underlying assets are put into instruments that are as safe as they may be perceived to be. There is a risk that the assets may not be redeemable at the 1:1 redemption ratio (i.e., one U.S. dollar for one USDC) if an issue occurs with the underlying asset. The issuers of stablecoins may also not be able to provide sufficient underlying assets to back the stablecoins. Moreover, even if marketed or intended to be redeemable with the stablecoin issuer at a 1:1 ratio, there is no guarantee that a stablecoin will trade in the secondary market at or close to such redemption value. In this regard, various market factors, including factors including trade liquidity and sentiment and perception regarding a stablecoin and its backing with underlying assets, may result in a stablecoin trading in the secondary markets at a value other than (or "depegging" from) a 1:1 value with the U.S. dollar. For example, the USDC stablecoin issued by Circle temporarily depegged and traded at a secondary price below one U.S. dollar in March 2023 in the context of the collapse of Silicon Valley Bank due to concerns that some of the funds backing USDC were held in deposits with Silicon Valley Bank. In the case of XAUt, there is a risk where the value of XAUt could deviate from the value of physical gold claimed to be redeemable with such XAUt, if there is stress in the market.

Given the foundational role that stablecoins play in global digital asset markets, their fundamental liquidity can have a dramatic impact on the broader digital asset market. Because a large portion of the digital asset market still depends on stablecoins such as USDT and USDC, there is a risk that a disorderly de-pegging or a run on USDT or USDC could lead to dramatic market volatility in, and/or materially and adversely affect the prices of, digital assets more broadly. Volatility in stablecoins, operational issues with stablecoins (for example, technical issues that prevent settlement), concerns about the sufficiency of any reserves that support stablecoins, or regulatory concerns about stablecoin issuers or intermediaries, such as bitcoin spot markets, that support stablecoins, could impact individuals' willingness to trade on trading venues that rely on stablecoins and could impact the price of XAUt, and in turn, an investment in the ordinary shares of the Issuer.

In addition, the regulatory treatment of fiat-backed stablecoins is highly uncertain. The resale of such stablecoins may implicate a variety of banking, deposit, money transmission, prepaid access and stored value, anti-money laundering, commodities, securities, sanctions, and other laws and regulations in the various jurisdictions relevant to the Issuer's business. The risks associated with stablecoins may adversely affect interest in and demand for the products and services the Issuer seeks to offer, and subject the Issuer to additional regulatory uncertainties, which may result in enforcement actions, litigation, significant costs being incurred, fines, and other penalties, as well as adversely affect the Issuer's business, financial condition, and results of operations.

***The Issuer operates in a highly competitive market, and established market participants with greater resources, regulatory positioning, or brand recognition may outperform it.***

The Issuer's operation comes to crossroads with participants in the global gold market, a highly competitive industry dominated by well-established financial institutions, bullion banks, ETF sponsors, precious metals dealers, and newer entrants offering gold-backed assets. Many of these participants possess significantly greater financial resources, broader market access, deeper liquidity, established regulatory frameworks, and longstanding relationships with institutional investors.

The Issuer also may face emerging competition from other blockchain-native platforms offering gold-linked tokens or decentralized finance (DeFi) products that may offer alternative value propositions or pricing advantages. Some of its competitors may also have physical custody infrastructure, tokenized offerings, or secondary markets in place. In addition, the Issuer may face competition from traditional gold investment products such as exchange-traded funds (ETFs), futures contracts, and bullion dealers, which are already widely accepted by retail and institutional investors.

If the Issuer is unable to successfully differentiate its platform, build user trust, secure high-quality counterparties, or scale liquidity in the Issuer's tokenized offerings, it may not be able to compete effectively. Any failure to compete successfully could adversely affect its ability to grow its market share, attract capital to its platform, or generate sustainable revenue, which would have a material and adverse effect on its business, financial condition, and results of operations.

***Investing in XAUt will expose the Issuer to certain risks associated with XAUt, such as price volatility, limited liquidity and trading volumes, relative anonymity, potential susceptibility to market abuse and manipulation, theft, compliance and internal control failures at exchanges and other risks inherent in its electronic, virtual form and decentralized network.***

XAUt, as a digital asset, is subject to a range of risks that differ from those associated with traditional financial instruments. These include price volatility, which can result in rapid and substantial changes in value. The market for XAUt may also be characterized by limited liquidity and trading volumes, making it difficult to enter or exit positions without affecting the market price. The relative anonymity of transactions and the decentralized nature of the network may increase the risk of market abuse, manipulation, and theft. Furthermore, the Issuer is exposed to the risk of compliance and internal control failures at exchanges or other third-party service providers, which could result in the loss or misappropriation of assets. These risks are compounded by the electronic and virtual nature of XAUt, which may be vulnerable to cyberattacks and other technological failures.

***The Issuer's quarterly operating results, revenues, and expenses may fluctuate significantly, including because the Issuer may be required to account for its digital assets at fair value, which could have an adverse effect on the market price of its securities.***

The Issuer's financial results may be subject to significant fluctuations from quarter to quarter due to the requirement to account for its digital asset holdings, including XAUt, at fair value. Changes in the market price of XAUt may result in unrealized gains or losses that are reflected in the Issuer's financial statements, potentially leading to volatility in reported revenues and expenses. Such fluctuations may not be indicative of the Issuer's underlying operating performance and could adversely affect the market price of its securities.

***The Issuer will have broad discretion in how it executes its XAUt strategy, including the timing of purchases and sale of XAUt and XAUt-related products. The Issuer may not execute its strategy effectively, which could affect its results of operations and cause its share price to decline.***

The Issuer's management will have significant flexibility in determining the timing and manner in which it implements the Issuer's XAUt strategy, including decisions regarding the purchase and sale of XAUt and related products. There can be no assurance that management will execute this strategy effectively or that its decisions will result in favorable outcomes for the Issuer or its shareholders. Ineffective execution of the XAUt strategy could adversely affect the Issuer's financial results and lead to a decline in the market price of its ordinary shares.

***The price of XAUt has been volatile, and the Issuer's ability to time the price of its purchase of XAUt pursuant to its strategy, including with the net proceeds of Contemplated Transactions, will be limited.***

XAUt is a volatile asset that has traded below $2,600 and above $3,600 per XAUt in the past 12 months. In addition, XAUt does not pay interest, but staking rewards can be earned on XAUt. The ability to generate a return on investment from the net proceeds from any offering by the Issuer will depend on whether there is appreciation in the value of XAUt following the Issuer's purchases of XAUt with the proceeds of Contemplated Transactions. Future fluctuations in XAUt's trading prices may result in the Issuer's converting XAUt purchased with the proceeds of Contemplated Transactions into cash with a value substantially below the net proceeds from Contemplated Transactions. There can be no assurance that the Issuer will be able to purchase XAUt at favorable prices or at times that maximize value for shareholders. The timing of purchases, including those made with the net proceeds of Contemplated Transactions, may be constrained by market conditions, regulatory requirements, or other factors beyond the Issuer's control. As a result, the Issuer may be exposed to adverse price movements that could negatively impact its financial performance.

***A significant decrease in the market value of the Issuer's XAUt holdings could adversely affect its ability to satisfy its financial obligations under debt financings.***

If the market value of the Issuer's XAUt holdings were to decline significantly, the Issuer's ability to meet its financial obligations under existing or future debt financings could be impaired. A reduction in the value of these assets may limit the Issuer's borrowing capacity, trigger covenants or other restrictions under its financing arrangements, or otherwise adversely affect its liquidity and financial condition.

***The Issuer may be, or may become following the Contemplated Transactions, a "passive foreign investment Issuer", or "PFIC", within the meaning of Section 1297(a) of the Internal Revenue Code of 1986, as amended, which may have adverse tax consequences for U.S. investors.***

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If the Issuer were to be characterized as a PFIC for U.S. federal income tax purposes in any taxable year during which a U.S. shareholder owns the Issuer's ordinary shares, then "excess distributions" to such U.S. shareholder, and any gain realized on the sale or other disposition of the Issuer's ordinary shares will be subject to special rules. Under these rules: (i) the excess distribution or gain would be allocated ratably over the U.S. shareholder's holding period for the Issuer's ordinary shares; (ii) the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in which the Issuer was a PFIC would be taxed as ordinary income; and (iii) the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. Certain of the adverse consequences of PFIC status can be mitigated if a U.S. shareholder makes an election to treat the Issuer as a "qualified electing fund," or "QEF", or makes a "mark-to-market" election. However, there is no assurance that, in the event the Issuer is a PFIC in any given taxable year, it will furnish U.S. investors with information needed to complete the QEF form required to be filed with the IRS on an annual basis, in a timely manner or at all, or to make and maintain a valid QEF election. If the Issuer fails to provide adequate information, U.S. shareholders may be unable to make a QEF election and could remain subject to the adverse tax consequences associated with PFIC status.

***Future developments regarding the treatment of crypto assets for U.S. and foreign tax purposes could adversely impact the Issuer's business.***

 ****

The tax treatment of XAUt and other digital assets is subject to significant uncertainty and evolving guidance from U.S. federal, state, and local tax authorities, as well as foreign tax authorities. Changes in tax laws, regulations, or interpretations could have a material impact on the Issuer's business, including its ability to acquire, hold, or dispose of XAUt in a tax-efficient manner. For example, future legislation or regulatory guidance could result in the imposition of new or increased taxes on the acquisition, holding, or transfer of XAUt, or could require the Issuer to report additional information to tax authorities. In addition, differences in the tax treatment of digital assets across jurisdictions could create compliance challenges and increase the Issuer's administrative and operational costs. Any adverse developments in the tax treatment of digital assets could reduce the attractiveness of the Issuer's business model, increase its tax liabilities, and negatively affect its financial results and the value of the Issuer's stock.

***XAUt and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.***

XAUt and other digital assets are relatively novel and are subject to significant legal and regulatory uncertainty, which could adversely impact their price. The application of state and federal securities laws and other laws and regulations to digital assets is evolving and unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely affects, the price of XAUt or the ability of individuals or institutions such as the Issuer to own or transfer XAUt.

The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of XAUt or the ability of individuals or institutions such as the Issuer to own or transfer XAUt. For example, within the past several years:

● President Trump signed an Executive Order instructing a working group comprised of representatives from key federal agencies to evaluate measures that can be taken to provide regulatory clarity and certainty built on technology-neutral regulations for individuals and firms involved in digital assets, including through well-defined jurisdictional regulatory boundaries, and this working group submitted a report with regulatory and legislative proposals on July 30, 2025;

● in January 2025, the SEC announced the formation of a "Crypto Task Force," which was created to provide clarity on the application of the federal securities laws to the crypto asset market and to recommend policy measures with respect to digital asset security status, registration and listing of digital asset-based investment vehicles, and digital asset custody, lending and staking;

● in May 2025, the SEC issued a statement providing its view that certain staking activities on blockchain networks that use protocol staking activities do not involve the offer or sale of securities under the Securities Act or the Exchange Act;

● in April and August 2024, Uniswap Labs and OpenSea, respectively, publicized that they had each received a Wells Notice from the SEC, notifying them that the SEC was planning to recommend legal action against them based on allegations that they operate as unregistered securities exchanges;

● in November 2023, Binance Holdings Ltd. ("Binance") and its then chief executive officer reached a settlement with the U.S. Department of Justice, the Commodity Futures Trading Commission ("CFTC"), the U.S. Department of Treasury's Office of Foreign Asset Control, and the Financial Crimes Enforcement Network to resolve a multi-year investigation by the agencies and a civil suit brought by the CFTC, pursuant to which Binance agreed to, among other things, pay $4.3 billion in penalties across the four agencies and to discontinue its operations in the United States;

● in November 2023, the SEC filed a complaint against Payward Inc. and Payward Ventures Inc., together known as Kraken, alleging, among other claims, that Kraken's crypto trading platform was operating as an unregistered securities exchange, broker, dealer and clearing agency;

● in June 2023, the SEC filed complaints against Binance and Coinbase, Inc. ("Coinbase"), and their respective affiliated entities, relating to, among other claims, assertions that each party was operating as an unregistered securities exchange, broker, dealer and clearing agency;

● the European Union adopted Markets in Crypto Assets Regulation, a comprehensive digital asset regulatory framework for the issuance and use of digital assets;

● in June 2023, the United Kingdom adopted and implemented the Financial Services and Markets Act 2023, which regulates market activities in "cryptoassets"; and

● in China since 2021, the People's Bank of China and the National Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal within the country.

While the complaint against Coinbase was dismissed in February 2025, the complaint against Payward Inc. and Payward Ventures Inc. was dismissed with prejudice in March 2025, the complaint against Binance was dismissed on May 29, 2025, and the investigations into OpenSea and Uniswap closed in February 2025, the SEC or other state, federal or foreign regulatory agencies may initiate similar actions in the future, which could materially impact the operations price of XAUt and the Issuer's ability to own or transfer XAUt. For example, in April 2025, the State of Oregon brought a civil enforcement action against Coinbase for allegedly selling unregistered securities.

It is not possible to predict whether or when new laws will be enacted that change the legal framework governing digital assets or provide additional authorities to the SEC or other regulators, or whether or when any other federal, state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional laws or authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function, the willingness of financial and other institutions to continue to provide services to the digital assets industry, or how any new laws or regulations, or changes to existing laws or regulations, might impact the value of digital assets generally and XAUt specifically. The consequences of any new law or regulation relating to digital assets and digital asset activities could adversely affect the market price of XAUt, as well as the Issuer's ability to hold or transact in XAUt, and in turn adversely affect the market price of the Issuer's listed securities.

***Competition by other digital asset treasury, Gold-related treasury, or XAUt treasury companies and the availability of spot exchange-traded products ("ETPs") for other digital assets may adversely affect the market price of its listed securities.***

The Issuer faces competition from other entities that pursue similar digital asset or gold-related treasury strategies, as well as from the growing availability of spot exchange-traded products for digital assets. Increased competition may reduce demand for the Issuer's securities, limit its ability to attract or retain investors, and adversely affect the market price of its listed securities.

The emergence or growth of digital assets other than XAUt may have a material adverse effect on the Issuer's financial condition. There are numerous alternative digital assets and many entities, including consortiums and financial institutions. Other entities could issue digital assets tied to physical gold or other valuable assets. Those digital assets could gain market share relative to XAUt.

Additionally, central banks in some countries have started to introduce digital forms of legal tender. For example, China's Central Bank Digital Currency ("CBDC") project was made available to consumers in January 2022, and governments including the United States, the United Kingdom, the European Union, and Israel have been discussing the potential creation of new CBDCs. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could also compete with, or replace, XAUt and other digital assets as a medium of exchange or store of value. As a result, the emergence or growth of these or other digital assets could cause the market price of XAUt to decrease, which could have a material adverse effect on the Issuer's business, prospects, financial condition, and operating results.

***The Issuer's XAUt strategy will subject it to enhanced regulatory oversight.***

There has been increasing regulatory focus on the extent to which digital assets can be used to launder the proceeds of illegal activities, fund criminal or terrorist activities, or circumvent sanctions regimes, including those sanctions imposed in response to the ongoing conflict between Russia and Ukraine. While the Issuer intend to implement and maintain policies and procedures reasonably designed to promote compliance with applicable anti-money laundering and sanctions laws and regulations and take care to only acquire the Issuer's XAUt through entities subject to anti-money laundering regulation and related compliance rules in the United States, if the Issuer are found to have purchased any of the Issuer's XAUt from bad actors that have used XAUt to launder money or persons subject to sanctions, the Issuer may be subject to regulatory proceedings and any further transactions or dealings in XAUt by the Issuer may be restricted or prohibited.

A portion of the Issuer's XAUt holdings may serve as collateral securing the Issuer's outstanding indebtedness, and the Issuer may incur additional indebtedness or enter into other financial instruments in the future that may be collateralized by the Issuer's XAUt holdings. The Issuer may also consider pursuing strategies to create income streams or otherwise generate funds using the Issuer's XAUt holdings. These types of XAUt-related transactions are the subject of enhanced regulatory oversight. These and any other XAUt-related transactions the Issuer may enter into, beyond simply acquiring and holding XAUt, may subject the Issuer to additional regulatory compliance requirements and scrutiny, including under federal and state money services regulations, money transmitter licensing requirements and various commodity and securities laws and regulations.

Additional laws, guidance and policies may be issued by domestic and foreign regulators following the filing for Chapter 11 bankruptcy protection by FTX, one of the world's largest cryptocurrency exchanges, in November 2022. The FTX collapse may have increased regulatory focus on the digital assets industry. Increased enforcement activity and changes in the regulatory environment, including changing interpretations and the implementation of new or varying regulatory requirements by the government or any new legislation affecting XAUt, as well as enforcement actions involving or impacting the Issuer's trading venues, counterparties and custodians, may impose significant costs or significantly limit the Issuer's ability to hold and transact in XAUt.

In addition, private actors that are wary of XAUt or the regulatory concerns associated with XAUt have in the past taken and may in the future take further actions that may have an adverse effect on the Issuer's business or the market price of the Issuer's listed securities. For example, it is possible that a financial institution could restrict customers from buying shares of the Issuer's ordinary shares if it were to determine that the Issuer's ordinary shares's value is closely tied to the performance of XAUt, signaling a reluctance to facilitate exposure to virtual currencies.

***XAUt trading venues may experience greater fraud, security failures, or regulatory or operational problems than trading venues for more established asset classes.***

Digital asset trading venues are relatively new and, in many cases, unregulated. Furthermore, there are many digital asset trading venues which do not provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory compliance. As a result, the marketplace may lose confidence in the digital asset trading venues, including prominent exchanges that handle a significant volume of digital asset trading and/or are subject to regulatory oversight, in the event one or more digital asset trading venues cease or pause for a prolonged period the trading of XAUt or other digital assets, or experience fraud, significant volumes of withdrawal, security failures or operational problems.

In 2019 there were reports claiming that 80-95% of bitcoin trading volume on trading venues was false or non-economic in nature, with specific focus on unregulated exchanges located outside of the United States. The SEC also alleged as part of its June 5, 2023, complaint against Binance Holdings Ltd. that Binance committed strategic and targeted "wash trading" through its affiliates to artificially inflate the volume of certain digital assets traded on its exchange. The SEC has also brought recent actions against individuals and digital asset market participants alleging that such persons artificially increased trading volumes in certain digital assets through wash trades, or repeated buying and selling of the same assets in fictitious transactions to manipulate their underlying trading price. Such reports and allegations may indicate that the bitcoin market is significantly smaller than expected and that the United States makes up a significantly larger percentage of the bitcoin market than is commonly understood.

Any actual or perceived wash trading in the digital asset market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of the Issuer's XAUt. Negative perception, a lack of stability in the broader digital asset markets and the closure, temporary shutdown or operational disruption of XAUt trading venues, lending institutions, institutional investors, institutional miners, custodians, or other major participants in the XAUt ecosystem, due to fraud, business failure, cybersecurity events, government-mandated regulation, bankruptcy, or for any other reason, may result in a decline in confidence in XAUt and the broader digital asset ecosystem and greater volatility in the price of XAUt. For example, in 2022, each of Celsius Network, Voyager Digital, Three Arrows Capital, FTX, and BlockFi filed for bankruptcy, following which the market prices of bitcoin and other digital assets significantly declined. In addition, in June 2023, the SEC announced enforcement actions against Coinbase, Inc., and Binance Holdings Ltd., two providers of large trading venues for digital assets, which similarly was followed by a decrease in the market price of bitcoin and other digital assets. These were followed in November 2023, by an SEC enforcement action against Payward Inc. and Payward Ventures Inc., together known as Kraken, another large trading venue for digital assets. While the complaint against Coinbase, Inc. was dismissed in February 2025, the complaint against Payward Inc. and Payward Ventures Inc. was dismissed with prejudice in March 2025, and the complaint against Binance Holdings Ltd. was dismissed on May 29, 2025, the SEC or other regulatory agencies may initiate similar actions in the future. As the price of the Issuer's listed securities is affected by the value of the Issuer's XAUt holdings, the failure of a major participant in the XAUt ecosystem or the broader digital asset ecosystem could have a material adverse effect on the market price of the Issuer's listed securities.

***The concentration of the Issuer's XAUt holdings may enhance the risks inherent in the Issuer's XAUt strategy.***

As a result of the Issuer's XAUt treasury strategy, the Issuer's digital treasury assets are expected to be concentrated in the Issuer's XAUt holdings. The concentration of the Issuer's XAUt holdings limits the risk mitigation that the Issuer could achieve if the Issuer were to purchase a more diversified portfolio of treasury assets, and the absence of diversification enhances the risks inherent in the Issuer's XAUt treasury strategy. Any future significant declines in the price of XAUt would have a more pronounced impact on the Issuer's financial condition than if the Issuer used the Issuer's cash to purchase a more diverse portfolio of assets.

***The Issuer's XAUt holdings will be less liquid than existing cash and cash equivalents and may not be able to serve as a source of liquidity for it to the same extent as cash and cash equivalents.***

Historically, the digital asset market has been characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, relative anonymity, a developing regulatory landscape, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and decentralized network. During times of market instability, the Issuer may not be able to sell the Issuer's XAUt at favorable prices or at all. As a result, the Issuer's XAUt holdings may not be able to serve as a source of liquidity for the Issuer to the same extent as cash and cash equivalents.

Further, the XAUt the Issuer expects to hold with the Issuer's custodians and transact with the Issuer's trade execution partners does not enjoy the same protections as are available to cash or securities deposited with or transacted by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.

Additionally, the Issuer may be unable to enter into term loans or other capital raising transactions collateralized by the Issuer's unencumbered XAUt or otherwise generate funds using the Issuer's XAUt holdings, including in particular during times of market instability or when the price of XAUt has declined significantly. If the Issuer is unable to sell the Issuer's XAUt, enter into additional capital raising transactions, including capital raising transactions using XAUt as collateral, or otherwise generate funds using the Issuer's XAUt holdings, or if the Issuer is forced to sell the Issuer's XAUt at a significant loss, in order to meet the Issuer's working capital requirements, the Issuer's business and financial condition could be negatively impacted.

***If the Issuer or its third-party service providers experience a security breach or cyber-attack and unauthorized parties obtain access to its XAUt assets, the Issuer may lose some or all of its XAUt assets and its financial condition and results of operations could be materially adversely affected.***

From time to time, the XAUt owned by the Issuer may be held in custody accounts at institutional-grade digital asset custodians. Security breaches and cyberattacks are of particular concern with respect to the Issuer's XAUt. XAUt and other blockchain-based cryptocurrencies and the entities that provide services to participants in the digital asset ecosystem have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities. For example, in October 2021 it was reported that hackers exploited a flaw in the account recovery process and stole from the accounts of at least 6,000 customers of the Coinbase exchange, although the flaw was subsequently fixed and Coinbase reimbursed affected customers. Similarly, in November 2022, hackers exploited weaknesses in the security architecture of the FTX Trading digital asset exchange and reportedly stole over $400 million in digital assets from customers. A successful security breach or cyberattack could result in:

● a partial or total loss of the Issuer's XAUt in a manner that may not be covered by insurance or the liability provisions of the custody agreements with the custodians who hold the Issuer's XAUt;

● harm to the Issuer's reputation and brand;

● improper disclosure of data and violations of applicable data privacy and other laws; or

● significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual and financial exposure.

Further, any actual or perceived data security breach or cybersecurity attack directed at other companies with digital assets or companies that operate digital asset networks, regardless of whether the Issuer are directly impacted, could lead to a general loss of confidence in the broader digital asset ecosystem or in the use of the digital asset networks to conduct financial transactions, which could negatively impact us.

Attacks upon systems across a variety of industries, including industries related to digital assets, are increasing in frequency, persistence, and sophistication, and, in many cases, are being conducted by sophisticated, well-funded and organized groups and individuals, including state actors. The techniques used to obtain unauthorized, improper or illegal access to systems and information (including personal data and digital assets), disable or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or detected until after they have been launched against a target. These attacks may occur on the Issuer's systems or those of the Issuer's third-party service providers or partners. The Issuer may experience breaches of the Issuer's security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities or other irregularities. In particular, unauthorized parties have attempted, and the Issuer expects that they will continue to attempt, to gain access to the Issuer's systems and facilities, as well as those of the Issuer's partners and third-party service providers, through various means, such as hacking, social engineering, phishing and fraud. In the past, hackers have successfully employed a social engineering attack against one of the Issuer's service providers and misappropriated the Issuer's digital assets, although, to date, such events have not been material to the Issuer's financial condition or operating results. Threats can come from a variety of sources, including criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage, and insiders. In addition, certain types of attacks could harm the Issuer even if the Issuer's systems are left undisturbed. For example, certain threats are designed to remain dormant or undetectable, sometimes for extended periods of time, or until launched against a target and the Issuer may not be able to implement adequate preventative measures. Further, there has been an increase in such activities due to the increase in work-from-home arrangements since the onset of the COVID-19 pandemic. The risk of cyberattacks could also be increased by cyberwarfare in connection with geopolitical conflicts, such as the ongoing Russia-Ukraine conflict, including potential proliferation of malware into systems unrelated to such conflicts. Any future breach of the Issuer's operations or those of others in the digital asset industry, including third-party services on which the Issuer relies, could materially and adversely affect the Issuer's business.

***Rehypothecation of XAUt may subject the Issuer to significant risks and uncertainties.***

The Issuer may rehypothecate the XAUt and as such do not have direct control over the rehypothecated XAUt; as a result, the Issuer may face challenges in reclaiming the collateral. In financing arrangements, the XAUt may be pledged as collateral, for purposes including engaging leveraged purchasing of additional XAUts, and the lender may facilitate back-to-back loan arrangements, ultimately transferring the pledged XAUt to a Tether-controlled account. The Issuer's ability to recover such XAUt collateral could be impacted by the financial health and operational stability of third parties who directly control the rehypothecated XAUt, and the Issuer's ability to monitor the credit quality and default risk of such third parties is limited. If such third parties experience financial distress, insolvency or bankruptcy, the Issuer may be unable to recover the XAUt collateral rehypothecated to them, and in which event, its recourse may be limited to legal proceedings, which could be time-consuming, costly and uncertain in outcome. The legal treatment of rehypothecated XAUt collateral in the event of insolvency or bankruptcy involves significant complexity, particularly given the unique characteristics of digital assets. This uncertainty increases the risk that the Issuer may not be able to recover the collateral. The loss of rehypothecated XAUt collateral could materially strain the liquidity of the Issuer. This could force the Issuer to seek alternative funding sources or liquidate other assets on unfavorable terms. The rehypothecation of collateral therefore exposes the Issuer to significant counterparty risks.

***The Issuer will face risks relating to the custody of its XAUt, including the loss or destruction of private keys required to access its XAUt and cyberattacks or other data loss relating to its XAUt.***

From time to time, the Issuer may hold its XAUt with institutional-grade custodians that have duties to safeguard the Issuer's private keys. The Issuer's custodial services contracts will not restrict the Issuer's ability to reallocate the Issuer's XAUt among the Issuer's custodians, and the Issuer's XAUt holdings may be concentrated with a single custodian from time to time. In light of the significant amount of XAUt the Issuer will hold, the Issuer will continually seek to engage additional custodians to achieve a greater degree of diversification in the custody of the Issuer's XAUt as the extent of potential risk of loss is dependent, in part, on the degree of diversification. If there is a decrease in the availability of digital asset custodians that the Issuer believe can safely custody the Issuer's XAUt, for example, due to regulatory developments or enforcement actions that cause custodians to discontinue or limit their services in the United States, the Issuer may need to enter into agreements that are less favorable or take other measures to custody the Issuer's XAUt, and the Issuer's ability to seek a greater degree of diversification in the use of custodial services would be materially adversely affected.

Any insurance that may cover losses of the Issuer's XAUt holdings will cover only a small fraction of the value of the entirety of the Issuer's XAUt holdings, and there can be no guarantee that such insurance will be maintained as part of the custodial services the Issuer has or that such coverage will cover losses with respect to the Issuer's XAUt. Moreover, the Issuer's use of custodians exposes the Issuer to the risk that the XAUt the Issuer's custodians hold on the Issuer's behalf could be subject to insolvency proceedings and the Issuer could be treated as a general unsecured creditor of the custodian, inhibiting the Issuer's ability to exercise ownership rights with respect to such XAUt. Any loss associated with such insolvency proceedings is unlikely to be covered by any insurance coverage the Issuer may maintain related to the Issuer's XAUt.

XAUt is controllable only by the possessor of both the unique public key and private key(s) relating to the local or online digital wallet in which the XAUt is held. While the XAUt blockchain ledger requires a public key relating to a digital wallet to be published when used in a transaction, private keys must be safeguarded and kept private in order to prevent a third party from accessing the XAUt held in such wallet. To the extent the private key(s) for a digital wallet are lost, destroyed, or otherwise compromised and no backup of the private key(s) is accessible, neither the Issuer nor the Issuer's custodians will be able to access the XAUt held in the related digital wallet. Furthermore, the Issuer cannot provide assurance that the Issuer's digital wallets, nor the digital wallets of the Issuer's custodians held on the Issuer's behalf, will not be compromised as a result of a cyberattack. The XAUt and blockchain ledger, as well as other digital assets and blockchain technologies, have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities.

***Regulatory changes reclassifying XAUt as a security could lead to the Issuer's classification as an "investment company" under the Investment Company Act of 1940 and could adversely affect the market price of XAUt and the market price of the Issuer's listed securities.***

Under Sections 3(a)(1)(A) and (C) of the Investment Company Act of 1940 (the "Investment Company Act"), a company generally will be deemed to be an "investment company" for purposes of the Investment Company Act if (i) it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities or (ii) it engages, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis.

A significant portion of the Issuer's assets will be concentrated in the Issuer's XAUt holdings. Neither the SEC nor any other U.S. federal or state regulator has publicly stated whether they believe that XAUt is a "security," nor has any other issuers addressed the status of XAUt under the U.S. federal securities laws or similar laws. A determination that XAUt is a "security" by the SEC could lead to the Issuer's classification as an "investment company" under the 1940 Act, if the portion of the Issuer's assets consists of investments in XAUt exceeds 40% safe harbor limits prescribed in the 1940 Act, which would subject the Issuer to significant additional regulatory controls that could have a material adverse effect on the Issuer's business and operations and may also require the Issuer to change the manner in which the Issuer conducts the Issuer's business.

We monitor the Issuer's assets and income for compliance under the 1940 Act and seek to conduct the Issuer's business activities in a manner such that the Issuer does not fall within its definitions of "investment company" or that the Issuer qualifies under one of the exemptions or exclusions provided by the 1940 Act and corresponding SEC regulations. If XAUt is determined to constitute a security for purposes of the federal securities laws, the Issuer would expect to take steps to reduce the percentage of XAUt that constitute investment assets under the 1940 Act. These steps may include, among others, selling XAUt that the Issuer might otherwise hold for the long term and deploying the Issuer's cash in non-investment assets, and the Issuer may be forced to sell the Issuer's XAUt at unattractive prices. the Issuer may also seek to acquire additional non-investment assets to maintain compliance with the 1940 Act, and the Issuer may need to incur debt, issue additional equity or enter into other financing arrangements that are not otherwise attractive to the Issuer's business. Any of these actions could have a material adverse effect on the Issuer's results of operations and financial condition. Moreover, the Issuer can make no assurance that the Issuer would successfully be able to take the necessary steps to avoid being deemed to be an investment company in accordance with the safe harbor. If the Issuer were unsuccessful, and if XAUt is determined to constitute a security for purposes of the federal securities laws, then the Issuer would have to register as an investment company, and the additional regulatory restrictions imposed by 1940 Act could adversely affect the market price of XAUt and in turn adversely affect the market price of the Issuer's ordinary shares.

***The Issuer is not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.***

As XAUt and other digital assets are relatively novel and the application of state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely

affects the price of XAUt. The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of XAUt or the ability of individuals or institutions such as the Issuer to own or transfer XAUt.

***The Issuer's XAUt strategy exposes it to risk of non-performance, breach of contract, or other violations by counterparties.***

The Issuer's XAUt treasury strategy exposes the Issuer to the risk of non-performance by counterparties, whether contractual or otherwise. Risk of non-performance includes inability or refusal of a counterparty to perform because of a deterioration in the counterparty's financial condition and liquidity or for any other reason. For example, the Issuer's execution partners, custodians, or other counterparties might fail to perform in accordance with the terms of the Issuer's agreements with them, which could result in a loss of XAUt, a loss of the opportunity to generate funds, or other losses.

The Issuer expects its primary counterparty risk with respect to the Issuer's XAUt will be custodian performance obligations under the various custody arrangements the Issuer enters into. A series of recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry, the closure or liquidation of certain financial institutions that provided lending and other services to the digital assets industry, SEC enforcement actions against other providers, or placement into receivership or civil fraud lawsuit against digital asset industry participants have highlighted the perceived and actual counterparty risk applicable to digital asset ownership and trading. Legal precedent created in these bankruptcy and other proceedings may increase the risk of future rulings adverse to the Issuer's interests in the event one or more of the Issuer's custodians becomes a debtor in a bankruptcy case or is the subject of other liquidation, insolvency or similar proceedings.

While the Issuer's custodians will be subject to regulatory regimes intended to protect customers in the event of a custodial bankruptcy, receivership or similar insolvency proceeding, no assurance can be provided that the Issuer's custodially-held XAUt will not become part of the custodian's insolvency estate if one or more of the Issuer's custodians enters bankruptcy, receivership or similar insolvency proceedings. Additionally, if the Issuer pursues any strategies to create income streams or otherwise generate funds using the Issuer's XAUt holdings, the Issuer would become subject to additional counterparty risks. The Issuer will need to carefully evaluate market conditions, including price volatility as well as service provider terms and market reputations and performance, among others, prior to implementing any such strategy, all of which could affect the Issuer's ability to successfully implement and execute on any such future strategy. These risks, along with any significant non-performance by counterparties, including in particular the custodian or custodians with which the Issuer will custody substantially all of the Issuer's XAUt, could have a material adverse effect on the Issuer's business, prospects, financial condition, and operating results.

***This treasury strategy represents an entirely new business strategy in addition to what the Issuer has employed to date.***

The adoption of a treasury strategy focused on XAUt represents a significant addition to the Issuer's historical business model. There can be no assurance that the Issuer will be successful in implementing this new strategy or that it will generate the anticipated benefits. The adoption of a new business model may involve significant risks and uncertainties.

***There can be no assurance that the Issuer will be able to obtain XAUt in any subsequent rounds of financing.***

The Issuer's ability to acquire additional XAUt in the future may depend on its ability to raise additional capital or access financing on favorable terms. There can be no assurance that the Issuer will be able to obtain the necessary resources to pursue its XAUt strategy in subsequent rounds of financing, which could limit its growth prospects or ability to achieve its strategic objectives.

**RISKS RELATED TO THE EQUITY PIPE OFFERING** 

***The Issuer intends to use the net proceeds from the Contemplated Transactions to purchase XAUt, the price of which has been, and will likely continue to be, volatile.***

The Issuer intends to use the net proceeds from this PIPE equity offering to purchase XAUt, a digital asset whose value is linked to the price of gold. The price of XAUt has historically been volatile and is subject to significant fluctuations due to a variety of factors, including changes in the global gold market, macroeconomic conditions, geopolitical events, and shifts in investor sentiment. As a result, the value of the Issuer's investment in XAUt could decrease substantially after Contemplated Transactions, which may adversely affect the Issuer's financial position and the value of your investment. There is no assurance that the proceeds used to purchase XAUt will retain their value, and investors should be aware that the Issuer's exposure to this asset class introduces a heightened level of risk.

***Shares of the Issuer's ordinary shares will be sold in a private placement, which will limit your ability to resell the shares.***

The Issuer's ordinary shares and/or pre-funded warrants and warrants to purchase ordinary shares offered in this PIPE transaction will be sold in a private placement. As a result, your ability to resell or transfer these equity securities will be significantly restricted, and you may be required to hold your investment for an extended period of time. Any future resale may be subject to compliance with applicable securities laws, including holding period requirements and transfer restrictions. This lack of liquidity could make it difficult for you to realize a return on your investment or to sell your shares at a desirable price.

***The Issuer will have broad discretion in the use of the net proceeds from this offering and investors will not have the opportunity as of this process to assess whether the net proceeds are being used in a manner of which you approve.***

The Issuer's management will have broad discretion over the use of the net proceeds from this offering, and investors will not have the opportunity to evaluate or influence how these funds are allocated. While the stated intention is to use the proceeds primarily to purchase XAUt, the Issuer may use the proceeds for other purposes, including working capital and transaction expenses, at its sole discretion. This lack of transparency and investor input increases the risk that the proceeds may not be used in a manner that aligns with your expectations or investment objectives, and there is no guarantee that the use of proceeds will enhance shareholder value.

***Certain shareholders will experience dilution in the future due to any exercise of existing warrants and any future securities issued by the Issuer.***

Certain shareholders will experience dilution as a result of the exercise of existing warrants, including pre-funded warrants and other warrants, and the potential issuance of additional securities by the Issuer in the future. The exercise of outstanding warrants will increase the number of shares outstanding, thereby diluting the ownership interests and voting power of existing shareholders. Furthermore, the Issuer may issue additional equity or equity-linked securities in the future to raise capital or for other purposes, which could further dilute your investment. Such dilution may negatively impact the market price of the Issuer's ordinary shares and reduce the value of your holdings.

***The performance of the ordinary shares of the Issuer following the consummation of the Contemplated Transactions and the implementation of the XAUt treasury strategy may be affected by factors different from those that historically have affected or currently affect the Issuer's ordinary shares.***

The performance of the Issuer's ordinary shares following the completion of the Contemplated Transactions and the implementation of the XAUt treasury strategy may be influenced by factors that differ from those that have historically affected the Issuer's share price. The introduction of a significant XAUt position may expose the Issuer to new risks, including those associated with the digital asset market, regulatory changes, and shifts in investor perception regarding the Issuer's business model. As a result, the future performance of the Issuer's shares may be unpredictable and could diverge from historical trends, making it difficult for investors to assess the potential return on their investment.

***The Issuer may not pay cash dividends in the foreseeable future.***

The Issuer may not pay cash dividends on its ordinary shares in the foreseeable future. Any decision to declare and pay dividends will be at the discretion of the Issuer's board of directors and will depend on a variety of factors, including the Issuer's financial condition, results of operations, capital requirements, contractual restrictions, and other considerations. As a result, investors should not rely on receiving income from their investment in the form of dividends and may only realize a return through the appreciation of the Issuer's share price, which is not guaranteed.

**RISK FACTORS RELATED TO XAUT LENDING ARRANGEMENTS**

***The Issuer may engage in leveraged digital asset financing strategies, in which the Issuer will leverage the Issuer's digital asset holdings to acquire additional amounts of the same leveraged digital assets, and may do so on a compounded basis, which will increase the Issuer's exposure to smart-contract, operational, and counterparty risks.***

The Issuer may engage in digital asset leverage strategies to acquire additional amounts of XAUt. As part of this strategy, the Issuer may borrow assets by pledging the Issuer's own XAUt holdings as collateral, deploy these borrowed assets to acquire additional amounts of XAUt, and subsequently re-pledge the newly acquired XAUt to further engage in these leveraged transactions. As each of these transactions will be effectuated on chain, the strategy may expose the Issuer to significant smart-contract vulnerabilities and operational risks. The smart contracts that are used for purposes of these transactions may contain undiscovered bugs, logical errors or economic vulnerabilities that could be exploited by malicious actors or that could cause the contracts to perform in unintended ways, resulting in partial or total loss of the Issuer's collateral and borrowed assets. In addition, the strategy may subject the Issuer to counterparty risk through the platforms the Issuer utilizes to facilitate leveraging strategies including, among others, insolvency of the platform, coding errors, and cyberattacks. Finally, lenders customarily require that collateral ratios be maintained within narrowly defined thresholds and may exercise broad contractual discretion to impose additional margin requirements or to liquidate collateral without notice when those thresholds are breached. The Issuer may also incur losses if the interest that accrues on the Issuer's borrowings significantly exceeds the revenue generated by the borrowed XAUt.

***The Issuer's use of leveraged strategies and the potential illiquidity of digital assets subject the Issuer to significant risks, including the potential for substantial losses and forced liquidations.***

The Issuer may employ leveraged strategies, such as borrowing against its digital asset holdings or using derivative contracts, to increase its market exposure. The use of leverage magnifies financial losses and risks, as a small decline in the value of the underlying digital assets could result in losses that far exceed the initial investment. These strategies expose the Issuer to the risk of automatic, forced liquidation. If the value of the digital assets held as collateral declines, the Issuer may face margin calls. A failure to meet these calls could trigger the immediate liquidation of collateral by lenders or automated smart contracts, potentially at disadvantageous prices. Such forced sales could be exacerbated by market illiquidity. The digital asset market may be unable to absorb the sale of the Issuer's large positions, especially during periods of stress. The Issuer's selling activity could itself cause a further decline in prices, resulting in a liquidation spiral that compounds losses.

Furthermore, the Issuer's ability to respond to a liquidity crisis may be hindered by external requirements, such as the need to obtain necessary approval before issuing equity or debt securities to acquire digital assets. This could prevent the Issuer from rapidly raising capital to meet obligations, increasing the risk of automatic liquidations and material losses that would adversely affect its business and financial condition.

***Third-party borrowers may default on their obligations, potentially resulting in financial losses or loss of lent digital assets.***

In the event of a default, the Issuer may be unable to recover the full value of the assets lent, including any accrued interest or yield. The risk of default is heightened in the digital asset sector due to the relative nascency of the market, the lack of established credit histories for many borrowers, and the potential for rapid changes in market conditions. Even with robust due diligence and risk management procedures, there can be no assurance that all borrowers will fulfill their obligations, and any significant defaults could materially and adversely affect the Issuer's financial condition and results of operations.

***Transferring possession of digital assets such as XAUt to borrowers exposes the Issuer to risks of misappropriation, theft, or loss beyond its direct control.***

Once digital assets are transferred to a borrower, despite the Issuer holding the legal title to it, the Issuer relies on the borrower's integrity, security measures, and operational controls to safeguard those assets. Inadequate controls, fraudulent activity, or malicious actions by borrowers or their agents could result in the permanent loss of the Issuer's digital assets. Such losses may not be recoverable, and insurance coverage, if any, may be limited or unavailable for certain types of digital asset losses.

***Evolving and uncertain legal and regulatory frameworks may adversely affect the enforceability of lending agreements and the Issuer's rights to digital assets such as XAUt.***

The legal status of digital assets and related lending activities is subject to ongoing regulatory scrutiny and may change rapidly. Jurisdictions may impose new laws, regulations, or interpretations that could restrict or invalidate the Issuer's lending agreements, limit the Issuer's ability to enforce contractual rights, or require the Issuer to alter the Issuer's business practices. Any such changes could increase the Issuer's compliance costs, limit the Issuer's business opportunities, or expose the Issuer to legal or regulatory penalties.

***Operational errors or failures in the lending process could result in loss, misallocation, or delayed return of digital assets.***

In the lending process, human error, inadequate internal controls, system failures, or process deficiencies may lead to operational errors. For example, incorrect recording of transactions, miscommunication with borrowers, or technical malfunctions could lead to assets being sent to the wrong address or not being returned on time. Such operational failures could result in financial losses, legal disputes, and reputational harm.

***Volatility in XAUt values and potential illiquidity may increase losses if XAUt are not promptly recovered after a default.***

The value of digital assets can fluctuate significantly over short periods, and markets for certain assets may be thin or illiquid, especially during periods of stress. If a borrower defaults and the Issuer is unable to recover or liquidate XAUt quickly, the Issuer may be forced to sell at unfavorable prices or may be unable to sell at all, exacerbating potential losses.

***Borrower insolvency or bankruptcy may significantly impair the ability to recover lent digital assets or accrued yield.***

In the event a borrower becomes insolvent, the Issuer's claims to the assets may be subject to lengthy legal proceedings, and the Issuer may be treated as unsecured creditors, with limited rights to recover the Issuer's assets. The outcome of insolvency proceedings is uncertain and may result in partial or total loss of lent assets and any associated returns.

***The Issuer's ability to enforce title and recover assets may be uncertain, especially in cases of insolvency, fraud, or disputes.***

The legal frameworks governing digital asset ownership and transfer are still developing, and there may be ambiguity regarding the Issuer's rights in certain jurisdictions or under specific circumstances. In the event of a dispute, the Issuer may face challenges in proving ownership or priority, and legal remedies may be limited or unavailable.

***Lending a large portion of assets to a few borrowers increases the risk of significant losses if a single borrower defaults.***

A large portion of the Issuer's XAUt assets may be lent to a concentrated party of lenders. Concentration of credit exposure can magnify the impact of a default, potentially resulting in outsized losses relative to a more diversified lending portfolio. This risk is particularly acute in the digital asset sector, where the pool of creditworthy borrowers may be limited and market participants may be highly interconnected.

***Losses, delays, or disputes in XAUt lending could harm the Issuer's reputation and business prospects.***

The Issuer may experience loss, delays, or disputes in the Issuer's XAUt lending. Negative publicity, customer dissatisfaction, or perceived weaknesses in the Issuer's risk management practices could erode trust among clients, partners, and regulators. Reputational damage may lead to reduced business opportunities, increased regulatory scrutiny, and challenges in attracting or retaining customers.

***The Issuer may face higher borrower defaults and reduced demand for lending during digital asset market downturns.***

Digital asset market has been volatile and market conditions may become adverse, which constrain borrowers' financial positions, increasing the likelihood of defaults. At the same time, market volatility and declining asset values may reduce the attractiveness of lending activities, leading to lower volumes and revenues.

***The Issuer may experience delays or losses if third-party custodians holding loaned assets become insolvent or involved in disputes.***

The Issuer and its borrower may rely on third-party custodians to hold loaned assets. Reliance on external custodians introduces counterparty risk, and the failure or misconduct of a custodian could result in the loss or inaccessibility of the Issuer's assets. Legal proceedings to recover assets from insolvent or disputed custodians may be protracted and uncertain, potentially resulting in significant financial losses.

**EXHIBIT B**

**Form of Pre-Funded Warrant**

(see attached)

**EXHIBIT C-1**

**Form of Series A-1 Warrant**

(see attached)

C-1-1

**EXHIBIT C-2**

**Form of Series A-2 Warrant**

(see attached)

C-2-1

**EXHIBIT D**

**Form of Lock-Up Agreement**

(see attached)

**EXHIBIT E**

**General Terms of the Term Loan Agreement**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;&nbsp;&nbsp;Prestige Wealth Management Limited |
| &nbsp;&nbsp;**Lender** | &nbsp;&nbsp;&nbsp;&nbsp;Northstar Digital (HK) Limited |
| &nbsp;&nbsp;**Format** | &nbsp;&nbsp;&nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;**Closing Date** | &nbsp;&nbsp;&nbsp;&nbsp;Concurrent with closing of the Contemplated Transactions |
| &nbsp;&nbsp;**Security** | &nbsp;&nbsp;&nbsp;&nbsp;Senior secured interest with first priority perfected liens on XAUt held in collateral account |
| &nbsp;&nbsp;**Size** | &nbsp;&nbsp;&nbsp;&nbsp;$50 million |
| &nbsp;&nbsp;**Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;Three years |
| &nbsp;&nbsp;**Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;6.0% per annum, compounded and capitalized monthly, payable in cash at the maturity date |
| &nbsp;&nbsp;**Loan Amount / OID** | &nbsp;&nbsp;&nbsp;&nbsp;100% of principal amount / None |
| &nbsp;&nbsp;**Pre-Payment** | &nbsp;&nbsp;&nbsp;&nbsp;Borrower has the option to prepay total outstanding balance and accrued interest at any time without premium or penalty |
| &nbsp;&nbsp;**Lender Put Option** |  |
| &nbsp;&nbsp;**LTV** | &nbsp;&nbsp;&nbsp;&nbsp;The note will be secured by an initial LTV of 75.0% |
| &nbsp;&nbsp;**Margin Call** | &nbsp;&nbsp;&nbsp;&nbsp;If at any time the LTV exceeds 90%, additional collateral must be posted to restore LTV to 80% |
| &nbsp;&nbsp;**Security** | &nbsp;&nbsp;&nbsp;&nbsp;Senior secured |
| &nbsp;&nbsp;**Use of Proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;Primarily XAUt purchases |

---

**SCHEDULE A**

**ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER**

***This Schedule must be completed by Subscriber and forms a part of the Subscription Agreement to which it is attached. Capitalized terms used and not otherwise defined in this Schedule have the meanings given to them in the Subscription Agreement. Subscriber must check the applicable box in either Part A or Part B below <u>and</u> the applicable box in Part C below.***

A. QUALIFIED INSTITUTIONAL BUYER STATUS (Please check the applicable subparagraphs):

☐ Subscriber is a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act).

\*\*\* OR \*\*\*

B. ACCREDITED INVESTOR STATUS

The undersigned represents and warrants that the undersigned is an "accredited investor" (an "<u>Accredited Investor</u>") as such term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>"), for *<u>one or more</u>* of the reasons specified below (please check <u>all</u> boxes that apply):

☐ (i) A natural person whose net worth, either individually or jointly with such person's spouse or spousal equivalent, at the time of Subscriber's purchase, exceeds $1,000,000;

*The term "net worth" means the excess of total assets over total liabilities (including personal and real property, but <u>excluding</u> the estimated fair market value of Subscriber's primary home). For the purposes of calculating joint net worth with the person's spouse or spousal equivalent, joint net worth can be the aggregate net worth of Subscriber and spouse or spousal equivalent; assets need not be held jointly to be included in the calculation. There is no requirement that securities be purchased jointly. A spousal equivalent means a cohabitant occupying a relationship generally equivalent to a spouse.*

☐ (ii) A natural person who had an individual income in excess of $200,000, or joint income with Subscriber's spouse or spousal equivalent in excess of $300,000, in each of the two most recent years and reasonably expects to reach the same income level in the current year;

*In determining individual "income," Subscriber should add to Subscriber's individual taxable adjusted gross income (exclusive of any spousal or spousal equivalent income) any amounts attributable to tax exempt income received, losses claimed as a limited partner in any limited partnership, deductions claimed for depletion, contributions to an IRA or Keogh retirement plan, alimony payments, and any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income.*

SCHEDULE A-1

☐ (iii) A director or executive officer of the Issuer; <br>

☐ (iv) A natural person holding in good standing with one or more professional certifications or designations or other credentials from an accredited educational institution that the U.S. Securities Exchange Commission ("<u>SEC</u>") has designated as qualifying an individual for accredited investor status;

*The SEC has designated the General Securities Representative license (Series 7), the Private Securities Offering Representative license (Series 82) and the Licensed Investment Adviser Representative (Series 65) as the initial certifications that qualify for accredited investor status.*

☐ (v) A natural person who is a "knowledgeable employee" as defined in Rule 3c-5(a)(4) under the Investment Company Act of 1940 (the "<u>Investment Company Act</u>"), of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in Section 3 of the Investment Company Act, but for the exclusion provided by either Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act;

☐ (vi) A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity;

☐ (vii) A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>");

☐ (viii) An investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940 (the "<u>Investment Advisers Act</u>") or registered pursuant to the laws of a state, or an investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Investment Advisers Act;

☐ (ix) An insurance company as defined in Section 2(13) of the Exchange Act;

☐ (x) An investment company registered under the Investment Company Act or a business development company as defined in Section 2(a)(48) of that Act;

☐ (xi) A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958;

☐ (xii) A Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act;

☐ (xiii) A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state, or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

SCHEDULE A-2

☐ (xiv) An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;

☐ (xv) A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

☐ (xvi) An organization described in Section 501(c)(3) of the Internal Revenue Code, or a corporation, business trust, partnership, or limited liability company, or any other entity not formed for the specific purpose of acquiring the Acquired Securities, with total assets in excess of $5,000,000;

☐ (xvii) A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Acquired Securities, whose purchase is directed by a sophisticated person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of investing in the Issuer;

☐ (xviii) A "family office" as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act with assets under management in excess of $5,000,000 that is not formed for the specific purpose of acquiring the securities offered and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment;

☐ (xix) A "family client" as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office meeting the requirements set forth in (xviii) and whose prospective investment in the issuer is directed by a person from a family office that is capable of evaluating the merits and risks of the prospective investment;

☐ (xx) A "qualified institutional buyer" as defined in Rule 144A under the Securities Act;

☐ (xxi) An entity, of a type not listed above, not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000; and/or

☐ (xxii) An entity in which <u>all</u> of the equity owners qualify as an accredited investor under any of the above subparagraphs.

☐ (xxiii) Subscriber does not qualify under any of the investor categories set forth in (i) through (xxi) above.

\*\*\* AND \*\*\*

C. AFFILIATE
STATUS<br>
(Please check the applicable box)<br>
SUBSCRIBER:

☐ is:

☐ is not:<br>an "affiliate" (as defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

SCHEDULE A-3

**SCHEDULE B**

**FORM OF ASSIGNMENT**

This Subscription Assignment and Joinder Agreement (this "***Assignment Agreement***"), dated , 2025, is made and entered into by and between ("***Subscriber***") and ("***Assignee***") and acknowledged by Prestige Wealth Inc., a Cayman Islands exempted company (the "***Issuer***").

**WHEREAS**, the Issuer and Subscriber entered into that certain Subscription Agreement (the "***Subscription Agreement***"), dated October 7, 2025, pursuant to which Subscriber agreed to subscribe for and purchase from the Issuer of Class A Ordinary Shares (the "***Acquired Shares***"), the pre-funded warrant to purchase Class A Ordinary Shares (the "***Pre-Funded Warrant***") (if any), and the warrant to purchase Class A Ordinary Shares (the "***Ordinary Warrant***" and, together with the Acquired Shares and Pre-Funded Warrant, the "***Acquired Securities***");

**WHEREAS**, Subscriber and Assignee are affiliated investment funds; and

**WHEREAS**, for administrative reasons, Subscriber desires to assign its rights to subscribe for and purchase of the Acquired Securities along with the rights and obligations set forth in the Subscription Agreement of such Acquired Securities (the "***Assigned Securities***") to Assignee.

**NOW, THEREFORE**, pursuant to <u>Section 7.d</u> of the Subscription Agreement, and as further described in the table below, Subscriber hereby assigns its rights to subscribe for and purchase the Assigned Securities to Assignee and Assignee hereby (i) accepts the rights to subscribe for and purchase the Assigned Securities and agrees to be bound by and subject to the terms and conditions of the Subscription Agreement, (ii) expressly makes the representations and warranties in Section 4 of the Subscription Agreement with respect to the Assigned Securities and (iii) completed Schedule A to the Subscription Agreement and attached it hereto. Notwithstanding the foregoing, this Assignment Agreement shall not relieve Subscriber of any of its obligations under the Subscription Agreement. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Subscription Agreement.

The following assignment by Subscriber to Assignee of its rights to subscribe for and purchase all or a portion of the Acquired Securities have been made:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date of<br> Assignment** | **Subscriber** | **Assignee** | **Number of<br> Acquired<br> Shares, Pre-**<br> **Funded Warrant**<br> **and/or Ordinary**<br> **Warrant<br> Assigned** | **Subscriber<br> Revised<br> Subscription<br> Amount** | **Assignee<br> Subscription<br> Amount** |

---

 

*[Signature Page Follows]*

SCHEDULE B-1

**<u>ANNEX 2(d)(vi)</u>**

**Lock-up Parties**

SCHEDULE B-2

## Exhibit 10.2

**Exhibit 10.2**

**SUBSCRIPTION AGREEMENT**

This SUBSCRIPTION AGREEMENT (this "<u>Agreement</u>") is entered into on October 7, 2025, by and between Prestige Wealth Inc., a Cayman Islands exempted company (the "<u>Issuer</u>"), and the undersigned investor ("<u>Subscriber</u>").

WHEREAS, the Issuer and Subscriber are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>");

WHEREAS, Subscriber desires to purchase and the Issuer desires to issue and sell, upon the terms and conditions set forth in this Agreement, securities of the Issuer as more fully described in this Agreement;

WHEREAS, in connection with the Subscription (as defined below), Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, in its capacity as placement agent (the "<u>Placement Agent</u>") for the offer and sale of the Acquired Securities (as defined below), may identify and solicit certain other "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) or "accredited investors" (as such term is defined in Rule 501 under the Securities Act, and each such "qualified institutional buyer" or "accredited investor," an "<u>Other Subscriber</u>"), each of which shall have entered into subscription agreements with the Issuer substantially similar to this Agreement contemporaneously herewith (the "<u>Other Subscription Agreements</u>"), pursuant to which such Other Subscribers have agreed to subscribe for and purchase, and the Issuer has agreed to issue and sell to such Other Subscribers, on the Closing Date, units consisting of (i) Class A Ordinary Shares and/or pre-funded warrants (as applicable) and three-year warrants to purchase Class A Ordinary Shares or (ii) Class B Ordinary Shares and ten-year warrants to purchase Class B Ordinary Shares, in each case at the subscription prices set forth therein (the "<u>Other Subscriptions</u>");

WHEREAS, the consummation of the Subscription (as defined below) and the Other Subscriptions is contemplated to occur subject to and conditional upon both (i) the offer and sale by the Issuer to Antalpha Capital (HK) Limited of Class B Ordinary Shares of the Issuer, par value $0.000625 per share (the "<u>Class B Ordinary Shares</u>") and warrants to purchase Class B Ordinary Shares (the "<u>Primary Purchase</u>"), pursuant to that certain subscription agreement to be entered on or about the date hereof between Antalpha Capital (HK) Limited and the Issuer (the "<u>Primary Subscription Agreement</u>"), and (ii) the offer and sale by certain existing shareholders of the Issuer to Kiara Capital Holding Limited of Class A Ordinary Shares of the Issuer, par value $0.000625 per share (the "<u>Class A Ordinary Shares</u>" and, together with Class B Ordinary Shares, collectively the "<u>Ordinary Shares</u>") and Class B Ordinary Shares held by such existing shareholders (the "<u>Secondary Purchase</u>" and, together with the Subscription, the Other Subscriptions and the Primary Purchase, the "<u>Contemplated Transactions</u>"; and the agreements memorializing the Contemplated Transactions, collectively, the "<u>Contemplated Transaction Documents</u>"), pursuant to that certain securities purchase agreement to be entered on or about the date hereof between Kiara Capital Holding Limited and such existing shareholders named therein (the "<u>Secondary Purchase Agreement</u>"); and

WHEREAS, the Issuer, as borrower, and Northstar Digital (HK) Limited, as lender, will enter into a term loan agreement (the "<u>Term Loan Agreement</u>"), the material terms of which are substantially consistent with those set forth in the general term sheet attached hereto as <u>Exhibit E</u>, with the closing of the transactions contemplated under such Term Loan Agreement to occur immediately following the consummation of the Contemplated Transactions.

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription</u>. Subject to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase, and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price (as defined below), such number of units (the "<u>Units</u>") as set forth on Subscriber's signature page hereto, with each Unit consisting of: (i) one (1) Class B Ordinary Share (each an "<u>Acquired Share</u>" and collectively, the "<u>Acquired Shares</u>") for a purchase price of $0.36 per share (the "<u>Share Purchase Price</u>"), and (ii) two warrants, with a) one warrant (the "<u>Series B-1 Warrant</u>" and collectively, the "<u>Series B-1 Warrants</u>") to purchase 0.5 Class B Ordinary Shares (each a "<u>Series B-1 Warrant Share</u>" and collectively, the "<u>Series B-1 Warrant Shares</u>")) with an exercise price per share equal to 130% of the Share Purchase Price and a term of ten (10) years from the Closing Date and (b) one warrant (the "<u>Series B-2 Warrant</u>" and collectively, the "<u>Series B-2 Warrants</u>") to purchase 0.5 Class B Ordinary Shares (each, a "<u>Series B-2 Warrant Share</u>" and collectively, the "<u>Series B-2 Warrant Shares</u>", and together with the Series B-1 Warrant Shares, the "<u>Warrant Shares</u>"), with an exercise price per share equal to 150% of the Share Purchase Price and a term of ten (10) years from the Closing Date, with Series B-1 Warrants and Series B-2 Warrants in substantially the forms attached hereto as <u>Exhibit B-1</u> and <u>Exhibit B-2</u>, respectively (the "<u>Series B-2 Warrant</u>" and together with the Series B-1 Warrant, the "<u>Ordinary Warrants</u>" and the Ordinary Warrants together with the Units and the Acquired Shares, collectively the "<u>Acquired Securities</u>") (such subscription and issuance, the "<u>Subscription</u>"). "<u>Purchase Price</u>" means the aggregate amount in United States dollars as specified below on Subscriber's signature page, for the Units purchased hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to the satisfaction or waiver of the conditions set forth in <u>Sections 2.d</u> and <u>2.e</u> (other than those conditions that by their nature are to be satisfied at Closing, but without affecting the requirement that such conditions be satisfied or waived at Closing), the closing of the Subscription contemplated hereby (the "<u>Closing</u>") shall take place remotely via telephone or video conference, or in such other manner as the Issuer and Subscriber mutually agree in writing, substantially concurrently with the closing of the Other Subscriptions (such date, the "<u>Closing Date</u>"). For the avoidance of doubt, the Subscription, the Other Subscriptions, the Primary Purchase and the Secondary Purchase shall be considered part of an integrated transaction and the Closing shall not occur or be valid unless all of the Subscription, the Other Subscriptions, the Primary Purchase and the Secondary Purchase are completed together at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. On or prior to 4:00 p.m. New York City time on October 8, 2025 (the "<u>Escrow Payment Deadline</u>"), Subscriber shall pay the Purchase Price in cash by wire transfer of U.S. dollars in immediately available funds in accordance with wire instructions provided by the Issuer to Subscriber into an escrow account established pursuant to the Escrow Agent Agreement (as defined in the Primary Subscription Agreement). At the Closing, the Issuer shall issue and deliver or cause to be issued and delivered to Subscriber the Acquired Securities, registered in the name of Subscriber, equal to the number of the Acquired Securities indicated on Subscriber's signature page to this Agreement. The Issuer shall deliver or cause to be delivered to Subscriber as promptly as practicable after the Closing, evidence from the Issuer's transfer agent or share registrar, evidencing the issuance to Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable, of Subscriber's Acquired Securities on and as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Subject to the satisfaction or waiver of the conditions set forth in <u>Sections 2.c</u> and <u>2.d</u> (other than those conditions that by their nature are to be satisfied at Closing, but without affecting the requirement that such conditions be satisfied or waived at Closing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subscriber shall deliver to the Issuer (A) no later than the Escrow Payment Deadline, the Purchase Price for the Acquired Securities in the manner as prescribed in <u>Section 2.b</u>, and (B) no later than two (2) business days in advance of the Closing, any other information that is reasonably requested in the notice provided by Issuer (the "<u>Closing Notice</u>") that is required in order to enable the Issuer to issue, sell and deliver the Acquired Securities, including, without limitation, the legal name of the person (or nominee) in whose name such Acquired Securities are to be delivered and a duly executed Internal Revenue Service Form W-9 or W-8, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the Closing Date, the Issuer shall issue and deliver or cause to be issued and delivered to Subscriber the Acquired Shares against and upon payment by Subscriber of the Purchase Price in book-entry form, free and clear of any Liens (other than those arising under state or federal securities laws or the currently effective third amended and restated memorandum and articles of association of the Issuer, adopted by special resolution dated on March 27, 2025 and effective from March 27, 2025 (the "<u>Memorandum and Articles of Associations</u>")), in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable. Each book entry for the Acquired Shares shall contain a legend in substantially the following form:

[NEITHER] THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the Closing Date, the Issuer shall issue and deliver or cause to be issued and delivered to Subscriber the Ordinary Warrants against and upon payment by Subscriber of the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Issuer's obligation to effect the Closing shall be subject to the satisfaction on the Closing Date, or, to the extent permitted by applicable law, the waiver by the Issuer, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Nasdaq Stock Market LLC ("<u>Nasdaq</u>") shall not have raised any objection to the Notification Form of Listing of Additional Shares for the listing of the Conversion Shares (as defined below) (the "<u>LAS Notice</u>") or the transactions contemplated hereby, the Other Subscriptions, the Primary Purchase or the Secondary Purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Placement Agent and the Issuer shall each have received a completed copy of the "Eligibility Representations of Subscriber" questionnaire in substantially the form attached as <u>Schedule A</u> hereto no later than the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all representations and warranties of Subscriber contained in this Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect (as defined herein), which representations and warranties shall be true and correct in all respects) at and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) that is then in effect and has the effect of making consummation of the Subscription illegal or otherwise preventing or prohibiting consummation of the Subscription, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such prevention or prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Issuer shall have received a lock-up agreement, substantially in the form attached hereto as <u>Exhibit C</u>, duly executed by the parties set forth on <u>Annex 2(d)(vi)</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the consummation of the Primary Purchase, the Secondary Purchase, and the Other Subscriptions shall have occurred concurrently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Subscriber's obligation to effect the Closing shall be subject to the satisfaction on the Closing Date, or, to the extent permitted by applicable law, the written waiver by Subscriber, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no suspension of the listing on The Nasdaq Capital Market or another national securities exchange (collectively, the "<u>Exchange</u>") of the Class A Ordinary Shares shall have occurred, and the Issuer shall have filed with Nasdaq the LAS Notice, and Nasdaq shall not have raised any objection to such notice or the transactions contemplated hereby, the Other Subscriptions, the Primary Purchase, or the Secondary Purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all representations and warranties of the Issuer contained in this Agreement shall be true and correct in all material respects at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct in all material respects as of such date), except to the extent that such representations and warranties are qualified by the term "material" or contain term of "Material Adverse Effect", in which case such representations and warranties shall be true and correct in all respects at and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer shall have performed, satisfied and complied (unless waived) in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) that is then in effect and has the effect of making consummation of the Subscription illegal or otherwise preventing or prohibiting consummation of the Subscription and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such prevention or prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Issuer shall have provided Subscriber with the wire instructions of the escrow agent that will receive the Purchase Price, on Issuer's letterhead and executed by the Chief Executive Officer or Chief Financial Officer of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Issuer shall have delivered to Subscriber a certificate duly executed by a duly appointed officer of the Issuer, dated as of the Closing Date, in form and substance reasonably satisfactory to Subscriber, certifying, respectively, (i) the Issuer's Charter Documents (as defined below) in effect as of the Closing Date, and (ii) the resolutions duly adopted by the board of directors of the Issuer (the "<u>Board of Directors</u>") authorizing and approving the Contemplated Transactions, the Contemplated Transaction Documents and the transactions and obligations contemplated thereby, which resolutions shall have been certified as true and complete, and in full force and effect without rescission, revocation, or amendment as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Issuer shall have furnished to the Placement Agent a certificate, dated the Closing Date, of its Chief Executive Officer and its Chief Financial Officer stating in their respective capacities as officers of the Issuer on behalf of the Issuer and not in their individual capacities that (x) for the period from and including the date of this Agreement through and including the Closing Date, there has not occurred any Material Adverse Effect, (y) to their knowledge, after reasonable investigation, as of the Closing Date, the representations and warranties of the Issuer in this Agreement are true and correct and the Issuer has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date, and (z) there has not been, subsequent to the date of the most recent audited financial statements included or incorporated by reference in SEC Reports (as defined below), any Material Adverse Effect in the financial position or results of operations of the Issuer, or any change or development that, singularly or in the aggregate, would reasonably be expected to involve a Material Adverse Effect, except as set forth in the SEC Reports. "Knowledge" means the actual knowledge of the officers of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) no event or series of events that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect shall have occurred and be continuing on the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the consummation of the Secondary Purchase and the Primary Purchase shall have occurred concurrently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prior to or at the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Issuer Representations and Warranties</u>. Issuer represents and warrants as of the date hereof and the Closing Date, except (x) as otherwise disclosed or incorporated by reference in the Most Recent SEC Reports (as defined below) (excluding (aa) any disclosures in any "risk factors" section that do not constitute statements of fact, disclosures in any forward-looking statements disclaimers and other disclosures that are generally cautionary, predictive or forward-looking in nature, (bb) any information incorporated by reference into the Most Recent SEC Reports (other than from other Most Recent SEC Reports), or (cc) any information or disclosure subject to a confidential treatment order and not otherwise publicly available), and (y) as set forth in the Disclosure Schedules, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Issuer and each of its Subsidiaries (as defined below) has been duly incorporated or organized, is validly existing as a corporation or other business entity under the laws of its jurisdiction of incorporation or organization and is in good standing under the laws of its jurisdiction of incorporation or organization, with requisite corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted. Neither the Issuer nor any of its Subsidiaries is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, memorandum and articles of association, bylaws or other organizational or charter documents (the "<u>Charter Documents</u>"). Each of the Issuer and its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in a Material Adverse Effect and no Action has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

For purposes of this Agreement, "<u>Material Adverse Effect</u>" means (a) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (b) a material adverse effect on the results of operations, assets, business, or condition (financial or otherwise) of the Issuer and the Subsidiaries, taken as a whole, or (c) a material adverse effect on the Issuer's ability to perform in any material respect on a timely basis its obligations under any Transaction Document; provided that, with respect to clause (b), none of the following shall be deemed in themselves, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or will be, a Material Adverse Effect: any adverse change, effect, event, occurrence, state of facts or development attributable to (i) any downturn after the date hereof in general economic conditions, including changes in the credit, debt, securities, financial, capital markets, or in the industry in which the Issuer and the Subsidiaries operate; (ii) the taking of any action required by this Agreement or any other Transaction Document; (iii) any change after the date hereof in applicable Laws after the date hereof; (iv) any actual or potential sequester, stoppage, shutdown, default or similar event or occurrence by or involving any governmental authority affecting a national or federal government as a whole; (v) any change in the U.S. generally accepted accounting principles ("<u>GAAP</u>") after the date hereof; (vi) the commencement, continuation or escalation of a war, riots, material armed hostilities or other material international or national calamity or act of terrorism directly or indirectly involving countries in which the Issuer and its Subsidiaries operate; (vii) effects arising from or relating to, following the date hereof, any earthquake, hurricane, tsunami, tornado, flood, mudslide or other natural disaster, weather condition, explosion or fire or other force majeure event; (viii) changes in, or effects arising from or relating to, any epidemic, pandemic or disease outbreak, curfews or other restrictions that relate to, or arise out of, any epidemic, pandemic or disease outbreak or material worsening of such conditions threatened or existing as of the date hereof; and (ix) the failure of the Issuer and the Subsidiaries to meet or achieve the results set forth in any internal projection (provided that, this item (ix) shall not prevent a determination that any change or effect underlying such change has resulted in a Material Adverse Effect); provided further that changes, events, Occurrences or circumstances set forth in clauses (i) and (iii)-(viii) shall be taken into account to the extent they have a disproportionate effect on the Issuer and Subsidiaries relative to other participants in the industry in which the Issuer and Subsidiaries operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. As of the Closing Date, the Acquired Shares will have been duly authorized and, when issued, sold and delivered to Subscriber against full payment of the Purchase Price in accordance with the terms of this Agreement, the Acquired Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights created under the Issuer's Charter Documents (as in effect at such time of issuance) or under the laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. As of the Closing Date, the Warrant Shares will have been duly authorized and reserved for issuance and, upon issuance pursuant to the terms of the Ordinary Warrants against full payment therefor in accordance with the terms of the Ordinary Warrants, will be duly and validly issued, fully paid and non-assessable and will be issued free and clear of any Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Associations), and the holder of the Warrant Shares shall be entitled to all rights accorded to a holder of Class B Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Class A Ordinary Shares issuable upon conversion of the Acquired Shares and Warrant Shares (the "<u>Conversion Shares</u>") will have been duly authorized and reserved for issuance and, upon issuance pursuant to the terms of the Issuer's Charter Documents, will be duly and validly issued, fully paid and non-assessable and will be issued free and clear of any Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Associations), and the holder of the Conversion Shares shall be entitled to all rights accorded to a holder of Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement, the Ordinary Warrants, and the Escrow Agent Agreement (collectively, the "<u>Transaction Documents</u>") have been duly authorized, executed and delivered by the Issuer and the Transaction Documents constitute the valid and legally binding obligation of the Issuer, enforceable against the Issuer in accordance with their respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally and (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Assuming the accuracy of Subscriber's representations and warranties in <u>Section 4</u>, the execution and delivery of the Transaction Documents by the Issuer, and the performance by the Issuer of its obligations under the Transaction Documents, including the issuance and sale of the Acquired Securities, do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Issuer is a party or by which the Issuer is bound or to which any of the property or assets of the Issuer is subject, which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or affect the validity of the Acquired Securities or the legal authority of the Issuer to comply with the terms of this Agreement or any other Transaction Document; (ii) the Charter Documents; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Issuer or any of its properties that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or affect the validity of the Acquired Securities or the legal authority of the Issuer to comply with the terms of this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. There are no securities or instruments issued by or to which the Issuer is a party containing anti-dilution, price reset or similar provisions that will be triggered by the issuance of (i) the Acquired Securities, or (ii) the Warrant Shares to be issued upon exercise of the Ordinary Warrants, in each case, that have not been or will not be validly and irrevocably waived on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Assuming the accuracy of Subscriber's representations and warranties in <u>Section 4</u>, the Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including the Exchange) or other person in connection with the execution, delivery and performance by the Issuer of this Agreement (including, without limitation, the issuance of the Acquired Securities and Warrant Shares), other than (i) the filing with the Commission of the Registration Statement (as defined below), (ii) the filings required in accordance with <u>Section 7.n</u>, (iii) notifications required by Nasdaq and (iv) approval from the shareholders of the Company (the "<u>Shareholder Approval</u>") of an increase in the authorized shares of the Company to ensure that the number of authorized shares is sufficient to cover any Required Reserve Amount (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Following the date on which the Shareholder Approval is received and deemed effective under the laws of the Cayman Islands (the "<u>Shareholder Approval Date</u>"), the Company will reserve and the Company shall continue to reserve and keep available at all times thereafter, free of preemptive rights, a sufficient number of Warrant Shares for the purpose of enabling the Company to issue the Warrant Shares pursuant to any exercise of the Ordinary Warrants (the "<u>Required Reserve Amount</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The authorized share capital of the Issuer is US$1,000,000 divided into (a) 1,440,000,000 Class A Ordinary Shares of a par value of US$0.000625 each, and (b) 160,000,000 Class B Ordinary Shares of a par value of US$0.000625 each. The total number of Class A Ordinary Shares and Class B Ordinary Shares issued and outstanding is 78,750,655, of which 70,346,624.2 are Class A Ordinary Shares and 8,404,030.8 are Class B Ordinary Shares. <u>Section 3.i</u> of the Disclosure Schedules sets forth, inter alia, the name of each Subsidiary and the jurisdiction in which it is incorporated or organized, and identifies the Subsidiaries' respective registered shareholders and their shareholding interests. The Issuer does not own or control, directly or indirectly, any interest in any Person, other than the Subsidiaries of the Issuer set forth on <u>Section 3.i</u> of the Disclosure Schedules. All of the equity securities of the Issuer and each Subsidiary are duly authorized, validly issued, and are fully paid and nonassessable. The shareholders and owners listed in <u>Section 3.i</u> of the Disclosure Schedules are the sole record holder of the shares in or charter capital of each Subsidiary, free from all Liens. Except as set forth in <u>Section 3.i</u> of the Disclosure Schedule, there are no shares of the Issuer reserved for future issuance pursuant to any warrants, plans, awards, instruments, arrangements or other outstanding rights or Company plans except for Class A Ordinary Shares available for issuance upon conversion of Class B Ordinary Shares or as required for purposes of the Contemplated Transactions.

For purposes of this Agreement, "<u>Subsidiary</u>" of any Person shall mean any corporation, partnership, joint venture, limited liability company, trust or estate of or in which: (a) such Person or a Subsidiary of such Person is a general partner or (b) more than fifty percent (50%) of (i) the issued and outstanding capital stock or other equity interests having ordinary voting power to elect a majority of the board of directors (or similar body) of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the Occurrence of any contingency), (ii) the interest in the capital or profits of such partnership, joint venture or limited liability company or (iii) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person's other Subsidiaries. For the avoidance of doubt, with respect to the Issuer, "Subsidiary" shall also mean any subsidiary of the Issuer as set forth on <u>Section 3.i</u> of the Disclosure Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Except as set forth in <u>Section 3.j</u> of the Disclosure Schedule, with respect to the Issuer and any Subsidiary (a) there are no options, warrants, calls, rights, convertible securities, commitments or agreements (which, for purposes of this Agreement, shall be deemed to include "phantom" stock or other commitments that provide any right to receive value or benefits similar to capital stock or other similar rights) of any character to which the Issuer or any Subsidiary is a party or by which the Issuer or any Subsidiary is bound obligating the Issuer or any Subsidiary to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock or obligating the Issuer to grant, extend or enter into any such option, warrant, call, right, commitment or agreement, (b) there are no outstanding contractual obligations of the Issuer or any other Person to repurchase, redeem or otherwise acquire any shares of capital stock of the Issuer or any Subsidiary, and (c) there are no outstanding securities of any kind convertible into or exchangeable or exercisable for the capital stock of the Issuer or any Subsidiary. There are no statutory or contractual preemptive rights or rights of first offer or refusal or similar rights with respect to any shares of capital stock of the Issuer or any Subsidiary, and there are no declared and unpaid dividends or distributions on any shares of capital stock of the Issuer or any Subsidiary. There are no securities or instruments issued by or to which the Issuer or any Subsidiary is a party containing anti-dilution or similar provisions that will be triggered by the sale and transfer of Sale Securities that have not been validly waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. (a) The consolidated financial statements and notes of the Issuer contained or incorporated by reference in the SEC Reports (collectively, the "<u>Financial Statements</u>") fairly and accurately present, in all material respects, the financial condition and the results of operations, changes in shareholders' equity and cash flows of the Issuer and its Subsidiaries as of the relevant time that they relate to as at the respective dates of, and for the periods referred to in, such Financial Statements, subject, in the case of interim financial statements, to normal recurring year-end adjustments (the effect of which will not, individually or in the aggregate, be material to the Issuer and its Subsidiaries as of the relevant time, taken as a whole) and the absence of footnotes, and (i) were prepared in accordance with: (A) the accounting principles applied on a consistent basis during the periods involved; and (B) Regulation S-X under the Securities Act or Regulation S-K under the Securities Act, as applicable, (ii) were prepared from the books and records of the Issuer and its Subsidiaries as of the relevant time, and (iii) were prepared in good faith based upon reasonable assumptions made by the Issuer on a basis consistent with the basis employed in such books and records for the relevant periods. Other than disclosed in <u>Section 3.k(a)</u> of the Disclosure Schedules, the Issuer has no material off-balance sheet arrangements that are not disclosed in the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer and its Subsidiaries have no Liabilities of the type required to be reflected or reserved for on a balance sheet prepared in accordance with applicable accounting principles, other than Liabilities (i) set forth in or reserved against or otherwise reflected in the Financial Statements or in the notes thereto, (ii) arising in the ordinary course of business of the Issuer and its Subsidiaries since the date of the most recent balance sheet included in the Financial Statements, or (iii) incurred in connection with the transactions contemplated hereunder or the Contemplated Transactions and disclosed to Subscriber. Other than disclosed in <u>Section 3.k(b)</u> of the Disclosure Schedules, neither the Issuer nor any Issuer Subsidiary has any secured creditors holding a security interest. For purposes of this Section 3.k(b), "<u>Liabilities</u>" means all indebtedness, obligations, and other liabilities of the Issuer or a Subsidiary, as the case may be (whether known or unknown, asserted, unasserted, direct, indirect, absolute, accrued, contingent, fixed, liquidated, unliquidated or otherwise, whether due or to become due and whether or not required under the applicable accounting principles to be accrued on the financial statements of the Issuer or such Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since the date of the latest audited financial statements included within the SEC Reports, (i) there has been no event, occurrence or development that has had or that would reasonably be expected to result in a Material Adverse Effect, (ii) the Issuer has not altered its method of accounting, (iii) the Issuer has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (iv) the Issuer has not issued any equity securities to any officer, director or affiliate, except as disclosed in <u>Section 3.k (c)</u> of the Disclosure Schedules. The Issuer does not have pending before the Commission any request for confidential treatment of information. Except for the Contemplated Transactions or as set forth on <u>Section 3.k (c)</u> of the Disclosure Schedules, no event, liability, fact, circumstance, occurrence or development has occurred or exists, or is reasonably expected to occur or exist, with respect to the Issuer or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition, that would be required to be disclosed by the Issuer under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least one (1) business day prior to the date that this representation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Neither the Issuer nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Issuer or any Subsidiary under), nor has the Issuer or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. The issued and outstanding Class A Ordinary Shares are, and as of the Closing will be, registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and are listed for trading on each Exchange. The Issuer has taken no action that is designed to terminate the registration of the Class A Ordinary Shares under the Exchange Act or the listing of the Class A Ordinary Shares on the Exchange. Except as included in the SEC Reports, the Issuer has not received notice from any Exchange on which the Class A Ordinary Shares are or have been listed or quoted to the effect that the Issuer is not in compliance with the listing or maintenance requirements of such Exchange. There is no suit, action, proceeding or investigation pending or, to the knowledge of the Issuer, threatened against the Issuer by the Exchange or the Commission with respect to any intention by such entity to deregister the Class A Ordinary Shares or prohibit or terminate the listing of the Class A Ordinary Shares on the Exchange. The Issuer is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements except as set forth in Section 3.u(b) of the Disclosure Schedules. The Class A Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Issuer is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Assuming the accuracy of Subscriber's representations and warranties set forth in <u>Section 4</u>, no registration under the Securities Act is required for the offer, sale and issuance of the Acquired Securities by the Issuer to Subscriber or the Other Subscribers in the manner contemplated by this Agreement or the Other Subscription Agreements, as the case may be. The issuance, contribution, sale and delivery of the Acquired Securities hereunder does not contravene the rules and regulations of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Neither the Issuer nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the Acquired Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Neither the Issuer nor any Subsidiary is, and immediately after the Closing neither the Issuer nor any Subsidiary will be, an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. The Issuer has not entered into any subscription agreement, side letter or other agreement with any Other Subscriber or any other investor (except with respect to payment method and timing) in connection with such Other Subscriber's or investor's direct or indirect investment in the Issuer, other than (i) the Other Subscription Agreements, (ii) the pre-funded warrants and ordinary warrants issued by the Issuer pursuant to the Other Subscription Agreements, (iii) transaction documents for purposes of the Contemplated Transactions, and (iv) agreements or forms thereof that have been publicly filed as exhibits to the SEC Reports via the Commission's EDGAR system, including filings made by the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. The Issuer acknowledges and agrees that Subscriber is acting solely in the capacity of an arm's length purchaser with respect to this Agreement and the transactions contemplated hereby. The Issuer further acknowledges that Subscriber is not acting as a financial advisor or fiduciary of the Issuer (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereby and any advice given by Subscriber or any of its representatives or agents in connection with this Agreement and the transactions contemplated hereby is merely incidental to Subscriber's purchase of the Acquired Securities. The Issuer further represents to Subscriber that the Issuer's decision to enter into this Agreement has been based solely on the independent evaluation of the transactions contemplated hereby by the Issuer and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. Anything in this Agreement or elsewhere herein to the contrary notwithstanding, it is understood and acknowledged by the Issuer that: (i) Subscriber has not been asked by the Issuer to agree, nor has Subscriber agreed, to desist from purchasing or selling, long and/or short, securities of the Issuer, or "derivative" securities based on securities issued by the Issuer or to hold the Acquired Securities for any specified term; (ii) past or future open market or other transactions by Subscriber, specifically including, without limitation, "short sales" (as defined in Rule 200 of Regulation SHO under the Exchange Act) or "derivative" transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Issuer's publicly-traded securities; (iii) Subscriber and counter-parties in "derivative" transactions to which Subscriber is a party, directly or indirectly, presently may have a "short" position in the Class A Ordinary Shares, and (iv) Subscriber shall not be deemed to have any affiliation with or control over any arm's length counter-party in any "derivative" transaction. The Issuer further understands and acknowledges that (y) Subscriber may engage in hedging activities at various times during the period that the Acquired Securities are outstanding, and (z) such hedging activities (if any) could reduce the value of the existing shareholders' equity interests in the Issuer at and after the time that the hedging activities are being conducted. The Issuer acknowledges that such aforementioned hedging activities do not constitute a breach of this Agreement or any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. The Issuer has filed or furnished, as the case may be, all reports, statements, schedules, prospectuses, proxies, registration statements, forms and other documents required to be filed or furnished by it under the Exchange Act, including pursuant to Section 13(a) or 15(d) of the Exchange Act, for the twelve (12) months preceding the date hereof on a timely basis or has received a valid extension of such time of filing or furnishment and has filed or furnished any such SEC Reports prior to the expiration of any such extension. As of their respective dates (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such filing), the SEC Reports filed and furnished by the Issuer complied in all material respects with the requirements of the Securities Act, and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed or furnished (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such filing) by the Issuer, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. All material agreements to which the Issuer or any Subsidiary is a party or to which the property or assets of the Issuer or any Subsidiary are subject are included as part of or identified in the Most Recent SEC Reports, to the extent such agreements are required to be included or identified pursuant to the rules and regulations of the Commission. As of the date hereof, none of the Most Recent SEC Reports are subject to ongoing review or outstanding investigation by the Commission. For purposes of this Agreement, "<u>SEC Reports</u>" means, collectively, each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by the Issuer with the Commission since its initial registration of the Class A Ordinary Shares, under the Securities Act and the Exchange Act, including the exhibits thereto and documents incorporated by reference therein. For purposes of this Agreement, "<u>Most Recent SEC Reports</u>" means the Issuer's Annual Report on Form 20-F for the fiscal year ended September 30, 2024 or its other reports and forms filed with the Commission under Sections 12, 13, or 15(d) of the Exchange Act after September 30, 2024 and before the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. (a) Except as disclosed in <u>Section 3.u(a)</u> of the Disclosure Schedules, (i) there are no pending Actions against the Issuer or any Subsidiary, or any of their properties or assets, or any of the directors, managers or officers of the Issuer or any Subsidiary with regard to their actions as such which, if determined adversely, would reasonably be expected to adversely affect the ability of the Issuer to timely consummate the Subscription or otherwise adversely affect or challenge the legality, validity, or enforceability of any of the Transaction Documents or transactions contemplated therein, or, if resolved adversely, would reasonably be expected to result in a Material Adverse Effect, (ii) there are no pending or to the Issuer's Knowledge, threatened audit, examination, enquiry or investigation by any Governmental Authority against the Issuer or any Subsidiary, or any of their properties or assets, or any of the directors, managers or officers of the Issuer or any Subsidiary with regard to their actions as such, and no facts exist that would reasonably be expected to form the basis for any such audit, examination, enquiry or investigation; (iii) there is no pending Action or threatened Action in writing, or investigation, by the Issuer or any Subsidiary against any third party; (iv) there is no settlement or similar agreement that imposes any material ongoing obligation or restriction on the Issuer or any Subsidiary; and (v) there is no Order imposed or threatened in writing to be imposed upon any the Issuer or any Subsidiary, or any of its respective properties or assets, or any of the directors, managers or officers of the Issuer or any Subsidiary with regard to their actions as such that would, individually or in the aggregate, result in a Material Adverse Effect. Neither the Issuer nor any Subsidiary, nor any director or officer thereof, is the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Issuer, there is not pending or contemplated, any investigation by the Commission involving the Issuer or any current or former director or officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Section 3.u(b)</u> of the Disclosure Schedules, there is no Action pending or, to Issuer's Knowledge, threatened against the Issuer by the Exchange or the Commission with respect to any intention by such entity to deregister the Class A Ordinary Shares or prohibit or terminate the listing of the Class A Ordinary Shares on the Exchange. The Issuer is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements except for those with respect to bidding price deficiency. The Class A Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Issuer is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. Except as forth in <u>Section 3.v</u> of the Disclosure Schedule, the Issuer has not paid, and are not obligated to pay, any brokerage, finder's or other commission or similar fees in connection with the transactions contemplated by the Transaction Documents. Subscriber shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. None of the Issuer, any predecessor or affiliated issuer of the Issuer, any director, executive officer or other officer of the Issuer, or, to the Issuer's knowledge, any beneficial owner of twenty percent (20%) or more of the Issuer's issued and outstanding voting equity securities, calculated on the basis of voting power, or any promoter connected with the Issuer in any capacity (collectively, "<u>Issuer Covered Persons</u>"), is subject to any of the "bad actor" disqualifications within the meaning of Rule 506(d) under the Securities Act, except for a disqualification event covered by Rule 506(d)(2) or (d)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y. The Issuer acknowledges that there have been no representations, warranties, covenants and agreements made to Issuer by or on behalf of Subscriber, any of its respective affiliates or any of its or their control persons, officers, directors, employees, partners, agents or representatives, expressly or by implication, regarding the transactions contemplated by this Agreement other than those representations, warranties, covenants and agreements included in this Agreement (inclusive of the exhibits and schedules attached hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z. The gross proceeds from the Acquired Securities contemplated by the Transaction will be utilized for purposes of acquiring XAUt (including costs associated with such acquisition), transaction costs, working capital and general corporate purposes.

aa. No labor dispute exists or, to the knowledge of the Issuer, is threatened with respect to any of the employees of the Issuer or its Subsidiaries, which would reasonably be expected to result in a Material Adverse Effect. None of the Issuer's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Issuer or such Subsidiary, and neither the Issuer nor any of its Subsidiaries is a party to a collective bargaining agreement. No executive officer of the Issuer or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Issuer or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Issuer and its Subsidiaries are in compliance with all Applicable Laws relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

bb. The Issuer and its Subsidiaries possess all material Permits as reasonably required to conduct the business of the Issuer ("<u>Material Permits</u>"), and neither the Issuer nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cc. The Issuer and its Subsidiaries have good and marketable title to their respective owned properties and assets that are necessary to the business of the Issuer and its Subsidiaries as currently conducted, in each case, free and clear of all Liens, except for Liens as do not materially affect the value of such property, taken as a whole, and do not interfere in any material respect with the use made or proposed to be made of such properties by the Issuer and its Subsidiaries, taken as a whole, and any Liens arising from Indebtedness. Any real property and facilities held under lease by the Issuer or its Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Issuer and its Subsidiaries are in compliance, except where such non-compliance would not have or reasonably be expected to have a Material Adverse Effect. "<u>Liens</u>" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd. The Issuer and its Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have would have a Material Adverse Effect (collectively, the "<u>Intellectual Property Rights</u>"). None of, and neither the Issuer nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement, except where such expiration, termination or abandonment would not have or reasonably be expected to have a Material Adverse Effect. Neither the Issuer nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim that the Intellectual Property Rights violate or infringe upon the rights of any Person. All such Intellectual Property Rights are enforceable and to the knowledge of the Issuer, there is no existing infringement by another Person of any of the Intellectual Property Rights. The Issuer and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties.

ee. The Issuer and its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary for companies of similar size as the Issuer in the businesses in which the Issuer and its Subsidiaries are engaged. Neither the Issuer nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

ff. None of the officers or directors of the Issuer or any Subsidiary, and none of the employees of the Issuer or any Subsidiary is presently a party to any transaction with the Issuer or any Subsidiary (other than for services as employees, officers and directors or with respect to the Contemplated Transactions), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case in excess of $20,000 other than for (a) payment of salary or consulting fees for services rendered, (b) reimbursement for expenses incurred on behalf of the Issuer and (c) other employee benefits, including equity incentives granted under any equity incentive plan of the Issuer.

gg. The Issuer has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one (1) year from the Closing Date. The Issuer has no knowledge that any creditors of the Issuer intend to initiate involuntary bankruptcy, insolvency, reorganization or liquidation proceedings or other Actions for relief under any bankruptcy or reorganization laws of any jurisdiction. All outstanding secured and unsecured Indebtedness of the Issuer or any Subsidiary, or for which the Issuer or any Subsidiary has commitments is set forth in the Most Recent SEC Reports. Neither the Issuer nor any Subsidiary is in default with respect to any Indebtedness.

hh. The Issuer and its Subsidiaries are in compliance in all material respects with any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended, that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The Issuer and its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (a) transactions are executed in accordance with management's general or specific authorizations, (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (c) access to assets is permitted only in accordance with management's general or specific authorization, and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Issuer and its Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Issuer and its Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Issuer in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Except as set forth in Section 3.t of the Disclosure Schedule, the SEC Reports and in connection with this Transaction and the Contemplated Transactions, no Person has any right to cause the Issuer or any Subsidiary to effect the registration under the Securities Act of any securities of the Issuer or any Subsidiary.

jj. The Issuer and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Charter Documents or the laws of its jurisdiction of incorporation that is or could become applicable to Subscriber as a result of Subscriber and the Issuer fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Issuer's sale, issuance and delivery of the Acquired Securities, and Subscriber's ownership of the Acquired Securities.

kk. Assuming the accuracy of Subscriber's representations and warranties set forth in <u>Section 4</u>, neither the Issuer nor any of its affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Acquired Securities to be integrated with prior offerings by the Issuer for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Exchange on which any of the securities of the Issuer are listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ll. The Issuer and its Subsidiaries each (a) has made or filed all U.S. federal, state, local, and foreign tax returns, reports and declarations required by any jurisdiction in which it is subject to tax, (b) has paid all taxes and other governmental assessments and charges, and (c) has set aside on its books provisions reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes claimed to be due by the taxing authority of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mm. None of the Issuer, any Subsidiary or any agent or other person acting on behalf of the Issuer or any Subsidiary has (a) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (b) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) failed to disclose fully any contribution made by the Issuer or any Subsidiary (or made by any person acting on its behalf of which the Issuer is aware) which is in violation of law, or (d) violated in any material respect any provision of Foreign Corrupt Practices Act of 1977, as amended.

nn. The Issuer's accounting firm is Yu Certified Public Accountant, P.C. (the "<u>Accountant</u>"). The Accountant (a) is a registered public accounting firm as required by the Exchange Act, (b) is independent public accountants within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States), and (c) shall express its opinion with respect to the financial statements to be included in the Issuer's Annual Report on Form 20-F for the fiscal year ending September 30, 2025. The Accountant, whose report was included on the consolidated financial statements of the Issuer for the fiscal year ended September 30, 2024, during the periods covered of its report, was a registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). There are no disagreements of any kind presently existing, or reasonably anticipated by the Issuer to arise, between the Issuer and the accountants formerly or presently employed by the Issuer and the Issuer is current with respect to any fees owed to its accountants which could affect the Issuer's ability to perform any of its obligations under any of the Transaction Documents. To the knowledge of the Issuer, each of the accountants formerly or presently employed by the Issuer is not, or was not, in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002, as amended, with respect to the Issuer.

oo. The Issuer has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Issuer to facilitate the sale or resale of any of the Acquired Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Acquired Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Issuer, other than, in the case of clauses (ii) and (iii), compensation paid to the Placement Agent in connection with the placement of the Acquired Securities.

pp. Each share of capital stock granted by the Issuer under the Issuer's equity incentive plan was granted in accordance with the terms of the Issuer's equity incentive plan and Applicable Law. The Issuer has not granted, and there is no and has been no Issuer policy or practice to grant, awards under the Issuer's equity incentive plan prior to, or otherwise coordinate the grant of awards under the Issuer's equity incentive plan with, the release or other public announcement of material information regarding the Issuer or its Subsidiaries or their financial results or prospects.

qq. (a) There has been no security breach or other compromise of or relating to any of the Issuer's or any Subsidiary's information technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, "<u>IT Systems and Data</u>") and the Issuer and its Subsidiaries have not been notified of any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data, except, with respect to those which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (b) the Issuer and its Subsidiaries are presently in compliance with all Applicable Law or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, individually or in the aggregate, have a Material Adverse Effect; (c) the Issuer and its Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (d) the Issuer and its Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.

rr. The Issuer and its Subsidiaries are, and at all times since January 1, 2024, in material compliance with all applicable state, federal and foreign data privacy and security laws and regulations (collectively, "<u>Privacy Laws</u>"). The execution, delivery and performance of the Transaction Documents will not result in a breach of any Privacy Laws or Policies. Neither the Issuer nor its Subsidiaries (i) has received written notice of any actual or potential liability of the Issuer or its Subsidiaries under, or actual or potential violation by the Issuer or its Subsidiaries of, any of the Privacy Laws since January 1, 2024; (ii) is currently conducting or paying for, in whole or in part, any investigation, remediation or other corrective action pursuant to any regulatory request or demand pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement by or with any court or arbitrator or governmental or regulatory authority that imposed any obligation or liability under any Privacy Law.

ss. Neither the Issuer nor any Subsidiary or any director, officer, agent, employee, affiliate or representative of the Issuer or any of its Subsidiaries is an individual or entity ("<u>Covered Person</u>") currently the subject or target of any sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control, the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authority (collectively, "<u>Sanctions</u>"), nor is the Issuer located, organized or resident in a country or territory that is the subject of Sanctions; and the Issuer will not directly or indirectly use any funds, or lend, contribute or otherwise make available such funds to any Subsidiaries, joint venture partners or other Covered Person, to fund any activities of or business with any Covered Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions or in any other manner that will result in a violation by any Covered Person (including any Covered Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.

tt. The operations of the Issuer and its Subsidiaries are and have been conducted at all times in compliance with the Applicable Laws relating to anti money laundering (collectively, the "<u>Money Laundering Laws</u>"), and no Action involving the Issuer or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Issuer or any Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Subscriber Representations and Warranties</u>. Subscriber represents and warrants, as of the date hereof and the Closing Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation, with the requisite entity power and authority to enter into, deliver and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement has been duly authorized, executed and delivered by Subscriber. This Agreement is enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally and (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The execution and delivery by Subscriber of this Agreement, and the performance by Subscriber of its obligations under this Agreement, including the purchase of the Acquired Securities and the consummation of the other transactions contemplated herein, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject, which would reasonably be expected to have a material adverse effect on the business, properties, financial condition, stockholders' equity or results of operations of Subscriber, taken as a whole (a "<u>Subscriber Material Adverse Effect</u>"), or materially affect the legal authority of Subscriber to comply in all material respects with the terms of this Agreement; (ii) the organizational documents of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of Subscriber's properties that would reasonably be expected to have a Subscriber Material Adverse Effect or materially affect the legal authority of Subscriber to comply in all material respects with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subscriber (i) is an "accredited investor" as such term is defined in Rule 501(a) of Regulation D under the Securities Act, satisfying the applicable requirements set forth on <u>Schedule A</u> and acknowledges that the sale contemplated hereby is being made in reliance on a private placement exemption to "Accredited Investors" within the meaning of Section 501(a) of Regulation D under the Securities Act and similar exemptions under state law, and is an "institutional account" as defined in FINRA Rule 4512(c), (ii) is acquiring the Acquired Securities, and upon the exercise of the Ordinary Warrants, will acquire the Warrant Shares issuable upon such exercise of the Ordinary Warrants, only for its own account and not for the account of others, or if Subscriber is subscribing for the Acquired Securities as a fiduciary or agent for one or more investor accounts, each owner of such account is a "qualified institutional buyer" or an "accredited investor" (each as defined above) and Subscriber has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Acquired Securities, and upon the exercise of the Ordinary Warrants, will not acquire the Warrant Shares issuable upon such exercise of the Ordinary Warrants, with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act. Subscriber has completed <u>Schedule A</u> following the signature page hereto and the information contained therein is accurate and complete. Subscriber is not an entity formed for the specific purpose of acquiring the Acquired Securities, and upon the exercise of the Ordinary Warrants, acquiring the Warrant Shares issuable upon such exercise of the Ordinary Warrants, unless Subscriber is a newly formed entity in which all of the equity owners are accredited investors and is an "institutional account" as defined by FINRA Rule 4512(c). Accordingly, Subscriber is aware that this offering of the Acquired Securities meets the exemptions from filing under FINRA Rule 5123(b)(1)(A), (C) or (J).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Subscriber understands that the Acquired Securities are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Acquired Securities and the Warrant Shares underlying the Ordinary Warrant have not been registered under the Securities Act. Subscriber understands that the Acquired Securities and Warrant Shares may not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the Issuer or a Subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (iii) pursuant to Rule 144 (including Rule 144(i) thereunder) under the Securities Act; *provided*, that all of the applicable conditions thereof have been met, or (iv) pursuant to another applicable exemption from the registration requirements of the Securities Act (including, without limitation, a private resale pursuant to the so-called "Section 4(a)(7)"), and in each case, in accordance with any applicable securities laws of the states of the United States and other applicable jurisdictions, and that any certificates or book-entry records representing the Acquired Securities and Warrant Shares shall contain a legend to such effect. Subscriber acknowledges that the Acquired Securities and Warrant Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees that the Acquired Securities and Warrant Shares will be subject to the foregoing transfer restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Acquired Securities and Warrant Shares and may be required to bear the financial risk of an investment in the Acquired Securities for an indefinite period of time. Subscriber acknowledges and agrees that the Acquired Securities and Warrant Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 until at least six (6) months from the Closing Date. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Acquired Securities and Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Subscriber's acquisition and holding of the Acquired Securities will not constitute or result in a non-exempt prohibited transaction under section 406 of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), section 4975 of the Code, or any applicable similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In making its decision to subscribe for and purchase the Acquired Securities, Subscriber represents that it has relied solely upon its own independent investigation, the investor presentation provided to Subscriber and the Issuer's representations, warranties and covenants set forth in this Agreement. Without limiting the generality of the foregoing, Subscriber has not relied on any statements, representations or warranties or other information provided by the Placement Agent or any of its affiliates, or any of their respective officers, directors, employees or representatives, concerning the Issuer or the Acquired Securities or the offer and sale of the Acquired Securities. Subscriber acknowledges and agrees that Subscriber has received and has had the opportunity to review such information as Subscriber deems necessary in order to make an investment decision with respect to the Acquired Securities and the Issuer, including the SEC Reports, the risk factors set forth therein, a summary of risk factors set forth in <u>Exhibit A</u>, and certain information provided in the Issuer's data room (provided that no risk factor disclosure or information set forth in such data room shall be deemed to qualify any representation or warranty of the Issuer contained herein). Subscriber represents and agrees that Subscriber and Subscriber's professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and Subscriber's professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Acquired Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Subscriber became aware of this offering of the Acquired Securities solely by means of direct contact between Subscriber and the Issuer, the Placement Agent or a representative of the Issuer or the Placement Agent, and the Acquired Securities were offered to Subscriber solely by direct contact between Subscriber and the Issuer, the Placement Agent or a representative of the Issuer or the Placement Agent. Subscriber did not become aware of this offering of the Acquired Securities, nor were the Acquired Securities offered to Subscriber, by any other means. Subscriber acknowledges that the Issuer represents and warrants that the Acquired Securities (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Acquired Securities. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Acquired Securities, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an informed investment decision. Accordingly, Subscriber is aware that the offering of the Acquired Securities meets the institutional account exemptions from FINRA Rule 2111(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Subscriber acknowledges and agrees that none of the Placement Agent, any affiliate of the Placement Agent or any officer, director, employee or representative of any of the Placement Agent or any affiliate thereof has provided Subscriber with any information or advice with respect to the Acquired Securities nor is such information or advice necessary or desired. Subscriber acknowledges that none of the Placement Agent, any affiliate of the Placement Agent or any of its officers, directors, employees or representatives (i) has made any representation as to the Issuer or the quality of the Acquired Securities, and the Placement Agent may have acquired non-public information with respect to the Issuer, which Subscriber agrees need not be provided to it, (ii) has made an independent investigation with respect to the Issuer or the Acquired Securities or the accuracy, completeness or adequacy of any information supplied to Subscriber by the Issuer, (iii) has acted as Subscriber's financial advisor or fiduciary in connection with the issuance and purchase of the Acquired Securities or (iv) has prepared a disclosure or offering document in connection with the offer and sale of the Acquired Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Subscriber represents and acknowledges that Subscriber, either alone or together with any professional advisor(s) has adequately analyzed and fully considered the risks of an investment in the Acquired Securities and determined that the Acquired Securities are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber's investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists; provided, that neither this representation nor any other representation or warranty made by Subscriber herein shall in any way limit Subscriber's right to rely upon the Issuer's representations, warranties and covenants contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired Securities or made any findings or determination as to the fairness of an investment in the Acquired Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. The operations of Subscriber have been conducted in material compliance with the rules and regulations administered or conducted by OFAC applicable to Subscriber. Subscriber has performed due diligence necessary to reasonably determine that its beneficial owners are not named on the lists of denied parties or blocked persons administered by OFAC, resident in or organized under the laws of a country that is the subject of Sanctions, or otherwise the subject of Sanctions, except as permitted under Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Subscriber is not currently (and at all times through the Closing or earlier termination of this Agreement will refrain from being or becoming) a member of a "group" (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) acting for the purpose of acquiring, holding, voting or disposing of equity securities of the Issuer (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any "group" consisting solely of Subscriber and one or more of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. If Subscriber is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of ERISA, (ii) a plan, an individual retirement account or other arrangement that is subject to section 4975 of the Code, (iii) an entity whose underlying assets are considered to include "plan assets" of any such plan, account or arrangement described in clauses (i) and (ii) (each, an "<u>ERISA Plan</u>"), or (iv) an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, "<u>Similar Laws</u>," and together with the ERISA Plans, the "<u>Plans</u>"), Subscriber represents and warrants that (i) neither the Issuer nor any of its respective affiliates has provided investment advice or has otherwise acted as the Plan's fiduciary, with respect to its decision to acquire and hold the Acquired Securities, and none of the Issuer or any of its respective affiliates is or shall at any time be the Plan's fiduciary with respect to any decision to acquire and hold the Acquired Securities, and none of the Issuer or any of its respective affiliates is or shall at any time be the Plan's fiduciary with respect to any decision in connection with Subscriber's investment in the Acquired Securities and (ii) its purchase of the Acquired Securities will not result in a non-exempt prohibited transaction under section 406 of ERISA or section 4975 of the Code, or any applicable Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Subscriber has, and at the Closing, will have, sufficient funds to pay the Purchase Price pursuant to <u>Section 2.b</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Issuer agrees to use commercially reasonable efforts to submit to or file with the Commission, as soon as reasonably practicable upon the consummation of the Subscription and in any case no later than thirty (30) calendar days following the Closing Date (the "<u>Filing Date</u>") (at the Issuer's sole cost and expense), a registration statement on Form F-3 (or Form F-1 if Form F-3 is not available) (the "<u>Registration Statement</u>"), registering the resale of the Registrable Securities (as defined herein), which Registration Statement may include Class A Ordinary Shares sold pursuant to the Secondary Purchase, warrants to purchase Class A Ordinary Shares issued pursuant to the Other Subscription Agreements, and the Class A Ordinary Shares issued or issuable upon conversion of the Class B Ordinary Shares and upon exercise of warrants sold pursuant to the Primary Purchase and the Secondary Purchase, and other Class A Ordinary Shares that Issuer may designate, and the Issuer shall use its commercially reasonable efforts to have the Registration Statement declared effective under the Securities Act as soon as practicable after the filing thereof and upon the earlier of (i) sixty (60) RR Business Days (as defined below) following the Filing Date if the Commission notifies the Issuer that it will "review" the Registration Statement and (ii) the 5th RR Business Day after the date the Issuer is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be "reviewed" or will not be subject to further review (such earlier date, the "<u>Effective Date</u>"); *provided*, *however*, that the Issuer's obligations to include the Registrable Securities in the Registration Statement are contingent upon Subscriber furnishing in writing to the Issuer such information regarding Subscriber, the securities of the Issuer held by Subscriber and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Issuer to effect the registration of the Registrable Securities, and Subscriber shall execute such documents in connection with such registration as the Issuer may reasonably request that are customary of a selling stockholder in similar situations, including providing that the Issuer shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement as permitted under <u>Section 5.c</u> of this Agreement. Notwithstanding the foregoing, if the Commission prevents the Issuer from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Registrable Securities by the applicable stockholders or otherwise, such Registration Statement shall register for resale such number of Registrable Securities which is equal to the maximum number of Registrable Securities as is permitted by the Commission. In such event, the number of Registrable Securities to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders. Upon notification by the Commission that the Registration Statement has been declared effective by the Commission, within two (2) RR Business Days thereafter, the Issuer shall file the final prospectus under Rule 424 of the Securities Act. The Issuer shall provide a draft of the Registration Statement to Subscriber for review at least two (2) RR Business Days in advance of filing the Registration Statement; *provided*, that for the avoidance of doubt, in no event shall the Issuer be required to delay or postpone the filing of such Registration Statement as a result of or in connection with Subscriber's review. In no event shall Subscriber be identified as an underwriter in the Registration Statement unless required by the Commission; *provided*, that if the Commission requests that Subscriber be identified as an underwriter in the Registration Statement, Subscriber will have an opportunity to withdraw from the Registration Statement (in which case the Issuer shall not identify Subscriber as an underwriter therein). Subscriber shall not be entitled to use the Registration Statement for an underwritten offering of Registrable Securities. For purposes of clarification, any failure by the Issuer to file the Registration Statement by the Filing Date or to effect such Registration Statement by the Effective Date shall not otherwise relieve the Issuer of its obligations to file or effect the Registration Statement as set forth above in this <u>Section 5</u>. "<u>Registrable Securities</u>" means (i) Class A Ordinary Shares issued or issuable upon conversion of (x) the Acquired Shares and (y) the Warrant Shares issued or issuable upon the exercise of the Ordinary Warrants, and (ii) any Class A Ordinary Shares issued or issuable, with respect to the Acquired Shares and the Warrant Shares as aforementioned in (i), as a result of any stock split or subdivision, stock dividend, recapitalization, exchange or similar event. "<u>RR Business Day</u>" means any day other than a Saturday, Sunday, or day on which the Commission is closed or on which the Commission is not accepting, processing or reviewing filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the case of the registration effected by the Issuer pursuant to this Agreement, the Issuer shall, upon reasonable request, inform Subscriber as to the status of such registration. At its expense the Issuer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use its commercially reasonable efforts to keep such registration continuously effective with respect to Subscriber, and to keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of the following: (A) Subscriber ceases to hold any Registrable Securities, (B) the date all Registrable Securities held by Subscriber may be sold without restriction under Rule 144 of the Securities Act, including without limitation, any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for the Issuer to be in compliance with the current public information required under Rule 144(c)(1) or Rule 144(i)(2), as applicable, and (C) three (3) years from the Effective Date of the Registration Statement. The period of time during which the Issuer is required hereunder to keep a Registration Statement effective is referred to herein as the "<u>Registration Period</u>";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during the Registration Period, advise Subscriber promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or any post-effective amendment thereto has become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) of any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein or for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) after it shall receive notice or obtain knowledge thereof, of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Registrable Securities included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) in accordance with <u>Section 5.c</u> of this Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus so that, as of such date, any Registration Statement does not contain an untrue statement of a material fact or does not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or any prospectus does not include an untrue statement of a material fact or does not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

Notwithstanding anything to the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with any material, nonpublic information regarding the Issuer, any of its affiliates or any other Person, unless the Issuer has notified Investor of the existence of such an event (without providing material, nonpublic information about the specific nature of such event) and obtained the written consent of the Investor to receive such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Registration Period, use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) during the Registration Period, upon the occurrence of any event contemplated above, except for such times as the Issuer is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) during the Registration Period, use its commercially reasonable efforts (y) to remain listed on each Exchange and to cause all Registrable Securities to be listed on each securities exchange or market, if any, on which the Class A Ordinary Shares issued by the Issuer have been listed and (z) to timely comply in all material respects with the Issuer's reporting, filing and other obligations under the rules and regulations of the Commission and each Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) during the Registration Period, use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Registrable Securities contemplated hereby and, for so long as Subscriber holds Registrable Securities, to enable Subscriber to sell the Registrable Securities under Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subject to receipt from Subscriber by the Issuer or its transfer agent of customary representations and other customary documentation reasonably acceptable to the Issuer and the transfer agent in connection therewith, Subscriber may request that the Issuer remove, and the Issuer shall cause to be removed, any legend from the book entry position(s) or certificate(s) evidencing its Registrable Securities at any time that such Registrable Securities (A) are subject to or have been or are about to be sold or transferred pursuant to, an effective registration statement (including a registration statement filed under this Agreement); (B) have been or are about to be sold pursuant to Rule 144; or (C) may be sold pursuant to Rule 144 without restriction on the volume or manner of sale and without the requirement for the Issuer to be in compliance with the current public information requirement under Rule 144 (or any similar provision then in force under the Securities Act). If required by the Issuer's transfer agent, the Issuer shall cause its counsel to deliver to such transfer agent an opinion of counsel to the effect that the removal of restrictive legends in such circumstances may be effected under the Securities Act. If restrictive legends are no longer required for such Registrable Securities pursuant to the foregoing, the Issuer shall, in accordance with the provisions of this <u>Section 5</u> and within two (2) business days of any request therefor from Subscriber accompanied by such customary and reasonably acceptable representations and other documentation referred to above establishing that restrictive legends are no longer required, deliver to the transfer agent irrevocable instructions that the transfer agent shall make a new, unlegended entry for such book entry Registrable Securities. The Issuer shall be responsible for the fees of its transfer agent and all Depository Trust Company fees associated with such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Notwithstanding anything to the contrary in this Agreement, the Issuer shall be entitled to delay or postpone the filing or effectiveness of the Registration Statement, and, from time to time, to require Subscriber not to sell under the Registration Statement or to suspend the effectiveness or use thereof, if it determines that the negotiation or consummation of a transaction by the Issuer or its Subsidiaries is pending or an event has occurred, which negotiation, consummation or event that the Board of Directors reasonably believes, upon the advice of outside legal counsel, would require additional disclosure by the Issuer in the Registration Statement of material information that the Issuer has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Issuer, upon the advice of outside legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements or is otherwise necessary for the Registration Statement to not contain a material misstatement or omission (each such circumstance, a "<u>Suspension Event</u>"); *provided*, *however*, that the Issuer may not delay or suspend the effectiveness or use of the Registration Statement on more than one (1) occasion for more than sixty (60) total calendar days during any twelve-month period. Upon receipt of any written notice from the Issuer of the happening of any Suspension Event (which notice shall not contain material, nonpublic information) during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or any related prospectus includes any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, Subscriber agrees that (i) it will promptly discontinue offers and sales of the Registrable Securities under the Registration Statement until Subscriber receives copies of a supplemental or amended prospectus (which the Issuer agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Issuer that it may resume such offers and sales and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Issuer unless otherwise required by law or subpoena. If so directed by the Issuer, Subscriber will deliver to the Issuer or, in Subscriber's sole discretion destroy, all copies of the prospectus covering the Registrable Securities in Subscriber's possession; *provided*, *however*, that this obligation to deliver or destroy all copies of the prospectus covering the Registrable Securities shall not apply (A) to the extent Subscriber is required to retain a copy of such prospectus (x) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (y) in accordance with a bona fide pre-existing document retention policy or (B) to copies stored electronically on archival servers as a result of automatic data back-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subscriber may deliver written notice (including via email in accordance with <u>Section 7.l</u>) (an "<u>Opt-Out Notice</u>") to the Issuer requesting that Subscriber not receive notices from the Issuer otherwise required by this <u>Section 5</u>; *provided*, *however*, that Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the Issuer shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with any such notice and (ii) each time prior to Subscriber's intended use of an effective Registration Statement, Subscriber will notify the Issuer in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this <u>Section 5.d</u>) and the related suspension period remains in effect, the Issuer will so notify Subscriber, within one (1) business day of Subscriber's notification to the Issuer, by delivering to Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber with the related notice of the conclusion of such Suspension Event immediately upon its availability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Issuer shall, notwithstanding any termination of this Agreement in accordance with <u>Section 6</u>, indemnify, defend and hold harmless Subscriber (to the extent a seller under the Registration Statement), its directors, officers, agents, broker-dealers, and employees and each person who controls Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any and all out-of-pocket losses, claims, damages, liabilities and reasonable and documented costs (including, without limitation, reasonable and documented costs of preparation and investigation and reasonable documented attorneys' fees of one legal counsel (and one local counsel)) and all other reasonable and documented expenses (collectively, "<u>Losses</u>"), as incurred, that arise out of or are based upon (i) any untrue statement of a material fact contained in the Registration Statement or in any amendment or supplement thereto, or arising out of or relating to any omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue statement of a material fact included in any prospectus included (or incorporated by reference) in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein or Subscriber has omitted a material fact from such information or otherwise violated the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder; *provided, however*, that the indemnification contained in this <u>Section 5</u> shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of the Issuer (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Issuer be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and in conformity with written information furnished by Subscriber expressly for inclusion in the Registration Statement, or (B) in connection with any offers or sales effected by or on behalf of Subscriber in violation of <u>Section 5.c</u> hereof. The Issuer shall notify Subscriber reasonably promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this <u>Section 5</u> of which the Issuer is aware. The Issuer shall not, without the prior written consent of Subscriber, effect any settlement of any pending proceeding in respect of which Subscriber or any other person entitled to indemnification hereunder is a party, unless such settlement includes an unconditional release of Subscriber or such other person, as applicable, from all liability on claims that are the subject matter of such proceeding. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Registrable Securities by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Subscriber shall indemnify and hold harmless the Issuer, its directors, officers, agents and employees, and each person who controls the Issuer (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, that arise out of or are based upon (i) any untrue statement of a material fact contained in any Registration Statement or in any amendment or supplement thereto or arising out of or relating to any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue statement of a material fact included in any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, to the extent, but only to the extent, that such untrue statement or omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein or a material fact that Subscriber has omitted from such information; *provided, however*, that the indemnification contained in this <u>Section 5.f</u> shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of Subscriber (which consent shall not be unreasonably withheld, conditioned or delayed). In no event shall the liability of Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Registrable Securities giving rise to such indemnification obligation. Subscriber shall notify the Issuer promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this <u>Section 5.f</u> of which Subscriber is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Acquired Securities by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. If the indemnification provided under this <u>Section 5</u> from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any Losses, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue statement of a material fact or omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the Losses shall be deemed to include, subject to the limitations set forth above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this <u>Section 5.g</u> from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party's obligation to make a contribution pursuant to this <u>Section 5.g</u> shall be several, not joint. In no event shall the liability of Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Acquired Securities purchased pursuant to this Agreement giving rise to such contribution obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Termination</u>. This Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) upon the mutual written agreement of each of the parties hereto to terminate this Agreement, (b) if any of the conditions to the Closing set forth in <u>Section 2</u> of this Agreement are not satisfied at, or are not capable of being satisfied on or prior to the Closing and, as a result thereof, the transactions contemplated by this Agreement will not be or are not consummated at the Closing, (c) at the election of Subscriber or Issuer, on or after October 14, 2025, or (d) termination of the Secondary Purchase Agreement; *provided*, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from any such willful breach; *provided further* that neither Subscriber or Issuer (as the case may be) shall be entitled to terminate this Agreement if its failure to perform any covenant or obligation under this Agreement has been the primary cause of, or primarily resulted in, the failure of the Closing to occur on or before October 14, 2025. In the event that this Agreement is terminated for any reason, the Issuer shall within one (1) business day following such termination, return to Subscriber by wire transfer of U.S. dollars in immediately available funds to the account specified by Subscriber, all funds deposited in escrow by Subscriber in connection with the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each party hereto acknowledges that the other party hereto and the Placement Agent will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Agreement. Prior to the Closing, each party hereto agrees to promptly notify the other party hereto if any of the acknowledgments, understandings, agreements, representations and warranties made by such party as set forth herein are no longer accurate in all material respects. Subscriber further acknowledges and agrees that the Placement Agent is a third-party beneficiary of the representations and warranties of Subscriber contained in <u>Section 4</u> and the Issuer further acknowledges and agrees that the Placement Agent is a third-party beneficiary of the representations and warranties of the Issuer contained in <u>Section 3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subscriber agrees that none of (i) any Other Subscriber pursuant to Other Subscription Agreements entered into in connection with the Transaction (including the affiliates or controlling persons, members, officers, directors, partners, agents, or employees of any such Other Subscriber), (ii) the Placement Agent, its affiliates or any of its or their respective affiliates' control persons, officers, directors or employees, and (iii) any affiliates or any control persons, officers, directors, employees, partners, agents or representatives of the Issuer shall be liable to Subscriber or to any Other Subscriber pursuant to this Agreement, the Ordinary Warrant, the Other Subscription Agreements or any pre-funded warrants and ordinary warrants issued by the Issuer pursuant thereto, as applicable, the negotiation hereof or thereof or the subject matter hereof or thereof, or the transactions contemplated hereby or thereby, for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Acquired Securities. On behalf of itself and its affiliates, Subscriber releases each of the entities or individuals described above in respect of any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements related to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. As of the date hereof, the Issuer has reserved and the Issuer shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of authorized but unissued Class A Ordinary Shares for the purpose of enabling the Issuer to issue Class A Ordinary Shares pursuant to this Agreement and upon conversion of the Acquired Shares and Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Issuer and Subscriber are entitled to rely upon this Agreement and each is irrevocably authorized to produce this Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby to the extent required by law or by regulatory bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Notwithstanding anything to the contrary in this Agreement, prior to the Closing, Subscriber may not transfer or assign all or a portion of its rights and obligations under this Agreement, other than to one or more of its affiliates without the prior consent of the Issuer; *provided,* that such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, makes the representations and warranties in <u>Section 4</u> and completes <u>Schedule A</u> hereto; *provided, further*, that, no assignment shall relieve the assigning party of any of its obligations hereunder. In the event of such a transfer or assignment, Subscriber shall complete the form of assignment attached as <u>Schedule B</u> hereto. The Issuer may not assign or transfer all or any portion of its rights or obligations under this Agreement without the consent of Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Issuer may request from Subscriber such additional information as the Issuer may reasonably deem necessary to evaluate the eligibility of Subscriber to acquire the Acquired Securities and to register the Acquired Securities for resale, and Subscriber shall promptly provide such information as may be reasonably requested, to the extent readily available and to the extent consistent with its internal policies and procedures; *provided,* that the Issuer agrees to keep any such information provided by Subscriber confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. This Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Except as otherwise provided herein, this Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective affiliates and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If any provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. This Agreement may be executed in two (2) or more counterparts (including by electronic means), all of which shall be considered one and the same agreement and shall become effective when signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Each party shall pay all of its own expenses in connection with this Agreement and the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (i) when so delivered personally, (ii) upon receipt of an appropriate electronic answerback or confirmation when so delivered by telecopy (to such number specified below or another number or numbers as such person may subsequently designate by notice given hereunder), (iii) when sent, with no mail undeliverable or other rejection notice, if sent by email or (iv) five (5) business days after the date of mailing to the address below or to such other address or addresses as such person may hereafter designate by notice given hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to Subscriber, to such address or addresses set forth on the signature page hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to the Issuer, to:

Prestige Wealth Inc.

Office Unit 6620B, 66/F, The Center

99 Queen's Road Central

Central, Hong Kong

with a copy (which shall not constitute notice) to:

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Place

Central, Hong Kong

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if to the Placement Agent, to:

Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC<br> 3 Columbus Circle, 24<sup>th</sup> Floor<br> New York, NY 10019<br> Attn: Christian Lopez

Email: clopez@cohencm.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. This Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Agreement, shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law thereof.

THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN <u>SECTION 7.L</u> OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 7.M</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. The Issuer shall within four (4) business days of the date of the entry into this Agreement, issue one or more press releases and furnish or file with the Commission a Report of Foreign Private Issuer on Form 6-K (collectively, the "<u>Disclosure Document</u>") disclosing, to the extent not previously publicly disclosed, all material terms of the transactions contemplated hereby, the Transaction and any other material, nonpublic information that the Issuer has provided to Subscriber at any time prior to the filing of the Disclosure Document. From and after the issuance of the Disclosure Document, Subscriber shall not be in possession of any material, nonpublic information received from the Issuer or any of its officers, directors, employees or other representatives. Notwithstanding anything in this Agreement to the contrary, the Issuer shall not publicly disclose the name of Subscriber or any of its affiliates, or include the name of Subscriber or any of its affiliates, without the prior written consent of Subscriber, (i) in any press release or (ii) in any filing with the Commission or any regulatory agency or trading market, except (A) as required by the federal securities law in connection with the Registration Statement, (B) in a press release or marketing materials of the Issuer in connection with the Transaction to the extent any such disclosure is substantially equivalent to the information that has previously been made public without breach of the obligation under this <u>Section 7.n</u> or (C) to the extent such disclosure is required by law, at the request of the staff of the Commission or regulatory agency or under the regulations of the Exchange or by any other governmental authority, in which case the Issuer shall provide Subscriber with prior written notice of such disclosure permitted under this subclause (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. In connection with any sale, assignment, transfer or other disposition of the Acquired Securities by Subscriber pursuant to Rule 144 or pursuant to any other exemption under the Securities Act such that the purchaser acquires freely tradable shares and upon compliance by Subscriber with the requirements of this Agreement, if requested by Subscriber by notice to the Issuer, the Issuer shall request its transfer agent to remove any restrictive legends related to the book entry account holding such shares and make a new, unlegended entry for such book entry shares sold or disposed of without restrictive legends within one (1) business day of any such request therefor from Subscriber, *provided,* that the Issuer has timely received from Subscriber a completed representation letter in customary form and such other customary representations as may be reasonably required in accordance with applicable law in connection therewith. The Issuer shall be responsible for the fees of the Issuer's transfer agent, its legal counsel and all DTC fees associated with such legend removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. This Agreement may not be amended, modified, supplemented or waived except by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, supplement or waiver is sought; *provided,* that any rights (but not obligations) of a party under this Agreement may be waived, in whole or in part, by such party on its own behalf without the prior consent of any other party; *provided, further*, that <u>Section 3</u>, <u>Section 4</u>, <u>Section 7.a</u> and this <u>Section 7.p</u> may not be amended, terminated or waived in a manner that is material and adverse to the Placement Agent without the written consent of the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof, and accordingly, that the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions of this Agreement in an appropriate court of competent jurisdiction as set forth in <u>Section 7.n</u>, in addition to any other remedy to which any party is entitled at law or in equity.

[*Signature pages follow.*]

**IN WITNESS WHEREOF**, each of the Issuer and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date first written above.

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| |
|:---|
| **ISSUER:** |
| **PRESTIGE WEALTH INC.** |
| By: |
| Name: |
| Title: |

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| |
|:---|
| **SUBSCRIBER:** |
| Name of Subscriber: |
| Signature of Subscriber: |

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By:   <br> Name: <br> Title:

Name in which securities are to be registered (if different): <br>

Email Address: <u>_____________________</u>

Subscriber's EIN: <u>___________________</u>

Address:

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| |
|:---|
| Attn: |
| Telephone No: |
| Facsimile No: |

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*Signature Page to Subscription Agreement*

Aggregate Number of Units subscribed for: <u>_______________________</u>

Aggregate Number of Acquired Shares subscribed for: <u>_______________________</u>

Aggregate Number of Series B-1 Warrants subscribed for: <u>___________________</u> 

Aggregate Number of Series B-2 Warrants subscribed for: <u>___________________</u> 

Aggregate Purchase Price: $<u>______________________</u>

You must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account specified by the Issuer in the Closing Notice.

Name and Address of Beneficial Owner, if different from Subscriber:

Number of Class A Ordinary Shares, Class B Ordinary Shares and other equity securities of the Issuer currently owned by Beneficial Owner prior to this Transaction:

Any descriptions for footnotes to be disclosed in the Registration Statement relating to beneficial ownership:

*Signature Page to Subscription Agreement*

**EXHIBIT A**

**Summary of Risks**

Certain factors may have a material adverse effect on the business, financial condition and results of operations of the Issuer and your proposed investment in the Issuer. The risks and uncertainties described below are not the only ones that the Issuer faces. Additional risks that the Issuer are unaware of, or that the Issuer currently believes are not material, may also become important factors that materially adversely affect the Issuer. If any of the risk factors discussed in the SEC Reports or any of the following risks actually occur, the business, financial condition, results of operation, and future prospects of the Issuer could be adversely affected, the trading price of the Class A Ordinary Shares could decline, and you could lose all or part of your investment.

**RISKS RELATED TO THE ISSUER'S BUSINESS AND XAUT STRATEGY AND HOLDINGS**

***The Issuer's financial results and the market price of the ordinary shares may be affected by the prices of gold and XAUt.***

The Issuer intends to use the proceeds of the Contemplated Transaction primarily to acquire Tether Gold ("XAUt"), a digital asset backed by physical gold, implementing an XAUt treasury strategy. The value of the Issuer's assets and the market price of its ordinary shares are closely linked to the market prices of gold and XAUt. Fluctuations in the price of gold or XAUt, whether due to macroeconomic factors, changes in investor sentiment, or other market dynamics, may have a direct and significant impact on the Issuer's financial performance and the value of its securities. The Issuer's exposure to gold-linked digital assets introduces indirect but material risk. If the price of gold, including prevailing and expected future prices, declines materially or becomes more volatile, demand for XAUt may decrease. As a result, investors in the Issuer's ordinary shares, or securities linked to the Issuer's ordinary shares, including warrants, are exposed to the volatility inherent in gold and digital asset markets.

***The Issuer's XAUt treasury strategy may expose it to complex liquidity risks across both traditional and digital asset markets, which could adversely affect its financial results.***

The Issuer seeks to maintain a long position in XAUt. However, this approach introduces liquidity management challenges that may impact the Issuer's financial performance. The price of XAUt is tied to the price of physical gold. The gold market, while historically liquid, can be subject to temporary dislocations caused by geopolitical events, macroeconomic shocks, or supply chain disruptions. Similarly, emerging token markets—particularly those involving newly issued or bespoke digital assets—often exhibit reduced trading volumes, fragmented order books, and dependence on limited market makers or exchange infrastructure. These structural limitations may prevent timely exits or settlements, or may result in price slippage, widening spreads, or delayed conversions between tokenized assets and fiat currency.

These liquidity risks, across both traditional gold markets and tokenized asset venues, may limit the Issuer's ability to execute its XAUt strategy effectively. If the Issuer is unable to timely deploy capital, or if XAUt fail to achieve meaningful market traction, its financial results, cash flows, and overall operating performance could be materially and adversely affected.

***The redemption risk, pricing risk, and regulatory risk associated with XAUt as a stablecoin may adversely affect the price of XAUt, and thus the Issuer's business, financial condition, and results of operations.***

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Stablecoins are digital assets designed to minimize price volatility. A stablecoin is designed to track the price of an underlying asset such as fiat currency or an exchange-traded commodity. XAUt is a stablecoin issued by Tether; it is designed to track the price of physical gold. Tether claims that XAUt is backed by physical gold stored in vaults in Switzerland, and can be traced and redeemed by the owner of the XAUt token.

Stablecoins are a relatively new phenomenon, and it is impossible to know all of the risks that they could pose to participants in the digital asset markets. In addition, some have argued that some stablecoins, particularly USDT, the U.S.-dollar-pegged stablecoin issued by Tether, were improperly issued, without sufficient backing, in a way that could cause artificial rather than genuine demand for digital assets, raising their prices. Regulators have also charged stablecoin issuers with violations of law or otherwise required certain stablecoin issuers to cease certain operations. For example, on February 17, 2021, the New York Attorney General entered into an agreement with Tether's operators, requiring them to cease any further trading activity with New York persons and pay $18.5 million in penalties for false and misleading statements made regarding the assets backing Tether. On October 15, 2021, the CFTC announced a settlement with Tether's operators in which they agreed to pay $42.5 million in fines to settle charges that, among others, Tether's claims that it maintained sufficient U.S. dollar reserves to back every Tether stablecoin in circulation with the "equivalent amount of corresponding fiat currency" held by Tether were untrue.

Stablecoins have a unique risk associated with redemption of the token for the underlying asset and divergence between the intended redemption rate of the stablecoin and secondary market trading prices. The underlying assets are often invested into perceived "safe" investments such as U.S. Treasury securities. However, there is no guarantee that the underlying assets are put into instruments that are as safe as they may be perceived to be. There is a risk that the assets may not be redeemable at the 1:1 redemption ratio (i.e., one U.S. dollar for one USDC) if an issue occurs with the underlying asset. The issuers of stablecoins may also not be able to provide sufficient underlying assets to back the stablecoins. Moreover, even if marketed or intended to be redeemable with the stablecoin issuer at a 1:1 ratio, there is no guarantee that a stablecoin will trade in the secondary market at or close to such redemption value. In this regard, various market factors, including factors including trade liquidity and sentiment and perception regarding a stablecoin and its backing with underlying assets, may result in a stablecoin trading in the secondary markets at a value other than (or "depegging" from) a 1:1 value with the U.S. dollar. For example, the USDC stablecoin issued by Circle temporarily depegged and traded at a secondary price below one U.S. dollar in March 2023 in the context of the collapse of Silicon Valley Bank due to concerns that some of the funds backing USDC were held in deposits with Silicon Valley Bank. In the case of XAUt, there is a risk where the value of XAUt could deviate from the value of physical gold claimed to be redeemable with such XAUt, if there is stress in the market.

Given the foundational role that stablecoins play in global digital asset markets, their fundamental liquidity can have a dramatic impact on the broader digital asset market. Because a large portion of the digital asset market still depends on stablecoins such as USDT and USDC, there is a risk that a disorderly de-pegging or a run on USDT or USDC could lead to dramatic market volatility in, and/or materially and adversely affect the prices of, digital assets more broadly. Volatility in stablecoins, operational issues with stablecoins (for example, technical issues that prevent settlement), concerns about the sufficiency of any reserves that support stablecoins, or regulatory concerns about stablecoin issuers or intermediaries, such as bitcoin spot markets, that support stablecoins, could impact individuals' willingness to trade on trading venues that rely on stablecoins and could impact the price of XAUt, and in turn, an investment in the ordinary shares of the Issuer.

In addition, the regulatory treatment of fiat-backed stablecoins is highly uncertain. The resale of such stablecoins may implicate a variety of banking, deposit, money transmission, prepaid access and stored value, anti-money laundering, commodities, securities, sanctions, and other laws and regulations in the various jurisdictions relevant to the Issuer's business. The risks associated with stablecoins may adversely affect interest in and demand for the products and services the Issuer seeks to offer, and subject the Issuer to additional regulatory uncertainties, which may result in enforcement actions, litigation, significant costs being incurred, fines, and other penalties, as well as adversely affect the Issuer's business, financial condition, and results of operations.

***The Issuer operates in a highly competitive market, and established market participants with greater resources, regulatory positioning, or brand recognition may outperform it.***

The Issuer's operation comes to crossroads with participants in the global gold market, a highly competitive industry dominated by well-established financial institutions, bullion banks, ETF sponsors, precious metals dealers, and newer entrants offering gold-backed assets. Many of these participants possess significantly greater financial resources, broader market access, deeper liquidity, established regulatory frameworks, and longstanding relationships with institutional investors.

The Issuer also may face emerging competition from other blockchain-native platforms offering gold-linked tokens or decentralized finance (DeFi) products that may offer alternative value propositions or pricing advantages. Some of its competitors may also have physical custody infrastructure, tokenized offerings, or secondary markets in place. In addition, the Issuer may face competition from traditional gold investment products such as exchange-traded funds (ETFs), futures contracts, and bullion dealers, which are already widely accepted by retail and institutional investors.

If the Issuer is unable to successfully differentiate its platform, build user trust, secure high-quality counterparties, or scale liquidity in the Issuer's tokenized offerings, it may not be able to compete effectively. Any failure to compete successfully could adversely affect its ability to grow its market share, attract capital to its platform, or generate sustainable revenue, which would have a material and adverse effect on its business, financial condition, and results of operations.

***Investing in XAUt will expose the Issuer to certain risks associated with XAUt, such as price volatility, limited liquidity and trading volumes, relative anonymity, potential susceptibility to market abuse and manipulation, theft, compliance and internal control failures at exchanges and other risks inherent in its electronic, virtual form and decentralized network.***

XAUt, as a digital asset, is subject to a range of risks that differ from those associated with traditional financial instruments. These include price volatility, which can result in rapid and substantial changes in value. The market for XAUt may also be characterized by limited liquidity and trading volumes, making it difficult to enter or exit positions without affecting the market price. The relative anonymity of transactions and the decentralized nature of the network may increase the risk of market abuse, manipulation, and theft. Furthermore, the Issuer is exposed to the risk of compliance and internal control failures at exchanges or other third-party service providers, which could result in the loss or misappropriation of assets. These risks are compounded by the electronic and virtual nature of XAUt, which may be vulnerable to cyberattacks and other technological failures.

***The Issuer's quarterly operating results, revenues, and expenses may fluctuate significantly, including because the Issuer may be required to account for its digital assets at fair value, which could have an adverse effect on the market price of its securities.***

The Issuer's financial results may be subject to significant fluctuations from quarter to quarter due to the requirement to account for its digital asset holdings, including XAUt, at fair value. Changes in the market price of XAUt may result in unrealized gains or losses that are reflected in the Issuer's financial statements, potentially leading to volatility in reported revenues and expenses. Such fluctuations may not be indicative of the Issuer's underlying operating performance and could adversely affect the market price of its securities.

***The Issuer will have broad discretion in how it executes its XAUt strategy, including the timing of purchases and sale of XAUt and XAUt-related products. The Issuer may not execute its strategy effectively, which could affect its results of operations and cause its share price to decline.***

The Issuer's management will have significant flexibility in determining the timing and manner in which it implements the Issuer's XAUt strategy, including decisions regarding the purchase and sale of XAUt and related products. There can be no assurance that management will execute this strategy effectively or that its decisions will result in favorable outcomes for the Issuer or its shareholders. Ineffective execution of the XAUt strategy could adversely affect the Issuer's financial results and lead to a decline in the market price of its ordinary shares.

***The price of XAUt has been volatile, and the Issuer's ability to time the price of its purchase of XAUt pursuant to its strategy, including with the net proceeds of Contemplated Transactions, will be limited.***

XAUt is a volatile asset that has traded below $2,600 and above $3,600 per XAUt in the past 12 months. In addition, XAUt does not pay interest, but staking rewards can be earned on XAUt. The ability to generate a return on investment from the net proceeds from any offering by the Issuer will depend on whether there is appreciation in the value of XAUt following the Issuer's purchases of XAUt with the proceeds of Contemplated Transactions. Future fluctuations in XAUt's trading prices may result in the Issuer's converting XAUt purchased with the proceeds of Contemplated Transactions into cash with a value substantially below the net proceeds from Contemplated Transactions. There can be no assurance that the Issuer will be able to purchase XAUt at favorable prices or at times that maximize value for shareholders. The timing of purchases, including those made with the net proceeds of Contemplated Transactions, may be constrained by market conditions, regulatory requirements, or other factors beyond the Issuer's control. As a result, the Issuer may be exposed to adverse price movements that could negatively impact its financial performance.

***A significant decrease in the market value of the Issuer's XAUt holdings could adversely affect its ability to satisfy its financial obligations under debt financings.***

If the market value of the Issuer's XAUt holdings were to decline significantly, the Issuer's ability to meet its financial obligations under existing or future debt financings could be impaired. A reduction in the value of these assets may limit the Issuer's borrowing capacity, trigger covenants or other restrictions under its financing arrangements, or otherwise adversely affect its liquidity and financial condition.

***The Issuer may be, or may become following the Contemplated Transactions, a "passive foreign investment Issuer", or "PFIC", within the meaning of Section 1297(a) of the Internal Revenue Code of 1986, as amended, which may have adverse tax consequences for U.S. investors.***

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If the Issuer were to be characterized as a PFIC for U.S. federal income tax purposes in any taxable year during which a U.S. shareholder owns the Issuer's ordinary shares, then "excess distributions" to such U.S. shareholder, and any gain realized on the sale or other disposition of the Issuer's ordinary shares will be subject to special rules. Under these rules: (i) the excess distribution or gain would be allocated ratably over the U.S. shareholder's holding period for the Issuer's ordinary shares; (ii) the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in which the Issuer was a PFIC would be taxed as ordinary income; and (iii) the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. Certain of the adverse consequences of PFIC status can be mitigated if a U.S. shareholder makes an election to treat the Issuer as a "qualified electing fund," or "QEF", or makes a "mark-to-market" election. However, there is no assurance that, in the event the Issuer is a PFIC in any given taxable year, it will furnish U.S. investors with information needed to complete the QEF form required to be filed with the IRS on an annual basis, in a timely manner or at all, or to make and maintain a valid QEF election. If the Issuer fails to provide adequate information, U.S. shareholders may be unable to make a QEF election and could remain subject to the adverse tax consequences associated with PFIC status.

***Future developments regarding the treatment of crypto assets for U.S. and foreign tax purposes could adversely impact the Issuer's business.***

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The tax treatment of XAUt and other digital assets is subject to significant uncertainty and evolving guidance from U.S. federal, state, and local tax authorities, as well as foreign tax authorities. Changes in tax laws, regulations, or interpretations could have a material impact on the Issuer's business, including its ability to acquire, hold, or dispose of XAUt in a tax-efficient manner. For example, future legislation or regulatory guidance could result in the imposition of new or increased taxes on the acquisition, holding, or transfer of XAUt, or could require the Issuer to report additional information to tax authorities. In addition, differences in the tax treatment of digital assets across jurisdictions could create compliance challenges and increase the Issuer's administrative and operational costs. Any adverse developments in the tax treatment of digital assets could reduce the attractiveness of the Issuer's business model, increase its tax liabilities, and negatively affect its financial results and the value of the Issuer's stock.

***XAUt and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.***

XAUt and other digital assets are relatively novel and are subject to significant legal and regulatory uncertainty, which could adversely impact their price. The application of state and federal securities laws and other laws and regulations to digital assets is evolving and unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely affects, the price of XAUt or the ability of individuals or institutions such as the Issuer to own or transfer XAUt.

The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of XAUt or the ability of individuals or institutions such as the Issuer to own or transfer XAUt. For example, within the past several years:

● President Trump signed an Executive Order instructing a working group comprised of representatives from key federal agencies to evaluate measures that can be taken to provide regulatory clarity and certainty built on technology-neutral regulations for individuals and firms involved in digital assets, including through well-defined jurisdictional regulatory boundaries, and this working group submitted a report with regulatory and legislative proposals on July 30, 2025;

● in January 2025, the SEC announced the formation of a "Crypto Task Force," which was created to provide clarity on the application of the federal securities laws to the crypto asset market and to recommend policy measures with respect to digital asset security status, registration and listing of digital asset-based

investment vehicles, and digital asset custody, lending and staking;

● in May 2025, the SEC issued a statement providing its view that certain staking activities on blockchain networks that use protocol staking activities do not involve the offer or sale of securities under the Securities Act or the Exchange Act;

● in April and August 2024, Uniswap Labs and OpenSea, respectively, publicized that they had each received a Wells Notice from the SEC, notifying them that the SEC was planning to recommend legal action against them based on allegations that they operate as unregistered securities exchanges;

● in November 2023, Binance Holdings Ltd. ("Binance") and its then chief executive officer reached a settlement with the U.S. Department of Justice, the Commodity Futures Trading Commission ("CFTC"), the U.S. Department of Treasury's Office of Foreign Asset Control, and the Financial Crimes Enforcement Network to resolve a multi-year investigation by the agencies and a civil suit brought by the CFTC, pursuant to which Binance agreed to, among other things, pay $4.3 billion in penalties across the four agencies and to discontinue its operations in the United States;

● in November 2023, the SEC filed a complaint against Payward Inc. and Payward Ventures Inc., together known as Kraken, alleging, among other claims, that Kraken's crypto trading platform was operating as an unregistered securities exchange, broker, dealer and clearing agency;

● in June 2023, the SEC filed complaints against Binance and Coinbase, Inc. ("Coinbase"), and their respective affiliated entities, relating to, among other claims, assertions that each party was operating as an unregistered securities exchange, broker, dealer and clearing agency;

● the European Union adopted Markets in Crypto Assets Regulation, a comprehensive digital asset regulatory framework for the issuance and use of digital assets;

● in June 2023, the United Kingdom adopted and implemented the Financial Services and Markets Act 2023, which regulates market activities in "cryptoassets"; and

● in China since 2021, the People's Bank of China and the National Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal within the country.

While the complaint against Coinbase was dismissed in February 2025, the complaint against Payward Inc. and Payward Ventures Inc. was dismissed with prejudice in March 2025, the complaint against Binance was dismissed on May 29, 2025, and the investigations into OpenSea and Uniswap closed in February 2025, the SEC or other state, federal or foreign regulatory agencies may initiate similar actions in the future, which could materially impact the operations price of XAUt and the Issuer's ability to own or transfer XAUt. For example, in April 2025, the State of Oregon brought a civil enforcement action against Coinbase for allegedly selling unregistered securities.

It is not possible to predict whether or when new laws will be enacted that change the legal framework governing digital assets or provide additional authorities to the SEC or other regulators, or whether or when any other federal, state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional laws or authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function, the willingness of financial and other institutions to continue to provide services to the digital assets industry, or how any new laws or regulations, or changes to existing laws or regulations, might impact the value of digital assets generally and XAUt specifically. The consequences of any new law or regulation relating to digital assets and digital asset activities could adversely affect the market price of XAUt, as well as the Issuer's ability to hold or transact in XAUt, and in turn adversely affect the market price of the Issuer's listed securities.

***Competition by other digital asset treasury, Gold-related treasury, or XAUt treasury companies and the availability of spot exchange-traded products ("ETPs") for other digital assets may adversely affect the market price of its listed securities.***

The Issuer faces competition from other entities that pursue similar digital asset or gold-related treasury strategies, as well as from the growing availability of spot exchange-traded products for digital assets. Increased competition may reduce demand for the Issuer's securities, limit its ability to attract or retain investors, and adversely affect the market price of its listed securities.

The emergence or growth of digital assets other than XAUt may have a material adverse effect on the Issuer's financial condition. There are numerous alternative digital assets and many entities, including consortiums and financial institutions. Other entities could issue digital assets tied to physical gold or other valuable assets. Those digital assets could gain market share relative to XAUt.

Additionally, central banks in some countries have started to introduce digital forms of legal tender. For example, China's Central Bank Digital Currency ("CBDC") project was made available to consumers in January 2022, and governments including the United States, the United Kingdom, the European Union, and Israel have been discussing the potential creation of new CBDCs. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could also compete with, or replace, XAUt and other digital assets as a medium of exchange or store of value. As a result, the emergence or growth of these or other digital assets could cause the market price of XAUt to decrease, which could have a material adverse effect on the Issuer's business, prospects, financial condition, and operating results.

***The Issuer's XAUt strategy will subject it to enhanced regulatory oversight.***

There has been increasing regulatory focus on the extent to which digital assets can be used to launder the proceeds of illegal activities, fund criminal or terrorist activities, or circumvent sanctions regimes, including those sanctions imposed in response to the ongoing conflict between Russia and Ukraine. While the Issuer intend to implement and maintain policies and procedures reasonably designed to promote compliance with applicable anti-money laundering and sanctions laws and regulations and take care to only acquire the Issuer's XAUt through entities subject to anti-money laundering regulation and related compliance rules in the United States, if the Issuer are found to have purchased any of the Issuer's XAUt from bad actors that have used XAUt to launder money or persons subject to sanctions, the Issuer may be subject to regulatory proceedings and any further transactions or dealings in XAUt by the Issuer may be restricted or prohibited.

A portion of the Issuer's XAUt holdings may serve as collateral securing the Issuer's outstanding indebtedness, and the Issuer may incur additional indebtedness or enter into other financial instruments in the future that may be collateralized by the Issuer's XAUt holdings. The Issuer may also consider pursuing strategies to create income streams or otherwise generate funds using the Issuer's XAUt holdings. These types of XAUt-related transactions are the subject of enhanced regulatory oversight. These and any other XAUt-related transactions the Issuer may enter into, beyond simply acquiring and holding XAUt, may subject the Issuer to additional regulatory compliance requirements and scrutiny, including under federal and state money services regulations, money transmitter licensing requirements and various commodity and securities laws and regulations.

Additional laws, guidance and policies may be issued by domestic and foreign regulators following the filing for Chapter 11 bankruptcy protection by FTX, one of the world's largest cryptocurrency exchanges, in November 2022. The FTX collapse may have increased regulatory focus on the digital assets industry. Increased enforcement activity and changes in the regulatory environment, including changing interpretations and the implementation of new or varying regulatory requirements by the government or any new legislation affecting XAUt, as well as enforcement actions involving or impacting the Issuer's trading venues, counterparties and custodians, may impose significant costs or significantly limit the Issuer's ability to hold and transact in XAUt.

In addition, private actors that are wary of XAUt or the regulatory concerns associated with XAUt have in the past taken and may in the future take further actions that may have an adverse effect on the Issuer's business or the market price of the Issuer's listed securities. For example, it is possible that a financial institution could restrict customers from buying shares of the Issuer's ordinary shares if it were to determine that the Issuer's ordinary shares's value is closely tied to the performance of XAUt, signaling a reluctance to facilitate exposure to virtual currencies.

***XAUt trading venues may experience greater fraud, security failures, or regulatory or operational problems than trading venues for more established asset classes.***

Digital asset trading venues are relatively new and, in many cases, unregulated. Furthermore, there are many digital asset trading venues which do not provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory compliance. As a result, the marketplace may lose confidence in the digital asset trading venues, including prominent exchanges that handle a significant volume of digital asset trading and/or are subject to regulatory oversight, in the event one or more digital asset trading venues cease or pause for a prolonged period the trading of XAUt or other digital assets, or experience fraud, significant volumes of withdrawal, security failures or operational problems.

In 2019 there were reports claiming that 80-95% of bitcoin trading volume on trading venues was false or non-economic in nature, with specific focus on unregulated exchanges located outside of the United States. The SEC also alleged as part of its June 5, 2023, complaint against Binance Holdings Ltd. that Binance committed strategic and targeted "wash trading" through its affiliates to artificially inflate the volume of certain digital assets traded on its exchange. The SEC has also brought recent actions against individuals and digital asset market participants alleging that such persons artificially increased trading volumes in certain digital assets through wash trades, or repeated buying and selling of the same assets in fictitious transactions to manipulate their underlying trading price. Such reports and allegations may indicate that the bitcoin market is significantly smaller than expected and that the United States makes up a significantly larger percentage of the bitcoin market than is commonly understood.

Any actual or perceived wash trading in the digital asset market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of the Issuer's XAUt. Negative perception, a lack of stability in the broader digital asset markets and the closure, temporary shutdown or operational disruption of XAUt trading venues, lending institutions, institutional investors, institutional miners, custodians, or other major participants in the XAUt ecosystem, due to fraud, business failure, cybersecurity events, government-mandated regulation, bankruptcy, or for any other reason, may result in a decline in confidence in XAUt and the broader digital asset ecosystem and greater volatility in the price of XAUt. For example, in 2022, each of Celsius Network, Voyager Digital, Three Arrows Capital, FTX, and BlockFi filed for bankruptcy, following which the market prices of bitcoin and other digital assets significantly declined. In addition, in June 2023, the SEC announced enforcement actions against Coinbase, Inc., and Binance Holdings Ltd., two providers of large trading venues for digital assets, which similarly was followed by a decrease in the market price of bitcoin and other digital assets. These were followed in November 2023, by an SEC enforcement action against Payward Inc. and Payward Ventures Inc., together known as Kraken, another large trading venue for digital assets. While the complaint against Coinbase, Inc. was dismissed in February 2025, the complaint against Payward Inc. and Payward Ventures Inc. was dismissed with prejudice in March 2025, and the complaint against Binance Holdings Ltd. was dismissed on May 29, 2025, the SEC or other regulatory agencies may initiate similar actions in the future. As the price of the Issuer's listed securities is affected by the value of the Issuer's XAUt holdings, the failure of a major participant in the XAUt ecosystem or the broader digital asset ecosystem could have a material adverse effect on the market price of the Issuer's listed securities.

***The concentration of the Issuer's XAUt holdings may enhance the risks inherent in the Issuer's XAUt strategy.***

As a result of the Issuer's XAUt treasury strategy, the Issuer's digital treasury assets are expected to be concentrated in the Issuer's XAUt holdings. The concentration of the Issuer's XAUt holdings limits the risk mitigation that the Issuer could achieve if the Issuer were to purchase a more diversified portfolio of treasury assets, and the absence of diversification enhances the risks inherent in the Issuer's XAUt treasury strategy. Any future significant declines in the price of XAUt would have a more pronounced impact on the Issuer's financial condition than if the Issuer used the Issuer's cash to purchase a more diverse portfolio of assets.

***The Issuer's XAUt holdings will be less liquid than existing cash and cash equivalents and may not be able to serve as a source of liquidity for it to the same extent as cash and cash equivalents.***

Historically, the digital asset market has been characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, relative anonymity, a developing regulatory landscape, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and decentralized network. During times of market instability, the Issuer may not be able to sell the Issuer's XAUt at favorable prices or at all. As a result, the Issuer's XAUt holdings may not be able to serve as a source of liquidity for the Issuer to the same extent as cash and cash equivalents.

Further, the XAUt the Issuer expects to hold with the Issuer's custodians and transact with the Issuer's trade execution partners does not enjoy the same protections as are available to cash or securities deposited with or transacted by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.

Additionally, the Issuer may be unable to enter into term loans or other capital raising transactions collateralized by the Issuer's unencumbered XAUt or otherwise generate funds using the Issuer's XAUt holdings, including in particular during times of market instability or when the price of XAUt has declined significantly. If the Issuer is unable to sell the Issuer's XAUt, enter into additional capital raising transactions, including capital raising transactions using XAUt as collateral, or otherwise generate funds using the Issuer's XAUt holdings, or if the Issuer is forced to sell the Issuer's XAUt at a significant loss, in order to meet the Issuer's working capital requirements, the Issuer's business and financial condition could be negatively impacted.

***If the Issuer or its third-party service providers experience a security breach or cyber-attack and unauthorized parties obtain access to its XAUt assets, the Issuer may lose some or all of its XAUt assets and its financial condition and results of operations could be materially adversely affected.***

From time to time, the XAUt owned by the Issuer may be held in custody accounts at institutional-grade digital asset custodians. Security breaches and cyberattacks are of particular concern with respect to the Issuer's XAUt. XAUt and other blockchain-based cryptocurrencies and the entities that provide services to participants in the digital asset ecosystem have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities. For example, in October 2021 it was reported that hackers exploited a flaw in the account recovery process and stole from the accounts of at least 6,000 customers of the Coinbase exchange, although the flaw was subsequently fixed and Coinbase reimbursed affected customers. Similarly, in November 2022, hackers exploited weaknesses in the security architecture of the FTX Trading digital asset exchange and reportedly stole over $400 million in digital assets from customers. A successful security breach or cyberattack could result in:

● a partial or total loss of the Issuer's XAUt in a manner that may not be covered by insurance or the liability provisions of the custody agreements with the custodians who hold the Issuer's XAUt;

● harm to the Issuer's reputation and brand;

● improper disclosure of data and violations of applicable data privacy and other laws; or

● significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual and financial exposure.

Further, any actual or perceived data security breach or cybersecurity attack directed at other companies with digital assets or companies that operate digital asset networks, regardless of whether the Issuer are directly impacted, could lead to a general loss of confidence in the broader digital asset ecosystem or in the use of the digital asset networks to conduct financial transactions, which could negatively impact us.

Attacks upon systems across a variety of industries, including industries related to digital assets, are increasing in frequency, persistence, and sophistication, and, in many cases, are being conducted by sophisticated, well-funded and organized groups and individuals, including state actors. The techniques used to obtain unauthorized, improper or illegal access to systems and information (including personal data and digital assets), disable or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or detected until after they have been launched against a target. These attacks may occur on the Issuer's systems or those of the Issuer's third-party service providers or partners. The Issuer may experience breaches of the Issuer's security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities or other irregularities. In particular, unauthorized parties have attempted, and the Issuer expects that they will continue to attempt, to gain access to the Issuer's systems and facilities, as well as those of the Issuer's partners and third-party service providers, through various means, such as hacking, social engineering, phishing and fraud. In the past, hackers have successfully employed a social engineering attack against one of the Issuer's service providers and misappropriated the Issuer's digital assets, although, to date, such events have not been material to the Issuer's financial condition or operating results. Threats can come from a variety of sources, including criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage, and insiders. In addition, certain types of attacks could harm the Issuer even if the Issuer's systems are left undisturbed. For example, certain threats are designed to remain dormant or undetectable, sometimes for extended periods of time, or until launched against a target and the Issuer may not be able to implement adequate preventative measures. Further, there has been an increase in such activities due to the increase in work-from-home arrangements since the onset of the COVID-19 pandemic. The risk of cyberattacks could also be increased by cyberwarfare in connection with geopolitical conflicts, such as the ongoing Russia-Ukraine conflict, including potential proliferation of malware into systems unrelated to such conflicts. Any future breach of the Issuer's operations or those of others in the digital asset industry, including third-party services on which the Issuer relies, could materially and adversely affect the Issuer's business.

***Rehypothecation of XAUt may subject the Issuer to significant risks and uncertainties.***

The Issuer may rehypothecate the XAUt and as such do not have direct control over the rehypothecated XAUt; as a result, the Issuer may face challenges in reclaiming the collateral. In financing arrangements, the XAUt may be pledged as collateral, for purposes including engaging leveraged purchasing of additional XAUts, and the lender may facilitate back-to-back loan arrangements, ultimately transferring the pledged XAUt to a Tether-controlled account. The Issuer's ability to recover such XAUt collateral could be impacted by the financial health and operational stability of third parties who directly control the rehypothecated XAUt, and the Issuer's ability to monitor the credit quality and default risk of such third parties is limited. If such third parties experience financial distress, insolvency or bankruptcy, the Issuer may be unable to recover the XAUt collateral rehypothecated to them, and in which event, its recourse may be limited to legal proceedings, which could be time-consuming, costly and uncertain in outcome. The legal treatment of rehypothecated XAUt collateral in the event of insolvency or bankruptcy involves significant complexity, particularly given the unique characteristics of digital assets. This uncertainty increases the risk that the Issuer may not be able to recover the collateral. The loss of rehypothecated XAUt collateral could materially strain the liquidity of the Issuer. This could force the Issuer to seek alternative funding sources or liquidate other assets on unfavorable terms. The rehypothecation of collateral therefore exposes the Issuer to significant counterparty risks.

***The Issuer will face risks relating to the custody of its XAUt, including the loss or destruction of private keys required to access its XAUt and cyberattacks or other data loss relating to its XAUt.***

From time to time, the Issuer may hold its XAUt with institutional-grade custodians that have duties to safeguard the Issuer's private keys. The Issuer's custodial services contracts will not restrict the Issuer's ability to reallocate the Issuer's XAUt among the Issuer's custodians, and the Issuer's XAUt holdings may be concentrated with a single custodian from time to time. In light of the significant amount of XAUt the Issuer will hold, the Issuer will continually seek to engage additional custodians to achieve a greater degree of diversification in the custody of the Issuer's XAUt as the extent of potential risk of loss is dependent, in part, on the degree of diversification. If there is a decrease in the availability of digital asset custodians that the Issuer believe can safely custody the Issuer's XAUt, for example, due to regulatory developments or enforcement actions that cause custodians to discontinue or limit their services in the United States, the Issuer may need to enter into agreements that are less favorable or take other measures to custody the Issuer's XAUt, and the Issuer's ability to seek a greater degree of diversification in the use of custodial services would be materially adversely affected.

Any insurance that may cover losses of the Issuer's XAUt holdings will cover only a small fraction of the value of the entirety of the Issuer's XAUt holdings, and there can be no guarantee that such insurance will be maintained as part of the custodial services the Issuer has or that such coverage will cover losses with respect to the Issuer's XAUt. Moreover, the Issuer's use of custodians exposes the Issuer to the risk that the XAUt the Issuer's custodians hold on the Issuer's behalf could be subject to insolvency proceedings and the Issuer could be treated as a general unsecured creditor of the custodian, inhibiting the Issuer's ability to exercise ownership rights with respect to such XAUt. Any loss associated with such insolvency proceedings is unlikely to be covered by any insurance coverage the Issuer may maintain related to the Issuer's XAUt.

XAUt is controllable only by the possessor of both the unique public key and private key(s) relating to the local or online digital wallet in which the XAUt is held. While the XAUt blockchain ledger requires a public key relating to a digital wallet to be published when used in a transaction, private keys must be safeguarded and kept private in order to prevent a third party from accessing the XAUt held in such wallet. To the extent the private key(s) for a digital wallet are lost, destroyed, or otherwise compromised and no backup of the private key(s) is accessible, neither the Issuer nor the Issuer's custodians will be able to access the XAUt held in the related digital wallet. Furthermore, the Issuer cannot provide assurance that the Issuer's digital wallets, nor the digital wallets of the Issuer's custodians held on the Issuer's behalf, will not be compromised as a result of a cyberattack. The XAUt and blockchain ledger, as well as other digital assets and blockchain technologies, have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities.

***Regulatory changes reclassifying XAUt as a security could lead to the Issuer's classification as an "investment company" under the Investment Company Act of 1940 and could adversely affect the market price of XAUt and the market price of the Issuer's listed securities.***

Under Sections 3(a)(1)(A) and (C) of the Investment Company Act of 1940 (the "Investment Company Act"), a company generally will be deemed to be an "investment company" for purposes of the Investment Company Act if (i) it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities or (ii) it engages, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis.

A significant portion of the Issuer's assets will be concentrated in the Issuer's XAUt holdings. Neither the SEC nor any other U.S. federal or state regulator has publicly stated whether they believe that XAUt is a "security," nor has any other issuers addressed the status of XAUt under the U.S. federal securities laws or similar laws. A determination that XAUt is a "security" by the SEC could lead to the Issuer's classification as an "investment company" under the 1940 Act, if the portion of the Issuer's assets consists of investments in XAUt exceeds 40% safe harbor limits prescribed in the 1940 Act, which would subject the Issuer to significant additional regulatory controls that could have a material adverse effect on the Issuer's business and operations and may also require the Issuer to change the manner in which the Issuer conducts the Issuer's business.

We monitor the Issuer's assets and income for compliance under the 1940 Act and seek to conduct the Issuer's business activities in a manner such that the Issuer does not fall within its definitions of "investment company" or that the Issuer qualifies under one of the exemptions or exclusions provided by the 1940 Act and corresponding SEC regulations. If XAUt is determined to constitute a security for purposes of the federal securities laws, the Issuer would expect to take steps to reduce the percentage of XAUt that constitute investment assets under the 1940 Act. These steps may include, among others, selling XAUt that the Issuer might otherwise hold for the long term and deploying the Issuer's cash in non-investment assets, and the Issuer may be forced to sell the Issuer's XAUt at unattractive prices. the Issuer may also seek to acquire additional non-investment assets to maintain compliance with the 1940 Act, and the Issuer may need to incur debt, issue additional equity or enter into other financing arrangements that are not otherwise attractive to the Issuer's business. Any of these actions could have a material adverse effect on the Issuer's results of operations and financial condition. Moreover, the Issuer can make no assurance that the Issuer would successfully be able to take the necessary steps to avoid being deemed to be an investment company in accordance with the safe harbor. If the Issuer were unsuccessful, and if XAUt is determined to constitute a security for purposes of the federal securities laws, then the Issuer would have to register as an investment company, and the additional regulatory restrictions imposed by 1940 Act could adversely affect the market price of XAUt and in turn adversely affect the market price of the Issuer's ordinary shares.

***The Issuer is not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.***

As XAUt and other digital assets are relatively novel and the application of state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely

affects the price of XAUt. The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of XAUt or the ability of individuals or institutions such as the Issuer to own or transfer XAUt.

***The Issuer's XAUt strategy exposes it to risk of non-performance, breach of contract, or other violations by counterparties.***

The Issuer's XAUt treasury strategy exposes the Issuer to the risk of non-performance by counterparties, whether contractual or otherwise. Risk of non-performance includes inability or refusal of a counterparty to perform because of a deterioration in the counterparty's financial condition and liquidity or for any other reason. For example, the Issuer's execution partners, custodians, or other counterparties might fail to perform in accordance with the terms of the Issuer's agreements with them, which could result in a loss of XAUt, a loss of the opportunity to generate funds, or other losses.

The Issuer expects its primary counterparty risk with respect to the Issuer's XAUt will be custodian performance obligations under the various custody arrangements the Issuer enters into. A series of recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry, the closure or liquidation of certain financial institutions that provided lending and other services to the digital assets industry, SEC enforcement actions against other providers, or placement into receivership or civil fraud lawsuit against digital asset industry participants have highlighted the perceived and actual counterparty risk applicable to digital asset ownership and trading. Legal precedent created in these bankruptcy and other proceedings may increase the risk of future rulings adverse to the Issuer's interests in the event one or more of the Issuer's custodians becomes a debtor in a bankruptcy case or is the subject of other liquidation, insolvency or similar proceedings.

While the Issuer's custodians will be subject to regulatory regimes intended to protect customers in the event of a custodial bankruptcy, receivership or similar insolvency proceeding, no assurance can be provided that the Issuer's custodially-held XAUt will not become part of the custodian's insolvency estate if one or more of the Issuer's custodians enters bankruptcy, receivership or similar insolvency proceedings. Additionally, if the Issuer pursues any strategies to create income streams or otherwise generate funds using the Issuer's XAUt holdings, the Issuer would become subject to additional counterparty risks. The Issuer will need to carefully evaluate market conditions, including price volatility as well as service provider terms and market reputations and performance, among others, prior to implementing any such strategy, all of which could affect the Issuer's ability to successfully implement and execute on any such future strategy. These risks, along with any significant non-performance by counterparties, including in particular the custodian or custodians with which the Issuer will custody substantially all of the Issuer's XAUt, could have a material adverse effect on the Issuer's business, prospects, financial condition, and operating results.

***This treasury strategy represents an entirely new business strategy in addition to what the Issuer has employed to date.***

The adoption of a treasury strategy focused on XAUt represents a significant addition to the Issuer's historical business model. There can be no assurance that the Issuer will be successful in implementing this new strategy or that it will generate the anticipated benefits. The adoption of a new business model may involve significant risks and uncertainties.

***There can be no assurance that the Issuer will be able to obtain XAUt in any subsequent rounds of financing.***

The Issuer's ability to acquire additional XAUt in the future may depend on its ability to raise additional capital or access financing on favorable terms. There can be no assurance that the Issuer will be able to obtain the necessary resources to pursue its XAUt strategy in subsequent rounds of financing, which could limit its growth prospects or ability to achieve its strategic objectives.

**RISKS RELATED TO THE EQUITY PIPE OFFERING** 

***The Issuer intends to use the net proceeds from the Contemplated Transactions to purchase XAUt, the price of which has been, and will likely continue to be, volatile.***

The Issuer intends to use the net proceeds from this PIPE equity offering to purchase XAUt, a digital asset whose value is linked to the price of gold. The price of XAUt has historically been volatile and is subject to significant fluctuations due to a variety of factors, including changes in the global gold market, macroeconomic conditions, geopolitical events, and shifts in investor sentiment. As a result, the value of the Issuer's investment in XAUt could decrease substantially after Contemplated Transactions, which may adversely affect the Issuer's financial position and the value of your investment. There is no assurance that the proceeds used to purchase XAUt will retain their value, and investors should be aware that the Issuer's exposure to this asset class introduces a heightened level of risk.

***Shares of the Issuer's ordinary shares will be sold in a private placement, which will limit your ability to resell the shares.***

The Issuer's ordinary shares and/or pre-funded warrants and warrants to purchase ordinary shares offered in this PIPE transaction will be sold in a private placement. As a result, your ability to resell or transfer these equity securities will be significantly restricted, and you may be required to hold your investment for an extended period of time. Any future resale may be subject to compliance with applicable securities laws, including holding period requirements and transfer restrictions. This lack of liquidity could make it difficult for you to realize a return on your investment or to sell your shares at a desirable price.

***The Issuer will have broad discretion in the use of the net proceeds from this offering and investors will not have the opportunity as of this process to assess whether the net proceeds are being used in a manner of which you approve.***

The Issuer's management will have broad discretion over the use of the net proceeds from this offering, and investors will not have the opportunity to evaluate or influence how these funds are allocated. While the stated intention is to use the proceeds primarily to purchase XAUt, the Issuer may use the proceeds for other purposes, including working capital and transaction expenses, at its sole discretion. This lack of transparency and investor input increases the risk that the proceeds may not be used in a manner that aligns with your expectations or investment objectives, and there is no guarantee that the use of proceeds will enhance shareholder value.

***Certain shareholders will experience dilution in the future due to any exercise of existing warrants and any future securities issued by the Issuer.***

Certain shareholders will experience dilution as a result of the exercise of existing warrants, including pre-funded warrants and other warrants, and the potential issuance of additional securities by the Issuer in the future. The exercise of outstanding warrants will increase the number of shares outstanding, thereby diluting the ownership interests and voting power of existing shareholders. Furthermore, the Issuer may issue additional equity or equity-linked securities in the future to raise capital or for other purposes, which could further dilute your investment. Such dilution may negatively impact the market price of the Issuer's ordinary shares and reduce the value of your holdings.

***The performance of the ordinary shares of the Issuer following the consummation of the Contemplated Transactions and the implementation of the XAUt treasury strategy may be affected by factors different from those that historically have affected or currently affect the Issuer's ordinary shares.***

The performance of the Issuer's ordinary shares following the completion of the Contemplated Transactions and the implementation of the XAUt treasury strategy may be influenced by factors that differ from those that have historically affected the Issuer's share price. The introduction of a significant XAUt position may expose the Issuer to new risks, including those associated with the digital asset market, regulatory changes, and shifts in investor perception regarding the Issuer's business model. As a result, the future performance of the Issuer's shares may be unpredictable and could diverge from historical trends, making it difficult for investors to assess the potential return on their investment.

***The Issuer may not pay cash dividends in the foreseeable future.***

The Issuer may not pay cash dividends on its ordinary shares in the foreseeable future. Any decision to declare and pay dividends will be at the discretion of the Issuer's board of directors and will depend on a variety of factors, including the Issuer's financial condition, results of operations, capital requirements, contractual restrictions, and other considerations. As a result, investors should not rely on receiving income from their investmnt in the form of dividends and may only realize a return through the appreciation of the Issuer's share price, which is not guaranteed.

**RISK FACTORS RELATED TO XAUT LENDING ARRANGEMENTS**

***The Issuer's use of leveraged strategies and the potential illiquidity of digital assets subject the Issuer to significant risks, including the potential for substantial losses and forced liquidations.***

The Issuer may employ leveraged strategies, such as borrowing against its digital asset holdings or using derivative contracts, to increase its market exposure. The use of leverage magnifies financial losses and risks, as a small decline in the value of the underlying digital assets could result in losses that far exceed the initial investment. These strategies expose the Issuer to the risk of automatic, forced liquidation. If the value of the digital assets held as collateral declines, the Issuer may face margin calls. A failure to meet these calls could trigger the immediate liquidation of collateral by lenders or automated smart contracts, potentially at disadvantageous prices. Such forced sales could be exacerbated by market illiquidity. The digital asset market may be unable to absorb the sale of the Issuer's large positions, especially during periods of stress. The Issuer's selling activity could itself cause a further decline in prices, resulting in a liquidation spiral that compounds losses.

Furthermore, the Issuer's ability to respond to a liquidity crisis may be hindered by external requirements, such as the need to obtain necessary approval before issuing equity or debt securities to acquire digital assets. This could prevent the Issuer from rapidly raising capital to meet obligations, increasing the risk of automatic liquidations and material losses that would adversely affect its business and financial condition.

***The Issuer may engage in leveraged digital asset financing strategies, in which the Issuer will leverage the Issuer's digital asset holdings to acquire additional amounts of the same leveraged digital assets, and may do so on a compounded basis, which will increase the Issuer's exposure to smart-contract, operational, and counterparty risks.***

The Issuer may engage in digital asset leverage strategies to acquire additional amounts of XAUt. As part of this strategy, the Issuer may borrow assets by pledging the Issuer's own XAUt holdings as collateral, deploy these borrowed assets to acquire additional amounts of XAUt, and subsequently re-pledge the newly acquired XAUt to further engage in these leveraged transactions. As each of these transactions will be effectuated on chain, the strategy may expose the Issuer to significant smart-contract vulnerabilities and operational risks. The smart contracts that are used for purposes of these transactions may contain undiscovered bugs, logical errors or economic vulnerabilities that could be exploited by malicious actors or that could cause the contracts to perform in unintended ways, resulting in partial or total loss of the Issuer's collateral and borrowed assets. In addition, the strategy may subject the Issuer to counterparty risk through the platforms the Issuer utilizes to facilitate leveraging strategies including, among others, insolvency of the platform, coding errors, and cyberattacks. Finally, lenders customarily require that collateral ratios be maintained within narrowly defined thresholds and may exercise broad contractual discretion to impose additional margin requirements or to liquidate collateral without notice when those thresholds are breached. The Issuer may also incur losses if the interest that accrues on the Issuer's borrowings significantly exceeds the revenue generated by the borrowed XAUt.

***Third-party borrowers may default on their obligations, potentially resulting in financial losses or loss of lent digital assets.***

In the event of a default, the Issuer may be unable to recover the full value of the assets lent, including any accrued interest or yield. The risk of default is heightened in the digital asset sector due to the relative nascency of the market, the lack of established credit histories for many borrowers, and the potential for rapid changes in market conditions. Even with robust due diligence and risk management procedures, there can be no assurance that all borrowers will fulfill their obligations, and any significant defaults could materially and adversely affect the Issuer's financial condition and results of operations.

***Transferring possession of digital assets such as XAUt to borrowers exposes the Issuer to risks of misappropriation, theft, or loss beyond its direct control.***

Once digital assets are transferred to a borrower, despite the Issuer holding the legal title to it, the Issuer relies on the borrower's integrity, security measures, and operational controls to safeguard those assets. Inadequate controls, fraudulent activity, or malicious actions by borrowers or their agents could result in the permanent loss of the Issuer's digital assets. Such losses may not be recoverable, and insurance coverage, if any, may be limited or unavailable for certain types of digital asset losses.

***Evolving and uncertain legal and regulatory frameworks may adversely affect the enforceability of lending agreements and the Issuer's rights to digital assets such as XAUt.***

The legal status of digital assets and related lending activities is subject to ongoing regulatory scrutiny and may change rapidly. Jurisdictions may impose new laws, regulations, or interpretations that could restrict or invalidate the Issuer's lending agreements, limit the Issuer's ability to enforce contractual rights, or require the Issuer to alter the Issuer's business practices. Any such changes could increase the Issuer's compliance costs, limit the Issuer's business opportunities, or expose the Issuer to legal or regulatory penalties.

***Operational errors or failures in the lending process could result in loss, misallocation, or delayed return of digital assets.***

In the lending process, human error, inadequate internal controls, system failures, or process deficiencies may lead to operational errors. For example, incorrect recording of transactions, miscommunication with borrowers, or technical malfunctions could lead to assets being sent to the wrong address or not being returned on time. Such operational failures could result in financial losses, legal disputes, and reputational harm.

***Volatility in XAUt values and potential illiquidity may increase losses if XAUt are not promptly recovered after a default.***

The value of digital assets can fluctuate significantly over short periods, and markets for certain assets may be thin or illiquid, especially during periods of stress. If a borrower defaults and the Issuer is unable to recover or liquidate XAUt quickly, the Issuer may be forced to sell at unfavorable prices or may be unable to sell at all, exacerbating potential losses.

***Borrower insolvency or bankruptcy may significantly impair the ability to recover lent digital assets or accrued yield.***

In the event a borrower becomes insolvent, the Issuer's claims to the assets may be subject to lengthy legal proceedings, and the Issuer may be treated as unsecured creditors, with limited rights to recover the Issuer's assets. The outcome of insolvency proceedings is uncertain and may result in partial or total loss of lent assets and any associated returns.

***The Issuer's ability to enforce title and recover assets may be uncertain, especially in cases of insolvency, fraud, or disputes.***

The legal frameworks governing digital asset ownership and transfer are still developing, and there may be ambiguity regarding the Issuer's rights in certain jurisdictions or under specific circumstances. In the event of a dispute, the Issuer may face challenges in proving ownership or priority, and legal remedies may be limited or unavailable.

***Lending a large portion of assets to a few borrowers increases the risk of significant losses if a single borrower defaults.***

A large portion of the Issuer's XAUt assets may be lent to a concentrated party of lenders. Concentration of credit exposure can magnify the impact of a default, potentially resulting in outsized losses relative to a more diversified lending portfolio. This risk is particularly acute in the digital asset sector, where the pool of creditworthy borrowers may be limited and market participants may be highly interconnected.

***Losses, delays, or disputes in XAUt lending could harm the Issuer's reputation and business prospects.***

The Issuer may experience loss, delays, or disputes in the Issuer's XAUt lending. Negative publicity, customer dissatisfaction, or perceived weaknesses in the Issuer's risk management practices could erode trust among clients, partners, and regulators. Reputational damage may lead to reduced business opportunities, increased regulatory scrutiny, and challenges in attracting or retaining customers.

***The Issuer may face higher borrower defaults and reduced demand for lending during digital asset market downturns.***

Digital asset market has been volatile and market conditions may become adverse, which constrain borrowers' financial positions, increasing the likelihood of defaults. At the same time, market volatility and declining asset values may reduce the attractiveness of lending activities, leading to lower volumes and revenues.

***The Issuer may experience delays or losses if third-party custodians holding loaned assets become insolvent or involved in disputes.***

The Issuer and its borrower may rely on third-party custodians to hold loaned assets. Reliance on external custodians introduces counterparty risk, and the failure or misconduct of a custodian could result in the loss or inaccessibility of the Issuer's assets. Legal proceedings to recover assets from insolvent or disputed custodians may be protracted and uncertain, potentially resulting in significant financial losses.

**EXHIBIT B-1**

**Form of Series B-1 Warrant**

(see attached)

**EXHIBIT B-2**

**Form of Series B-2 Warrant**

(see attached)

**EXHIBIT C**

**Form of Lock-Up Agreement**

(see attached)

**EXHIBIT E**

**General Terms of the Term Loan Agreement**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;&nbsp;&nbsp;Prestige Wealth Management Limited |
| &nbsp;&nbsp;**Lender** | &nbsp;&nbsp;&nbsp;&nbsp;Northstar Digital (HK) Limited |
| &nbsp;&nbsp;**Format** | &nbsp;&nbsp;&nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;**Closing Date** | &nbsp;&nbsp;&nbsp;&nbsp;Concurrent with closing of the Contemplated Transactions |
| &nbsp;&nbsp;**Security** | &nbsp;&nbsp;&nbsp;&nbsp;Senior secured interest with first priority perfected liens on XAUt held in collateral account |
| &nbsp;&nbsp;**Size** | &nbsp;&nbsp;&nbsp;&nbsp;$50 million |
| &nbsp;&nbsp;**Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;Three years |
| &nbsp;&nbsp;**Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;6.0% per annum, compounded and capitalized monthly, payable in cash at the maturity date |
| &nbsp;&nbsp;**Loan Amount / OID** | &nbsp;&nbsp;&nbsp;&nbsp;100% of principal amount / None |
| &nbsp;&nbsp;**Pre-Payment** | &nbsp;&nbsp;&nbsp;&nbsp;Borrower has the option to prepay total outstanding balance and accrued interest at any time without premium or penalty |
| &nbsp;&nbsp;**Lender Put Option** |  |
| &nbsp;&nbsp;**LTV** | &nbsp;&nbsp;&nbsp;&nbsp;The note will be secured by an initial LTV of 75.0% |
| &nbsp;&nbsp;**Margin Call** | &nbsp;&nbsp;&nbsp;&nbsp;If at any time the LTV exceeds 90%, additional collateral must be posted to restore LTV to 80% |
| &nbsp;&nbsp;**Security** | &nbsp;&nbsp;&nbsp;&nbsp;Senior secured |
| &nbsp;&nbsp;**Use of Proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;Primarily XAUt purchases |

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**SCHEDULE A**

**ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER**

***This Schedule must be completed by Subscriber and forms a part of the Subscription Agreement to which it is attached. Capitalized terms used and not otherwise defined in this Schedule have the meanings given to them in the Subscription Agreement. Subscriber must check the applicable box in either Part A or Part B below <u>and</u> the applicable box in Part C below.***

A. QUALIFIED INSTITUTIONAL BUYER STATUS (Please check the applicable subparagraphs):

☐ Subscriber is a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act).

\*\*\* OR \*\*\*

B. ACCREDITED INVESTOR STATUS

The undersigned represents and warrants that the undersigned is an "accredited investor" (an "<u>Accredited Investor</u>") as such term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>"), for *<u>one or more</u>* of the reasons specified below (please check <u>all</u> boxes that apply):

☐ (i) A natural person whose net worth, either individually or jointly with such person's spouse or spousal equivalent, at the time of Subscriber's purchase, exceeds $1,000,000;

*The term "net worth" means the excess of total assets over total liabilities (including personal and real property, but <u>excluding</u> the estimated fair market value of Subscriber's primary home). For the purposes of calculating joint net worth with the person's spouse or spousal equivalent, joint net worth can be the aggregate net worth of Subscriber and spouse or spousal equivalent; assets need not be held jointly to be included in the calculation. There is no requirement that securities be purchased jointly. A spousal equivalent means a cohabitant occupying a relationship generally equivalent to a spouse.*

☐ (ii) A natural person who had an individual income in excess of $200,000, or joint income with Subscriber's spouse or spousal equivalent in excess of $300,000, in each of the two most recent years and reasonably expects to reach the same income level in the current year;

*In determining individual "income," Subscriber should add to Subscriber's individual taxable adjusted gross income (exclusive of any spousal or spousal equivalent income) any amounts attributable to tax exempt income received, losses claimed as a limited partner in any limited partnership, deductions claimed for depletion, contributions to an IRA or Keogh retirement plan, alimony payments, and any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income.*

SCHEDULE A-1

☐ (iii) A director or executive officer of the Issuer;

☐ (iv) A natural person holding in good standing with one or more professional certifications or designations or other credentials from an accredited educational institution that the U.S. Securities Exchange Commission ("<u>SEC</u>") has designated as qualifying an individual for accredited investor status;

*The SEC has designated the General Securities Representative license (Series 7), the Private Securities Offering Representative license (Series 82) and the Licensed Investment Adviser Representative (Series 65) as the initial certifications that qualify for accredited investor status.*

☐ (v) A natural person who is a "knowledgeable employee" as defined in Rule 3c-5(a)(4) under the Investment Company Act of 1940 (the "<u>Investment Company Act</u>"), of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in Section 3 of the Investment Company Act, but for the exclusion provided by either Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act;

☐ (vi) A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity;

☐ (vii) A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>");

☐ (viii) An investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940 (the "<u>Investment Advisers Act</u>") or registered pursuant to the laws of a state, or an investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Investment Advisers Act;

☐ (ix) An insurance company as defined in Section 2(13) of the Exchange Act;

☐ (x) An investment company registered under the Investment Company Act or a business development company as defined in Section 2(a)(48) of that Act;

☐ (xi) A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958;

☐ (xii) A Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act;

☐ (xiii) A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state, or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

SCHEDULE A-2

☐ (xiv) An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;

☐ (xv) A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

☐ (xvi) An organization described in Section 501(c)(3) of the Internal Revenue Code, or a corporation, business trust, partnership, or limited liability company, or any other entity not formed for the specific purpose of acquiring the Acquired Securities, with total assets in excess of $5,000,000;

☐ (xvii) A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Acquired Securities, whose purchase is directed by a sophisticated person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of investing in the Issuer;

☐ (xviii) A "family office" as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act with assets under management in excess of $5,000,000 that is not formed for the specific purpose of acquiring the securities offered and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment;

☐ (xix) A "family client" as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office meeting the requirements set forth in (xviii) and whose prospective investment in the issuer is directed by a person from a family office that is capable of evaluating the merits and risks of the prospective investment;

☐ (xx) A "qualified institutional buyer" as defined in Rule 144A under the Securities Act;

☐ (xxi) An entity, of a type not listed above, not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000; and/or

☐ (xxii) An entity in which <u>all</u> of the equity owners qualify as an accredited investor under any of the above subparagraphs.

☐ (xxiii) Subscriber does not qualify under any of the investor categories set forth in (i) through (xxi) above.

\*\*\* AND \*\*\*

C. AFFILIATE
STATUS<br>
(Please check the applicable box)<br>
SUBSCRIBER:

☐ is:

☐ is not:<br>an "affiliate" (as defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

SCHEDULE A-3

**SCHEDULE B**

**FORM OF ASSIGNMENT**

This Subscription Assignment and Joinder Agreement (this "***Assignment Agreement***"), dated _____, 2025, is made and entered into by and between ("***Subscriber***") and ("***Assignee***") and acknowledged by Prestige Wealth Inc, a Cayman Islands exempted company (the "***Issuer***").

**WHEREAS,** the Issuer and Subscriber entered into that certain Subscription Agreement (the "***Subscription Agreement***"), dated October 7, 2025, pursuant to which Subscriber agreed to subscribe for and purchase from the Issuer of Class B Ordinary Shares (the "***Acquired Shares***"), and the warrant to purchase Class B Ordinary Shares (the "***Ordinary Warrant***" and, together with the Acquired Shares, the "***Acquired Securities***");

**WHEREAS**, Subscriber and Assignee are affiliated investment funds; and

**WHEREAS**, for administrative reasons, Subscriber desires to assign its rights to subscribe for and purchase of the Acquired Securities along with the rights and obligations set forth in the Subscription Agreement of such Acquired Securities (the "***Assigned Securities***") to Assignee.

**NOW, THEREFORE**, pursuant to <u>Section 7.d</u> of the Subscription Agreement, and as further described in the table below, Subscriber hereby assigns its rights to subscribe for and purchase the Assigned Securities to Assignee and Assignee hereby (i) accepts the rights to subscribe for and purchase the Assigned Securities and agrees to be bound by and subject to the terms and conditions of the Subscription Agreement, (ii) expressly makes the representations and warranties in Section 4 of the Subscription Agreement with respect to the Assigned Securities and (iii) completed Schedule A to the Subscription Agreement and attached it hereto. Notwithstanding the foregoing, this Assignment Agreement shall not relieve Subscriber of any of its obligations under the Subscription Agreement. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Subscription Agreement.

The following assignment by Subscriber to Assignee of its rights to subscribe for and purchase all or a portion of the Acquired Securities have been made:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date of<br> Assignment** | **Subscriber** | **Assignee** | **Number of<br> Acquired<br> Shares and/or Ordinary Warrant<br> Assigned** | **Subscriber<br> Revised<br> Subscription<br> Amount** | **Assignee<br> Subscription<br> Amount** |

---

 

*[Signature Page Follows]*

SCHEDULE B-1

**<u>ANNEX 2(d)(vi)</u>**

**Lock-up Parties**

SCHEDULE B-2

## Exhibit 10.3

**Exhibit 10.3**

**SUBSCRIPTION AGREEMENT**

This SUBSCRIPTION AGREEMENT (this "<u>Agreement</u>") is entered into on October 7, 2025, by and between Prestige Wealth Inc., a Cayman Islands exempted company (the "<u>Issuer</u>"), and the undersigned investor ("<u>Subscriber</u>").

WHEREAS, the Issuer and Subscriber are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>");

WHEREAS, Subscriber desires to purchase and the Issuer desires to issue and sell, upon the terms and conditions set forth in this Agreement, securities of the Issuer as more fully described in this Agreement; and

WHEREAS, the consummation of the Subscription (as defined below) is contemplated to occur subject to and conditional upon both (i) the offer and sale by certain existing shareholders of the Issuer to Kiara Capital Holding Limited of Class A Ordinary Shares of the Issuer, par value $0.000625 per share (the "<u>Class A Ordinary Shares</u>") and Class B Ordinary Shares of the Issuer, par value $0.000625 per share (the "<u>Class B Ordinary Shares</u>" and, together with Class A Ordinary Shares, collectively the "<u>Ordinary Shares</u>") held by such existing shareholders (the "<u>Secondary Purchase</u>") pursuant to that certain securities purchase agreement to be entered on or about the date hereof between Kiara Capital Holding Limited and such existing shareholders named therein (the "<u>Secondary Purchase Agreement</u>") and (ii) the offer and sale by the Issuer to certain accredited investors (within the meaning of Rule 501(a) under the Securities Act) of Ordinary Shares or pre-funded warrants to purchase Ordinary Shares in lieu thereof, and warrants to purchase Ordinary Shares (the "<u>PIPE Financing</u>" and, together with the Subscription and the Secondary Purchase, the "<u>Contemplated Transactions</u>").

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription</u>. Subject to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase, and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price (as defined below), (i) such number of Class B Ordinary Shares as set forth on Subscriber's signature page hereto (the "<u>Acquired Shares</u>") for a purchase price of $0.225 per share (the "<u>Share Purchase Price</u>"), and (ii) a warrant to purchase such number of Class B Ordinary Shares (the "<u>Warrant Shares</u>") substantially in the form attached hereto as <u>Exhibit A</u> (the "<u>Warrant</u>" and, together with the Acquired Shares, the "<u>Acquired Securities</u>") as set forth on Subscriber's signature page hereto, with an exercise price equal to $0.01 per Warrant Share (the "<u>Warrant Exercise Price</u>" and, the aggregate purchase price set forth on Subscriber's signature page hereto for the Acquired Securities, the "<u>Purchase Price</u>") (such subscription and issuance, the "<u>Subscription</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to the satisfaction or waiver of the conditions set forth in <u>Sections 2.d</u> and <u>2.e</u> (other than those conditions that by their nature are to be satisfied at Closing, but without affecting the requirement that such conditions be satisfied or waived at Closing), the closing of the Subscription contemplated hereby (the "<u>Closing</u>") shall take place remotely via telephone or video conference or in such other manner or at such other date, time and place as the Issuer and Subscriber mutually agree in writing (such date, the "<u>Closing Date</u>"). For the avoidance of doubt, the Subscription, the Secondary Purchase and the PIPE Financing shall be considered part of an integrated transaction and the Closing shall not occur or be valid unless all of the Subscription, the Secondary Purchase and the PIPE Financing are completed together at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. On or prior to 4:00 p.m. New York City time on October 8, 2025 (the "<u>Escrow Payment Deadline</u>"), Subscriber shall pay the Purchase Price in cash by wire transfer of U.S. dollars in immediately available funds in accordance with wire instructions provided by the Issuer to Subscriber into an escrow account established pursuant to that certain escrow agreement by and among the Issuer, Antalpha Capital (HK) Limited and Odyssey Transfer and Trust Company (the "<u>Escrow Agent Agreement</u>"). At the Closing, the Issuer shall issue and deliver or cause to be issued and delivered to Subscriber the Acquired Securities, registered in the name of Subscriber, equal to the number of the Acquired Securities indicated on Subscriber's signature page to this Agreement. The Issuer shall deliver or cause to be delivered to Subscriber as promptly as practicable after the Closing, evidence from the Issuer's transfer agent or share registrar, evidencing the issuance to Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable, of Subscriber's Acquired Securities on and as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Subject to the satisfaction or waiver of the conditions set forth in <u>Sections 2.c</u> and <u>2.d</u> (other than those conditions that by their nature are to be satisfied at Closing, but without affecting the requirement that such conditions be satisfied or waived at Closing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subscriber shall deliver to the Issuer (A) no later than the Escrow Payment Deadline, the Purchase Price for the Acquired Securities in the manner as prescribed in Section 2.b, and (B) no later than two (2) business days in advance of the Closing, any other information that is reasonably requested in the notice provided by Issuer (the "<u>Closing Notice</u>") that is required in order to enable the Issuer to issue, sell and deliver the Acquired Securities, including, without limitation, the legal name of the person (or nominee) in whose name such Acquired Securities are to be delivered and a duly executed Internal Revenue Service Form W-9 or W-8, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the Closing Date, the Issuer shall issue and deliver or cause to be issued and delivered to Subscriber the Acquired Shares against and upon payment by Subscriber of the Purchase Price in book-entry form, free and clear of any Liens (other than those arising under state or federal securities laws or the currently effective third amended and restated memorandum and articles of association of the Issuer, adopted by special resolution dated on March 27, 2025 and effective from March 27, 2025 (the "<u>Memorandum and Articles of Associations</u>")), in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable. Each book entry for the Acquired Shares shall contain a legend in substantially the following form:

[NEITHER] THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the Closing Date, the Issuer shall issue and deliver or cause to be issued and delivered to Subscriber the Warrant against and upon payment by Subscriber of the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Issuer's obligation to effect the Closing shall be subject to the satisfaction on the Closing Date, or, to the extent permitted by applicable law, the waiver by the Issuer, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Nasdaq Stock Market LLC ("<u>Nasdaq</u>") shall not have raised any objection to the Notification Form of Listing of Additional Shares for the listing of the Conversion Shares (as defined below) (the "<u>LAS Notice</u>") or the transactions contemplated hereby, the Secondary Purchase or the PIPE Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer shall have received a completed copy of the "Eligibility Representations of Subscriber" questionnaire in substantially the form attached as <u>Schedule A</u> hereto no later than the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all representations and warranties of Subscriber contained in this Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect (as defined herein), which representations and warranties shall be true and correct in all respects) at and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) that is then in effect and has the effect of making consummation of the Subscription illegal or otherwise preventing or prohibiting consummation of the Subscription, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such prevention or prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Issuer shall have received a lock-up agreement, substantially in the form attached hereto as <u>Exhibit D</u>, duly executed by the parties set forth on <u>Annex 2(d)(vi)</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the consummation of the Secondary Purchase and the PIPE Financing shall have occurred concurrently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Subscriber's obligation to effect the Closing shall be subject to the satisfaction on the Closing Date, or, to the extent permitted by applicable law, the written waiver by Subscriber, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no suspension of the listing on The Nasdaq Capital Market or another national securities exchange (collectively, the "<u>Exchange</u>") of the Class A Ordinary Shares shall have occurred, and the Issuer shall have filed with Nasdaq the LAS Notice and Nasdaq shall not have raised any objection to such notice or the transactions contemplated hereby, the Secondary Purchase or the PIPE Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all representations and warranties of the Issuer contained in this Agreement shall be true and correct in all material respects at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct in all material respects as of such date), except to the extent that such representations and warranties are qualified by the term "material" or contain term of "Material Adverse Effect", in which case such representations and warranties shall be true and correct in all respects at and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer shall have performed, satisfied and complied (unless waived) in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) that is then in effect and has the effect of making consummation of the Subscription illegal or otherwise preventing or prohibiting consummation of the Subscription and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such prevention or prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Issuer shall have provided Subscriber with the wire instructions of the escrow agent that will receive the Purchase Price, on Issuer's letterhead and executed by the Chief Executive Officer or Chief Financial Officer of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Issuer shall have delivered to Subscriber a certificate duly executed by a duly appointed officer of the Issuer, dated as of the Closing Date, in form and substance reasonably satisfactory to Subscriber, certifying, respectively, (i) the Issuer's Charter Documents (as defined below) in effect as of the Closing Date, and (ii) the resolutions duly adopted by the board of directors of the Issuer (the "<u>Board of Directors</u>") authorizing and approving the Contemplated Transactions, the Contemplated Transaction Documents and the transactions and obligations contemplated thereby, which resolutions shall have been certified as true and complete, and in full force and effect without rescission, revocation, or amendment as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Issuer shall have furnished to Subscriber a certificate, dated the Closing Date, of its Chief Executive Officer and its Chief Financial Officer stating in their respective capacities as officers of the Issuer on behalf of the Issuer and not in their individual capacities that (x) for the period from and including the date of this Agreement through and including the Closing Date, there has not occurred any Material Adverse Effect, (y) to their knowledge, after reasonable investigation, as of the Closing Date, the representations and warranties of the Issuer in this Agreement are true and correct and the Issuer has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date, and (z) there has not been, subsequent to the date of the most recent audited financial statements included or incorporated by reference in SEC Reports (as defined below), any Material Adverse Effect in the financial position or results of operations of the Issuer, or any change or development that, singularly or in the aggregate, would reasonably be expected to involve a Material Adverse Effect, except as set forth in the SEC Reports. "Knowledge" means the actual knowledge of the officers of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) no event or series of events that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect shall have occurred and be continuing on the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the consummation of the Secondary Purchase and the PIPE Financing shall have occurred concurrently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prior to or at the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Issuer Representations and Warranties</u>. Issuer represents and warrants as of the date hereof and the Closing Date, except (x) as otherwise disclosed or incorporated by reference in the Most Recent SEC Reports (as defined below) (excluding (aa) any disclosures in any "risk factors" section that do not constitute statements of fact, disclosures in any forward-looking statements disclaimers and other disclosures that are generally cautionary, predictive or forward-looking in nature, (bb) any information incorporated by reference into the Most Recent SEC Reports (other than from other Most Recent SEC Reports), or (cc) any information or disclosure subject to a confidential treatment order and not otherwise publicly available), and (y) as set forth in the Disclosure Schedules, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Issuer and each of its Subsidiaries (as defined below) has been duly incorporated or organized, is validly existing as a corporation or other business entity under the laws of its jurisdiction of incorporation or organization and is in good standing under the laws of its jurisdiction of incorporation or organization, with requisite corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted. Neither the Issuer nor any of its Subsidiaries is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, memorandum and articles of association, bylaws or other organizational or charter documents (the "<u>Charter Documents</u>"). Each of the Issuer and its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in a Material Adverse Effect and no Action has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

For purposes of this Agreement, "<u>Material Adverse Effect</u>" means (a) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (b) a material adverse effect on the results of operations, assets, business, or condition (financial or otherwise) of the Issuer and the Subsidiaries, taken as a whole, or (c) a material adverse effect on the Issuer's ability to perform in any material respect on a timely basis its obligations under any Transaction Document; provided that, with respect to clause (b), none of the following shall be deemed in themselves, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or will be, a Material Adverse Effect: any adverse change, effect, event, occurrence, state of facts or development attributable to (i) any downturn after the date hereof in general economic conditions, including changes in the credit, debt, securities, financial, capital markets, or in the industry in which the Issuer and the Subsidiaries operate; (ii) the taking of any action required by this Agreement or any other Transaction Document; (iii) any change after the date hereof in applicable Laws after the date hereof; (iv) any actual or potential sequester, stoppage, shutdown, default or similar event or occurrence by or involving any governmental authority affecting a national or federal government as a whole; (v) any change in the U.S. generally accepted accounting principles ("<u>GAAP</u>") after the date hereof; (vi) the commencement, continuation or escalation of a war, riots, material armed hostilities or other material international or national calamity or act of terrorism directly or indirectly involving countries in which the Issuer and its Subsidiaries operate; (vii) effects arising from or relating to, following the date hereof, any earthquake, hurricane, tsunami, tornado, flood, mudslide or other natural disaster, weather condition, explosion or fire or other force majeure event; (viii) changes in, or effects arising from or relating to, any epidemic, pandemic or disease outbreak, curfews or other restrictions that relate to, or arise out of, any epidemic, pandemic or disease outbreak or material worsening of such conditions threatened or existing as of the date hereof; and (ix) the failure of the Issuer and the Subsidiaries to meet or achieve the results set forth in any internal projection (provided that, this item (ix) shall not prevent a determination that any change or effect underlying such change has resulted in a Material Adverse Effect); provided further that changes, events, Occurrences or circumstances set forth in clauses (i) and (iii)-(viii) shall be taken into account to the extent they have a disproportionate effect on the Issuer and Subsidiaries relative to other participants in the industry in which the Issuer and Subsidiaries operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. As of the Closing Date, the Acquired Shares will have been duly authorized and, when issued, sold and delivered to Subscriber against full payment of the Purchase Price in accordance with the terms of this Agreement, the Acquired Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights created under the Issuer's Charter Documents (as in effect at such time of issuance) or under the laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Class A Ordinary Shares issuable upon conversion of the Acquired Shares and Warrant Shares (the "<u>Conversion Shares</u>") will have been duly authorized and reserved for issuance and, upon issuance pursuant to the terms of the Issuer's Charter Documents, will be duly and validly issued, fully paid and non-assessable and will be issued free and clear of any Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Associations), and the holder of the Conversion Shares shall be entitled to all rights accorded to a holder of Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. As of the Closing Date, the Warrant Shares will have been duly authorized and reserved for issuance and, upon issuance pursuant to the terms of the Warrant against full payment therefor in accordance with the terms of the Warrant, will be duly and validly issued, fully paid and non-assessable and will be issued free and clear of any Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Associations), and the holder of the Warrant Shares shall be entitled to all rights accorded to a holder of Class B Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement, the Warrant, and the Escrow Agent Agreement (collectively, the "<u>Transaction Documents</u>") have been duly authorized, executed and delivered by the Issuer and the Transaction Documents constitute the valid and legally binding obligation of the Issuer, enforceable against the Issuer in accordance with their respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally and (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Assuming the accuracy of Subscriber's representations and warranties in <u>Section 4</u>, the execution and delivery of the Transaction Documents by the Issuer, and the performance by the Issuer of its obligations under the Transaction Documents, including the issuance and sale of the Acquired Securities, do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Issuer is a party or by which the Issuer is bound or to which any of the property or assets of the Issuer is subject, which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or affect the validity of the Acquired Securities or the legal authority of the Issuer to comply with the terms of this Agreement or any other Transaction Document; (ii) the Charter Documents; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Issuer or any of its properties that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or affect the validity of the Acquired Securities or the legal authority of the Issuer to comply with the terms of this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. There are no securities or instruments issued by or to which the Issuer is a party containing anti-dilution, price reset or similar provisions that will be triggered by the issuance of (i) the Acquired Securities, or (ii) the Class B Ordinary Shares to be issued pursuant to the Warrant, in each case, that have not been or will not be validly and irrevocably waived on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Assuming the accuracy of Subscriber's representations and warranties in <u>Section 4</u>, the Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including the Exchange) or other person in connection with the execution, delivery and performance by the Issuer of this Agreement (including, without limitation, the issuance of the Acquired Securities and Warrant Shares), other than (i) the filing with the Commission (of the Registration Statement (as defined below), (ii) the filings required in accordance with <u>Section 7.n</u>, and (iii) notifications required by Nasdaq and (iv) approval from the shareholders of the Company (the "<u>Shareholder Approval</u>") of an increase in the authorized shares of the Company to ensure that the number of authorized shares is sufficient to cover any Required Reserve Amount (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Following the date on which the Shareholder Approval is received and deemed effective under the laws of the Cayman Islands (the "<u>Shareholder Approval Date</u>"), the Company will reserve and the Company shall continue to reserve and keep available at all times thereafter, free of preemptive rights, a sufficient number of Warrant Shares for the purpose of enabling the Company to issue the Warrant Shares pursuant to any exercise of the Ordinary Warrants (the "<u>Required Reserve Amount</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The authorized share capital of the Issuer is US$1,000,000 divided into (a) 1,440,000,000 Class A Ordinary Shares of a par value of US$0.000625 each, and (b) 160,000,000 Class B Ordinary Shares of a par value of US$0.000625 each. The total number of Class A Ordinary Shares and Class B Ordinary Shares issued and outstanding is 78,750,655, of which 70,346,624.2 are Class A Ordinary Shares and 8,404,030.8 are Class B Shares. **<u>Error! Reference source not found.</u>** of the Disclosure Schedules sets forth, inter alia, the name of each Subsidiary and the jurisdiction in which it is incorporated or organized, and identifies the Subsidiaries' respective registered shareholders and their shareholding interests. The Issuer does not own or control, directly or indirectly, any interest in any Person, other than the Subsidiaries of the Issuer set forth on **<u>Error! Reference source not found.</u>** of the Disclosure Schedules. All of the equity securities of the Issuer and each Subsidiary are duly authorized, validly issued, and are fully paid and nonassessable. The shareholders and owners listed in **<u>Error! Reference source not found.</u>** of the Disclosure Schedules are the sole record holder of the shares in or charter capital of each Subsidiary, free from all Liens. Except as set forth in **<u>Error! Reference source not found.</u>** of the Disclosure Schedule, there are no shares of the Issuer reserved for future issuance pursuant to any warrants, plans, awards, instruments, arrangements or other outstanding rights or Company plans except for Class A Ordinary Shares available for issuance upon conversion of Class B Shares or as required for purposes of the Contemplated Transactions.

For purposes of this Agreement, "<u>Subsidiary</u>" of any Person shall mean any corporation, partnership, joint venture, limited liability company, trust or estate of or in which: (a) such Person or a Subsidiary of such Person is a general partner or (b) more than fifty percent (50%) of (i) the issued and outstanding capital stock or other equity interests having ordinary voting power to elect a majority of the board of directors (or similar body) of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the Occurrence of any contingency), (ii) the interest in the capital or profits of such partnership, joint venture or limited liability company or (iii) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person's other Subsidiaries. For the avoidance of doubt, with respect to the Issuer, "Subsidiary" shall also mean any subsidiary of the Issuer as set forth on <u>Section 3.i</u> of the Disclosure Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Except as set forth in <u>Section 3.j</u> of the Disclosure Schedule, with respect to the Issuer and any Subsidiary (a) there are no options, warrants, calls, rights, convertible securities, commitments or agreements (which, for purposes of this Agreement, shall be deemed to include "phantom" stock or other commitments that provide any right to receive value or benefits similar to capital stock or other similar rights) of any character to which the Issuer or any Subsidiary is a party or by which the Issuer or any Subsidiary is bound obligating the Issuer or any Subsidiary to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock or obligating the Issuer to grant, extend or enter into any such option, warrant, call, right, commitment or agreement, (b) there are no outstanding contractual obligations of the Issuer or any other Person to repurchase, redeem or otherwise acquire any shares of capital stock of the Issuer or any Subsidiary, and (c) there are no outstanding securities of any kind convertible into or exchangeable or exercisable for the capital stock of the Issuer or any Subsidiary. There are no statutory or contractual preemptive rights or rights of first offer or refusal or similar rights with respect to any shares of capital stock of the Issuer or any Subsidiary, and there are no declared and unpaid dividends or distributions on any shares of capital stock of the Issuer or any Subsidiary. There are no securities or instruments issued by or to which the Issuer or any Subsidiary is a party containing anti-dilution or similar provisions that will be triggered by the sale and transfer of Sale Securities that have not been validly waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. (a) The consolidated financial statements and notes of the Issuer contained or incorporated by reference in the SEC Reports (collectively, the "<u>Financial Statements</u>") fairly and accurately present, in all material respects, the financial condition and the results of operations, changes in shareholders' equity and cash flows of the Issuer and its Subsidiaries as of the relevant time that they relate to as at the respective dates of, and for the periods referred to in, such Financial Statements, subject, in the case of interim financial statements, to normal recurring year-end adjustments (the effect of which will not, individually or in the aggregate, be material to the Issuer and its Subsidiaries as of the relevant time, taken as a whole) and the absence of footnotes, and (i) were prepared in accordance with: (A) the accounting principles applied on a consistent basis during the periods involved; and (B) Regulation S-X under the Securities Act or Regulation S-K under the Securities Act, as applicable, (ii) were prepared from the books and records of the Issuer and its Subsidiaries as of the relevant time, and (iii) were prepared in good faith based upon reasonable assumptions made by the Issuer on a basis consistent with the basis employed in such books and records for the relevant periods. Other than disclosed in <u>Section 3.k(a)</u> of the Disclosure Schedules, the Issuer has no material off-balance sheet arrangements that are not disclosed in the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer and its Subsidiaries have no Liabilities of the type required to be reflected or reserved for on a balance sheet prepared in accordance with applicable accounting principles, other than Liabilities (i) set forth in or reserved against or otherwise reflected in the Financial Statements or in the notes thereto, (ii) arising in the ordinary course of business of the Issuer and its Subsidiaries since the date of the most recent balance sheet included in the Financial Statements, or (iii) incurred in connection with the transactions contemplated hereunder or the Contemplated Transactions and disclosed to Subscriber. Other than disclosed in <u>Section 3.k(b)</u> of the Disclosure Schedules, neither the Issuer nor any Issuer Subsidiary has any secured creditors holding a security interest. For purposes of this <u>Section 3.k(b)</u>, "<u>Liabilities</u>" means all indebtedness, obligations, and other liabilities of the Issuer or a Subsidiary, as the case may be (whether known or unknown, asserted, unasserted, direct, indirect, absolute, accrued, contingent, fixed, liquidated, unliquidated or otherwise, whether due or to become due and whether or not required under the applicable accounting principles to be accrued on the financial statements of the Issuer or such Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since the date of the latest audited financial statements included within the SEC Reports, (i) there has been no event, occurrence or development that has had or that would reasonably be expected to result in a Material Adverse Effect, (ii) the Issuer has not altered its method of accounting, (iii) the Issuer has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (iv) the Issuer has not issued any equity securities to any officer, director or affiliate, except as disclosed in <u>Section 3.k(c)</u> of the Disclosure Schedules. The Issuer does not have pending before the Commission any request for confidential treatment of information. Except for the Contemplated Transactions or as set forth on <u>Section 3.k(c)</u> of the Disclosure Schedules, no event, liability, fact, circumstance, occurrence or development has occurred or exists, or is reasonably expected to occur or exist, with respect to the Issuer or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition, that would be required to be disclosed by the Issuer under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least one (1) business day prior to the date that this representation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Neither the Issuer nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Issuer or any Subsidiary under), nor has the Issuer or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. The issued and outstanding Class A Ordinary Shares are, and as of the Closing will be, registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and are listed for trading on each Exchange. The Issuer has taken no action that is designed to terminate the registration of the Class A Ordinary Shares under the Exchange Act or the listing of the Class A Ordinary Shares on the Exchange. Except as included in the SEC Reports, the Issuer has not received notice from any Exchange on which the Class A Ordinary Shares are or have been listed or quoted to the effect that the Issuer is not in compliance with the listing or maintenance requirements of such Exchange. There is no suit, action, proceeding or investigation pending or, to the knowledge of the Issuer, threatened against the Issuer by the Exchange or the Commission with respect to any intention by such entity to deregister the Class A Ordinary Shares or prohibit or terminate the listing of the Class A Ordinary Shares on the Exchange. The Issuer is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements, except as set forth in Section 3.u(b) of the Disclosure Schedules. The Class A Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Issuer is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Assuming the accuracy of Subscriber's representations and warranties set forth in <u>Section 4</u>, no registration under the Securities Act is required for the offer, sale and issuance of the Acquired Securities by the Issuer to Subscriber in the manner contemplated by this Agreement. The issuance, contribution, sale and delivery of the Acquired Securities hereunder does not contravene the rules and regulations of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Neither the Issuer nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the Acquired Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Neither the Issuer nor any Subsidiary is, and immediately after the Closing neither the Issuer nor any Subsidiary will be, an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. The Issuer has not entered into any subscription agreement, side letter or other agreement with any other investor (except with respect to payment method and timing) in connection with such investor's direct or indirect investment in the Issuer, other than (i) the Warrant, (ii) transaction documents for purposes of the Contemplated Transactions and (iii) agreements or forms thereof that have been publicly filed as exhibits to the SEC Reports via the Commission's EDGAR system, including filings made by the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. The Issuer acknowledges and agrees that Subscriber is acting solely in the capacity of an arm's length purchaser with respect to this Agreement and the transactions contemplated hereby. The Issuer further acknowledges that Subscriber is not acting as a financial advisor or fiduciary of the Issuer (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereby and any advice given by Subscriber or any of its representatives or agents in connection with this Agreement and the transactions contemplated hereby is merely incidental to Subscriber's purchase of the Acquired Securities. The Issuer further represents to Subscriber that the Issuer's decision to enter into this Agreement has been based solely on the independent evaluation of the transactions contemplated hereby by the Issuer and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. Anything in this Agreement or elsewhere herein to the contrary notwithstanding, it is understood and acknowledged by the Issuer that: (i) Subscriber has not been asked by the Issuer to agree, nor has Subscriber agreed, to desist from purchasing or selling, long and/or short, securities of the Issuer, or "derivative" securities based on securities issued by the Issuer or to hold the Acquired Securities for any specified term; (ii) past or future open market or other transactions by Subscriber, specifically including, without limitation, "short sales" (as defined in Rule 200 of Regulation SHO under the Exchange Act) or "derivative" transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Issuer's publicly-traded securities; (iii) Subscriber and counter-parties in "derivative" transactions to which Subscriber is a party, directly or indirectly, presently may have a "short" position in the Class A Ordinary Shares, and (iv) Subscriber shall not be deemed to have any affiliation with or control over any arm's length counter-party in any "derivative" transaction. The Issuer further understands and acknowledges that (y) Subscriber may engage in hedging activities at various times during the period that the Acquired Securities are outstanding, and (z) such hedging activities (if any) could reduce the value of the existing shareholders' equity interests in the Issuer at and after the time that the hedging activities are being conducted. The Issuer acknowledges that such aforementioned hedging activities do not constitute a breach of this Agreement or any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. The Issuer has filed or furnished, as the case may be, all reports, statements, schedules, prospectuses, proxies, registration statements, forms and other documents required to be filed or furnished by it under the Exchange Act, including pursuant to Section 13(a) or 15(d) of the Exchange Act, for the twelve (12) months preceding the date hereof on a timely basis or has received a valid extension of such time of filing or furnishment and has filed or furnished any such SEC Reports prior to the expiration of any such extension. As of their respective dates (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such filing), the SEC Reports filed and furnished by the Issuer complied in all material respects with the requirements of the Securities Act, and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed or furnished (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such filing) by the Issuer, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. All material agreements to which the Issuer or any Subsidiary is a party or to which the property or assets of the Issuer or any Subsidiary are subject are included as part of or identified in the Most Recent SEC Reports, to the extent such agreements are required to be included or identified pursuant to the rules and regulations of the Commission. As of the date hereof, none of the Most Recent SEC Reports are subject to ongoing review or outstanding investigation by the Commission. For purposes of this Agreement, "<u>SEC Reports</u>" means, collectively, each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by the Issuer with the Commission since its initial registration of the Class A Ordinary Shares, under the Securities Act and the Exchange Act, including the exhibits thereto and documents incorporated by reference therein. For purposes of this Agreement, "<u>Most Recent SEC Reports</u>" means the Issuer's Annual Report on Form 20-F for the fiscal year ended September 30, 2024 or its other reports and forms filed with the Commission under Sections 12, 13, or 15(d) of the Exchange Act after September 30, 2024 and before the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. (a) Except as disclosed in <u>Section 3.u(a)</u> of the Disclosure Schedules, (i) there are no pending Actions against the Issuer or any Subsidiary, or any of their properties or assets, or any of the directors, managers or officers of the Issuer or any Subsidiary with regard to their actions as such which, if determined adversely, would reasonably be expected to adversely affect the ability of the Issuer to timely consummate the Subscription or otherwise adversely affect or challenge the legality, validity, or enforceability of any of the Transaction Documents or transactions contemplated therein, or, if resolved adversely, would reasonably be expected to result in a Material Adverse Effect, (ii) there are no pending or to the Issuer's Knowledge, threatened audit, examination, enquiry or investigation by any Governmental Authority against the Issuer or any Subsidiary, or any of their properties or assets, or any of the directors, managers or officers of the Issuer or any Subsidiary with regard to their actions as such, and no facts exist that would reasonably be expected to form the basis for any such audit, examination, enquiry or investigation; (iii) there is no pending Action or threatened Action in writing, or investigation, by the Issuer or any Subsidiary against any third party; (iv) there is no settlement or similar agreement that imposes any material ongoing obligation or restriction on the Issuer or any Subsidiary; and (v) there is no Order imposed or threatened in writing to be imposed upon any the Issuer or any Subsidiary, or any of its respective properties or assets, or any of the directors, managers or officers of the Issuer or any Subsidiary with regard to their actions as such that would, individually or in the aggregate, result in a Material Adverse Effect. Neither the Issuer nor any Subsidiary, nor any director or officer thereof, is the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Issuer, there is not pending or contemplated, any investigation by the Commission involving the Issuer or any current or former director or officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Section 3.u(b)</u> of the Disclosure Schedules, there is no Action pending or, to Issuer's Knowledge, threatened against the Issuer by the Exchange or the Commission with respect to any intention by such entity to deregister the Class A Ordinary Shares or prohibit or terminate the listing of the Class A Ordinary Shares on the Exchange. The Issuer is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements except for those with respect to bidding price deficiency. The Class A Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Issuer is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. Except as forth in <u>Section 3.v</u> of the Disclosure Schedule, the Issuer has not paid, and are not obligated to pay, any brokerage, finder's or other commission or similar fees in connection with the transactions contemplated by the Transaction Documents. Subscriber shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. None of the Issuer, any predecessor or affiliated issuer of the Issuer, any director, executive officer or other officer of the Issuer, or, to the Issuer's knowledge, any beneficial owner of twenty percent (20%) or more of the Issuer's issued and outstanding voting equity securities, calculated on the basis of voting power, or any promoter connected with the Issuer in any capacity (collectively, "<u>Issuer Covered Persons</u>"), is subject to any of the "bad actor" disqualifications within the meaning of Rule 506(d) under the Securities Act, except for a disqualification event covered by Rule 506(d)(2) or (d)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y. The Issuer acknowledges that there have been no representations, warranties, covenants and agreements made to Issuer by or on behalf of Subscriber, any of its respective affiliates or any of its or their control persons, officers, directors, employees, partners, agents or representatives, expressly or by implication, regarding the transactions contemplated by this Agreement other than those representations, warranties, covenants and agreements included in this Agreement (inclusive of the exhibits and schedules attached hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z. The gross proceeds from the Acquired Securities contemplated by the Transaction will be utilized for working capital and general corporate purposes.

aa. No labor dispute exists or, to the knowledge of the Issuer, is threatened with respect to any of the employees of the Issuer or its Subsidiaries, which would reasonably be expected to result in a Material Adverse Effect. None of the Issuer's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Issuer or such Subsidiary, and neither the Issuer nor any of its Subsidiaries is a party to a collective bargaining agreement. No executive officer of the Issuer or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Issuer or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Issuer and its Subsidiaries are in compliance with all Applicable Laws relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

bb. The Issuer and its Subsidiaries possess all material Permits as reasonably required to conduct the business of the Issuer ("<u>Material Permits</u>"), and neither the Issuer nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cc. The Issuer and its Subsidiaries have good and marketable title to their respective owned properties and assets that are necessary to the business of the Issuer and its Subsidiaries as currently conducted, in each case, free and clear of all Liens, except for Liens as do not materially affect the value of such property, taken as a whole, and do not interfere in any material respect with the use made or proposed to be made of such properties by the Issuer and its Subsidiaries, taken as a whole, and any Liens arising from Indebtedness. Any real property and facilities held under lease by the Issuer or its Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Issuer and its Subsidiaries are in compliance, except where such non-compliance would not have or reasonably be expected to have a Material Adverse Effect. "<u>Liens</u>" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd. The Issuer and its Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have would have a Material Adverse Effect (collectively, the "<u>Intellectual Property Rights</u>"). None of, and neither the Issuer nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement, except where such expiration, termination or abandonment would not have or reasonably be expected to have a Material Adverse Effect. Neither the Issuer nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim that the Intellectual Property Rights violate or infringe upon the rights of any Person. All such Intellectual Property Rights are enforceable and to the knowledge of the Issuer, there is no existing infringement by another Person of any of the Intellectual Property Rights. The Issuer and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties.

ee. The Issuer and its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary for companies of similar size as the Issuer in the businesses in which the Issuer and its Subsidiaries are engaged. Neither the Issuer nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

ff. None of the officers or directors of the Issuer or any Subsidiary, and none of the employees of the Issuer or any Subsidiary is presently a party to any transaction with the Issuer or any Subsidiary (other than for services as employees, officers and directors or with respect to the Contemplated Transactions), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case in excess of $20,000 other than for (a) payment of salary or consulting fees for services rendered, (b) reimbursement for expenses incurred on behalf of the Issuer and (c) other employee benefits, including equity incentives granted under any equity incentive plan of the Issuer.

gg. The Issuer has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one (1) year from the Closing Date. The Issuer has no knowledge that any creditors of the Issuer intend to initiate involuntary bankruptcy, insolvency, reorganization or liquidation proceedings or other Actions for relief under any bankruptcy or reorganization laws of any jurisdiction. All outstanding secured and unsecured Indebtedness of the Issuer or any Subsidiary, or for which the Issuer or any Subsidiary has commitments is set forth in the Most Recent SEC Reports. Neither the Issuer nor any Subsidiary is in default with respect to any Indebtedness.

hh. The Issuer and its Subsidiaries are in compliance in all material respects with any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended, that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The Issuer and its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (a) transactions are executed in accordance with management's general or specific authorizations, (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (c) access to assets is permitted only in accordance with management's general or specific authorization, and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Issuer and its Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Issuer and its Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Issuer in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Except as set forth in Section 3.t of the Disclosure Schedule, the SEC Reports and in connection with this Transaction and the Contemplated Transactions, no Person has any right to cause the Issuer or any Subsidiary to effect the registration under the Securities Act of any securities of the Issuer or any Subsidiary.

jj. The Issuer and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Charter Documents or the laws of its jurisdiction of incorporation that is or could become applicable to Subscriber as a result of Subscriber and the Issuer fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Issuer's sale, issuance and delivery of the Acquired Securities, and Subscriber's ownership of the Acquired Securities.

kk. Assuming the accuracy of Subscriber's representations and warranties set forth in <u>Section 4</u>, neither the Issuer nor any of its affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Acquired Securities to be integrated with prior offerings by the Issuer for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Exchange on which any of the securities of the Issuer are listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ll. The Issuer and its Subsidiaries each (a) has made or filed all U.S. federal, state, local, and foreign tax returns, reports and declarations required by any jurisdiction in which it is subject to tax, (b) has paid all taxes and other governmental assessments and charges, and (c) has set aside on its books provisions reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes claimed to be due by the taxing authority of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mm. None of the Issuer, any Subsidiary or any agent or other person acting on behalf of the Issuer or any Subsidiary has (a) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (b) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) failed to disclose fully any contribution made by the Issuer or any Subsidiary (or made by any person acting on its behalf of which the Issuer is aware) which is in violation of law, or (d) violated in any material respect any provision of Foreign Corrupt Practices Act of 1977, as amended.

nn. The Issuer's accounting firm is Yu Certified Public Accountant, P.C. (the "<u>Accountant</u>"). The Accountant (a) is a registered public accounting firm as required by the Exchange Act, (b) is independent public accountants within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States), and (c) shall express its opinion with respect to the financial statements to be included in the Issuer's Annual Report on Form 20-F for the fiscal year ending September 30, 2025. The Accountant, whose report was included on the consolidated financial statements of the Issuer for the fiscal year ended September 30, 2024, during the periods covered of its report, was a registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). There are no disagreements of any kind presently existing, or reasonably anticipated by the Issuer to arise, between the Issuer and the accountants formerly or presently employed by the Issuer and the Issuer is current with respect to any fees owed to its accountants which could affect the Issuer's ability to perform any of its obligations under any of the Transaction Documents. To the knowledge of the Issuer, each of the accountants formerly or presently employed by the Issuer is not, or was not, in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002, as amended, with respect to the Issuer.

oo. The Issuer has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Issuer to facilitate the sale or resale of any of the Acquired Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Acquired Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Issuer.

pp. Each share of capital stock granted by the Issuer under the Issuer's equity incentive plan was granted in accordance with the terms of the Issuer's equity incentive plan and Applicable Law. The Issuer has not granted, and there is no and has been no Issuer policy or practice to grant, awards under the Issuer's equity incentive plan prior to, or otherwise coordinate the grant of awards under the Issuer's equity incentive plan with, the release or other public announcement of material information regarding the Issuer or its Subsidiaries or their financial results or prospects.

qq. (a) There has been no security breach or other compromise of or relating to any of the Issuer's or any Subsidiary's information technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, "<u>IT Systems and Data</u>") and the Issuer and its Subsidiaries have not been notified of any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data, except, with respect to those which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (b) the Issuer and its Subsidiaries are presently in compliance with all Applicable Law or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, individually or in the aggregate, have a Material Adverse Effect; (c) the Issuer and its Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (d) the Issuer and its Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.

rr. The Issuer and its Subsidiaries are, and at all times since January 1, 2024, in material compliance with all applicable state, federal and foreign data privacy and security laws and regulations (collectively, "<u>Privacy Laws</u>"). The execution, delivery and performance of the Transaction Documents will not result in a breach of any Privacy Laws or Policies. Neither the Issuer nor its Subsidiaries (i) has received written notice of any actual or potential liability of the Issuer or its Subsidiaries under, or actual or potential violation by the Issuer or its Subsidiaries of, any of the Privacy Laws since January 1, 2024; (ii) is currently conducting or paying for, in whole or in part, any investigation, remediation or other corrective action pursuant to any regulatory request or demand pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement by or with any court or arbitrator or governmental or regulatory authority that imposed any obligation or liability under any Privacy Law.

ss. Neither the Issuer nor any Subsidiary or any director, officer, agent, employee, affiliate or representative of the Issuer or any of its Subsidiaries is an individual or entity ("<u>Covered Person</u>") currently the subject or target of any sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control, the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authority (collectively, "<u>Sanctions</u>"), nor is the Issuer located, organized or resident in a country or territory that is the subject of Sanctions; and the Issuer will not directly or indirectly use any funds, or lend, contribute or otherwise make available such funds to any Subsidiaries, joint venture partners or other Covered Person, to fund any activities of or business with any Covered Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions or in any other manner that will result in a violation by any Covered Person (including any Covered Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.

tt. The operations of the Issuer and its Subsidiaries are and have been conducted at all times in compliance with the Applicable Laws relating to anti money laundering (collectively, the "<u>Money Laundering Laws</u>"), and no Action involving the Issuer or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Issuer or any Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Subscriber Representations and Warranties</u>. Subscriber represents and warrants, as of the date hereof and the Closing Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation, with the requisite entity power and authority to enter into, deliver and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement has been duly authorized, executed and delivered by Subscriber. This Agreement is enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally and (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The execution and delivery by Subscriber of this Agreement, and the performance by Subscriber of its obligations under this Agreement, including the purchase of the Acquired Securities and the consummation of the other transactions contemplated herein, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject, which would reasonably be expected to have a material adverse effect on the business, properties, financial condition, stockholders' equity or results of operations of Subscriber, taken as a whole (a "<u>Subscriber Material Adverse Effect</u>"), or materially affect the legal authority of Subscriber to comply in all material respects with the terms of this Agreement; (ii) the organizational documents of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of Subscriber's properties that would reasonably be expected to have a Subscriber Material Adverse Effect or materially affect the legal authority of Subscriber to comply in all material respects with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subscriber (i) is an "accredited investor" as such term is defined in Rule 501(a) of Regulation D under the Securities Act, satisfying the applicable requirements set forth on <u>Schedule A</u> and acknowledges that the sale contemplated hereby is being made in reliance on a private placement exemption to "Accredited Investors" within the meaning of Section 501(a) of Regulation D under the Securities Act and similar exemptions under state law, and is an "institutional account" as defined in FINRA Rule 4512(c), (ii) is acquiring the Acquired Securities, and upon the exercise of the Warrant, will acquire the Warrant Shares issuable upon such exercise, only for its own account and not for the account of others, or if Subscriber is subscribing for the Acquired Securities as a fiduciary or agent for one or more investor accounts, each owner of such account is a "qualified institutional buyer" or an "accredited investor" (each as defined above) and Subscriber has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Acquired Securities, and upon the exercise of the Warrant, will not acquire the Warrant Shares issuable upon such exercise, with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act. Subscriber has completed <u>Schedule A</u> following the signature page hereto and the information contained therein is accurate and complete. Subscriber is not an entity formed for the specific purpose of acquiring the Acquired Securities, and upon the exercise of the Warrant, acquiring the Warrant Shares issuable upon such exercise, unless Subscriber is a newly formed entity in which all of the equity owners are accredited investors and is an "institutional account" as defined by FINRA Rule 4512(c). Accordingly, Subscriber is aware that this offering of the Acquired Securities meets the exemptions from filing under FINRA Rule 5123(b)(1)(A), (C) or (J).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Subscriber understands that the Acquired Securities are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Acquired Securities and Warrant Shares underlying the Warrant have not been registered under the Securities Act. Subscriber understands that the Acquired Securities and Warrant Shares may not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the Issuer or a Subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (iii) pursuant to Rule 144 (including Rule 144(i) thereunder) under the Securities Act; *provided*, that all of the applicable conditions thereof have been met, or (iv) pursuant to another applicable exemption from the registration requirements of the Securities Act (including, without limitation, a private resale pursuant to the so-called "Section 4(a)(7)"), and in each case, in accordance with any applicable securities laws of the states of the United States and other applicable jurisdictions, and that any certificates or book-entry records representing the Acquired Securities and Warrant Shares shall contain a legend to such effect. Subscriber acknowledges that the Acquired Securities and Warrant Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees that the Acquired Securities and Warrant Shares will be subject to the foregoing transfer restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Acquired Securities and Warrant Shares and may be required to bear the financial risk of an investment in the Acquired Securities and Warrant Shares for an indefinite period of time. Subscriber acknowledges and agrees that the Acquired Securities and Warrant Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 until at least six (6) months from the Closing Date. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Acquired Securities and Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Subscriber's acquisition and holding of the Acquired Securities will not constitute or result in a non-exempt prohibited transaction under section 406 of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), section 4975 of the Code, or any applicable similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In making its decision to subscribe for and purchase the Acquired Securities, Subscriber represents that it has relied solely upon its own independent investigation, the investor presentation provided to Subscriber and the Issuer's representations, warranties and covenants set forth in this Agreement. Subscriber acknowledges and agrees that Subscriber has received and has had the opportunity to review such information as Subscriber deems necessary in order to make an investment decision with respect to the Acquired Securities and the Issuer, including the SEC Reports, the risk factors set forth therein, a summary of risk factors set forth in Exhibit A of the subscription agreements in respect of the PIPE Financing, and certain information provided in the Issuer's data room (provided that no risk factor disclosure or information set forth in such data room shall be deemed to qualify any representation or warranty of the Issuer contained herein). Subscriber represents and agrees that Subscriber and Subscriber's professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and Subscriber's professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Acquired Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Subscriber became aware of this offering of the Acquired Securities solely by means of direct contact between Subscriber and the Issuer or a representative of the Issuer, and the Acquired Securities were offered to Subscriber solely by direct contact between Subscriber and the Issuer or a representative of the Issuer. Subscriber did not become aware of this offering of the Acquired Securities, nor were the Acquired Securities offered to Subscriber, by any other means. Subscriber acknowledges that the Issuer represents and warrants that the Acquired Securities (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Acquired Securities. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Acquired Securities, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an informed investment decision. Accordingly, Subscriber is aware that the offering of the Acquired Securities meets the institutional account exemptions from FINRA Rule 2111(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Subscriber represents and acknowledges that Subscriber, either alone or together with any professional advisor(s) has adequately analyzed and fully considered the risks of an investment in the Acquired Securities and determined that the Acquired Securities are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber's investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists; provided, that neither this representation nor any other representation or warranty made by Subscriber herein shall in any way limit Subscriber's right to rely upon the Issuer's representations, warranties and covenants contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired Securities or made any findings or determination as to the fairness of an investment in the Acquired Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. The operations of Subscriber have been conducted in material compliance with the rules and regulations administered or conducted by OFAC applicable to Subscriber. Subscriber has performed due diligence necessary to reasonably determine that its beneficial owners are not named on the lists of denied parties or blocked persons administered by OFAC, resident in or organized under the laws of a country that is the subject of Sanctions, or otherwise the subject of Sanctions, except as permitted under Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Subscriber is not currently (and at all times through the Closing or earlier termination of this Agreement will refrain from being or becoming) a member of a "group" (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) acting for the purpose of acquiring, holding, voting or disposing of equity securities of the Issuer (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any "group" consisting solely of Subscriber and one or more of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. If Subscriber is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of ERISA, (ii) a plan, an individual retirement account or other arrangement that is subject to section 4975 of the Code, (iii) an entity whose underlying assets are considered to include "plan assets" of any such plan, account or arrangement described in clauses (i) and (ii) (each, an "<u>ERISA Plan</u>"), or (iv) an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, "<u>Similar Laws</u>," and together with the ERISA Plans, the "<u>Plans</u>"), Subscriber represents and warrants that (i) neither the Issuer nor any of its respective affiliates has provided investment advice or has otherwise acted as the Plan's fiduciary, with respect to its decision to acquire and hold the Acquired Securities, and none of the Issuer or any of its respective affiliates is or shall at any time be the Plan's fiduciary with respect to any decision to acquire and hold the Acquired Securities, and none of the Issuer or any of its respective affiliates is or shall at any time be the Plan's fiduciary with respect to any decision in connection with Subscriber's investment in the Acquired Securities and (ii) its purchase of the Acquired Securities will not result in a non-exempt prohibited transaction under section 406 of ERISA or section 4975 of the Code, or any applicable Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Subscriber has, and at the Closing, will have, sufficient funds to pay the Purchase Price pursuant to <u>Section 2.b</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Issuer agrees to use commercially reasonable efforts to submit to or file with the Commission, as soon as reasonably practicable upon the consummation of the Subscription and in any case no later than thirty (30) calendar days following the Closing Date (the "<u>Filing Date</u>") (at the Issuer's sole cost and expense), a registration statement on Form F-3 (or Form F-1 if Form F-3 is not available) (the "<u>Registration Statement</u>"), registering the resale of the Registrable Securities (as defined herein), which Registration Statement may include Class A Ordinary Shares sold pursuant to the PIPE Financing and the Class A Ordinary Shares issued or issuable upon conversion of the Class B Ordinary Shares, upon exercise of warrants being purchased by Subscriber in the PIPE Financing and other Class A Ordinary Shares that Issuer may designate, and the Issuer shall use its commercially reasonable efforts to have the Registration Statement declared effective under the Securities Act as soon as practicable after the filing thereof and upon the earlier of (i) sixty (60) RR Business Days (as defined below) following the Filing Date if the Commission notifies the Issuer that it will "review" the Registration Statement and (ii) the 5th RR Business Day after the date the Issuer is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be "reviewed" or will not be subject to further review (such earlier date, the "<u>Effective Date</u>"); *provided*, *however*, that the Issuer's obligations to include the Registrable Securities in the Registration Statement are contingent upon Subscriber furnishing in writing to the Issuer such information regarding Subscriber, the securities of the Issuer held by Subscriber and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Issuer to effect the registration of the Registrable Securities, and Subscriber shall execute such documents in connection with such registration as the Issuer may reasonably request that are customary of a selling stockholder in similar situations, including providing that the Issuer shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement as permitted under <u>Section 5.c</u> of this Agreement. Notwithstanding the foregoing, if the Commission prevents the Issuer from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Registrable Securities by the applicable stockholders or otherwise, such Registration Statement shall register for resale such number of Registrable Securities which is equal to the maximum number of Registrable Securities as is permitted by the Commission. In such event, the number of Registrable Securities to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders. Upon notification by the Commission that the Registration Statement has been declared effective by the Commission, within two (2) RR Business Days thereafter, the Issuer shall file the final prospectus under Rule 424 of the Securities Act. The Issuer shall provide a draft of the Registration Statement to Subscriber for review at least two (2) RR Business Days in advance of filing the Registration Statement; *provided*, that for the avoidance of doubt, in no event shall the Issuer be required to delay or postpone the filing of such Registration Statement as a result of or in connection with Subscriber's review. In no event shall Subscriber be identified as an underwriter in the Registration Statement unless required by the Commission; *provided*, that if the Commission requests that Subscriber be identified as an underwriter in the Registration Statement, Subscriber will have an opportunity to withdraw from the Registration Statement (in which case the Issuer shall not identify Subscriber as an underwriter therein). Subscriber shall not be entitled to use the Registration Statement for an underwritten offering of Registrable Securities. For purposes of clarification, any failure by the Issuer to file the Registration Statement by the Filing Date or to effect such Registration Statement by the Effective Date shall not otherwise relieve the Issuer of its obligations to file or effect the Registration Statement as set forth above in this <u>Section 5</u>. "<u>Registrable Securities</u>" means (i) Class A Ordinary Shares issued or issuable upon conversion of the Acquired Shares and the Warrant Shares issued or issuable upon the exercise of the Warrant, (ii) Class A Ordinary Shares acquired by Subscriber in the Secondary Purchase and any Class A Ordinary Shares issued or issuable upon conversion of the Class B Ordinary Shares acquired by Subscriber in the Secondary Purchase pursuant to the Secondary Purchase Agreement and (iii) any Class A Ordinary Shares issued or issuable, with respect to the Acquired Shares and the Warrant Shares as aforementioned in (i) and with respect to the Class A Ordinary Shares and Class B Ordinary Shares as aforementioned in (ii), as a result of any stock split or subdivision, stock dividend, recapitalization, exchange or similar event. "RR Business Day" means any day other than a Saturday, Sunday or day on which the Commission is closed or on which the Commission is not accepting, processing or reviewing filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the case of the registration effected by the Issuer pursuant to this Agreement, the Issuer shall, upon reasonable request, inform Subscriber as to the status of such registration. At its expense the Issuer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use its commercially reasonable efforts to keep such registration continuously effective with respect to Subscriber, and to keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of the following: (A) Subscriber ceases to hold any Registrable Securities, (B) the date all Registrable Securities held by Subscriber may be sold without restriction under Rule 144 of the Securities Act, including without limitation, any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for the Issuer to be in compliance with the current public information required under Rule 144(c)(1) or Rule 144(i)(2), as applicable, and (C) three (3) years from the Effective Date of the Registration Statement. The period of time during which the Issuer is required hereunder to keep a Registration Statement effective is referred to herein as the "<u>Registration Period</u>";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during the Registration Period, advise Subscriber promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or any post-effective amendment thereto has become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) of any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein or for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) after it shall receive notice or obtain knowledge thereof, of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Registrable Securities included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) in accordance with <u>Section 5.c</u> of this Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus so that, as of such date, any Registration Statement does not contain an untrue statement of a material fact or does not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or any prospectus does not include an untrue statement of a material fact or does not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

Notwithstanding anything to the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with any material, nonpublic information regarding the Issuer, any of its affiliates or any other Person, unless the Issuer has notified Investor of the existence of such an event (without providing material, nonpublic information about the specific nature of such event) and obtained the written consent of the Investor to receive such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Registration Period, use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) during the Registration Period, upon the occurrence of any event contemplated above, except for such times as the Issuer is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) during the Registration Period, use its commercially reasonable efforts (y) to remain listed on each Exchange and to cause all Registrable Securities to be listed on each securities exchange or market, if any, on which the Class A Ordinary Shares issued by the Issuer have been listed and (z) to timely comply in all material respects with the Issuer's reporting, filing and other obligations under the rules and regulations of the Commission and each Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) during the Registration Period, use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Registrable Securities contemplated hereby and, for so long as Subscriber holds Registrable Securities, to enable Subscriber to sell the Registrable Securities under Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subject to receipt from Subscriber by the Issuer or its transfer agent of customary representations and other customary documentation reasonably acceptable to the Issuer and the transfer agent in connection therewith, Subscriber may request that the Issuer remove, and the Issuer shall cause to be removed, any legend from the book entry position(s) or certificate(s) evidencing its Registrable Securities at any time that such Registrable Securities (A) are subject to or have been or are about to be sold or transferred pursuant to, an effective registration statement (including a registration statement filed under this Agreement); (B) have been or are about to be sold pursuant to Rule 144; or (C) may be sold pursuant to Rule 144 without restriction on the volume or manner of sale and without the requirement for the Issuer to be in compliance with the current public information requirement under Rule 144 (or any similar provision then in force under the Securities Act). If required by the Issuer's transfer agent, the Issuer shall cause its counsel to deliver to such transfer agent an opinion of counsel to the effect that the removal of restrictive legends in such circumstances may be effected under the Securities Act. If restrictive legends are no longer required for such Registrable Securities pursuant to the foregoing, the Issuer shall, in accordance with the provisions of this <u>Section 5</u> and within two (2) business days of any request therefor from Subscriber accompanied by such customary and reasonably acceptable representations and other documentation referred to above establishing that restrictive legends are no longer required, deliver to the transfer agent irrevocable instructions that the transfer agent shall make a new, unlegended entry for such book entry Registrable Securities. The Issuer shall be responsible for the fees of its transfer agent and all Depository Trust Company fees associated with such issuance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Notwithstanding anything to the contrary in this Agreement, the Issuer shall be entitled to delay or postpone the filing or effectiveness of the Registration Statement, and, from time to time, to require Subscriber not to sell under the Registration Statement or to suspend the effectiveness or use thereof, if it determines that the negotiation or consummation of a transaction by the Issuer or its Subsidiaries is pending or an event has occurred, which negotiation, consummation or event that the Board of Directors reasonably believes, upon the advice of outside legal counsel, would require additional disclosure by the Issuer in the Registration Statement of material information that the Issuer has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Issuer, upon the advice of outside legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements or is otherwise necessary for the Registration Statement to not contain a material misstatement or omission (each such circumstance, a "<u>Suspension Event</u>"); *provided*, *however*, that the Issuer may not delay or suspend the effectiveness or use of the Registration Statement on more than one (1) occasion for more than sixty (60) calendar days total calendar days during any twelve-month period. Upon receipt of any written notice from the Issuer of the happening of any Suspension Event (which notice shall not contain material, nonpublic information) during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or any related prospectus includes any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, Subscriber agrees that (i) it will promptly discontinue offers and sales of the Registrable Securities under the Registration Statement until Subscriber receives copies of a supplemental or amended prospectus (which the Issuer agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Issuer that it may resume such offers and sales and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Issuer unless otherwise required by law or subpoena. If so directed by the Issuer, Subscriber will deliver to the Issuer or, in Subscriber's sole discretion destroy, all copies of the prospectus covering the Registrable Securities in Subscriber's possession; *provided*, *however*, that this obligation to deliver or destroy all copies of the prospectus covering the Registrable Securities shall not apply (A) to the extent Subscriber is required to retain a copy of such prospectus (x) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (y) in accordance with a bona fide pre-existing document retention policy or (B) to copies stored electronically on archival servers as a result of automatic data back-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subscriber may deliver written notice (including via email in accordance with <u>Section 7.l</u>) (an "<u>Opt-Out Notice</u>") to the Issuer requesting that Subscriber not receive notices from the Issuer otherwise required by this <u>Section 5</u>; *provided*, *however*, that Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the Issuer shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with any such notice and (ii) each time prior to Subscriber's intended use of an effective Registration Statement, Subscriber will notify the Issuer in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this <u>Section 5.d</u>) and the related suspension period remains in effect, the Issuer will so notify Subscriber, within one (1) business day of Subscriber's notification to the Issuer, by delivering to Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber with the related notice of the conclusion of such Suspension Event immediately upon its availability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Issuer shall, notwithstanding any termination of this Agreement in accordance with <u>Section 6</u>, indemnify, defend and hold harmless Subscriber (to the extent a seller under the Registration Statement), its directors, officers, agents, broker-dealers, and employees and each person who controls Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any and all out-of-pocket losses, claims, damages, liabilities and reasonable and documented costs (including, without limitation, reasonable and documented costs of preparation and investigation and reasonable documented attorneys' fees of one legal counsel (and one local counsel)) and all other reasonable and documented expenses (collectively, "<u>Losses</u>"), as incurred, that arise out of or are based upon (i) any untrue statement of a material fact contained in the Registration Statement or in any amendment or supplement thereto, or arising out of or relating to any omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue statement of a material fact included in any prospectus included (or incorporated by reference) in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein or Subscriber has omitted a material fact from such information or otherwise violated the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder; *provided, however*, that the indemnification contained in this <u>Section 5</u> shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of the Issuer (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Issuer be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and in conformity with written information furnished by Subscriber expressly for inclusion in the Registration Statement, or (B) in connection with any offers or sales effected by or on behalf of Subscriber in violation of <u>Section 5.c</u> hereof. The Issuer shall notify Subscriber reasonably promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this <u>Section 5</u> of which the Issuer is aware. The Issuer shall not, without the prior written consent of Subscriber, effect any settlement of any pending proceeding in respect of which Subscriber or any other person entitled to indemnification hereunder is a party, unless such settlement includes an unconditional release of Subscriber or such other person, as applicable, from all liability on claims that are the subject matter of such proceeding. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Registrable Securities by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Subscriber shall indemnify and hold harmless the Issuer, its directors, officers, agents and employees, and each person who controls the Issuer (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, that arise out of or are based upon (i) any untrue statement of a material fact contained in any Registration Statement or in any amendment or supplement thereto or arising out of or relating to any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue statement of a material fact included in any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, to the extent, but only to the extent, that such untrue statement or omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein or a material fact that Subscriber has omitted from such information; *provided, however*, that the indemnification contained in this <u>Section 5.f</u> shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of Subscriber (which consent shall not be unreasonably withheld, conditioned or delayed). In no event shall the liability of Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Registrable Securities giving rise to such indemnification obligation. Subscriber shall notify the Issuer promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this <u>Section 5.f</u> of which Subscriber is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Acquired Securities by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. If the indemnification provided under this <u>Section 5</u> from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any Losses, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue statement of a material fact or omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the Losses shall be deemed to include, subject to the limitations set forth above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this <u>Section 5.g</u> from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party's obligation to make a contribution pursuant to this <u>Section 5.g</u> shall be several, not joint. In no event shall the liability of Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Acquired Securities purchased pursuant to this Agreement giving rise to such contribution obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Termination</u>. This Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) upon the mutual written agreement of each of the parties hereto to terminate this Agreement, (b) if any of the conditions to the Closing set forth in <u>Section 2</u> of this Agreement are not satisfied at, or are not capable of being satisfied on or prior to the Closing and, as a result thereof, the transactions contemplated by this Agreement will not be or are not consummated at the Closing, (c) at the election of Subscriber or Issuer, on or after October 14, 2025, or (d) termination of the Secondary Purchase Agreement; *provided*, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from any such willful breach; provided further that neither Subscriber or Issuer (as the case may be) shall be entitled to terminate this Agreement if its failure to perform any covenant or obligation under this Agreement has been the primary cause of, or primarily resulted in, the failure of the Closing to occur on or before October 14, 2025. In the event that this Agreement is terminated for any reason, the Issuer shall within one (1) business day following such termination, return to Subscriber (by wire transfer of U.S. dollars in immediately available funds to the account specified by Subscriber) all funds deposited in escrow by Subscriber in connection with the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each party hereto acknowledges that the other party hereto will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Agreement. Prior to the Closing, each party hereto agrees to promptly notify the other party hereto if any of the acknowledgments, understandings, agreements, representations and warranties made by such party as set forth herein are no longer accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subscriber agrees that none of any affiliates or any control persons, officers, directors, employees, partners, agents or representatives of the Issuer shall be liable to Subscriber pursuant to this Agreement or the Warrant, as applicable, the negotiation hereof or thereof or the subject matter hereof or thereof, or the transactions contemplated hereby or thereby, for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Acquired Securities. On behalf of itself and its affiliates, Subscriber releases each of the entities or individuals described above in respect of any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements related to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. As of the date hereof, the Issuer has reserved and the Issuer shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of authorized but unissued Class A Ordinary Shares for the purpose of enabling the Issuer to issue Class A Ordinary Shares pursuant to this Agreement and upon conversion of the Acquired Shares and Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Issuer and Subscriber are entitled to rely upon this Agreement and each is irrevocably authorized to produce this Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby to the extent required by law or by regulatory bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Notwithstanding anything to the contrary in this Agreement, prior to the Closing, Subscriber may not transfer or assign all or a portion of its rights and obligations under this Agreement, other than to one or more of its affiliates without the prior consent of the Issuer; *provided,* that such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, makes the representations and warranties in <u>Section 4</u> and completes <u>Schedule A</u> hereto; *provided, further*, that, no assignment shall relieve the assigning party of any of its obligations hereunder. In the event of such a transfer or assignment, Subscriber shall complete the form of assignment attached as <u>Schedule B</u> hereto. The Issuer may not assign or transfer all or any portion of its rights or obligations under this Agreement without the consent of Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Issuer may request from Subscriber such additional information as the Issuer may reasonably deem necessary to evaluate the eligibility of Subscriber to acquire the Acquired Securities and to register the Acquired Securities for resale, and Subscriber shall promptly provide such information as may be reasonably requested, to the extent readily available and to the extent consistent with its internal policies and procedures; *provided,* that the Issuer agrees to keep any such information provided by Subscriber confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. This Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Except as otherwise provided herein, this Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective affiliates and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If any provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. This Agreement may be executed in two (2) or more counterparts (including by electronic means), all of which shall be considered one and the same agreement and shall become effective when signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Each party shall pay all of its own expenses in connection with this Agreement and the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (i) when so delivered personally, (ii) upon receipt of an appropriate electronic answerback or confirmation when so delivered by telecopy (to such number specified below or another number or numbers as such person may subsequently designate by notice given hereunder), (iii) when sent, with no mail undeliverable or other rejection notice, if sent by email or (iv) five (5) business days after the date of mailing to the address below or to such other address or addresses as such person may hereafter designate by notice given hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to Subscriber, to such address or addresses set forth on the signature page hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to the Issuer, to:

Prestige Wealth Inc.

Office Unit 6620B, 66/F, The Center

99 Queen's Road Central

Central, Hong Kong

with a copy (which shall not constitute notice) to:

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Place

Central, Hong Kong

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. This Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Agreement, shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law thereof.

THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN <u>SECTION 7.L</u> OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 7.M</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. The Issuer shall within four (4) business days of the date of the entry into this Agreement, issue one or more press releases and furnish or file with the Commission a Report of Foreign Private Issuer on Form 6-K (collectively, the "<u>Disclosure Document</u>") disclosing, to the extent not previously publicly disclosed, all material terms of the transactions contemplated hereby, the Transaction and any other material, nonpublic information that the Issuer has provided to Subscriber at any time prior to the filing of the Disclosure Document. From and after the issuance of the Disclosure Document, Subscriber shall not be in possession of any material, nonpublic information received from the Issuer or any of its officers, directors, employees or other representatives. Notwithstanding anything in this Agreement to the contrary, the Issuer shall not publicly disclose the name of Subscriber or any of its affiliates, or include the name of Subscriber or any of its affiliates, without the prior written consent of Subscriber, (i) in any press release or (ii) in any filing with the Commission or any regulatory agency or trading market, except (A) as required by the federal securities law in connection with the Registration Statement, (B) in a press release or marketing materials of the Issuer in connection with the Transaction to the extent any such disclosure is substantially equivalent to the information that has previously been made public without breach of the obligation under this <u>Section 7.n</u> or (C) to the extent such disclosure is required by law, at the request of the staff of the Commission or regulatory agency or under the regulations of the Exchange or by any other governmental authority, in which case the Issuer shall provide Subscriber with prior written notice of such disclosure permitted under this subclause (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. In connection with any sale, assignment, transfer or other disposition of the Acquired Securities by Subscriber pursuant to Rule 144 or pursuant to any other exemption under the Securities Act such that the purchaser acquires freely tradable shares and upon compliance by Subscriber with the requirements of this Agreement, if requested by Subscriber by notice to the Issuer, the Issuer shall request its transfer agent to remove any restrictive legends related to the book entry account holding such shares and make a new, unlegended entry for such book entry shares sold or disposed of without restrictive legends within one (1) business day of any such request therefor from Subscriber, *provided,* that the Issuer has timely received from Subscriber a completed representation letter in customary form and such other customary representations as may be reasonably required in accordance with applicable law in connection therewith. The Issuer shall be responsible for the fees of the Issuer's transfer agent, its legal counsel and all DTC fees associated with such legend removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. This Agreement may not be amended, modified, supplemented or waived except by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, supplement or waiver is sought; *provided,* that any rights (but not obligations) of a party under this Agreement may be waived, in whole or in part, by such party on its own behalf without the prior consent of any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof, and accordingly, that the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions of this Agreement in an appropriate court of competent jurisdiction as set forth in <u>Section 7.n</u>, in addition to any other remedy to which any party is entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Each party hereto intends that the Warrant shall be treated as stock for U.S. federal (and applicable state and local) income tax purposes (together, the "<u>Intended Tax Treatment</u>"). Each party hereto agrees to report the Warrant consistently with the Intended Tax Treatment and no party shall take any position inconsistent with the Intended Tax Treatment in the filing of any tax returns, in the course of any audit or tax review by any governmental authority relating to any tax returns, or otherwise, unless required by a "determination" within the meaning of Section 1313(a)(1) of the Code. If a governmental authority disputes or takes a position inconsistent with the Intended Tax Treatment, the party receiving notice of such dispute shall promptly notify the other parties hereto.

[*Signature pages follow.*]

**IN WITNESS WHEREOF**, each of the Issuer and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date first written above.

---

| |
|:---|
| **PRESTIGE WEALTH INC.:** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **SUBSCRIBER:** |
| Name of Subscriber: |
| Signature of Subscriber: |

---

By:   <br> Name: <br> Title:

Name in which securities are to be registered (if different):

Email Address: <u>_____________________</u>

Subscriber's EIN: <u>___________________</u>

Address:

---

| |
|:---|
| Attn: |
| Telephone No: |
| Facsimile No: |

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Aggregate Number of Acquired Shares subscribed for: <u>_______________________</u>

Aggregate Number of Warrant subscribed for: <u>___________________</u> 

Aggregate Purchase Price: $<u>______________________</u>

*Signature Page to Subscription Agreement*

You must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account specified by the Issuer in the Closing Notice.

Name and Address of Beneficial Owner, if different from Subscriber:

Number of Class A Ordinary Shares, Class B Ordinary Shares and other equity securities of the Issuer currently owned by Beneficial Owner prior to this Transaction:

Any descriptions for footnotes to be disclosed in the Registration Statement relating to beneficial ownership:

*Signature Page to Subscription Agreement*

**EXHIBIT A**

**Form of Warrant**

(see attached)

EXHIBIT A-1

**EXHIBIT B**

**Form of Lock-Up Agreement**

(see attached)

EXHIBIT B-1

**SCHEDULE A**

**ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER**

***This Schedule must be completed by Subscriber and forms a part of the Subscription Agreement to which it is attached. Capitalized terms used and not otherwise defined in this Schedule have the meanings given to them in the Subscription Agreement. Subscriber must check the applicable box in either Part A or Part B below <u>and</u> the applicable box in Part C below.***

A. QUALIFIED INSTITUTIONAL BUYER STATUS<br>
(Please check the applicable subparagraphs):

☐ Subscriber is a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act).

\*\*\* OR \*\*\*

B. ACCREDITED INVESTOR STATUS

The undersigned represents and warrants that the undersigned is an "accredited investor" (an "<u>Accredited Investor</u>") as such term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>"), for *<u>one or more</u>* of the reasons specified below (please check <u>all</u> boxes that apply):

☐ (i) A natural person whose net worth, either individually or jointly with such person's spouse or spousal equivalent, at the time of Subscriber's purchase, exceeds $1,000,000;

*The term "net worth" means the excess of total assets over total liabilities (including personal and real property, but <u>excluding</u> the estimated fair market value of Subscriber's primary home). For the purposes of calculating joint net worth with the person's spouse or spousal equivalent, joint net worth can be the aggregate net worth of Subscriber and spouse or spousal equivalent; assets need not be held jointly to be included in the calculation. There is no requirement that securities be purchased jointly. A spousal equivalent means a cohabitant occupying a relationship generally equivalent to a spouse.*

☐ (ii) A natural person who had an individual income in excess of $200,000, or joint income with Subscriber's spouse or spousal equivalent in excess of $300,000, in each of the two most recent years and reasonably expects to reach the same income level in the current year;

*In determining individual "income," Subscriber should add to Subscriber's individual taxable adjusted gross income (exclusive of any spousal or spousal equivalent income) any amounts attributable to tax exempt income received, losses claimed as a limited partner in any limited partnership, deductions claimed for depletion, contributions to an IRA or Keogh retirement plan, alimony payments, and any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income.*

☐ (iii) A director or executive officer of the Issuer;

SCHEDULE A-1

☐ (iv) A natural person holding in good standing with one or more professional certifications or designations or other credentials from an accredited educational institution that the U.S. Securities Exchange Commission ("<u>SEC</u>") has designated as qualifying an individual for accredited investor status;

*The SEC has designated the General Securities Representative license (Series 7), the Private Securities Offering Representative license (Series 82) and the Licensed Investment Adviser Representative (Series 65) as the initial certifications that qualify for accredited investor status.*

☐ (v) A natural person who is a "knowledgeable employee" as defined in Rule 3c-5(a)(4) under the Investment Company Act of 1940 (the "<u>Investment Company Act</u>"), of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in Section 3 of the Investment Company Act, but for the exclusion provided by either Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act;

☐ (vi) A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity;

☐ (vii) A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>");

☐ (viii) An investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940 (the "<u>Investment Advisers Act</u>") or registered pursuant to the laws of a state, or an investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Investment Advisers Act;

☐ (ix) An insurance company as defined in Section 2(13) of the Exchange Act;

☐ (x) An investment company registered under the Investment Company Act or a business development company as defined in Section 2(a)(48) of that Act;

☐ (xi) A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958;

☐ (xii) A Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act;

☐ (xiii) A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state, or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

☐ (xiv) An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;

SCHEDULE A-2

☐ (xv) A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

☐ (xvi) An organization described in Section 501(c)(3) of the Internal Revenue Code, or a corporation, business trust, partnership, or limited liability company, or any other entity not formed for the specific purpose of acquiring the Acquired Securities, with total assets in excess of $5,000,000;

☐ (xvii) A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Acquired Securities, whose purchase is directed by a sophisticated person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of investing in the Issuer;

☐ (xviii) A "family office" as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act with assets under management in excess of $5,000,000 that is not formed for the specific purpose of acquiring the securities offered and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment;

☐ (xix) A "family client" as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office meeting the requirements set forth in (xviii) and whose prospective investment in the issuer is directed by a person from a family office that is capable of evaluating the merits and risks of the prospective investment;

☐ (xx) A "qualified institutional buyer" as defined in Rule 144A under the Securities Act;

☐ (xxi) An entity, of a type not listed above, not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000; and/or

☐ (xxii) An entity in which <u>all</u> of the equity owners qualify as an accredited investor under any of the above subparagraphs.

☐ (xxiii) Subscriber does not qualify under any of the investor categories set forth in (i) through (xxi) above.

\*\*\* AND \*\*\*

C. AFFILIATE STATUS<br>
(Please check the applicable box)<br>
SUBSCRIBER:

☐ is:

☐ is not:<br>an "affiliate" (as defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

SCHEDULE A-3

**ANNEX 2(d)(vi)**

**Lock-up Parties**

SCHEDULE A-4

**SCHEDULE B**

**FORM OF ASSIGNMENT**

This Subscription Assignment and Joinder Agreement (this "***Assignment Agreement***"), dated ____, 2025, is made and entered into by and between ("***Subscriber***") and ("***Assignee***") and acknowledged by Prestige Wealth Inc., a Cayman Islands exempted company (the "***Issuer***").

**WHEREAS**, the Issuer and Subscriber entered into that certain Subscription Agreement (the "***Subscription Agreement***"), dated October 7, 2025, pursuant to which Subscriber agreed to subscribe for and purchase from the Issuer of Class B ordinary shares of the Issuer, par value $0.000625 per share with twenty votes for each share (the "***Class B Ordinary Shares***") (the "***Acquired Shares***") and the warrant to purchase Class B Ordinary Shares (the "***Warrant***" and, together with the Acquired Shares, the "***Acquired Securities***");

**WHEREAS**, Subscriber and Assignee are affiliated investment funds; and

**WHEREAS**, for administrative reasons, Subscriber desires to assign its rights to subscribe for and purchase of the Acquired Securities along with the rights and obligations set forth in the Subscription Agreement of such Acquired Securities (the "***Assigned Securities***") to Assignee.

**NOW, THEREFORE**, pursuant to <u>Section 7.d</u> of the Subscription Agreement, and as further described in the table below, Subscriber hereby assigns its rights to subscribe for and purchase the Assigned Securities to Assignee and Assignee hereby (i) accepts the rights to subscribe for and purchase the Assigned Securities and agrees to be bound by and subject to the terms and conditions of the Subscription Agreement, (ii) expressly makes the representations and warranties in Section 4 of the Subscription Agreement with respect to the Assigned Securities and (iii) completed Schedule A to the Subscription Agreement and attached it hereto. Notwithstanding the foregoing, this Assignment Agreement shall not relieve Subscriber of any of its obligations under the Subscription Agreement. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Subscription Agreement.

The following assignment by Subscriber to Assignee of its rights to subscribe for and purchase all or a portion of the Acquired Securities have been made:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date of Assignment** | &nbsp;&nbsp;**Subscriber** | &nbsp;&nbsp;**Assignee** | &nbsp;&nbsp;**Number of Acquired Shares and/or Warrants Assigned** | &nbsp;&nbsp;**Subscriber Revised Subscription Amount** | &nbsp;&nbsp;**Assignee Subscription Amount** |

---

*[Signature Page Follows]*

SCHEDULE B-1

## Exhibit 10.4

**Exhibit 10.4** 

**EXECUTION VERSION**

**SECURITIES PURCHASE AGREEMENT**

**SECURITIES PURCHASE AGREEMENT**

This SECURITIES PURCHASE AGREEMENT (this "**Agreement**"), dated as of October __, 2025, is entered into by and among Kiara Capital Holding Limited, a company incorporated in the British Virgin Islands ("**Buyer**"), the parties set forth on <u>Schedule A</u> hereto (each a "**Seller**", and collectively, the "**Sellers**"), and Kazuho Komoda in his capacity as the representative of the Sellers in accordance with <u>Section 8.10</u> (the "**Seller Representative**"). Buyer, the Sellers and the Seller Representative are each sometimes referred to herein individually as a "**Party**" and together as the "**Parties**".

**RECITALS**

**WHEREAS**, each Seller is the owner of such Class B Shares (as defined herein) and/or Class A Shares (as defined herein) set forth across from such Seller's name under the column entitled "Sale Securities" on <u>Schedule A</u> hereto (such Class B Shares and Class A Shares, collectively, the "**Sale Securities**");

**WHEREAS**, each Seller wishes to sell to Buyer, and Buyer wishes to purchase from each Seller, all of such Seller's right, title and interest in and pertaining to such Seller's Sale Securities, all upon the terms and conditions hereinafter set forth (collectively, the "**Secondary Purchase**"); and

**WHEREAS**, the consummation of the Secondary Purchase is contemplated to occur subject to and conditional upon both (i) the offer and sale by Prestige Wealth Inc. (NASDAQ: PWM), an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "**Company**"), to Buyer of certain additional Class B Shares and warrants to purchase Class B Shares from the Company (the "**Direct Subscription**") and (ii) the offer and sale by the Company to certain qualified investors of no less than $100 million worth of Ordinary Shares (as defined herein) or pre-funded warrants to purchase Ordinary Shares in lieu thereof and warrants to purchase Ordinary Shares (the "**PIPE Financing**", and collectively with the Secondary Purchase and the Direct Subscription, the "**Contemplated Transactions**", and the agreements memorializing the Contemplated Transactions, collectively, the "**Contemplated Transaction Documents**").

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

**ARTICLE I<br> CERTAIN DEFINITIONS**

**Section 1.01 Certain Definitions**.

"**2025 Form 20-F**" means the Company's Annual Report on Form 20-F for the fiscal year ending September 30, 2025 (including the exhibits thereto and documents incorporated by reference therein, notes and schedules thereto and consolidated financial statements and notes of the Company contained or incorporated by reference).

"**Action**" means any action, claim, suit, inquiry, notice of violation, proceeding or investigation (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened, before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign).

"**Affiliate**" means (a) with respect to an entity, any Person controlling, controlled by or under common control with such entity and (b) with respect to an individual, any immediate family member of such individual, whether by blood or marriage (including spouses, children, parents and siblings). For purposes of this definition, "control" (including "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of securities, partnership or other ownership interests, by contract or otherwise.

"**Aggregate Escrow Amount**" means $300,000.

"**Aggregate Purchase Price**" means $5,000,000.

"**Applicable Law**" means all applicable federal, state, provincial, local or foreign laws (including common laws), statutes, rules, regulations, guidance documents, ordinances, codes, directives, judgments, orders (judicial or administrative), decrees, injunctions and writs of any Governmental Authority or any similar provisions having the force or effect of law.

"**Business Day**" shall mean any day other than a Saturday, Sunday or other day on which commercial banking institutions in New York, New York or the Cayman Islands are required or permitted by Applicable Law to be closed.

"**Buyer's Knowledge**" means the actual knowledge of the members of the board of directors of Buyer, as well as the knowledge such individual would have acquired after reasonable due inquiry of his or her direct reports and after otherwise exercising such due diligence as a prudent business person would have made or exercised in the management of his or her business affairs.

"**Class A Shares**" means Class A Ordinary Shares of the Company, par value $0.000625 per share.

"**Class B Shares**" means Class B Ordinary Shares of the Company, par value $0.000625 per share.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Commission**" means the U.S. Securities and Exchange Commission.

"**Company Subsidiary**" means a Subsidiary of the Company.

"**Contract**" means, with respect to any Person, any contract, license, sublicense, mortgage, purchase order, indenture, loan agreement, lease, sublease, agreement or instrument or any binding commitment to enter into any of the foregoing (in each case, whether written or oral) to which such Person is a party or by which any of its assets are bound.

"**Disclosure Schedules**" means the disclosure schedules that have been prepared by the Sellers and delivered to Buyer on the date hereof.

"**Escrow Agent**" means Odyssey Transfer and Trust Company.

"**Excess Net Current Liabilities**" means, to the extent a Net Current Liabilities Adjustment is triggered in accordance with <u>Section 7.06(d)</u>, the amount of any Net Current Liabilities outstanding as of Closing that were not included in the Net Current Liabilities Adjustment reflected in the Sellers' Purchase Price pursuant to <u>Section 2.04(a)</u>.

"**Exchange**" means The Nasdaq Capital Market or another national securities exchange.

"**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended.

"**Excluded Liabilities**" means, without duplication, (a) any Losses arising out of, relating to, or in connection with any and all Transaction Expenses, and (b) the amount of any Excess Net Current Liabilities.

"**Existing Business**" means the businesses conducted by the Company and its Subsidiaries and their respective Affiliates, Representatives and commercial partners of building a privatized large-scale model system that is provided by Innosphere Tech PTE. Ltd and artificial intelligence wealth management advisor services provided by the Wealth AI PTE LTD website platform in the ordinary course consistent with past practices for the twelve months prior to the date hereof.

"**Fundamental Representations**" means, (i) with respect to the Company, the representations and warranties contained in <u>Section 3.01</u>, <u>Section 3.02</u>, <u>Section 3.03</u> and <u>Section 3.30</u> (the "**Company Fundamental Representations**"), (ii) with respect to the Company, the representations and warranties contained in <u>Section 3.17</u> (the "**Company Tax Representations**"), (iii) with respect to each Seller, the representations and warranties contained in <u>ARTICLE IV</u>, and (iv) with respect to Buyer, the representations and warranties contained in <u>Section 5.01</u>, <u>Section 5.02</u>, <u>Section 5.08</u> and <u>Section 5.09</u>.

"**GAAP**" means the U.S. generally accepted accounting principles applied on a consistent basis in effect during the periods involved.

"**Governmental Authority**" means any foreign governmental authority, the United States of America, any state of the United States and any political subdivision of any of the foregoing, and any agency, instrumentality, department, commission, board, bureau, central bank, authority, court or other tribunal, in each case whether executive, legislative, judicial, regulatory or administrative, having jurisdiction over Buyer, any Seller, the Company, any of the Company's Subsidiaries or their respective property.

"**Governmental Order**" means any order, injunction, judgment, decree, determination, ruling, writ, assessment, arbitration or other award of a Governmental Authority.

"**Indebtedness**" means (a) any liabilities for borrowed money or amounts owed in excess of $20,000 (other than accrued liabilities and trade accounts payable incurred in the ordinary course of business), including, without duplication, indebtedness for borrowed money owing to any bank or similar financial institution, including any credit facility, note, bond, debenture, mortgage or other debt instrument or financial debt security (b) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (c) the present value of any lease payments in excess of $20,000 due under leases required to be capitalized in accordance with GAAP.

"**Liabilities**" means all indebtedness, obligations, and other liabilities of a Person (whether known or unknown, asserted, unasserted, direct, indirect, absolute, accrued, contingent, fixed, liquidated, unliquidated or otherwise, whether due or to become due and whether or not required under the applicable accounting principles to be accrued on the financial statements of such Person).

"**Lien**" means any mortgage, pledge, charge, encumbrance, security interest, collateral assignment or other lien or restriction of any kind, whether based on common law, constitutional provision, statute or contract, and shall include reservations, exceptions, encroachments, easements, rights of way, covenants, conditions, restrictions, leases and other title exceptions.

"**Losses**" means any and all losses, liabilities, proceedings, causes of action, costs, damages (including (i) lost profits, diminution of value, consequential damages, special damages, and incidental damages to the extent the reasonably foreseeable consequence of an inaccuracy or breach of a representation, warranty or covenant under this Agreement at the time of entering into this Agreement, and (ii) punitive damages payable to unaffiliated third parties, in each case, regardless of whether or not the amount thereof has been calculated utilizing any multiple or similar valuation methodology, or expenses (including interest, penalties, reasonable attorneys', consultants' and experts' fees and expenses and all amounts paid in investigation, defense or settlement of any of the foregoing).

"**Material Adverse Effect**" means (a) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (b) a material adverse effect on the results of operations, assets, business, or condition (financial or otherwise) of the Company and the Company Subsidiaries, taken as a whole, or (c) a material adverse effect on any Seller's or the Company's ability to perform in any material respect on a timely basis its obligations under any Transaction Document; <u>provided that</u>, with respect to <u>clause (b)</u>, none of the following shall be deemed in themselves, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or will be, a Material Adverse Effect: any adverse change, effect, event, occurrence, state of facts or development attributable to (i) any downturn after the date hereof in general economic conditions, including changes in the credit, debt, securities, financial, capital markets, or in the industry in which the Company and the Company Subsidiaries operate; (ii) the taking of any action required by this Agreement or any other Transaction Document; (iii) any change after the date hereof in applicable Laws after the date hereof; (iv) any actual or potential sequester, stoppage, shutdown, default or similar event or occurrence by or involving any Governmental Authority affecting a national or federal government as a whole; (v) any change in the GAAP after the date hereof; (vi) the commencement, continuation or escalation of a war, riots, material armed hostilities or other material international or national calamity or act of terrorism directly or indirectly involving countries in which the Company and its Subsidiaries operate; (vii) effects arising from or relating to, following the date hereof, any earthquake, hurricane, tsunami, tornado, flood, mudslide or other natural disaster, weather condition, explosion or fire or other force majeure event; (viii) changes in, or effects arising from or relating to, any epidemic, pandemic or disease outbreak, curfews or other restrictions that relate to, or arise out of, any epidemic, pandemic or disease outbreak or material worsening of such conditions threatened or existing as of the date hereof; and (ix) the failure of the Company and the Company Subsidiaries to meet or achieve the results set forth in any internal projection (provided that, this <u>item (ix)</u> shall not prevent a determination that any change or effect underlying such change has resulted in a Material Adverse Effect); provided further that changes, events, Occurrences or circumstances set forth in items (i) and (iii)-(viii) shall be taken into account to the extent they have a disproportionate effect on the Company and Company Subsidiaries relative to other participants in the industry in which the Company and Company Subsidiaries operate.

"**Memorandum and Articles of Association**" means the currently effective third amended and restated memorandum and articles of association of the Company adopted by special resolution dated on March 27, 2025 and effective from March 27, 2025.

"**Most Recent SEC Reports**" means the Company's Annual Report on Form 20-F for the fiscal year ended September 30, 2024 or its other reports and forms filed with the Commission under Sections 12, 13, or 15(d) of the Exchange Act after September 30, 2024 and before the date of this Agreement.

"**Ms. Jiang**" means Ms. Zimuyin Jiang, the Chief Financial Officer of the Company as of the date of this Agreement.

"**Net Current Liabilities**" means (a) cash and cash equivalents, accounts receivable, inventory and prepaid expenses, *minus* (ii) accounts payable, taxes payable, and other liabilities of the Company and its Subsidiaries that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Company and its Subsidiaries as current liabilities, determined in accordance with <u>Schedule C</u>.

"**Occurrences**" means any individual or set of existences, events, developments, omissions, situations, occurrences, circumstances, or state of facts.

"**Organizational Documents**" means (a) in the case of a Person that is a corporation, its articles or certificate of incorporation and its by-laws, regulations or similar governing instruments required by the laws of its jurisdiction of formation or organization; (b) in the case of a Person that is a partnership, its articles or certificate of partnership, formation or association, and its partnership agreement (in each case, limited, limited liability, general or otherwise); (c) in the case of a Person that is a limited liability company, its articles or certificate of formation or organization, and its limited liability company agreement or operating agreement; and (d) in the case of a Person that is none of a corporation, partnership (limited, limited liability, general or otherwise), limited liability company or natural person, its governing instruments as required or contemplated by the laws of its jurisdiction of organization.

"**Ordinary Shares**" means Class A Shares and/or Class B Shares, as applicable.

"**Pending Claims**" means, as of any date of determination, (a) any and all claims for indemnification submitted by any Buyer Indemnitee in good faith on or prior to such date in accordance with <u>ARTICLE VII</u> that have not been finally resolved as of such date of determination or, (b) claims or assertions of a breach of <u>Section 6.09</u> made in good faith by Buyer on or prior to such date that has not been fully resolved as of such date of determination..

"**Permits**" means all permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances and similar rights obtained, or required to be obtained, from Governmental Authorities.

"**Person**" shall mean any individual, corporation, limited liability company, partnership, trust, unincorporated organization, Governmental Authority or any other form of entity.

"**PIPE Subscription Agreements**" means those certain subscription agreements for the PIPE Financing and the Direct Subscription entered into by the Company and respective investors in the PIPE Financing and the Direct Subscription, a form of which is attached hereto as <u>Exhibit A-1</u> and <u>Exhibit A-2</u> for the PIPE Financing and <u>Exhibit A-3</u> for the Direct Subscription.

"**Post-Closing Company**" means the Company and its Subsidiaries, collectively, from and after the Closing.

"**Qualified Accounting Firm**" means a registered public accounting firm as required by the Exchange Act that are independent public accountants within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States).

"**Registrable Securities**" means the "Registrable Securities" pursuant to the PIPE Subscription Agreements.

"**Registration Statement**" means a registration statement on Form F-3 (or Form F-1 if Form F-3 is not available) registering the resale of Registrable Securities.

"**RR Business Day**" means any day other than a Saturday, Sunday, or day on which the Commission is closed or is not accepting, processing or reviewing filings of the type required by <u>Section 6.09(a)</u> of this Agreement, regardless of whether banks remain open.

"**SEC Reports**" means all reports, schedules, forms, statements and other documents filed or furnished by the Company under the Securities Act and Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, prior to the date hereof (including the exhibits thereto and documents incorporated by reference therein and financial statements, notes and schedules thereto).

"**Sellers' Knowledge**" means the actual knowledge of the Sellers, as well as the knowledge such individual would have acquired after reasonable due inquiry of his or her direct reports and after otherwise exercising such due diligence as a prudent business person would have made or exercised in the management of his or her business affairs.

"**Seller Representative**" has the meaning set forth in the Recitals.

"**Subsidiary**" of any Person shall mean any corporation, partnership, joint venture, limited liability company, trust or estate of or in which: (a) such Person or a Subsidiary of such Person is a general partner or (b) more than fifty percent (50%) of (i) the issued and outstanding capital stock or other equity interests having ordinary voting power to elect a majority of the board of directors (or similar body) of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the Occurrence of any contingency), (ii) the interest in the capital or profits of such partnership, joint venture or limited liability company or (iii) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person's other Subsidiaries. For the avoidance of doubt, with respect to the Company, "Subsidiary" shall also mean any subsidiary of the Company as set forth on <u>Section 3.02(a)</u> of the Disclosure Schedules.

"**Taxes**" means all federal, state, county, local, foreign and other taxes (including, without limitation, income, profits, premium, estimated, excise, sales, use, occupancy, gross receipts, franchise, ad valorem, severance, capital levy, production, transfer, withholding, employment, unemployment compensation, payroll-related and property taxes, import duties and other governmental charges and assessments), whether or not measured in whole or in part by net income, and including deficiencies, interest, additions to tax or interest and penalties with respect thereto.

"**Tax Return**" means all returns and reports, amended returns, information returns, statements, declarations, estimates, schedules, notices, notifications, forms, elections, certificates or other documents required to be filed or submitted to any Governmental Authority with respect to the determination, assessment, collection or payment of any Tax or in connection with the administration, implementation or enforcement of, or compliance with, any Tax.

"**Transaction Documents**" means this Agreement, the Escrow Agreement, the New Jiang Agreement, the New Gao Agreement, and each other document, instrument, certificate or agreement executed by one or more Parties in connection with the Secondary Purchase or delivered pursuant to this Agreement.

"**Transaction Expenses**" means the sum of (a) the cash cost of any change of control, bonus, severance (voluntary or otherwise) (including a reasonable estimate of payment or reimbursement for continued coverage under any employee benefit plan), retention or similar payments (whether "single trigger" or "double trigger") that become due and payable by the Company or any of its Subsidiaries pursuant to Contracts entered into at or prior to the Closing as a result of or in connection with the Contemplated Transactions or any other actual or contemplated underwriting, equity, or debt financing, refinancing, recapitalization, change in control transaction, business combination transaction, sale of assets, licensing or similar matter undertaken or pursued by the Company or any of its Subsidiaries prior to the Closing, (b) all costs, fees and expenses incurred by the Company or its Subsidiaries at or prior to the Closing in connection with the negotiation, preparation and execution of this Agreement, the Transaction Documents or any Contemplated Transaction Documents and the consummation of the Contemplated Transactions or the other transactions contemplated hereby or thereby, (c) all costs, fees and expenses incurred by the Sellers in connection with the negotiation, preparation and execution of this Agreement, the Transaction Documents or any Contemplated Transaction Documents and the consummation of the Contemplated Transactions or the other transactions contemplated hereby or thereby, (d) except as set forth on <u>Schedule 1.1(a)</u> of the Disclosure Schedules, all investment banking, brokerage fees and commissions, finders' fees or financial advisory fees, legal accounting, consulting, advisory or other expert fees, costs and expenses payable by the Company at or prior to the Closing or by the Sellers, and (e) the employer portion of any payroll, social security, unemployment and similar Taxes related to amounts payable to the Persons identified in clause (a), in each case of clauses (a) through (e), that are unpaid as of the Closing.

"**Transfer Agent**" means Transhare Corporation, the Company's transfer agent.

**Section 1.02 Construction**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa; the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter genders; and the neuter gender shall include masculine and feminine genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties hereto agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting Party shall not be applied in the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this Agreement, the words "include" and "including," and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words "without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise indicated, all references in this Agreement to "Sections," "Exhibits" and "Schedules" are intended to refer to Sections of this Agreement and Exhibits or Schedules to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The headings contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All references to "dollars" or "$" or "US$" in this Agreement or any other Transaction Document, unless otherwise indicated, refer to U.S. dollars, which is the currency used for all purposes in this Agreement and any other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each capitalized term used in this Agreement shall have the meaning set forth in this <u>ARTICLE I</u> or another Section of this Agreement.

**ARTICLE II<br> PURCHASE AND SALE**

**Section 2.01 Purchase and Sale.** Upon and subject to the terms and conditions set forth in this Agreement (including any Net Current Liabilities Adjustment and funding a portion of the Aggregate Purchase Price into escrow), at the Closing (as defined below), each Seller shall sell, assign, transfer, convey and deliver to Buyer, and Buyer shall purchase, acquire and accept from each Seller, all of such Seller's right, title and interest in and to all of the Sale Securities as set forth opposite such Seller's name under the column entitled "Sale Securities" on <u>Schedule A</u> hereto, free and clear of any and all Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Association), together with all rights, privileges and powers appurtenant thereto, including without limitation, all voting rights and control associated with the Sale Securities for the purchase price set forth opposite such Seller's name under the column entitled "Purchase Price" on <u>Schedule A</u> hereto (with respect to each Seller, such Seller's "**Purchase Price**").

**Section 2.02 Closing.** Subject to the terms and conditions contained in this Agreement and satisfaction or waiver of the conditions set forth in <u>Section 2.05</u> (other than those conditions that by their nature are to be satisfied by actions taken at the Closing, but subject to their satisfaction or waiver at the Closing), the closing of the Secondary Purchase (the "**Closing**") shall take place on the date of consummation of the Direct Subscription and PIPE Financing remotely via telephone or video conference (the "**Closing Date**"). For the avoidance of doubt, the Secondary Purchase, the Direct Subscription and the PIPE Financing shall be considered part of an integrated transaction and the Closing shall not occur or be valid unless all of the Secondary Purchase, the Direct Subscription and the PIPE Financing are completed together at the Closing.

**Section 2.03 Seller Closing Deliverables.** Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, the Sellers shall deliver or cause to be delivered to Buyer the following (provided that the items described in clauses (i), (k) (except for information of selling shareholders under Form F-3, the securities of the Company held by selling shareholders and the intended method of disposition of the Registrable Securities), (l), (m), (n), (o), (p), (q), (r), (s) and (t), have been delivered concurrently with delivery of this Agreement to be held in escrow by the Parties until the Closing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Sale Securities, which delivery shall by effectuated by each Seller providing a Stock Power to the Transfer Agent of the Company, duly executed by such Seller, instructing the transfer of such Seller's Sale Securities to Buyer in book-entry form, free and clear of all Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Association), in the name of the Buyer (or its nominee in accordance with its delivery instructions), or to a custodian designated by Buyer, as applicable. Each book entry for the Sale Securities shall contain a legend in substantially the following form:

[NEITHER] THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certified true copy of list of Class A Ordinary Shares and Class B Ordinary Shares prepared by the Transfer Agent, dated as of the Closing Date and duly certified by a director of the Company, evidencing the completion of the Secondary Purchase and the ownership by the Buyer of all of the Sale Securities as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Seller shall deliver, or cause to be delivered, to the Buyer, a copy of the stock power form, duly executed by such Seller, in respect of the transfer of the Sale Securities of such Seller, substantially in the form attached hereto as <u>Exhibit B</u> (each, a "**Stock Power**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Escrow Agreement, duly executed by the Seller Representative and the Escrow Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a certificate duly executed by a duly appointed officer of the Company, dated as of the Closing Date, in form and substance reasonably satisfactory to Buyer, certifying, respectively, (i) the Company's Organizational Documents in effect as of the Closing Date, and (ii) the resolutions duly adopted by the board of directors of the Company (the "**Company Board**") authorizing and approving the Contemplated Transactions, the Contemplated Transaction Documents and the transactions and obligations contemplated thereby, which resolutions shall have been certified as true and complete, and in full force and effect without rescission, revocation, or amendment as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a certificate of good standing in respect of the Company issued by the Registrar of Companies in the Cayman Islands, dated no earlier than seven (7) Business Days prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect the Sale Securities which are Class B Shares, a written notice by each relevant Seller of the relevant Sale Securities which are Class B Shares addressed to the Company stating that such Seller elects to transfer such number of Class B Shares specified therein to another Person, accompanied by an instrument of transfer with respect to such Class B Shares, duly executed by such relevant Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a pro forma consolidated balance sheet of the Company and its Subsidiaries as of immediately prior to Closing prepared in accordance with GAAP based on a good faith estimate by the Company (the "**Pro Forma Balance Sheet**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a consolidated balance sheet of the Company and its Subsidiaries as of August 31, 2025 prepared in accordance with GAAP (the "**Latest Balance Sheet**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a certificate duly executed by Ms. Zimuyin Jiang, in her capacity as Chief Financial Officer of the Company (the "**CFO Certificate**") certifying (i) the Latest Balance Sheet as a fair presentation of the financial condition of the Company and its Subsidiaries on a consolidated basis as of August 31, 2025 (the "**Latest Balance Sheet Date**"), (ii) the Pro Forma Balance Sheet as a good faith presentation of the financial condition of the Company and its Subsidiaries as of immediately prior to the Closing, and (iii) as of immediately prior to the Closing, there has been no material increase in non-current liabilities of the Company or its Subsidiaries since the Latest Balance Sheet Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) substantially final Form F-3 ready for filing with the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a lock-up agreement, substantially in the form attached hereto as <u>Exhibit C-1</u>, duly executed by the parties set forth on <u>Section 2.03(l)</u> of the Disclosure Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a lock-up agreement, substantially in the form attached hereto as <u>Exhibit C-2</u>, duly executed by the parties set forth on <u>Section 2.03(m)</u> of the Disclosure Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) an employment agreement for Ms. Jiang (the "**New Jiang Agreement**") substantially in the form attached hereto as <u>Exhibit D</u>, duly executed by the parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) an employment agreement for Wei Gao (the "**New Gao Agreement**"), substantially in the form attached hereto as <u>Exhibit E</u>, duly executed by the parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the Warrant Termination Agreements, substantially in the form attached as <u>Exhibit F</u>, duly executed by the Company and the parties set forth on <u>Section 2.03(p)</u> of the Disclosure Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the Limited Release Agreement, substantially in the form attached as <u>Exhibit G</u>, duly executed by the Company and the parties set forth on <u>Section 2.03(q)</u> of the Disclosure Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) copies of the duly executed resignations, effective as of Closing, of the employees set forth on <u>Section 2.03(r)</u> of the Disclosure Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) copy of the duly executed resignation, effective as of Closing, of Mr. Komoda Kazuho in his capacity as a director, Chairman of the Company Board, and Chief Executive Officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) copies of the duly executed releases, effective as of Closing, required pursuant to <u>Section 6.</u><u>07</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the Termination Agreement by and between the Company and its financial advisor, duly executed by the parties thereto.

**Section 2.04 Buyer's Closing Deliverables.** At the Closing, Buyer shall deliver or cause to be delivered the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately available funds by wire transfer to the bank account(s) designated by the Seller Representative an amount equal to (I) the Aggregate Purchase Price, *minus* (II) the Aggregate Escrow Amount, and *minus* (III) the total amount of any Net Current Liabilities Adjustment (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Aggregate Escrow Amount into an escrow account (the "**Escrow Account**") established pursuant to the terms and conditions of an escrow agreement by and among Buyer, the Seller Representative and the Escrow Agent substantially in the form of <u>Exhibit H</u> (the "**Escrow Agreement**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Escrow Agreement, duly executed by a representative of Buyer and the Escrow Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect the Sale Securities which are Class B Shares, an instrument of transfer with respect to such Class B Shares, duly executed by Buyer.

**Section 2.05 Closing Conditions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligation of Buyer, on the one hand, and the Sellers, on the other hand, to effect the Closing is subject to the satisfaction or waiver by the Seller Representative and Buyer at or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no temporary restraining order, preliminary or permanent injunction or other judgment or order issued by any Governmental Authority, and no Applicable Law shall be in effect restraining, enjoining, making illegal or otherwise prohibiting the consummation of the Secondary Purchase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the concurrent consummation of the Direct Subscription and PIPE Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of Buyer to effect the Closing is also subject to the satisfaction or waiver by Buyer at or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Sellers shall have performed in all material respects all obligations required to be performed by the Sellers pursuant to this Agreement at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all of the representations and warranties made by the Sellers in <u>ARTICLE III</u> of this Agreement (other than the Company Fundamental Representations) shall be true and correct in all material respects as of the Closing Date as though made on and as of the Closing Date (except to the extent such representations and warranties expressly speak as of an earlier date, in which case such representations and warranties shall be true and correct as of such date); except (A) to the extent that such representations and warranties are qualified by the term "material" or "Material Adverse Effect", in which case such representations and warranties shall be true and correct in all respects as of the Closing Date as though made on and as of the Closing Date, and (B) the Company Fundamental Representations shall be true and correct in all respects as of the Closing Date as though made on and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all of the representations and warranties made by the Sellers in <u>ARTICLE IV</u> of this Agreement and in any certificate or instrument delivered to the Buyer in connection with this Agreement shall be true and correct in all respects as of the Closing Date as though made on and as of the Closing Date (except to the extent such representations and warranties expressly speak as of an earlier date, in which case such representations and warranties shall be true and correct as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no suspension of the listing on the Exchange of the Class A Shares shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Sellers shall have delivered or caused to be delivered to Buyer each of the certificates, instruments, agreements, documents and other items required to be delivered pursuant to <u>Section 2.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligation of the Sellers to effect the Closing is also subject to the satisfaction or waiver by the Seller Representative at or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Buyer shall have performed in all material respects all obligations required to be performed by the Buyer pursuant to this Agreement at or prior to the Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all of the representations and warranties made by the Buyer in <u>ARTICLE V</u> of this Agreement and in any certificate or instrument delivered to the Sellers in connection with this Agreement shall be true and correct in all respects as of the Closing Date as though made on and as of the Closing Date (except to the extent such representations and warranties expressly speak as of an earlier date, in which case such representations and warranties shall be true and correct as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Buyer shall have delivered to the Sellers each of the certificates, instruments, agreements, documents and other items required to be delivered pursuant to <u>Section 2.04(c)-(d)</u> at or prior to the Closing Date.

**Section 2.06 Tax Withholding**. Buyer and the Company shall be entitled to deduct and withhold from each Seller's Purchase Price all Taxes that Buyer and the Company are required to withhold under any provision of Applicable Law. Buyer and/or the Company shall provide each Seller notice of its intent to make (and the basis for) such withholding at least three (3) days prior to the Closing Date and the Parties shall cooperate in good faith to minimize or eliminate any such withholding. All such withheld amounts shall be treated as delivered to the Sellers hereunder.

**ARTICLE III<br> REPRESENTATIONS AND WARRANTIES relating to the company**

As a material inducement to Buyer to enter into this Agreement and consummate the transactions contemplated hereby, each Seller hereby represents and warrants to Buyer that, except (x) as otherwise disclosed or incorporated by reference in the Most Recent SEC Reports (excluding (aa) any disclosures in any "risk factors" section that do not constitute statements of fact, disclosures in any forward-looking statements, and disclaimers and other disclosures that are generally cautionary, predictive or forward-looking in nature, (bb) any information incorporated by reference into the Most Recent SEC Reports (other than from other Most Recent SEC Reports), and (cc) any information or disclosure subject to a confidential treatment order and not otherwise publicly available), and (y) as set forth in the Disclosure Schedules, all of the statements contained in this <u>ARTICLE III</u> are correct, true and complete as of the date hereof and as of the Closing Date immediately prior to Closing:

**Section 3.01 Organization; Authorization and Qualification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and each of its Subsidiaries has been duly incorporated or organized, is validly existing as a corporation or other business entity under the laws of its jurisdiction of incorporation or organization and is in good standing under the laws of its jurisdiction of incorporation or organization, with requisite corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted. Neither the Company nor any of its Subsidiaries is in violation nor default of any of the provisions of its respective Organizational Documents. Each of the Company and its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in a Material Adverse Effect and no Action has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the date hereof, such Seller has given notice to the Company of its desire to sell or otherwise transfer its Sale Securities pursuant to the Organizational Documents of the Company, and the Company Board has duly adopted resolutions, pursuant to and in accordance with all Applicable Law, approving the Contemplated Transactions, including (i) approving the acquisition of the Sale Securities by Buyer and (ii) approving this Agreement and the Transaction Documents, which resolutions have not been rescinded, modified or withdrawn in any way.

**Section 3.02 Capitalization**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The authorized share capital of the Company is US$1,000,000 divided into (a) 1,440,000,000 Class A Ordinary Shares of a par value of US$0.000625 each, and (b) 160,000,000 Class B Ordinary Shares of a par value of US$0.000625 each. The total number of Class A Ordinary Shares and Class B Ordinary Shares issued and outstanding is 78,750,655, of which 70,346,624.2 are Class A Shares and 8,404,030.8 are Class B Shares. <u>Section 3.02(a)</u> of the Disclosure Schedules sets forth the name of each Company Subsidiary and the jurisdiction in which it is incorporated or organized, and identifies, in the case of the Company, the Sellers' shareholding interests in the Company, and in the case of each Subsidiary, their respective registered shareholders and their shareholding interests. The Company does not own or control, directly or indirectly, any interest in any Person, other than the Subsidiaries of the Company set forth on <u>Section 3.02(a)</u> of the Disclosure Schedules. All of the equity securities of the Company and each Company Subsidiary are duly authorized, validly issued, and are fully paid and nonassessable. The shareholders and owners listed in <u>Section 3.02(a)</u> of the Disclosure Schedules are the sole record holder of the shares in or charter capital of each Company Subsidiary, free from all Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Association). Except as set forth in <u>Section 3.02(a)</u> of the Disclosure Schedule, there are no shares of the Company reserved for future issuance pursuant to any warrants, plans, awards, instruments, arrangements or other outstanding rights or Company plans except for Class A Shares available for issuance upon conversion of Class B Shares or as required for purposes of the Contemplated Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth in <u>Section 3.02(b)</u> of the Disclosure Schedule, with respect to the Company and any Company Subsidiary (a) there are no options, warrants, calls, rights, convertible securities, commitments or agreements (which, for purposes of this Agreement, shall be deemed to include "phantom" stock or other commitments that provide any right to receive value or benefits similar to capital stock or other similar rights) of any character to which the Company or any Company Subsidiary is a party or by which the Company or any Company Subsidiary is bound obligating the Company or any Company Subsidiary to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock or obligating the Company to grant, extend or enter into any such option, warrant, call, right, commitment or agreement, (b) there are no outstanding contractual obligations of the Company or any other Person to repurchase, redeem or otherwise acquire any shares of capital stock of the Company or any Company Subsidiary, and (c) there are no outstanding securities of any kind convertible into or exchangeable or exercisable for the capital stock of the Company or any Company Subsidiary. There are no statutory or contractual preemptive rights or rights of first offer or refusal or similar rights with respect to any shares of capital stock of the Company or any Company Subsidiary, and there are no declared and unpaid dividends or distributions on any shares of capital stock of the Company or any Company Subsidiary. There are no securities or instruments issued by or to which the Company or any Company Subsidiary is a party containing anti-dilution or similar provisions that will be triggered by the sale and transfer of Sale Securities that have not been validly waived.

**Section 3.03 Sale Securities**. The Sale Securities have been duly authorized and validly issued by the Company, are fully paid and non-assessable, and, when sold, transferred and delivered to Buyer against full payment for the Sale Securities in accordance with the terms of this Agreement, (a) will not have been issued or transferred in violation of or subject to any preemptive or similar rights created under the Memorandum and Articles of Association or under Applicable Laws, and (b) will not, in the case of the Sale Securities that are Class B Shares, trigger the conversion of any such Class B Shares into Class A Shares under the Memorandum and Articles of Association or under Applicable Laws. The Sale Securities collectively confer upon the holder thereof the voting power and rights as set forth in the Memorandum and Articles of Association.

**Section 3.04 SEC Reports.** The Company has filed or furnished, as the case may be, all reports, statements, schedules, prospectuses, proxies, registration statements, forms and other documents required to be filed or furnished by it under the Exchange Act, including pursuant to Section 13(a) or 15(d) of the Exchange Act, for the twelve (12) months preceding the date hereof on a timely basis or has received a valid extension of such time of filing or furnishment and has filed or furnished any such SEC Reports prior to the expiration of any such extension. As of their respective dates (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such filing), the SEC Reports filed and furnished by the Company complied in all material respects with the requirements of the U.S. Securities Act of 1933 (as amended, the "**Securities Act**"), and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed or furnished (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such filing) by the Company, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. All material agreements to which the Company or any Subsidiary is a party or to which the property or assets of the Company or any Subsidiary are subject are included as part of or identified in the Most Recent SEC Reports, to the extent such agreements are required to be included or identified pursuant to the rules and regulations of the Commission. None of the Most Recent SEC Reports are subject to ongoing review or outstanding investigation by the Commission.

**Section 3.05 Exchange Communications**. The Company has informed and made available to Buyer all material letters, filings, correspondence, communications, documents, responses, undertakings and submissions in any form, including any material amendments, supplements and/or modifications thereof made to an Exchange in connection with the Contemplated Transactions. All information disclosed or made available in writing or orally from time to time by or on behalf of the Company to an Exchange in respect of the Contemplated Transactions, including application(s) to the Exchange for listing of Class A Shares issued or issuable in connection with the Contemplated Transactions if required by an Exchange, was and remains consistent with the terms and conditions of the Contemplated Transaction Documents in all material respects.

**Section 3.06 Financial Statements**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The consolidated financial statements and notes of the Company contained or incorporated by reference in the SEC Reports (collectively, the "**Financial Statements**") fairly and accurately present, in all material respects, the financial condition and the results of operations, changes in shareholders' equity and cash flows of the Company and its Subsidiaries as of the relevant time that they relate to as at the respective dates of, and for the periods referred to in, such Financial Statements, subject, in the case of interim financial statements, to normal recurring year-end adjustments (the effect of which will not, individually or in the aggregate, be material to the Company and its Subsidiaries as of the relevant time, taken as a whole) and the absence of footnotes, and (i) were prepared in accordance with: (A) the accounting principles applied on a consistent basis during the periods involved; and (B) Regulation S-X under the Securities Act or Regulation S-K under the Securities Act, as applicable, (ii) were prepared from the books and records of the Company and its Subsidiaries as of the relevant time, and (iii) were prepared in good faith based upon reasonable assumptions made by the Company on a basis consistent with the basis employed in such books and records for the relevant periods. Other than disclosed in <u>Section 3.06(a)</u> of the Disclosure Schedules, the Company has no material off-balance sheet arrangements that are not disclosed in the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and its Subsidiaries have no Liabilities of the type required to be reflected or reserved for on a balance sheet prepared in accordance with applicable accounting principles, other than Liabilities (i) set forth in or reserved against or otherwise reflected in the Financial Statements or in the notes thereto, (ii) arising in the ordinary course of business of the Company and its Subsidiaries since the date of the most recent balance sheet included in the Financial Statements, or (iii) incurred in connection with the transactions contemplated hereunder or the Contemplated Transactions and disclosed to Buyer in writing. Other than disclosed in <u>Section 3.06(b)</u> of the Disclosure Schedules, neither the Company nor any Company Subsidiary has any secured creditors holding a security interest or outstanding Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since the date of the latest audited financial statements included within the SEC Reports, (i) there has been no event, Occurrence or development that has had or that would reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not altered its method of accounting, (iii) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (iv) the Company has not issued any equity securities to any officer, director or Affiliate, except as disclosed in <u>Section 3.06(c)</u> of the Disclosure Schedules. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the Contemplated Transactions or as set forth on <u>Section 3.06(c)</u> of the Disclosure Schedules, no event, liability, fact, circumstance, Occurrence or development has occurred or exists, or is reasonably expected to occur or exist, with respect to the Company or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Business Day prior to the date that this representation is made.

**Section 3.07 Actions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as disclosed in <u>Section 3.07(a)</u> of the Disclosure Schedules, (i) there are no pending Actions against such Seller or the Company or any Company Subsidiary, or any of their properties or assets, or any of the directors, managers or officers of the Company or any Company Subsidiary with regard to their actions as such which, if determined adversely, would reasonably be expected to adversely affect the ability of such Seller to timely consummate the Secondary Purchase or otherwise adversely affect or challenge the legality, validity, or enforceability of any of the Transaction Documents or transactions contemplated therein, or, if resolved adversely, would reasonably be expected to result in a Material Adverse Effect, (ii) there are no pending or to the Sellers' Knowledge, threatened audit, examination, enquiry or investigation by any Governmental Authority against the Company or any Company Subsidiary, or any of their properties or assets, or any of the directors, managers or officers of the Company or any Company Subsidiary with regard to their actions as such, and no facts exist that would reasonably be expected to form the basis for any such audit, examination, enquiry or investigation; (iii) there is no pending Action or to the Sellers' Knowledge threatened Action in writing, or investigation, by the Company or any Company Subsidiary against any third party; (iv) there is no settlement or similar agreement that imposes any material ongoing obligation or restriction on the Company or any Company Subsidiary; and (v) there is no Governmental Order imposed or to the Sellers' Knowledge, threatened in writing to be imposed upon any of the Company or any Company Subsidiary, or any of its respective properties or assets, or any of the directors, managers or officers of the Company or any Company Subsidiary with regard to their actions as such that would, individually or in the aggregate, result in a Material Adverse Effect. Neither the Company nor any Company Subsidiary, nor any director or officer thereof, is the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the Sellers' Knowledge, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Section 3.07(b)</u> of the Disclosure Schedules, there is no Action pending or, to Sellers' Knowledge, threatened against the Company by the Exchange or the Commission with respect to any intention by such entity to deregister the Class A Shares or prohibit or terminate the listing of the Class A Shares on the Exchange. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements except for those with respect to bidding price deficiency. The Class A Shares are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

**Section 3.08 Title to Properties and Assets.** The Company and its Subsidiaries have good and marketable title to their respective owned properties and assets that are necessary to the business of the Company and its Subsidiaries as currently conducted, in each case, free and clear of all Liens, except for Liens as do not materially affect the value of such property, taken as a whole, and do not interfere in any material respect with the use made or proposed to be made of such properties by the Company and its Subsidiaries, taken as a whole. Any real property and facilities held under lease by the Company or its Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and its Subsidiaries are in compliance, except where such non-compliance would not have or reasonably be expected to have a Material Adverse Effect.

**Section 3.09 Employment.** No labor dispute exists or, to Sellers' Knowledge, is threatened with respect to any of the employees of the Company or its Subsidiaries, which would reasonably be expected to result in a Material Adverse Effect. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement. No executive officer of the Company or any Subsidiary, is, or, to Sellers' Knowledge, is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all Applicable Laws relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

**Section 3.10 Permits.** The Company and its Subsidiaries possess all material Permits as reasonably required to conduct the business of the Company ("**Material Permits**"), and neither the Company nor any Company Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.

**Section 3.11 Intellectual Property.** The Company and its Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have would have a Material Adverse Effect (collectively, the "**Intellectual Property Rights**"). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement, except where such expiration, termination or abandonment would not have or reasonably be expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim that the Intellectual Property Rights violate or infringe upon the rights of any Person, and to Sellers' Knowledge, the Intellectual Property Rights do not violate or infringe upon the rights of any Person. All such Intellectual Property Rights are enforceable and to the Sellers' Knowledge, there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties.

**Section 3.12 Insurance.** The Company and its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary for companies of similar size as the Company in the businesses in which the Company and its Subsidiaries are engaged. Neither the Company nor any Company Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

**Section 3.13 Related Party Transactions.** None of the officers or directors of the Company or any Subsidiary, none of the employees of the Company or any Subsidiary, and no Seller is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors or with respect to the Contemplated Transactions), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case in excess of $20,000 other than for (a) payment of salary or consulting fees for services rendered, (b) reimbursement for expenses incurred on behalf of the Company and (c) other employee benefits, including equity incentives granted under any equity incentive plan of the Company.

**Section 3.14 Sarbanes-Oxley Act.** The Company and its Subsidiaries are in compliance in all material respects with any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended, that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The Company and its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (a) transactions are executed in accordance with management's general or specific authorizations, (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (c) access to assets is permitted only in accordance with management's general or specific authorization, and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and its Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and its Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms.

**Section 3.15 Registration Rights**. <u>Section 3.15</u> of the Disclosure Schedules sets forth a list of all Persons having a right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary. Except as set forth on <u>Section 3.15</u> of the Disclosure Schedules, no Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

**Section 3.16 Valuation; Solvency.** Based on the consolidated financial condition of the Company, (a) the fair saleable value of the Company's assets exceeds the amount that will be required to be paid on or in respect of the Company's existing debts and other liabilities (including known contingent liabilities) as they mature, (b) the Company's assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (c) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. No Seller has knowledge of any facts or circumstances which lead such Seller to believe that the Company will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one (1) year from the Closing Date. No Seller has any knowledge that any creditors of the Company intend to initiate involuntary bankruptcy, insolvency, reorganization or liquidation proceedings or other Actions for relief under any bankruptcy or reorganization laws of any jurisdiction. All outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments is set forth in the Most Recent SEC Reports. Neither the Company nor any Company Subsidiary is in default with respect to any Indebtedness.

**Section 3.17 Taxes.** The Company and its Subsidiaries each (a) has made or filed all U.S. federal, state, local, and foreign Tax returns, reports and declarations required by any jurisdiction in which it is subject to Tax, (b) has paid all Taxes and other governmental assessments and charges, and (c) has set aside on its books provisions reasonably adequate for the payment of all material Taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid Taxes claimed to be due by the taxing authority of any jurisdiction. Neither the Company nor any of its Subsidiaries has ever been a (i) "United States real property holding corporation" within the meaning of Section 897(c)(2) of the Code during the period specified in Section 897(c)(1)(A)(ii) of the Code, or (ii) "passive foreign investment company" within the meaning of Section 1297(a) of the Code.

**Section 3.18 Bribery.** None of the Company, any Subsidiary or any agent or other person acting on behalf of the Company or any Subsidiary has (a) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (b) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (d) violated in any material respect any provision of Foreign Corrupt Practices Act of 1977, as amended.

**Section 3.19 Independent Accounting Firm.** The Company's accounting firm is Yu Certified Public Accountant, P.C. (the "**Accountant**"). The Accountant (a) is a registered public accounting firm as required by the Exchange Act, (b) is independent public accountants within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States), and (c) shall express its opinion with respect to the financial statements to be included in the Company's Annual Report on Form 20-F for the fiscal year ending September 30, 2025. The Accountant, whose report was included on the consolidated financial statements of the Company for the fiscal year ended September 30, 2024, during the periods covered of its report, was a registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). There are no disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between the Company and the accountants formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants which could affect the Company's ability to perform any of its obligations under any of the Transaction Documents. To the Sellers' Knowledge, each of the accountants formerly or presently employed by the Company is not, or was not, in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002, as amended, with respect to the Company.

**Section 3.20 Equity Incentive Plan.** Each share of capital stock granted by the Company under the Company's equity incentive plan was granted in accordance with the terms of the Company's equity incentive plan and Applicable Law. The Company has not granted, and there is no and has been no Company policy or practice to grant, awards under the Company's equity incentive plan prior to, or otherwise coordinate the grant of awards under the Company's equity incentive plan with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

**Section 3.21 IT Systems and Data.** (a) There has been no security breach or other compromise of or relating to any of the Company's or any Subsidiary's information technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, "**IT Systems and Data**") and the Company and its Subsidiaries have not been notified of any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data, except, with respect to those which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (b) the Company and its Subsidiaries are presently in compliance with all Applicable Law or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, individually or in the aggregate, have a Material Adverse Effect; (c) the Company and its Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (d) the Company and its Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.

**Section 3.22 Privacy Laws.** The Company and its Subsidiaries are, and at all times since June 30, 2022 have been, in material compliance with all (a) applicable state, federal and foreign data privacy and security laws and regulations (collectively, "**Privacy Laws**") and (b) contracts to which the Company or any Company Subsidiary is a party and the Company's and Company Subsidiaries' own written policies, each to the extent related to data privacy or security ("**Policies**"). The execution, delivery and performance of the Transaction Documents will not result in a breach of any Privacy Laws or Policies. Neither the Company nor its Subsidiaries (i) has received written notice of any actual or potential liability of the Company or its Subsidiaries under, or actual or potential violation by the Company or its Subsidiaries of, any of the Privacy Laws since June 30, 2022; (ii) is currently conducting or paying for, in whole or in part, any investigation, remediation or other corrective action pursuant to any regulatory request or demand pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement by or with any court or arbitrator or governmental or regulatory authority that imposed any obligation or liability under any Privacy Law.

**Section 3.23 OFAC; Sanctions.** Neither the Company nor any Company Subsidiary or any director, officer, agent, employee, affiliate or representative of the Company or any of its Subsidiaries is an individual or entity ("**Covered Person**") currently the subject or target of any sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control, the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authority (collectively, "**Sanctions**"), nor is the Company located, organized or resident in a country or territory that is the subject of Sanctions; and the Company will not directly or indirectly use any funds, or lend, contribute or otherwise make available such funds to any Subsidiaries, joint venture partners or other Covered Person, to fund any activities of or business with any Covered Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions or in any other manner that will result in a violation by any Covered Person (including any Covered Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.

**Section 3.24 Anti Money Laundering.** The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with the Applicable Laws relating to anti money laundering (collectively, the "**Money Laundering Laws**"), and no Action involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the Sellers' Knowledge, threatened.

**Section 3.25 Investment Company Act.** Neither the Company nor any Company Subsidiary is, and immediately after Closing of the Secondary Purchase neither the Company nor any Subsidiary will be, an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

**Section 3.26 Undisclosed Transactions.** There is no transaction, arrangement, or other relationship between the Company and/or any Company Subsidiary and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in filings to the Commission and is not so disclosed.

**Section 3.27 Material Adverse Effect or Material Adverse Change**. Since September 30, 2024: (i) the Company has not experienced or suffered any Material Adverse Effect, and there exists no current state of facts, condition or event which would have a Material Adverse Effect; and (ii) there has not occurred any material adverse change, or any development that would reasonably be expected to result in a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company from that set forth in the Most Recent SEC Reports.

**Section 3.28 Compliance with Laws**. The business of the Company and each Company Subsidiary is, and has been since June 30, 2022, in compliance with Applicable Laws and Governmental Orders in all material respects, and is not being conducted, and has not been conducted, in violation of any Applicable Laws or Governmental Order applicable to the Company or any Company Subsidiary, except for noncompliance or violations that do not and would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

**Section 3.29 Material Contracts**. The descriptions in the SEC Reports of the material Contracts therein described present fairly in all material respects the information required to be shown, and there are no material Contracts of a character required to be described in the SEC Reports or to be filed as exhibits thereto which are not described or filed as required. All material Contracts between the Company or any of its Subsidiaries and third parties expressly referenced in the SEC Reports are legal, valid and binding obligations of the Company or one or more of its Subsidiaries, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Applicable Laws affecting creditors' rights generally and by general equitable principles.

**Section 3.30 Broker**. Except as set forth in <u>Section 3.30</u> of the Disclosure Schedule, no Person has acted, directly or indirectly, as a broker, finder, agent, investment banker or financial advisor for the Company and any of its Affiliates in connection with the Contemplated Transactions, and no Person is entitled to (a) any fee, commission or like payment from the Company or any of its Affiliates contingent upon Closing of the Contemplated Transactions, or (b) a right of first refusal, right of first offer, or similar right to directly or indirectly, act as a broker, finder, agent, investment banker or financial advisor for the Company or any of its Affiliates in connection with the Contemplated Transactions.

**ARTICLE IV<br> representations and warranties of each seller**

Each Seller hereby represents and warrant to Buyer that all of the statements contained in this <u>Article IV</u> are correct, true and complete with respect to such Seller as of the date hereof and as of the Closing Date immediately prior to Closing:

**Section 4.01 Authority; Binding Effect**. Such Seller has all requisite legal capacity, right, power and authority to enter into, execute and deliver this Agreement and the other Transaction Documents to which such Seller is a party, to carry out such Seller's obligations hereunder and thereunder, and to consummate the Secondary Purchase. This Agreement has been duly and validly executed and delivered by such Seller and (assuming the due authorization, execution and delivery by the other parties hereto) constitutes the legal, valid and binding obligations of such Seller enforceable against such Seller in accordance with its terms.

**Section 4.02 Absence of Conflicts; No Consents**. The execution, delivery and performance by such Seller of this Agreement and the Transaction Documents to which such Seller is a party do not, and the consummation of the Secondary Purchase will not, subject to obtaining the consents, approvals, authorizations and permits (including notice of such to the Buyer) and making the filings set forth on <u>Section 4.02</u> of the Disclosure Schedules, (a) violate, conflict with, or result in any breach of, any of the terms, conditions or provisions of the Company's Organizational Documents or the Organizational Documents of any Company Subsidiary, (b) violate any order, writ, judgment, injunction, decree, statute, law, rule or regulation of any Governmental Authority applicable to such Seller, the Company, or any Company Subsidiary or by which or to which any portion of such Seller's, the Company's or any Company Subsidiary's properties or assets is bound or subject, or (c) result in the creation or imposition of any Lien upon any properties or assets of such Seller or the Company or any Company Subsidiary, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel or give rise to any obligation of such Seller, the Company, or any Company Subsidiary to make any payments under, any Contract to which such Seller, the Company or any Company Subsidiary is a party or any Permit affecting the properties, assets or business of the Company or any Company Subsidiary. No consent, approval, authorization, order registration or declaration of, or filing with, or notice to, any Governmental Authority or any other Person is required by such Seller in connection with the execution, delivery and performance by such Seller of this Agreement and the other Transaction Documents to which such Seller is a party or the consummation by such Seller of the Secondary Purchase, except as set forth on <u>Section 4.02</u> of the Disclosure Schedules.

**Section 4.03 Ownership and Transfer; Title to Sale Securities**. Such Seller is the sole legal, registered and beneficial owner of its Sale Securities, free and clear of any and all Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Association), and will transfer and deliver to the Buyer at the Closing valid, good and marketable title to its Sale Securities, free and clear of all Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Association). Such Seller has the exclusive right to exercise all voting rights attached to its Sale Securities as set forth on <u>Schedule A</u>. No person or entity other than such Seller has any right, title, or interest (whether legal, beneficial, or otherwise) in or to any of its Sale Securities or any right to acquire any such interest. At the Closing, Buyer will acquire legal beneficial and record ownership from such Seller of all of the Sale Securities owned by such Seller free and clear of all Liens (other than those arising under state or federal securities laws or the Memorandum and Articles of Association).

**Section 4.04 Incorporation; Standing**. Such Seller, to the extent such Seller is not a natural person, is duly incorporated, validly existing and in good standing under Applicable Laws of its jurisdiction of organization.

**Section 4.05 No Registration**. Assuming the accuracy of the Buyer's representations and warranties set forth in <u>Article V</u>, the offer and sale of such Seller's Sale Securities to the Buyer in conformity with this Agreement, are exempt from the registration requirements of the Securities Act, and from the registration or qualification requirements of any other applicable securities laws and regulations.

**Section 4.06 Broker.** Except as set forth in <u>Section 4.06</u> of the Disclosure Schedule, no Person has acted, directly or indirectly, as a broker, finder, agent, investment banker or financial advisor for such Seller or any Affiliate of such Seller in connection with the Contemplated Transactions, and no Person is entitled to (a) any fee, commission or like payment from such Seller or any Affiliate of such Seller contingent upon Closing of the Contemplated Transactions, or (b) a right of first refusal, right of first offer, or similar right to directly or indirectly, act as a broker, finder, agent, investment banker or financial advisor for such Seller or any of its Affiliates in connection with the Contemplated Transactions.

**Section 4.07 Litigation**. There is no pending Action or to such Seller's Knowledge, threatened Action, or any investigation, against such Seller, or any of their properties or assets, that would, individually or in the aggregate, reasonably be expected to adversely impact in any material respect the ability of such Seller to consummate the transactions contemplated hereby.

**ARTICLE V**

**REPRESENTATIONS AND WARRANTIES OF BUYER**

Buyer represents and warrants to the Sellers that the statements contained in this <u>Article V</u> are true and correct as of the date hereof and as of the Closing Date immediately prior to Closing of the Contemplated Transactions:

**Section 5.01 Organization and Authority of Buyer.** Buyer is duly organized, validly existing, and in good standing under the laws of its jurisdiction of incorporation. Buyer has full corporate power and authority to enter into this Agreement and the other Transaction Documents to which Buyer is a party, to carry out its obligations hereunder and thereunder, and to consummate the Secondary Purchase. The execution and delivery by Buyer of this Agreement and any other Transaction Document to which Buyer is a party, the performance by Buyer of its obligations hereunder and thereunder, and the consummation by Buyer of the Secondary Purchase have been duly authorized by all requisite corporate action on the part of Buyer. This Agreement and each Transaction Document to which Buyer is a party constitute legal, valid, and binding obligations of Buyer enforceable against Buyer in accordance with their respective terms.

**Section 5.02 No Conflicts; Consents.** The execution, delivery, and performance by Buyer of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the Secondary Purchase, do not and will not: (a) violate or conflict with any provision of the certificate of formation, company agreement, or other governing documents of Buyer or (b) violate or conflict with any provision of any Applicable Law or Governmental Order applicable to Buyer.

**Section 5.03 Accredited Investor.** Buyer is an accredited investor as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

**Section 5.04 Investment Purpose.** Buyer is purchasing the Sale Securities for its own account and not with a present view towards the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the Securities Act.

**Section 5.05 Information.** To Buyer's Knowledge, Buyer and its advisors, if any, have been furnished with all materials relating to the business, finances and operations of the Company which have been requested by Buyer or its advisors. Buyer and its advisors, if any, have been afforded the opportunity to ask questions of the Company regarding its business and affairs.

**Section 5.06 Investment Risk.** Buyer acknowledges that it is aware that there are risks incident to the purchase and ownership of the Sale Securities. Buyer has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Sale Securities, and Buyer has had an opportunity to seek, and has sought, such accounting, legal, business and tax advice as Buyer has considered necessary to make an informed investment decision, and has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment. Buyer acknowledges that it (a) is a sophisticated investor, experienced in investing in business and financial transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities, and (b) has exercised independent judgment in evaluating its purchase of the Sale Securities. Alone, or together with any professional advisor(s), Buyer represents and acknowledges that Buyer has adequately analyzed and fully considered the risks of an investment in the Sale Securities and determined that the Sale Securities are a suitable investment for Buyer and that the Buyer is able to bear the economic risk of the Buyer's investment in the Company.

**Section 5.07 Transfer or Re-sale.** Buyer understands that the sale or resale of the Sale Securities has not been and is not being registered under the Securities Act or any applicable state securities laws, and the Sale Securities may not be transferred unless the Sale Securities are offered and is sold pursuant to an effective registration statement under the Securities Act and registration or qualification under applicate state securities laws, and/or valid exemption(s) therefrom. Buyer understands and agrees that the Sale Securities will be subject to transfer restrictions under the Securities Act and applicable state securities laws and, as a result of these transfer restrictions, Buyer may not be able to readily offer, resell, transfer, pledge or otherwise dispose of any of the Sale Securities and may be required to bear the financial risk of an investment in the Sale Securities for an indefinite period of time.

**Section 5.08 Broker.** Except as set forth in Schedule 5.08 hereto, no Person has acted, directly or indirectly, as a broker, finder, agent, investment banker or financial advisor for Buyer or any Affiliate of Buyer in connection with the Contemplated Transactions, and no Person is entitled to (a) any fee, commission or like payment from Buyer or any Affiliate of Buyer contingent upon Closing of the Contemplated Transactions, or (b) a right of first refusal, right of first offer, or similar right to directly or indirectly, act as a broker, finder, agent, investment banker or financial advisor for Buyer or any of its Affiliates in connection with the Contemplated Transactions.

**Section 5.09 Litigation**. There is no pending Action or to Buyer's Knowledge, threatened Action in writing, or any investigation, against Buyer, or any of their properties or assets, that would, individually or in the aggregate, reasonably be expected to adversely impact in any material respect the ability of Buyer to consummate the transactions contemplated hereby.

**ARTICLE VI<br> COVENANTS**

**Section 6.01 Confidentiality.** From and after the date of this Agreement, including from and after Closing, each Seller shall, and shall cause its Affiliates and its and their respective directors, officers, employees, consultants, financial advisors, counsel, accountants, and other agents (collectively, the "**Representatives**") to hold, in confidence any and all information, in any form, concerning the Company, the Company Subsidiaries, and the Contemplated Transactions (including the existence of the Contemplated Transactions) except to the extent that such Seller can show that such information: (a) is generally available to and known by the public through no fault of such Seller; or (b) is lawfully acquired by such Seller from and after the Closing from sources which are not prohibited from disclosing such information by a legal, contractual, or fiduciary obligation. If a Seller or any of its Representatives are compelled to disclose any information by Governmental Order or Applicable Law, such Seller shall promptly notify Buyer or the Company in writing, so that the Buyer and the Company may seek a protective order or other remedy. In the event that such protective order or other remedy is not obtained by the Buyer or the Company, such Seller and its Representatives shall disclose only that portion of such information which, on the written opinion of counsel, is legally required to be disclosed; *provided*, that such Seller and its Representatives shall use reasonable best efforts to obtain assurances that confidential treatment will be accorded such information.

**Section 6.02 Transfer of Voting Power.** Each Seller shall take all actions necessary, including the execution and delivery of any required documents or instructions to the Transfer Agent, to ensure that, upon Closing, all voting rights and powers associated with the Sale Securities are fully and unconditionally transferred to Buyer, and that Buyer is recognized as the sole holder of such voting power by the Company. No Seller shall take any action that would impair, limit, or otherwise affect the voting rights of the Sale Securities following the Closing.

**Section 6.03 Further Assurances.** From and after the date hereof and following the Closing, each of the Parties hereto shall, and shall cause their respective Affiliates to, execute and deliver such additional documents and instruments and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the Secondary Purchase. In addition, subject to the terms and conditions of this Agreement, in the event that at any time prior to or after the Closing any further action is necessary or desirable to carry out the purposes of this Agreement, each of the Parties hereto will take such further action as any other party hereto reasonably may request, other than the payment of money or such action as might adversely affect the other Party.

**Section 6.04 Form 6-K.** The Sellers shall, within the timeframe required thereby, cooperate with the Company and Buyer to file a mutually satisfactory Form 6-K pursuant to Section 13 or 15(d) of the Exchange Act disclosing the change in control of the Company that shall occur pursuant to this Agreement, and the Sellers shall ensure that the Company has all necessary codes, logins and other information to cause such filing. Each Seller shall furnish to the Company and Buyer all information concerning itself as may be reasonably necessary for purposes of such filing.

**Section 6.05 Conduct of the Business of the Company.** Except as set forth in <u>Section 6.05</u> of the Disclosure Schedules or as expressly provided herein or any Contemplated Transaction Document or as consented to in writing by Buyer (which consent shall not be unreasonably withheld, conditioned or delayed), or to the extent necessary to comply with any Applicable Law, from and after the date of this Agreement until the earlier of (i) the termination of this Agreement in accordance with its terms or (ii) the Closing, the Sellers shall cause the Company and each Company Subsidiary to, act and carry on its business in the ordinary course consistent with past practice. Without limiting the generality of the foregoing, except as set forth in <u>Section 6.05</u> of the Disclosure Schedules or as expressly provided herein or pursuant to the Contemplated Transactions or to the extent necessary to comply with any Applicable Law, from and after the date of this Agreement until the earlier of the termination of this Agreement in accordance with its terms and the Closing, the Sellers shall cause the Company not to, and shall not permit any of the Company's Subsidiaries to, directly or indirectly, do any of the following without the prior written consent of Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue, deliver, sell, grant, pledge or otherwise dispose of or encumber any shares of its capital stock, any other voting securities or any securities convertible into or exchangeable for, or any rights, warrants or options to acquire, any such shares, voting securities or convertible or exchangeable securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commence any offering of shares or securities of the Company or its Subsidiaries, including pursuant to any employee stock purchase plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sell, dispose of or otherwise transfer any assets material to the Company and its Subsidiaries, taken as a whole or the Existing Business (including any accounts, leases, contracts or intellectual property or any assets or the stock of any of its Subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter into any material transaction or Contract or agreement outside the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) initiate, threaten, compromise or settle any litigation or arbitration proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any other action or omit to take any action outside the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make, revoke or amend any Tax election; change any annual accounting period; adopt or change any method of accounting or reverse any accruals (except as required by a change in Applicable Law or GAAP); file any amended Tax Returns; sign or enter into any closing agreement or settlement agreement with respect to any, or compromise any, claim or assessment of Tax Liability; surrender any right to claim a refund, offset or other reduction in liability; consent to any extension or waiver of the limitations period applicable to any claim or assessment, in each case, with respect to Taxes; or act or omit to act where such action or omission to act could reasonably be expected to have the effect of increasing any present or future Tax Liability or decreasing any present or future Tax benefit for the Company or any of its Subsidiaries, or the Buyer or its Affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) authorize any of, or commit or agree, in writing or otherwise, to take any of, the foregoing actions or any action that would make any representation or warranty of the Sellers in this Agreement untrue or incorrect in any material respect, or would materially impair, delay or prevent the satisfaction of any conditions in <u>Section 2.05(a)</u> or <u>(b)</u> hereof.

**Section 6.06 Release**. Effective upon the Closing, each Seller, on behalf of itself and its administrators, executors, trustees, beneficiaries, successors, and assigns (collectively, the "**Releasing Parties**") hereby releases, forever discharges, covenants not to sue, and covenants not to assert any claim or demand, or commence, institute or cause to be commenced or voluntarily aid, any Action of any kind against, the Company, any Company Subsidiary, Buyer, Buyer's Affiliates, any of their respective individual, joint or mutual Representatives, direct and indirect equityholders or other controlling Persons, and their respective successors and assigns (collectively, "**Releasees**") from and with respect to any and all claims, dues and demands, Actions, causes of action, orders, obligations, debts and Liabilities whatsoever, whether known or unknown, suspected or unsuspected, both at law and in equity, which the Releasing Parties now have, have ever had or may hereafter have against the respective Releasees on account of or arising out of any matter, cause or Occurrence occurring contemporaneously with or prior to the Closing including those pertaining to the Releasing Parties' relationships, direct and indirect, with the Company (including with respect to equity ownership rights in the Company or rights arising by virtue of their status as directors, officers, partners, members, equityholders, employees or similar capacities of the Company); <u>except for</u> (i) any rights or claims of the Releasing Parties under this Agreement or any other Transaction Documents or claims between any Releasing Parties, in each case, in accordance with the terms of this Agreement or such other Transaction Documents, as applicable, (ii) any claim by the Releasing Parties, if a Releasing Party is an employee of the Company, with respect to claims for salary, or wages owed to the Releasing Party by the Company in the Releasing Party's capacity as an employee of the Company, (iii) subject to <u>Section 7.03(e)</u> and <u>Section 7.06(b)</u>, the Releasing Party's entitlement or rights to (in each instance, as and to the extent applicable) to (a) insurance, if any, maintained by the Company for the benefit or protection of the Company's directors and/or officers, including, as appliable, directors' and officers' liability insurance; (b) any corporate indemnity existing by statute, contract, or pursuant to the provisions of the Memorandum and Articles of Association, articles, by-laws, or other organizational documents of the Company or any Subsidiary of the Company provided in Releasing Party's favour in respect of Releasing Party having acted at any time prior to the Closing as a director, officer, employee or agent, as applicable, of the Company or any Subsidiary of the Company; (c) indemnification pursuant to any indemnification or similar agreement for the benefit or protection of the directors, officers, employees or other agents of the Company or any Subsidiary of the Company, or (d) Releasor's entitlements or rights to receive advancement of expenses or reimbursement of expenses incurred by Releasor pursuant to sub-clause (iii)(b) or (c) above, or (iv) any claim of a Releasing Party that cannot be released by Applicable Law. The Parties acknowledge that this <u>Section 6.06</u> is not an admission of Liability or of the accuracy of any alleged fact or claim. The parties hereto expressly agree that this <u>Section 6.06</u> shall not be construed as an admission in any Action as evidence of or an admission by any Person of any violation or wrongdoing.

**Section 6.07 D&O Release**. Prior to the Closing, the Sellers shall have caused each director and officer of the Company as of the time of the Company Board's approval of the Contemplated Transactions, on behalf of itself and its administrators, executors, trustees, beneficiaries, successors, and assigns to enter into a written release in the form attached hereto as <u>Exhibit I</u>.

**Section 6.08 Post-Closing Conduct of Business**. For a period of six months after the Closing, the Sellers shall use reasonable best efforts to, and to cause their respective Affiliates to use reasonable best efforts to, cause the continuation of the Existing Business.

**Section 6.09 Filing Obligations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sellers shall (i) cause the Registration Statement to be submitted to or filed with the Commission, as soon as reasonably practicable upon the Closing and in any case no later than the second Business Day after the Closing (the "**F-3 Filing Date**"), and (ii) have the Registration Statement declared effective under the Securities Act as soon as practicable after the filing thereof and in any case upon the earlier of (A) the sixtieth (60th) RR Business Day following the F-3 Filing Date if the Commission notifies the Company that it will "review" the Registration Statement and (B) the 5th RR Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be "reviewed" or will not be subject to further review (collectively, the "**F-3 Obligations**"); provided, however, that the F-3 Obligations are contingent upon subscribers under the PIPE Subscription Agreements furnishing in writing to the Company such information regarding subscribers, the securities of the Company held by subscribers and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Company to effect the registration of the Registrable Securities, and subscribers shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling shareholder in similar situations, including providing that the Company shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement as permitted under section 5.c of the PIPE Subscription Agreements. In the event that any of the F-3 Obligations is not timely satisfied, except to the extent the failure to timely satisfy such F-3 Obligation is primarily due to any actions taken or omitted to be taken by the Company after the Closing that is not in accordance with (A) GAAP, and (B) Regulation S-X under the Securities Act or Regulation S-K under the Securities Act, as applicable, or without reasonable prior consultation with Ms. Jiang or the Qualified Accounting Firm, the Sellers shall, severally and jointly, pay liquidated damages to Buyer in the amount of US$420,000 (the "**F-3 Liquidated Damages**"). Buyer may elect, in its sole discretion, to satisfy a portion of the F-3 Liquidated Damages by drawing from the Escrow Account, with the Sellers remaining jointly and severally liable for the balance of such liquidated damages. The F-3 Liquidated Damages shall constitute the sole and exclusive monetary remedy of Buyer, Buyer's Affiliates, and the Post-Closing Company against the Sellers with respect to failure to satisfy the F-3 Obligations. Buyer and the Sellers each acknowledges that (i) the agreements contained in this <u>Section 6.09(a)</u> are an integral part of the Contemplated Transactions, and (ii) the damages resulting from the failure to satisfy the F-3 Obligations are uncertain and incapable of accurate calculation and therefore, the amount payable pursuant to this <u>Section 6.09(a)</u> is not a penalty but rather constitutes a reasonable amount of Losses that will compensate Buyer and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sellers shall cause the 2025 Form 20-F, signed and certified by Ms. Jiang in her capacity as Chief Accounting Officer and principal financial officer of the Company and including an unqualified audit opinion by a Qualified Accounting Firm with respect to the financial statements included in the 2025 Form 20-F, to be filed timely with the Commission on or before January 30, 2026 (collectively, the "**2025 Filing Obligation**"). In the event that the 2025 Filing Obligation is not timely satisfied, except to the extent the failure to timely satisfy the 2025 Filing Obligation is primarily due to any actions taken or omitted to be taken by the Company after the Closing that is not in accordance with (A) GAAP, and (B) Regulation S-X under the Securities Act or Regulation S-K under the Securities Act, as applicable, or without reasonable prior consultation with Ms. Jiang or the Qualified Accounting Firm, the Sellers shall, severally and jointly, pay liquidated damages to Buyer in the amount of US$700,000 (the "**20-F Liquidated Damages**"). Buyer may elect, in its sole discretion, to satisfy a portion of the 20-F Liquidated Damages by drawing from the Escrow Account, with the Sellers remaining jointly and severally liable for the balance of such liquidated damages. The 20-F Liquidated Damages shall constitute the sole and exclusive monetary remedy of Buyer, Buyer's Affiliates, and the Post-Closing Company against the Sellers with respect to failure to satisfy the 2025 Filing Obligation. Buyer and the Sellers each acknowledges that (i) the agreements contained in this <u>Section 6.09(b)</u> are an integral part of the Contemplated Transactions, and (ii) the damages resulting from the failure to satisfy the 2025 Filing Obligation are uncertain and incapable of accurate calculation and therefore, the amounts payable pursuant to this <u>Section 6.09(b)</u> are not a penalty but rather constitute a reasonable amount of Losses that will compensate Buyer and its Affiliates.

**Section 6.10 Reverse Share Split**. Until the one (1) year anniversary of the Closing, Buyer shall use its best efforts to cause the Post-Closing Company to effect any reverse share split or equivalent action solely for the purpose of regaining compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the "**Minimum Bid Price Rule**"); provided that in no event shall the effective date of any reverse share split be earlier than January 15, 2026, unless otherwise approved by the Seller Representative in writing in advance. Until the eleven (11) month anniversary of the date the Company first regains compliance with the Minimum Bid Price Rule following the date of this Agreement, the Buyer shall use best efforts to cause the Post-Closing Company not to effect any reverse share split or equivalent action, unless otherwise approved by the Seller Representative in writing in advance, or except that such action is required to regain compliance with the Minimum Bid Price Rule.

**ARTICLE VII<br> INDEMNIFICATION**

**Section 7.01 Survival.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All representations and warranties of the Parties contained in this Agreement shall survive the Closing and continue in full force and effect: (i) with respect to those representations and warranties that are not Fundamental Representations, for twelve (12) months following the Closing Date; and (ii) with respect to those representations and warranties that are Fundamental Representations, until the date that is sixty (60) days after the expiration of the applicable statute of limitations relating thereto. All covenants and agreements of the Parties contained in this Agreement or any certificate delivered pursuant hereto or in connection herewith shall survive the Closing and remain in full force and effect until such covenant or agreement has been fully performed or fulfilled in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>Section 7.01(a)</u>, (i) any claims which are timely asserted in good faith with reasonable specificity (to the extent known at such time) and in writing by notice from the non-breaching party to the breaching party prior to the expiration date of the applicable survival period shall not thereafter be barred by the expiration of the relevant representation or warranty and such claims shall survive until finally resolved, and (ii) any claim relating to fraud, willful misconduct or intentional misrepresentation shall survive indefinitely or until the latest date permitted by Applicable Law.

**Section 7.02 Indemnification by Sellers.** Subject to the other terms and conditions of this <u>ARTICLE VII</u>, each Seller shall, severally based on his, her or its pro rata portion of the Aggregate Purchase Price set forth in <u>Schedule A</u>, and not jointly, indemnify and defend each of Buyer and its Affiliates and their respective Representatives and the Post-Closing Company (collectively, the "**Buyer Indemnitees**") against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Buyer Indemnitees based upon, arising out of, with respect to, or by reason of any inaccuracy in or breach of any of the representations or warranties of the Sellers contained in <u>ARTICLE III</u> (other than the Company Fundamental Representations or the Company Tax Representations).

**Section 7.03 Joint Indemnification by Sellers.** Subject to the other terms and conditions of this <u>ARTICLE VII</u>, each Seller shall, severally and jointly, indemnify and defend each of the Buyer Indemnitees against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Buyer Indemnitees based upon, arising out of, with respect to, or by reason of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy in or breach of any of the Company Fundamental Representations or the Company Tax Representations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach or non-fulfillment of any covenant, agreement, or obligation to be performed pursuant to <u>Section 6.04</u>, <u>Section 6.05</u>, <u>Section 6.07</u> and <u>Section 6.08</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any inaccuracy or breach of any certificate delivered pursuant to <u>Section 2.03</u> of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Excluded Liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the actions (or inaction) or service of any individual in their capacity as a director, manager, officer, or comparable role of the Company, any current or former Company Subsidiary, or other corporation, limited liability company, partnership, joint venture, trust or other enterprise at the request of the Company or any current or former Company Subsidiary, at any time prior to and including the effective time of the Closing resulting in the Company or any Company Subsidiary having to actually provide any indemnification, advance or pay expenses, make contributions, reimburse, or make other payments to or on behalf of such individual pursuant to any (i) indemnity existing by statute, contract, or pursuant to the provisions of the Memorandum and Articles of Association, articles, by-laws, or other organizational documents of the Company or any Company Subsidiary, or (ii) pursuant to any indemnification or similar agreement.

**Section 7.04 Indemnification by each Seller.** Subject to the other terms and conditions of this <u>ARTICLE VII</u>, each Seller shall indemnify and defend each of the Buyer Indemnitees against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Buyer Indemnitees based upon, arising out of, with respect to, or by reason of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy in or breach by such Seller of any of the representations or warranties of such Seller contained in <u>ARTICLE IV</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach or non-fulfillment of any covenant, agreement, or obligation to be performed by such Seller pursuant to this Agreement (other than with respect to <u>Section 6.04</u>, <u>Section 6.05</u>, <u>Section 6.07</u> and <u>Section 6.08</u> as contemplated by <u>Section 7.03(b)</u>).

**Section 7.05 Indemnification by Buyer.** Subject to the other terms and conditions of this <u>ARTICLE VII</u>, Buyer shall indemnify and defend each Seller and their respective Affiliates and their respective Representatives (collectively, the "**Seller Indemnitees**") against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Seller Indemnitees based upon, arising out of, with respect to, or by reason of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy in or breach of any of the representations or warranties of Buyer contained in <u>ARTICLE V</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach or non-fulfillment of any covenant, agreement, or obligation to be performed by Buyer pursuant to this Agreement.

**Section 7.06 Limitations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate amount of all payments made by Buyer pursuant to <u>Section 7.05</u> in satisfaction of claims for indemnification shall not exceed the Aggregate Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate amount of all payments made by the Sellers pursuant to <u>Section 7.02</u>with respect to any inaccuracy in or breach of any of the representations or warranties contained in <u>ARTICLE III</u> (other than the Company Fundamental Representations or the Company Tax Representations) in satisfaction of claims for indemnification shall not exceed the Aggregate Escrow Amount. The aggregate amount of all payments made by the Sellers pursuant to <u>Section 7.03(e)</u> in satisfaction of claims for indemnification shall not exceed US$500,000. The aggregate amount of all payments made by the Sellers pursuant to <u>Section 7.03</u> with respect to any inaccuracy in or breach of any of the Company Tax Representations relating to the Company's Subsidiaries incorporated in Hong Kong in satisfaction of claims for indemnification shall not exceed US$1,000,000. The aggregate amount of all payments that the Sellers are required to make pursuant to <u>Section 7.02</u>, <u>Section 7.03(a)</u>, <u>Section 7.03(b)</u>, <u>Section 7.03(c)</u>, <u>Section 7.03(e)</u> and <u>Section 7.04</u> in satisfaction of claims for indemnification shall not exceed the aggregate amount of the Purchase Price that the Sellers are collectively entitled to receive pursuant to <u>Section 2.04(a)</u> and <u>Section 7.08</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The recourse by any Buyer Indemnitee for recovery of Losses pursuant to <u>Section 7.02</u> shall be (i) first to draw against the Escrow Account until the Escrow Account is exhausted, and (ii) then by payment from the Sellers on a several and not joint basis. The recourse by any Buyer Indemnitee for recovery of Losses pursuant to <u>Section 7.03</u> shall be, at the sole election of the Buyer Indemnitee (i) to draw against the Escrow Account, and/or (ii) by payment from the Sellers on a several and joint basis. The recourse by any Buyer Indemnitee for recovery of Losses in respect of a Seller pursuant to <u>Section 7.04</u> shall be, at the sole election of the Buyer Indemnitee (i) to draw against the Escrow Account, and/or (ii) by payment from the applicable Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There shall be no adjustment to Sellers' Purchase Price in respect of Net Current Liabilities until such time as the total amount of Net Current Liabilities exceeds $50,000 (the "**Tipping Basket Amount**"). If the total amount of Net Current Liabilities exceeds the Tipping Basket Amount, then Sellers shall be responsible for the total amount of Net Current Liabilities (not merely the portion of Net Current Liabilities exceeding the Tipping Basket Amount) such that the Purchase Price payable to each Seller at Closing shall be reduced by an amount equal to (i) the total amount of Net Current Liabilities multiplied by (ii) such Seller's pro rata portion as set forth on <u>Schedule A</u> hereto (the "**Net Current Liabilities Adjustment**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in this <u>ARTICLE VII</u> to the contrary, in the event of any breach of a representation, warranty, covenant, agreement or obligation by a Party that results from fraud, willful misconduct or intentional misrepresentation, by or on behalf of such Party (including any fraudulent act, willful misconduct or intentional misrepresentation committed or omitted by any Affiliate, officer, director, employee or agent of such Party in connection with the Secondary Purchase), then (A) such representation, warranty, covenant, agreement or obligation will survive consummation of the transactions contemplated hereby and will continue in full force and effect for the period of the applicable statute of limitations, (B) the limitations set forth in <u>Section 7.06(b)</u> shall not apply to any Loss that an Indemnified Party (as defined below) may suffer, sustain or become subject to, as a result of, arising out of, relating to or in connection with any such breach, and (C) none of such Losses shall be subject to or shall count towards the limitations set forth in <u>Section 7.06(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For purposes of this <u>ARTICLE VII</u> (including for purposes of determining the existence of any inaccuracy in, or breach of, any representation or warranty and for calculating the amount of any Loss with respect thereto), any inaccuracy in or breach of any representation or warranty shall be determined without regard to any materiality, Material Adverse Effect or other similar qualification contained in or otherwise applicable to such representation or warranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The amount of any Losses that are subject to indemnification under this <u>ARTICLE VII</u> shall be reduced by (i) the amount of any insurance proceeds (including directors' and officers' liability insurance (if any)) actually recovered by the Indemnified Party in respect of such Losses, and (ii) indemnification payments or reimbursements received by the Indemnified Party from third parties in respect of such Losses; provided, the amount of any reduction pursuant to subclause (i) or (ii) (collectively, "**Alternative Arrangements**") shall be net of the reasonable costs and out-of-pocket expenses incurred in obtaining such collection; and provided further, that pursuing coverage or recovery under subclause (i) or (ii) of this <u>Section 7.06(g)</u> shall not be a condition to an Indemnified Party submitting a claim or receiving indemnification under this <u>ARTICLE VII</u>, and the inability of any Indemnified Party to recover proceeds pursuant to an Alternative Arrangement shall not in any way prevent or limit such Indemnified Party's rights to indemnification pursuant to this <u>ARTICLE VII</u>. In the event that an Indemnified Party actually receives recovery for Losses pursuant to an Alternative Arrangement, with respect to any Losses for which such Indemnified Party has been indemnified under this <u>ARTICLE VII</u>, then a refund equal to the aggregate amount of recovery from such Alternative Arrangement, net of any expenses and/or Taxes incurred in connection with obtaining such recovery, will be made promptly to the Indemnifying Party. No Indemnified Party shall be required to commence litigation against any insurer or third-party with respect to any Alternative Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Indemnified Party shall take commercially reasonable actions to mitigate Losses to the extent required by Applicable Law after becoming aware of an event which could reasonably be expected to give rise to such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Indemnified Party (with the Buyer Indemnitees on one hand and the Seller Indemnitees on the other) shall be entitled to indemnification under this <u>ARTICLE VII</u> more than once for the same Losses (even if arising under multiple provisions of this Agreement).

**Section 7.07 Indemnification Procedures.** The Party or Parties making a claim under this <u>ARTICLE VII</u> is referred to as the "**Indemnified Party**", and the Party or Parties against whom such claims are asserted under this <u>ARTICLE VII</u> referred to as the "**Indemnifying Party**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Indemnified Party receives notice of the assertion or commencement of any Action or other legal proceeding made or brought by any Person who is not a party to this Agreement or an Affiliate of a Party or a director, officer, manager, agent or representative of any of the foregoing (a "**Third-Party Claim**") against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party prompt written notice thereof. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the Third-Party Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnified Party shall pay, compromise, and/or defend such Third-Party Claim and seek indemnification for any and all Losses based upon, arising from or relating to such Third-Party Claim under this <u>ARTICLE VII</u>. The Sellers shall cooperate with the Company and the Buyer in all reasonable respects in connection with the defense of any Third-Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any claim by an Indemnified Party on account of a Loss which does not result from a Third-Party Claim (a "**Direct Claim**") shall be asserted by the Indemnified Party giving the Indemnifying Party prompt written notice thereof. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the Direct Claim in reasonable detail and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be actually sustained by the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that payment of any amount of Losses, or damages pursuant to <u>Section 6.09</u>, shall be made out of the Escrow Account in accordance with this Agreement, the Seller Representative and Buyer's representative shall execute and deliver to the Escrow Agent a joint written instruction directing the Escrow Agent to release to Buyer or the applicable Buyer Indemnitees the amount of such Losses, or damages pursuant to <u>Section 6.09</u>.

**Section 7.08 Release of Aggregate Escrow Amount.** Promptly following the twelve (12) month anniversary of the Closing Date (the "**Escrow End Date**"), Buyer's representative and the Seller Representative shall deliver a joint written instruction directing the Escrow Agent to distribute any funds remaining in the Escrow Account, <u>less</u> the amount of any Pending Claims as of the Escrow End Date (the "**Indemnity Escrow Reserve Amount**") to one or more accounts designated in writing by the Seller Representative. Promptly (and in any event within five (5) Business Days) following the final resolution of any Pending Claim, Buyer's representative and the Seller Representative shall deliver a joint written instruction directing the Escrow Agent to distribute from the Escrow Account to the Buyer Indemnitee, an amount equal to such portion of the Indemnity Escrow Reserve Amount as is appropriate for the final resolution of any Pending Claim (it being understood that at such time that all Pending Claims are finally resolved, then Buyer's representative and the Seller Representative shall deliver a joint written instruction directing the Escrow Agent to distribute any remaining funds in the Escrow Account to the Seller Representative on behalf of the Sellers).

**Section 7.09 No Circular Recovery**. Subject to <u>Section 6.06</u>, no Seller shall be entitled to make any claim for indemnification against Buyer, the Company or any of their respective Affiliates by reason of the fact that such Seller was a controlling person, director, officer, employee, agent or other representative thereof (whether such claim is pursuant to any statute, Organizational Document, contractual obligation or otherwise) with respect to any claim brought by a Buyer Indemnitee under this Agreement. With respect to any claim brought by a Buyer Indemnitee under this Agreement, the Sellers expressly waive any right of subrogation, contribution, advancement, indemnification or other claim against Buyer, the Company or any of their respective Affiliates with respect to any amounts owed by one or more Sellers hereunder.

**Section 7.10 Exclusive Remedies.** Except for (a) the remedies of specific performance or other equitable relief pursuant to <u>Section 8.08(c)</u> or <u>(d)</u>, (b) remedies set forth in <u>Section 6.09</u> (which shall constitute the sole and exclusive remedy against the Sellers with respect to failure to satisfy the F-3 Obligations or the 2025 Filing Obligation, as applicable) or as otherwise provided in this Agreement, and (c) claims for fraud, willful misconduct or intentional misrepresentation, the Parties acknowledge and agree that from and after Closing their sole and exclusive remedy with respect to any and all claims for any breach of any representation, warranty, covenant, agreement or obligation set forth herein, shall be pursuant to the indemnification provisions set forth in this <u>ARTICLE VII</u>.

**ARTICLE VIII<br> MISCELLANEOUS**

**Section 8.01 Expenses.** All costs and expenses incurred in connection with this Agreement and the Secondary Purchase shall be paid by the party incurring such costs and expenses unless provided otherwise in this Agreement; provided, that such costs and expenses incurred by or on behalf of Buyer may at Buyer's election be paid out of the proceeds of the PIPE Financing.

**Section 8.02 Notices.** All notices, claims, demands, and other communications hereunder (collectively, "**Notices**") shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or (d) on the third (3<sup>rd</sup>) day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid, if sent to the respective parties at the address set forth on <u>Schedule B</u>, or pursuant to such other instructions as may be designated in writing by the Party to receive such notice; <u>provided</u>, that any Notice sent by or on behalf of Buyer to the Seller Representative in accordance with this <u>Section 8.02</u> shall constitute Notice to all Sellers.

**Section 8.03 Interpretation; Headings.** This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

**Section 8.04 Severability.** If any term or provision of this Agreement or the application hereof to any Person or circumstance be held illegal, invalid or unenforceable to any extent: (a) such provision shall be ineffective to the extent, and only to the extent, of such illegality, unenforceability or prohibition and shall be enforced to the greatest extent permitted by Applicable Law, (b) such illegality, unenforceability or prohibition in any jurisdiction shall not invalidate or render illegal or unenforceable such provision as applied (i) to other Persons or circumstances or (ii) in any other jurisdiction, and (c) such illegality, unenforceability or prohibition shall not affect or invalidate any other provision of this Agreement.

**Section 8.05 Entire Agreement.** This Agreement (including the Schedules and Exhibits hereto), together with the other Transaction Documents, constitute the sole and entire agreement of the Parties with respect to the subject matter contained herein and therein and supersede all prior and contemporaneous understandings and agreements with respect to the Secondary Purchase, both written and oral, with respect to such subject matter.

**Section 8.06 Successors and Assigns; No Third-Party Beneficiaries.** This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. Neither Party may assign its rights or delegate its obligations under this Agreement without the prior written consent of the other Party; <u>provided</u>, <u>however</u>, that Buyer may assign and delegate in whole or in part its rights and obligations hereunder without such consent to any Affiliate or assign its rights hereunder without such consent as collateral security to any Person providing financing to Buyer or any of its Affiliates. No assignment shall relieve the assigning Party of any of its obligations hereunder. Except as provided in <u>ARTICLE VII</u> or as otherwise provided in this Agreement, this Agreement is for the benefit of the Parties hereto and their respective successors and permitted assigns, and nothing otherwise herein expressed or implied shall give or be construed to give to any Person, other than the Parties hereto and such successors and permitted assigns, any legal or equitable rights, remedy or claim hereunder.

**Section 8.07 Amendment and Modification; Waiver.** This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by the Buyer and the Seller Representative. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving; provided, that any such writing signed by the Seller Representative on the behalf of one or more Sellers shall be effective on behalf of such Sellers. No failure to exercise, or delay in exercising, any right or remedy arising from this Agreement shall operate or be construed as a waiver thereof. No single or partial exercise of any right or remedy hereunder shall preclude any other or further exercise thereof or the exercise of any other right or remedy.

**Section 8.08 Governing Law; Dispute Resolution**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement and all matters arising out of or relating to this Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction). For the avoidance of doubt "Agreement" in this <u>Section 8.08(a)</u> includes the arbitration agreement in <u>Section 8.08(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to this Agreement, shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre ("**HKIAC**") under the HKIAC Administered Arbitration Rules in force when the request for arbitration is submitted (the "**Rules**"). The seat of arbitration and the place of arbitration shall be Hong Kong. The official language of the arbitration shall be English. The number of arbitrators shall be one (1) as appointed in accordance with the Rules; provided, that such arbitrator shall be qualified with respect to the laws of the State of New York. Any party to an award may apply to any court of competent jurisdiction for enforcement of such award and, for purposes of the enforcement of such award, the Parties irrevocably and unconditionally submit to the jurisdiction of any court of competent jurisdiction and waive any defenses to such enforcement based on lack of personal jurisdiction or inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing in this <u>Section 8.08</u>, the Parties hereby consent to and agree that in addition to any recourse to arbitration as set out in <u>Section 8.08(b)</u>, any Party may, to the extent permitted under the Rules, seek an interim injunction or other form of relief from the HKIAC as provided for in the Rules. Nothing in this <u>Section 8.08</u> shall be construed as preventing a Party from seeking interim or interlocutory relief in aid of any arbitration or in connection with enforcement proceedings in any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties hereto agree that the obligations imposed on them in this Agreement are special, unique and of an extraordinary character and irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, each Party to this Agreement (i) shall be entitled to an injunction or injunctions, specific performance and other equitable relief to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the forum described in this <u>Section 8.08</u>, without proof of damages or otherwise, this being in addition to any other remedy at law or in equity, and (ii) hereby waives any requirement for the posting of any bond or similar collateral in connection therewith. Each Party hereto agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that (i) the other Party has an adequate remedy at law or (ii) an award of specific performance is not an appropriate remedy for any reason at law or equity.

**Section 8.09 Counterparts.** This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by email or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

**Section 8.10 Seller Representative**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Sellers hereby appoints and designates the Seller Representative for the purposes of representing his, her, or its individual interests. Each of the Sellers hereby authorizes the Seller Representative to act on his, her or its behalf with respect to all matters arising under this Agreement or any Transaction Document requiring or contemplating the possibility of some notice to be sent to or from, or some action to be taken by, the Sellers, including acting as the Sellers' representative for the purpose of resolving, settling or compromising on behalf of the Sellers any claims made by any Buyer Indemnitee under <u>ARTICLE VII</u> or any disputes arising therefrom or with respect thereto, representing the Sellers in any indemnification procedures under <u>ARTICLE VII</u>, taking actions pursuant to the Escrow Agreement, or approving any waivers or amendments in accordance with <u>Section 8.07</u>. Each Seller hereby agrees to be bound by any and all notices sent and actions taken (and notices not sent and actions not taken) by the Seller Representative on his, her, or its behalf pursuant to this Agreement or the Escrow Agreement. If for any reason the Seller Representative shall be unable to perform its duties hereunder as the Seller Representative, the Sellers shall appoint a replacement Seller Representative. Buyer shall be entitled to rely exclusively upon any communications or writings given or executed by the Seller Representative and shall not be liable in any manner whatsoever for any action taken or not taken in reliance upon the actions taken or not taken or communications or writings given or executed by the Seller Representative. Buyer shall be entitled to rely on the actions, notices, and communications of the Seller Representative on behalf of the Sellers and disregard any notices or communications given or made by any Seller, in his or its individual capacity, which is contrary to a notice or communication given or made by the Seller Representative. Each Seller further agrees that such agency and proxy are coupled with an interest, are therefore irrevocable without the consent of the Seller Representative and shall survive the death, incapacity, bankruptcy, dissolution or liquidation of any Seller. Except in the event of fraud by the Seller Representative, all decisions and actions by the Seller Representative shall be binding upon all of the Sellers, and no Seller shall have the right to object, dissent, protest or otherwise contest the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In performing his duties under this Agreement, and in exercising or failing to exercise all or any of the powers conferred upon the Seller Representative hereunder, the Seller Representative shall not assume any, and shall incur no, responsibility to any Seller by reason of any error in judgment or other act or omission performed or omitted in connection with the Agreement, unless by the Seller Representative's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this <u>Section 8.10</u>: (i) each Seller authorizes the Seller Representative to designate one or more bank accounts to receive on such Seller's behalf any amount owed to such Seller under this Agreement, (ii) payment of any amount owed to a Seller under this Agreement made by or on behalf of Buyer to one or more accounts designated by the Seller Representative fully discharges Buyer's obligation with respect to such amount, (iii) each Seller agrees not to pursue claims against the Buyer or any party other than the Seller Representative for payment of any amount owed to such Seller under this Agreement that has been paid by or on behalf of Buyer to one or more accounts designated by the Seller Representative, and (iv) a Seller's only recourse for improper distribution by the Seller Representative is solely against the Seller Representative.

**Section 8.11 Reserved.** 

**Section 8.12 Disclosure Schedules**. The Disclosure Schedules have been arranged, for purposes of convenience only, as separate parts corresponding to the Sections of this Agreement in which each Schedule appears. The representations and warranties contained in <u>ARTICLE III</u> and <u>ARTICLE IV</u> of this Agreement are subject to the exceptions and disclosures set forth in the part of the Disclosure Schedules corresponding to the particular Section of <u>ARTICLE III</u> or <u>ARTICLE IV</u> in which such representation and warranty appears. The information set forth in the Disclosure Schedules are intended only to qualify the representations, warranties and covenants of the Sellers contained in this Agreement.

**Section 8.13 Termination.** This Agreement may be terminated prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by mutual written agreement of the Buyer and the Seller Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Buyer upon written notice to the Seller Representative if the Secondary Purchase shall not have been consummated by November 6, 2025); provided that the right to terminate this Agreement under this <u>Section 8.13(b)</u> shall not be available to Buyer if its failure to perform any covenant or obligation under this Agreement has been the primary cause of, or primarily resulted in, the failure of the Closing to occur on or before such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Seller Representative upon written notice to Buyer if the Secondary Purchase shall not have been consummated by November 6, 2025); provided that the right to terminate this Agreement under this <u>Section 8.13(c)</u> shall not be available to the Seller Representative if the Sellers' failure to perform any covenant or obligation under this Agreement has been the primary cause of, or primarily resulted in, the failure of the Closing to occur on or before such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by Buyer upon written notice to the Seller Representative (provided that Buyer is not in material breach of its obligations under this Agreement) if there has been a breach of, or inaccuracy in, any representation, warranty, covenant or agreement of the Sellers that would cause the conditions set forth in <u>Section 2.05(b)(i)</u> or <u>Section 2.05(b)(ii)</u> to not be satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by Buyer, if the Company (i) files for or enters into bankruptcy, receivership, administration, restructuring, corporate rescue or other similar proceedings or (ii) a liquidator, administrator, restructuring officer, or similar Person is appointed on behalf of the Company under any applicable administration, scheme of arrangement, restructuring, receivership, corporate rescue, insolvency, bankruptcy, or reorganization laws.

[*Signature pages follow.*]

**IN WITNESS WHEREOF**, the Parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

---

| |
|:---|
| **SELLER REPRESENTATIVE** |
| /s/ Kazuho Komoda |
| Kazuho Komoda |

---

[*Signature Page to Securities Purchase Agreement*]

**IN WITNESS WHEREOF**, the Parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

---

| | |
|:---|:---|
| **SELLERS:** | **SELLERS:** |
| **GRAND ACHIEVE INTERNATIONAL LIMITED** | **GRAND ACHIEVE INTERNATIONAL LIMITED** |
| By: | /s/ Chen Baqing |
| Name: | CHEN BAQING |
| Title: | Director |
| /s/ Liang Huizhen | /s/ Liang Huizhen |
| LIANG HUIZHEN | LIANG HUIZHEN |
| /s/ Shi Xiaona | /s/ Shi Xiaona |
| SHI XIAONA | SHI XIAONA |
| /s/ Qiu Yaling | /s/ Qiu Yaling |
| QIU YALING | QIU YALING |
| /s/ Zhang Xiaoqing | /s/ Zhang Xiaoqing |
| ZHANG XIAOQING | ZHANG XIAOQING |
| /s/ Komoda Kazuho | /s/ Komoda Kazuho |
| KOMODA KAZUHO | KOMODA KAZUHO |
| /s/ Yang Yanpeng | /s/ Yang Yanpeng |
| YANG YANPENG | YANG YANPENG |
| /s/ Zhang Yonghui | /s/ Zhang Yonghui |
| ZHANG YONGHUI | ZHANG YONGHUI |

---

[*Signature Page to Securities Purchase Agreement*]

**IN WITNESS WHEREOF**, the Parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

---

| | |
|:---|:---|
| **BUYER:** | **BUYER:** |
| **KIARA CAPITAL HOLDING LIMITED** | **KIARA CAPITAL HOLDING LIMITED** |
| By: | /s/ Authorized Signatory |
| Name: | Authorized Signatory |

---

[*Signature Page to Securities Purchase Agreement*]

**<u>Schedule A</u>**

**<u>Particulars of Sellers</u>**

Intentionally Omitted.

**<u>Schedule B<br>Notice Addresses</u>**

Intentionally Omitted.

**<u>Schedule C<br>Net Current Liabilities</u>**

Intentionally Omitted.

**<u>Schedule 5.08</u>**

Intentionally Omitted.

## Exhibit 10.5

**Exhibit 10.5**

**Loan Agreement**

**THIS LOAN AGREEMENT** (this "**Agreement**") is made effective as of <u>October 10,</u> 2025 (the "**Effective Date**"). **BY AND BETWEEN:**

(1) **Northstar Digital (HK) Limited**, a company incorporated under the laws of Hong Kong having its registered
address at Room 419, Level 4, Dina House, Ruttonjee Centre, 3-11 Duddell Street, Central, Hong Kong (the "**Lender** ");
and

(2) **Prestige Wealth Management Limited,** a company incorporated in Hong Kong, having its registered
address at Office Unit 6620B, 66/F, The Center,99 Queen's Road Central, Central, Hong Kong (the "**Borrower** "),

each a "**Party**" and collectively as the "**Parties**".

**WHEREAS:**

(A) The Borrower has requested that the Lender extend certain loan facilities from time to time in an aggregate
principal amount of up to USD50,000,000 (the "**Loan Assets**") to facilitate its business operations in accordance with
the terms and conditions therein.

(B) The Parties wish to record their agreement with respect to such financing, including the use of proceeds,
collateral package and loan-to-value maintenance covenants, as further set forth below.

(C) The Lender has agreed to provide the Loan Assets upon the terms and conditions set forth in this Agreement.

**IT IS AGREED** as follows**:**

1. <u>Defined Terms</u>.

"**Business Day**" means a day on which banks are generally open for business in Hong Kong

and excluding any Saturday or Sunday.

"**Collateral**" has the meaning set out in paragraph 3.1 of this Agreement.

"**Control Account**" means the segregated account held by the third-party custodian, agreed by the Parties, for holding the Collateral in favor of the Lender.

"**Digital Currency**" means Bitcoin (BTC), USDT, USDC, XAUt or any other digital currency as agreed between the Parties. For avoidance of doubt, the day-one lending value of USDT/USDC is deemed USD 1:1.

"**Encumbrance**" means any lien, claim, charge (whether fixed or floating), security interest, mortgage, pledge, easement, conditional sale or other title retention agreement, defect in title, covenant or other restrictions of any kind.

"**Loan Effective Date**" means the date of the drawdown of the Loan Assets.

"**LTV**" means, at any time, the ratio of (a) outstanding principal of the Loan (in USD) to (b) the Market Value of the Collateral (in USD), expressed as a percentage.

"**Market Value**" means the fair market value of the Collateral.

"**T**" means the date that the transfer request is submitted by the Borrower to the Lender.

"**Termination Date**" means the Maturity Date or earlier termination as per this Agreement.

2. <u>Loan</u>.

2.1. The Lender shall make available to the Borrower a term loan facility in the form of USDT, which shall
be deemed to be equal to the same amount in USD, up to an aggregate principal amount of USD 50,000,000 (the "**Loan** ").
The Loan is a single- draw, non-revolving facility, subject to the terms and conditions of this Agreement.

2.2. The Loan shall be a fixed term of thirty-six (36) months from the Loan Effective Date (the "**Maturity Date** "). Absent an Event of Default, the Lender shall have no right to cancel the facility or demand early repayment prior to
the Maturity Date.

2.3. The Borrower may at any time, without premium or penalty, prepay the outstanding principal together with
accrued and capitalized interest in full.

2.4. The primary purpose of the Loan is for the Borrower to purchase XAUt.

3. <u>Collateral</u>.

3.1 Unless otherwise agreed by the Parties, the Borrower shall deliver XAUt with an aggregate Market Value
of USD 66,666,667 (the "**Collateral**") into the Control Account established with a mutually acceptable third-party custodian
for the benefit of the Lender.

3.2 The Borrower hereby grants the Lender a first-priority perfected security interest over the Collateral.
The Parties shall enter into any control agreements or other perfection instruments as reasonably required to maintain such priority.
The Lender shall give the Borrower's access and right to monitor the XAUt provided as Collateral the Lender at such an address,
and the Lender shall not transfer the XAUt to another address without the prior written consent of the Borrower.

3.3 On the Loan Effective Date, the LTV shall equal 75% . If at
any time the LTV exceeds 90%, the Borrower shall, within 6 hours of notification from the Lender, either (i) deliver additional Collateral,
and/or (ii) prepay principal, sufficient to restore the LTV to 80% or below.

3.4 Failure to cure an LTV breach within such period constitutes a Liquidation Event, entitling the Lender
to enforce its security interest over the Collateral. Upon the occurrence of a Liquidation Event, the Lender shall be entitled, without
prejudice to any other rights or remedies under this Agreement, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Restrict the Borrower's access to the Control Account holding the Collateral through instructions
to the third-party custodian, ensuring the Lender's first- priority security interest is maintained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liquidate such portion of the Collateral as necessary to (a) repay the outstanding principal of the Loan;
(b) satisfy all an accrued and unpaid interest, including any penalty interest on overdue amounts in Clause 5.2; and (c) cover reasonable
costs and expenses incurred by the Lender in connection with the enforcement and liquidation process.

3.5 For the avoidance of doubt, the Lender shall initiate the return of the relevant XAUt as soon as practicable
at the request of and to the designated address of the Borrower for the repayment of the relevant Loan Assets.

4. <u>Account Management and Monitoring.</u> 

4.1 The Parties shall use the address as agreed by both parties in writing for the purpose of transferring
the Loan Assets under this Agreement.

4.2 Transferring timelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For Request submitted before 15:00 (GMT+8), the Lender shall transfer the Loan Assets to the designated
account of the Borrower by 12:00 (GMT+8) on T + three (3) Business Day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For Request submitted after 15:00 (GMT+8), the Lender shall transfer the Loan Assets to the designated
account of the Borrower by 24:00 (GMT+8) on T + three (3) Business Day.

5. <u>Interest</u>.

5.1 The Loan shall bear interest at a fixed rate of 6.00% per annum, compounded monthly. During the loan term,
accrued interest for each month shall be added to the outstanding principal balance (capitalized) on a monthly basis and shall thereafter
bear interest. All accrued and capitalized interest, together with the outstanding principal, shall be payable in cash in full on the
Maturity Date.

5.2 In the event of late interest payment, the Parties shall resolve in good faith. The Lender shall retain
the right to charge a penalty interest at an annual rate of 10% per annum, calculated daily until it is fully repaid.

6. <u>Representations and Warranties</u>. Each Party makes the following representations and warranties to
the other Parties:

6.1. It is duly incorporated or organized, validly existing and in good standing (or equivalent status in the
relevant jurisdiction) under the laws of the jurisdiction of its incorporation or organization;

6.2. It has all requisite power, authority and capacity to enter into this Agreement, and to perform its obligations
hereunder. This Agreement has been duly authorized, executed and delivered by it and, when executed and delivered by it, will constitute
valid land legally binding obligations of its, enforceable against it in accordance with its terms.

6.3. That all Loan Assets and Collateral under this Agreement relating to the Digital Currency are free and
clear of any and all Encumbrances, and that the Lender has the full rights and authority to deploy such Loan Assets, while the Borrower
has the full rights and authority to deploy such Collateral, pursuant to this Agreement, without restrictions.

6.4. It is not the target of economic sanctions administered by the Office of Foreign Assets Control of the
U.S. Department of the Treasury ()"**OFAC** "), the U.S. Department of State, the United Nations Security Council, the European
Union, Her Majesty's Treasury or Singapore ()"**Sanctions** "), including by being listed on the Specially Designated
Nationals and Blocked Persons ()"**SDN**") list maintained by OFAC or any other Sanctions list maintained by one of the
foregoing governmental authorities, directly or indirectly owned or controlled by one or more SDNs or other Persons included on any other
Sanctions list, or located, organized or resident in a country or territory that is the target of Sanctions, and the entering into of
this Agreement and the performance of the obligations hereunder will not violate any Sanctions or import and export control related laws
and regulations.

7. <u>Additional Representations and Warranties of the Borrower</u>. The Borrower further represents and
warrants to the Lender that:

7.1. the Borrower has no outstanding indebtedness or liabilities that would materially impair its ability to
repay the Loan Amount;

7.2. there are no actions, suits, proceedings, or investigations pending or, to the Borrower's knowledge, threatened
against the Borrower that could reasonably be expected to have a material adverse effect on the Borrower's business or its ability to
repay the Loan;

7.3. the Borrower is in compliance with all applicable laws to the extent applicable;

7.4. the proceeds of the Loan will be used solely for the purposes specified in the recitals hereto and not
for any illegal or unauthorized purpose; and

7.5. all financial and other information provided by the Borrower to the Lender is true, complete, and accurate
in all material respects.

8. <u>Notices</u>.

8.1. All notices, requirements, requests, claims, and other communications in relation to this Agreement shall
be in writing, and shall be given or made by delivery in person, by an internationally recognized overnight courier service, or registered
or certified mail (postage prepaid, return receipt requested) or electronic mail to the respective Parties at the addresses specified
below or at such other address for a Party as may be specified in a notice given in accordance with this Clause 8.

If to Borrower: such address specified in this Agreement.

If to Lender: such address specified in this Agreement.

8.2. All such notices and other communications shall be deemed effective in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if sent by delivery in person, on the same day of the delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if sent by registered or certified mail or overnight courier service, on the same day the written confirmation of delivery is sent;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if sent by electronic mail, at the entrance of the related electronic mail into the recipient's electronic
mail server.

9. <u>Term and Termination</u>.

9.1 This Agreement shall come into full force and effect as at the date of this Agreement and shall continue
until the Termination Date and can be extended by mutual agreement between the Parties.

9.2 Upon termination, if any Loan Assets remain outstanding, the Borrower shall within five
(5) Business Days return such Loan Assets to the Lender, together with all accrued and unpaid amounts (including any interest accrued
thereon); and thereupon, all Collateral shall be returned to the Borrower by the Lender.

9.3 The early termination of this Agreement shall be mutually agreed by the Parties, and in such a case the
Borrower shall return all Loan Assets, and payment of all other amounts accrued and outstanding hereunder (including any interest accrued
thereon) within five (5) Business
Days .

10. <u>Covenants of the Borrower</u>. Until the Loan Amount is repaid in full, the Borrower covenants and agrees with the Lender as follows:

10.1. The Borrower shall promptly notify the Lender in writing of any Event of Default or any event that, with notice or lapse of time,
would constitute an Event of Default;

10.2. The Borrower shall maintain its corporate existence, good standing, and all necessary licenses and permits;

10.3. The Borrower shall use the proceeds of the Loan solely the purposes specified in the recitals hereto; and

10.4. The Borrower shall comply with all applicable laws, including sanctions and anti-money laundering regulations.

11. <u>Events of Default</u>. The occurrence of any of the following events shall constitute an event of default ()"**Event of Default** "):

11.1. default in payment of any Loan Assets or any interest accrued by the Borrower;

11.2. a material default by the Borrower in the performance of any obligations under this Agreement;

11.3. any bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief
of debtors or dissolution proceedings that are instituted by or against the Borrower and are not dismissed within thirty (30) days of
the initiation of said proceedings;

11.4. any event or circumstance occurs or exists that is a material adverse effect on the business, operations,
prospects, property, assets, liabilities or financial condition of, the Borrower, taken as a whole, or a material adverse effect on the
ability of Borrower to perform its obligations under this Agreement;

11.5. any representation or warranty made by the Borrower in this Agreement that proves to be incorrect or untrue
in any material respect, then, and in
every such event, the Borrower shall be given thirty (30) days to remedy such a breach, and the Lender shall in addition to all
other rights and remedies available to it be entitled by written notice to the Borrower to terminate this Agreement and (a) to
demand the immediate return of all Loan Assets, and payment of all other amounts accrued and outstanding hereunder (including any
interest accrued thereon) after thirty (30) days; and (b) to dispose of and liquidate the Collateral, and shall have all right,
title and interest to the Collateral and all proceeds therefrom after thirty (30) days.

12. <u>Confidentiality</u> 

12.1. Each Party undertakes to the other Party that it shall treat as confidential all information (whether
written, oral, visual or electronic) concerning the business, affairs, customers, clients or suppliers of the other Party or any of its
affiliates which it may obtain or receive as a result of the discussions leading up to or the entering into or the performance of this
Agreement (the "**Confidential Information** ").

12.2. Neither Party shall, without the prior written consent of the other Party, disclose any Confidential Information
to any third party except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) to its employees, officers, representatives, subcontractors or advisers who need to know such information
for the purposes of carrying out the Party's obligations under this Agreement, provided that such persons are bound by confidentiality
obligations no less stringent than those herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) as may be required by law, a court of competent jurisdiction or any governmental or regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) to the extent that such Confidential Information is or becomes publicly available other than as a result
of a breach of this Clause; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) to the extent that such Confidential Information was already in the possession of the receiving Party
prior to disclosure by the disclosing Party, or is independently developed by the receiving Party without reference to the Confidential
Information.

12.3. Each Party shall use the Confidential Information solely for the purpose of performing its obligations
or exercising its rights under this Agreement and shall take all reasonable steps to prevent unauthorised disclosure or use.

12.4. The obligations of confidentiality under this Clause shall survive the termination or expiry of this Agreement
for a period of three (3) years from the date of such termination or expiry.

12.5. In the event of any unauthorised disclosure or use of Confidential Information, the affected Party shall
be entitled to seek injunctive relief in addition to any other remedies available at law or in equity.

13. <u>Force Majeure</u>.

13.1. Neither Party shall be liable for any failure or delay in performing its obligations under this Agreement
(other than obligations to make payments) if such failure or delay is caused by an event of Force Majeure. "Force Majeure" means
any event or circumstance beyond the reasonable control of the affected Party, including but not limited to acts of God, fire, flood,
earthquake, war, terrorism, riot, civil commotion, strikes, lockouts or other industrial disputes (except those involving the affected
Party's own workforce), failure of utility services, cyber-attacks, blockchain or network failures, or governmental actions, provided
that such event could not have been reasonably foreseen or mitigated by the affected Party.

13.2. The affected Party shall promptly notify the other Party in writing of the occurrence of the Force Majeure
event, its expected duration, and the steps being taken to mitigate its effects.

13.3. During the continuance of the Force Majeure event, the affected Party shall use all reasonable endeavours
to mitigate the effects of such event and resume performance as soon as reasonably practicable.

13.4. If the Force Majeure event continues for more than thirty (30) consecutive days, either Party may terminate
this Agreement by giving written notice to the other Party, and upon such termination, the provisions of Clause 9 shall apply mutatis
mutandis.

14. <u>Governing Law and Dispute Resolution.</u> 

14.1. This Agreement shall be solely governed by and construed in accordance with the laws of Hong Kong.

14.2. Any dispute, controversy, difference or claim arising out of or relating to this contract, including the
existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising
out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration
Centre ()"**HKIAC**") under the UNCITRAL Arbitration Rules in force when the Notice of Arbitration is submitted, as modified
by the HKIAC Procedures for the Administration of Arbitration under the UNCITRAL Arbitration Rules. The place of arbitration shall be
Hong Kong. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

15. <u>Indemnity</u>. Either Party shall on demand indemnify and keep indemnified the other Party and every
receiver, attorney, manager, agent or other person appointed by the other Party and their respective directors, officers and employees
in respect of all losses, claims, proceedings, costs and other liabilities of any kind incurred or suffered by any of them directly or
indirectly as a result of the exercise or purported exercise of any of the rights vested in them under this Agreement and in respect of
any matter or thing done or omitted relating to the Collateral or occasioned by any breach of any of the covenants or other obligations
of the first Party under this Agreement except for losses caused by the indemnified
Party's fraud, gross negligence or willful misconduct.

16. <u>Set-off.</u> The Borrower may set-off any obligations or amounts payable or owed to the Lender under
this Agreement to the Lender against any obligation or amounts payable or owed by the Lender to the Borrower, regardless of the place
of payment, booking branch, currency or digital currency of either obligation. If the obligations are in different currencies or take
the form of different digital currencies, the Borrower may convert either obligation at a rate of exchange for the purpose of the set-off
equal to the bid price of the relevant Collateral/USD pair on such exchange(s) as determined by the Borrower. The Lender may not exercise
any rights of set off or counterclaim and all payments hereunder shall be made free of such rights.

17. <u>Tax.</u> Both Parties shall make all its payments under this Agreement without any deduction or withholding
for or on account of any tax, levy, impost, duty or other charge, fee, deduction or withholding of a similar nature (including any penalty
or interest payable in connection with the failure to pay, or delay in paying, any of these) (a "**Tax Deduction** "), unless
the same is required by law. Promptly on becoming aware that it must make a Tax Deduction (or that there is any change in the rate or
the basis of a Tax Deduction), that Party shall notify the other Party. If a Party is required to make a Tax Deduction by law from any
payment due under this Agreement, that Party shall promptly pay the full amount of Tax Deduction to the relevant taxing authority in accordance
with the applicable law and leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. Both
parties shall make any Tax Deduction and any payment required in connection with that Tax Deduction, within the time allowed and for the
minimum amount required by the applicable law.

18. <u>Further Assurance</u>. Each Party undertakes to the other Party to execute or procure to be executed
all such documents and to do or procure to be done all such other acts and things as may be reasonable and necessary to give all Parties
the full benefit of this Agreement.

19. <u>Amendments.</u> This Agreement or any provision hereof may only be amended, modified or waived by an
agreement in writing duly executed by all Parties hereto.

20. <u>Severability.</u> If any of the Clauses of this Agreement shall be or become void or be held invalid,
all other Clauses shall remain in full force and effect and the void or invalid Clauses shall be forthwith replaced by other Clauses to
be agreed upon by the Parties valid in form and substance and which shall accomplish as nearly as possible the purpose and intent of the
void or invalid Clauses in due course.

21. <u>Assignment.</u> Neither Party may assign, transfer, charge, or otherwise deal with all or any of its
rights or obligations under this Agreement without the prior written consent of the other Party, such consent not to be unreasonably withheld
or delayed. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective permitted successors and
assigns.

22. <u>Entire Agreement.</u> This Agreement constitutes the entire agreement between the Parties with respect
to the subject matter hereof, and supersedes any prior or simultaneous agreements, or understandings of the Parties hereto in either written
or oral form.

23. <u>Counterparts.</u> This Agreement may be executed simultaneously in any number of counterparts, each
of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

24. <u>Third Party Rights.</u> A person who is not a Party to this Agreement has no right under the Contracts
(Rights of Third Parties) Ordinance (Chapter 623 of the Laws of Hong Kong) to enforce or to enjoy the benefit of any term of this Agreement.

 ****

***[Remainder of page intentionally left blank]***

**IN WITNESS WHEREOF**, the undersigned have executed this Agreement as a deed.

---

| | |
|:---|:---|
| **EXECUTED AS A DEED BY:** | **EXECUTED AS A DEED BY:** |
| **Northstar Digital (HK) Limited** | **Northstar Digital (HK) Limited** |
| By: | /s/ Weichao Zhang |
| Name: | Weichao Zhang |
| Title: | Director |

---

---

| | |
|:---|:---|
| **EXECUTED AS A DEED BY:** | **EXECUTED AS A DEED BY:** |
| **Prestige Wealth Management Limited** | **Prestige Wealth Management Limited** |
| By: | /s/ Zimuyin Jiang |
| Name: | Zimuyin Jiang |
| Title: | Authorized Person |

---

## Exhibit 10.6

**Exhibit 10.6**

**Prestige Wealth Inc.**

**DIRECTOR AGREEMENT**

This Director Agreement (the "<u>Agreement</u>") is made and entered into as of _____________________, 2025 by and between Prestige Wealth Inc., a company incorporated and existing under the laws of the Cayman Islands (the "<u>Company</u>"), and ___________(the "<u>Director</u>").

I. SERVICES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Board of Directors</u>. The Director is appointed to serve as a director of the Company's board of directors (the "<u>Board</u>"), effective as of the closing date of the acquisition of certain equity interests in the Company by Prestige Wealth Inc. or its designated affiliate (the "<u>Effective Date</u>"), until the earlier of (i) the date on which the Director ceases to be a member of the Board for any reason; (ii) the date of termination of this Agreement in accordance with Section 5.2 hereof; and (iii) one (1) year from the Effective Date (such earlier date being the "<u>Expiration Date</u>"), subject to the terms of the then-current Memorandum and Articles of Association of the Company (the "<u>Memorandum and Articles</u>"). The Board shall consist of the Director and such other members as are nominated and elected pursuant to the Memorandum and Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Director Services</u>. The Director's services to the Company hereunder shall include service on the Board and service on (as applicable) the audit committee, compensation committee, nominating and corporate governance committee and such other committee of the Board in accordance with applicable law and stock exchange rules as well as the Memorandum and Articles and the charter of the relevant committee(s), and such other services mutually agreed to by the Director and the Company (the "<u>Director Services</u>").

II. COMPENSATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Expense Reimbursement.</u> The Company shall reimburse the Director for all reasonable travel and other out-of-pocket expenses incurred in connection with the Director Services rendered by the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Compensation to Director</u>. The Director shall not receive any compensation from the Company under this Director Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>No Other Compensation</u>. Except for the compensation provided in this Section II, the Director shall not be entitled to any other compensation, whether in cash or in kind, for the Director Services.

III. DUTIES OF DIRECTOR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Fiduciary Duties</u>. In fulfilling his/her managerial responsibilities, the Director shall be charged with a fiduciary duty to the Company. The Director shall be attentive and inform himself/herself of all material facts regarding a decision before taking action. In addition, the Director's actions shall be motivated solely by the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Confidentiality</u>. During the Term of this Agreement, and for a period of one (1) year after the Expiration Date, the Director shall maintain in strict confidence all information he/she has obtained or shall obtain from the Company that the Company has designated as "confidential" or that is by its nature confidential, relating to the Company's business, operations, properties, assets, services, condition (financial or otherwise), liabilities, employee relations, customers (including customer usage statistics), suppliers, prospects, technology, or trade secrets, except to the extent such information (i) is in the public domain through no act or omission of the Director, (ii) is required to be disclosed by law or a valid order by a court or other governmental body, or (iii) is independently learned by the Director outside of his/her relationship with the Company and its affiliates (the "<u>Confidential Information</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Nondisclosure and Nonuse Obligations</u>. The Director will use the Confidential Information solely to perform the Director Services for the benefit of the Company. The Director will treat all Confidential Information of the Company with the same degree of care as the Director treats his/her own Confidential Information, and the Director will use his/her best efforts to protect the Confidential Information. The Director will not use the Confidential Information for his/her own benefit or the benefit of any other person or entity, except as may be specifically permitted in this Agreement. The Director will immediately give notice to the Company of any unauthorized use or disclosure by or through him/her, or of which he/she becomes aware, of the Confidential Information. The Director agrees to assist the Company in remedying any such unauthorized use or disclosure of the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Return of the Company Property</u>. All materials furnished to the Director by the Company, whether delivered to the Director by the Company or made by the Director in the performance of Director Services under this Agreement (the "<u>Company Property</u>"), are the sole and exclusive property of the Company. The Director agrees to promptly deliver the original and any copies of the Company Property to the Company at any time upon the Company's request. Upon termination of this Agreement by either party for any reason, the Director agrees to promptly deliver to the Company or destroy, at the Company's option, the original and any copies of the Company Property. The Director agrees to certify in writing that the Director has so returned or destroyed all such Company Property.

IV. COVENANTS
OF DIRECTOR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>No Conflict of Interest</u>. During the Term of this Agreement, the Director shall not be employed by, own, manage, control or participate in the ownership, management, operation or control of any business entity that is competitive with the Company or otherwise undertake any obligation inconsistent with the terms hereof, provided that Director may continue the Director's current affiliation or other current relationships with the entity or entities described on <u>Exhibit A</u> (all of which entities are referred to collectively as "<u>Current Affiliations</u>"). This Agreement is subject to the current terms and agreements governing the Director's relationship with Current Affiliations, and nothing in this Agreement is intended to be or will be construed to inhibit or limit any of the Director's obligations to Current Affiliations. The Director represents that nothing in this Agreement conflicts with the Director's obligations to Current Affiliations. A business entity shall be deemed to be "competitive with the Company" for purpose of this Article IV only if and to the extent it engages in the business substantially similar to the Company's business. If the Director undertakes any duty, investment or other obligation that may present a conflict of interest prohibited under this Section 4.1, the Director shall inform the Board in advance. If the Board decides such proposed new obligation would present an actual conflict of interest prohibited hereunder and the Director still undertakes the new obligation, the Board shall have the right to remove the Director from the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Noninterference with Business</u>. During the Term of this Agreement, and for a period of one (1) year after the Expiration Date, the Director agrees not to interfere with the business of the Company in any manner. By way of example and not of limitation, the Director agrees not to solicit or induce any employee, independent contractor, customer, supplier or business partner of the Company to terminate or breach his/her/its employment, contractual or other relationship with the Company.

V. TERM
AND TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Term</u>. This Agreement is effective as of the Effective Date as provided for in Section 1.1 above and will continue until the Expiration Date (the "<u>Term</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Termination</u>. Either party may terminate this Agreement at any time upon thirty (30) days prior written notice to the other party, or such shorter period as the parties may agree upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Survival</u>. The rights and obligations contained in Articles III and IV will survive any termination or expiration of this Agreement.

VI. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Assignment</u>. Except as expressly permitted by this Agreement, neither party shall assign, delegate, or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party. Subject to the foregoing, this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>No Waiver</u>. The failure of any party to insist upon the strict observance and performance of the terms of this Agreement shall not be deemed a waiver of other obligations hereunder, nor shall it be considered a future or continuing waiver of the same terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by facsimile transmission upon acknowledgment of receipt of electronic transmission; (iv) by certified or registered mail, return receipt requested, upon verification of receipt; or (v) sent by e-mail with confirmation of receipt. Notice shall be sent to the addresses set forth on the signature page of this Agreement or such other address as either party may specify in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Governing Law</u>. This Agreement shall be governed in all respects by the laws of the Cayman Islands without regard to conflicts of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Severability</u>. Should any provisions of this Agreement be held by a court of law to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties relating to this subject matter and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The terms of this Agreement will govern all Director Services undertaken by the Director for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Amendments</u>. This Agreement may only be amended, modified or changed by an agreement signed by the Company and the Director. The terms contained herein may not be altered, supplemented or interpreted by any course of dealing or practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Counterparts</u>. This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

*[The remainder of this page is intentionally left blank.]*

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Company:** | **Prestige Wealth Inc.** |
|  | By: |
|  | Name: |
|  | Title: |
|  | Company address: |

---

---

| | |
|:---|:---|
| **Director:** | |
|  | Name: |
|  | Director address: |

---

*[Signature Page to Director Agreement]*

## Exhibit 10.7

**Exhibit 10.7**

**PRESTIGE WEALTH INC.**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "<u>Agreement</u>") is made and entered into as of ____________, 2025 by and between Prestige Wealth Inc., a company incorporated and existing under the laws of the Cayman Islands (the "<u>Company</u>"), and ______________, an individual (the "<u>Indemnitee</u>").

WHEREAS, the Indemnitee has agreed to serve as a director or officer of the Company and in such capacity will render valuable services to the Company; and

WHEREAS, in order to induce and encourage highly experienced and capable persons such as the Indemnitee to render valuable services to the Company, the board of directors of the Company (the "<u>Board</u>") has determined that this Agreement is not only reasonable and prudent, but necessary to promote and ensure the best interests of the Company and its shareholders;

NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth, and other good and valuable consideration, including, without limitation, the service of the Indemnitee, the receipt of which hereby is acknowledged, and in order to induce the Indemnitee to render valuable services the Company, the Company and the Indemnitee hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Definitions.</u> As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** "<u>Change in Control</u>" shall mean a change in control of the Company of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar or successor schedule or form) promulgated under the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the "<u>Act</u>"), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred (irrespective of the applicability of the initial clause of this definition) if (i) any "person" (as such term is used in Sections 13(d) and 14(d) of the Act, but excluding any trustee or other fiduciary holding securities pursuant to an employee benefit or welfare plan or employee share plan of the Company or any subsidiary or affiliate of the Company, or any entity organized, appointed, established or holding securities of the Company with voting power for or pursuant to the terms of any such plan) becomes the "beneficial owner" (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company's then outstanding securities without the prior approval of at least two-thirds of the Continuing Directors (as defined below) in office immediately prior to such person's attaining such interest; (ii) the Company is a party to a merger, consolidation, scheme of arrangement, sale of assets or other reorganization, or a proxy contest, as a consequence of which Continuing Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of the Company (or any successor entity) thereafter; or (iii) during any period of two (2) consecutive years, individuals who at the beginning of such period constituted the Board of the Company (including for this purpose any new director whose election or nomination for election by the Company's shareholders was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period) (such directors being referred to herein as "<u>Continuing Directors</u>") cease for any reason to constitute at least a majority of the Board of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** "<u>Disinterested Director</u>" with respect to any request by the Indemnitee for indemnification or advancement of expenses hereunder shall mean a director of the Company who neither is nor was a party to the Proceeding (as defined below) in respect of which indemnification or advancement is being sought by the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The term "<u>Expenses</u>" shall mean, without limitation, expenses of Proceedings, including attorneys' fees, disbursements and retainers, accounting and witness fees, expenses related to preparation for service as a witness and to service as a witness, travel and deposition costs, expenses of investigations, judicial or administrative proceedings and appeals, amounts paid in settlement of a Proceeding by or on behalf of the Indemnitee, costs of attachment or similar bonds, any expenses of attempting to establish or establishing a right to indemnification or advancement of expenses, under this Agreement, the Company's Memorandum of Association and Articles of Association as currently in effect (the "<u>Articles</u>"), applicable law or otherwise, and reasonable compensation for time spent by the Indemnitee in connection with the investigation, defense or appeal of a Proceeding or action for indemnification for which the Indemnitee is not otherwise compensated by the Company or any third party. The term "Expenses" shall not include the amount of judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, which are actually levied against or sustained by the Indemnitee to the extent sustained after final adjudication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The term "<u>Independent Legal Counsel</u>" shall mean any firm of attorneys reasonably selected by the Board of the Company, so long as such firm has not represented the Company, the Company's subsidiaries or affiliates, the Indemnitee, any entity controlled by the Indemnitee, or any party adverse to the Company, within the preceding five (5) years. Notwithstanding the foregoing, the term "Independent Legal Counsel" shall not include any person who, under applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee's right to indemnification or advancement of expenses under this Agreement, the Company's Articles, applicable law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The term "<u>Proceeding</u>" shall mean any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, or other proceeding (including, without limitation, an appeal therefrom), formal or informal, whether brought in the name of the Company or otherwise, whether of a civil, criminal, administrative or investigative nature, and whether by, in or involving a court or an administrative, other governmental or private entity or body (including, without limitation, an investigation by the Company or its Board), by reason of (i) the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, whether or not the Indemnitee is serving in such capacity at the time any liability or expense is incurred for which indemnification or reimbursement is to be provided under this Agreement, (ii) any actual or alleged act or omission or neglect or breach of duty, including, without limitation, any actual or alleged error or misstatement or misleading statement, which the Indemnitee commits or suffers while acting in any such capacity, or (iii) the Indemnitee attempting to establish or establishing a right to indemnification or advancement of expenses pursuant to this Agreement, the Company's Articles, applicable law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** The phrase "<u>serving at the request of the Company as an agent of another enterprise</u>" or any similar terminology shall mean, unless the context otherwise requires, serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic. The phrase "serving at the request of the Company" shall include, without limitation, any service as a director/an executive officer of the Company which imposes duties on, or involves services by, such director/executive officer with respect to the Company or any of the Company's subsidiaries, affiliates, employee benefit or welfare plans, such plan's participants or beneficiaries or any other enterprise, foreign or domestic. In the event that the Indemnitee shall be a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic, 50% or more of the ordinary shares, combined voting power or total equity interest of which is owned by the Company or any subsidiary or affiliate thereof, then it shall be presumed conclusively that the Indemnitee is so acting at the request of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>Services by the Indemnitee</u>. The Indemnitee agrees to serve as a director or officer of the Company under the terms of the Indemnitee's agreement with the Company for so long as the Indemnitee is duly elected or appointed or until such time as the Indemnitee tenders a resignation in writing or is removed from the Indemnitee's position; provided, however, that the Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or other obligation imposed by operation of law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** <u>Proceedings by or in the Right of the Company</u>. The Company shall indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or penalties, and excise taxes assessed with respect to any employee benefit or welfare plan, which are actually and reasonably incurred by the Indemnitee in connection with the defense or settlement of such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company; <u>except</u> that no indemnification under this section shall be made in respect of any claim, issue or matter as to which such person shall have been adjudicated by final judgment by a court of competent jurisdiction to be liable to the Company for willful misconduct in the performance of his/her duty to the Company, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such amounts which such other court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** <u>Proceeding Other Than a Proceeding by or in the Right of the Company</u>. The Company shall indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company), by reason of the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or penalties, and excise taxes assessed with respect to any employee benefit or welfare plan, which are actually and reasonably incurred by the Indemnitee in connection with such a Proceeding, to the fullest extent permitted by applicable law; provided, however, that any settlement of a Proceeding must be approved in advance in writing by the Company (which approval shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** <u>Indemnification for Costs, Charges and Expenses of Witness or Successful Party</u>. Notwithstanding any other provision of this Agreement (except as set forth in subparagraph 9(a) hereof), and without a requirement for determination as required by Paragraph 8 hereof, to the extent that the Indemnitee (a) has prepared to serve or has served as a witness in any Proceeding in any way relating to (i) the Company or any of the Company's subsidiaries, affiliates, employee benefit or welfare plans or such plan's participants or beneficiaries or (ii) anything done or not done by the Indemnitee as a director or officer of the Company or in connection with serving at the request of the Company as an agent of another enterprise, or (b) has been successful in defense of any Proceeding or in defense of any claim, issue or matter therein, on the merits or otherwise, including the dismissal of a Proceeding without prejudice or the settlement of a Proceeding without an admission of liability, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** <u>Partial Indemnification</u>. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of the Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, which are actually and reasonably incurred by the Indemnitee in the investigation, defense, appeal or settlement of any Proceeding, but not, however, for the total amount of the Indemnitee's Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, then the Company shall nevertheless indemnify the Indemnitee for the portion of such Expenses, judgments, fines, interest or penalties or excise taxes to which the Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** <u>Advancement of Expenses</u>. The Expenses incurred by the Indemnitee in any Proceeding shall be paid promptly by the Company in advance of the final disposition of the Proceeding at the written request of the Indemnitee to the fullest extent permitted by applicable law; provided, however, that the Indemnitee shall set forth in such request reasonable evidence that such Expenses have been incurred by the Indemnitee in connection with such Proceeding, a statement that such Expenses do not relate to any matter described in subparagraph 9(a) of this Agreement, and an undertaking in writing to repay any advances if it is ultimately determined as provided in subparagraph 8(b) of this Agreement that the Indemnitee is not entitled to indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** <u>Indemnification Procedure; Determination of Right to Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee shall, if a claim for indemnification or advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof in writing. The failure and delay to so notify the Company will not relieve the Company from any liability which the Company may have to the Indemnitee under this Agreement unless the Company shall have lost significant substantive or procedural rights with respect to the defense of any Proceeding as a result of such omission to so notify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Indemnitee shall be conclusively presumed to have met the relevant standards of conduct, if any, as defined by applicable law, for indemnification pursuant to this Agreement and shall be absolutely entitled to such indemnification, unless a determination is made that the Indemnitee has not met such standards by (i) the Board by a majority vote of a quorum thereof consisting of Disinterested Directors, (ii) the shareholders of the Company by majority vote of a quorum thereof consisting of shareholders who are not parties to the Proceeding due to which a claim for indemnification is made under this Agreement, (iii) Independent Legal Counsel as set forth in a written opinion (it being understood that such Independent Legal Counsel shall make such determination only if the quorum of Disinterested Directors referred to in clause (i) of this subparagraph 8(b) is not obtainable or if the Board of the Company by a majority vote of a quorum thereof consisting of Disinterested Directors so directs), or (iv) a court of competent jurisdiction; provided, however, that if a Change in Control shall have occurred and the Indemnitee so requests in writing, such determination shall be made only by a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** If a claim for indemnification or advancement of Expenses under this Agreement is not paid by the Company within thirty (30) days after receipt by the Company of written notice thereof, the rights provided by this Agreement shall be enforceable by the Indemnitee in any court of competent jurisdiction. Such judicial proceeding shall be made de novo. The burden of proving that indemnification or advances are not appropriate shall be on the Company. Neither the failure of the directors or shareholders of the Company or Independent Legal Counsel to have made a determination prior to the commencement of such action that indemnification or advancement of Expenses is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, if any, nor an actual determination by the directors or shareholders of the Company or Independent Legal Counsel that the Indemnitee has not met the applicable standard of conduct shall be a defense to an action by the Indemnitee or create a presumption for the purpose of such an action that the Indemnitee has not met the applicable standard of conduct. The termination of any Proceeding by judgment, order, settlement or conviction, or upon a plea of *nolo contendere* or its equivalent, shall not, of itself (i) create a presumption that the Indemnitee did not act in good faith and in a manner which he reasonably believed to be in the best interests of the Company and/or its shareholders, and, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his conduct was unlawful or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification or advancement of Expenses under this Agreement, except as may be provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** If a court of competent jurisdiction shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication (including, but not limited to, any appellate proceedings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** With respect to any Proceeding for which indemnification or advancement of Expenses is requested, the Company will be entitled to participate therein at its own expense and, except as otherwise provided below, to the extent that it may wish, the Company may assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of a Proceeding, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in connection with the defense thereof, other than as provided below. The Company shall not settle any Proceeding in any manner which would impose any penalty or limitation on the Indemnitee without the Indemnitee's written consent. The Indemnitee shall have the right to employ his/her own counsel in any Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense of the Proceeding shall be at the expense of the Indemnitee, unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of a Proceeding, or (iii) the Company shall not in fact have employed counsel to assume the defense of a proceeding, in each of which cases the fees and expenses of the Indemnitee's counsel shall be advanced by the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** <u>Limitations on Indemnification</u>. No payments pursuant to this Agreement shall be made by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** To indemnify or advance funds to the Indemnitee for Expenses with respect to (i) Proceedings initiated or brought voluntarily by the Indemnitee and not by way of defense, except with respect to Proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under applicable law or (ii) Expenses incurred by the Indemnitee in connection with preparing to serve or serving, prior to a Change in Control, as a witness in cooperation with any party or entity who or which has threatened or commenced any action or proceeding against the Company, or any director, officer, employee, trustee, agent, representative, subsidiary, parent corporation or affiliate of the Company, but such indemnification or advancement of Expenses in each such case may be provided by the Company if the Board finds it to be appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** To indemnify the Indemnitee for any Expenses, judgments, fines, interest or penalties sustained in any Proceeding for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Act or similar provisions of any foreign or United States federal, state or local statute or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** To indemnify the Indemnitee for any Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, for which the Indemnitee is indemnified by the Company otherwise than pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** To indemnify the Indemnitee for any Expenses (including without limitation any Expenses relating to a Proceeding attempting to enforce this Agreement), judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, on account of the Indemnitee's conduct if such conduct shall be finally adjudged to have been knowingly fraudulent, deliberately dishonest or willful misconduct, including, without limitation, breach of the duty of loyalty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** If a court of competent jurisdiction finally determines that any indemnification hereunder is unlawful. In this respect, the Company and the Indemnitee have been advised that the U.S. Securities and Exchange Commission takes the position that indemnification for liabilities arising under securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** To indemnify the Indemnitee in connection with Indemnitee's personal tax matter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** To indemnify the Indemnitee with respect to any claim related to any dispute or breach arising under any contract or similar obligation between the Company or any of its subsidiaries or affiliates and such Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** <u>Continuation of Indemnification</u>. All agreements and obligations of the Company contained herein shall continue during the period that the Indemnitee is a director or officer of the Company (or is or was serving at the request of the Company as an agent of another enterprise, foreign or domestic) and shall continue thereafter so long as the Indemnitee shall be subject to any possible Proceeding by reason of the fact that the Indemnitee was a director or officer of the Company or serving in any other capacity referred to in this Paragraph 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** <u>Indemnification Hereunder Not Exclusive</u>. The indemnification provided by this Agreement shall not be deemed to be exclusive of any other rights to which the Indemnitee may be entitled under the Company's Articles, any agreement, vote of shareholders or vote of Disinterested Directors, provisions of applicable law, or otherwise, both as to action or omission in the Indemnitee's official capacity and as to action or omission in another capacity on behalf of the Company while holding such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** This Agreement shall be binding upon the Indemnitee, and shall inure to the benefit of, the Indemnitee and the Indemnitee's heirs, executors, administrators and assigns, whether or not the Indemnitee has ceased to be a director or officer, and the Company and its successors and assigns. Upon the sale of all or substantially all of the business, assets or share capital of the Company to, or upon the merger of the Company into or with, any corporation, partnership, joint venture, trust or other person, this Agreement shall inure to the benefit of and be binding upon both the Indemnitee and such purchaser or successor person. Subject to the foregoing, this Agreement may not be assigned by either party without the prior written consent of the other party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If the Indemnitee is deceased and is entitled to indemnification under any provision of this Agreement, the Company shall indemnify the Indemnitee's estate and the Indemnitee's spouse, heirs, executors, administrators and assigns against, and the Company shall, and does hereby agree to assume, any and all Expenses actually and reasonably incurred by or for the Indemnitee or the Indemnitee's estate, in connection with the investigation, defense, appeal or settlement of any Proceeding. Further, when requested in writing by the spouse of the Indemnitee, and/or the Indemnitee's heirs, executors, administrators and assigns, the Company shall provide appropriate evidence of the Company's agreement set out herein to indemnify the Indemnitee against and to itself assume such Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** <u>Subrogation</u>. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** <u>Severability</u>. Each and every paragraph, sentence, term and provision of this Agreement is separate and distinct so that if any paragraph, sentence, term or provision thereof shall be held to be invalid, unlawful or unenforceable for any reason, such invalidity, unlawfulness or unenforceability shall not affect the validity, unlawfulness or enforceability of any other paragraph, sentence, term or provision hereof. To the extent required, any paragraph, sentence, term or provision of this Agreement may be modified by a court of competent jurisdiction to preserve its validity and to provide the Indemnitee with the broadest possible indemnification permitted under applicable law. The Company's inability, pursuant to a court order or decision, to perform its obligations under this Agreement shall not constitute a breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** <u>Savings Clause</u>. If this Agreement or any paragraph, sentence, term or provision hereof is invalidated on any ground by any court of competent jurisdiction, the Company shall nevertheless indemnify the Indemnitee as to any Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, which are incurred with respect to any Proceeding to the fullest extent permitted by any (a) applicable paragraph, sentence, term or provision of this Agreement that has not been invalidated or (b) applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** <u>Interpretation; Governing Law</u>. This Agreement shall be construed as a whole and in accordance with its fair meaning and any ambiguities shall not be construed for or against either party. Headings are for convenience only and shall not be used in construing meaning. This Agreement shall be governed and interpreted in all respects in accordance with the laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** <u>Amendments</u>. No amendment, waiver, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by the party against whom enforcement is sought. The indemnification rights afforded to the Indemnitee hereby are contract rights and may not be diminished, eliminated or otherwise affected by amendments to the Company's Articles, or by other agreements of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by facsimile transmission upon acknowledgment of receipt of electronic transmission; (iv) by certified or registered mail, return receipt requested, upon verification of receipt; or (v) sent by e-mail with confirmation of receipt. Notice shall be sent to the addresses set forth on the signature page of this Agreement or such other address as either party may specify in writing.

*[The remainder of this page is intentionally left blank.]*

IN WITNESS WHEREOF, the parties have executed this Indemnification Agreement as of the date first written above.

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| |
|:---|
| **PRESTIGE WEALTH INC.** |
| By: |
| Name: |
| Title: |
| Company address: |
| **INDEMNITEE** |
| By: |
| Name: |
| Indemnitee address: |

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*[Signature Page to Indemnification Agreement]*

## Exhibit 10.8

**Exhibit 10.8**

**PRESTIGE WEALTH INC.**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (this "<u>Agreement"</u>) is entered into as of __________________, by and between Prestige Wealth Inc., an exempted company incorporated and existing under the laws of the Cayman Islands (the "<u>Company</u>" and, together with its subsidiaries and affiliated entities, the "<u>Group</u>") and _______________ (the "<u>Executive</u>").

**RECITALS**

WHEREAS, the Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below) and under the terms and conditions of this Agreement;

WHEREAS, the Executive desires to be employed by the Company during the term of Employment and under the terms and conditions of this Agreement;

**AGREEMENT**

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the Company and the Executive agree as follows:

1. EMPLOYMENT

The Company hereby agrees to employ the Executive and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth (the "<u>Employment</u>").

2. TERM

Subject to the terms and conditions of this Agreement, the term of the Employment shall commence on the date of this Agreement (the "<u>Effective Date</u>") and shall have an indefinite duration, unless it is terminated pursuant to this Agreement or as mutually agreed by the parties hereto (the period during which this Agreement is effective being referred to hereafter as the "<u>Term</u>").

It is understood and agreed that to the extent an employment agreement or similar agreement has been entered into by and between a member of the Group on one hand and the Executive on the other hand (the "<u>Operative Employment Agreement</u>"), and the Operative Employment Agreement is terminated for any reasons pursuant to the terms therein, the Employment shall also be terminated unless mutually agreed by both parties.

3. POSITION AND Duties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term, the Executive shall serve as the ______________ of the Company or in such other position or positions with a level
of duties and responsibilities consistent with the foregoing with the Company and/or its subsidiaries and affiliates as the board of directors
of the Company (the " <u>Board</u> ") may specify from time to time and shall have the duties, responsibilities and obligations
customarily assigned to individuals serving in the position or positions in which the Executive serves hereunder and as assigned by the
Board, or with the Board's authorization, by the Company's Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive agrees to serve without additional compensation, if elected or appointed thereto, as a director of any member of the
Group and as a member of any committees of the board of directors of any such entity, provided that the Executive is indemnified for serving
in any and all such capacities on a basis no less favorable than is currently provided to any other director of any member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Executive agrees to devote all of his/her working time and efforts to the performance of his/her duties for the Company and to
faithfully and diligently serve the Company in accordance with the Operative Employment Agreement, this Agreement and the guidelines,
policies and procedures of the Company approved from time to time by the Board.

4. NO BREACH OF CONTRACT

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or by which the Executive is otherwise bound, except that the Executive does not make any representation with respect to agreements required to be entered into by and between the Executive and any member of the Group pursuant to the applicable law of the jurisdiction in which the Executive is based, if any; (ii) that the Executive is not in possession of any information (including, without limitation, confidential information and trade secrets) the knowledge of which would prevent the Executive from freely entering into this Agreement and carrying out his/her duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement with any person or entity other than any member of the Group.

The parties acknowledge and agree that the Executive shall continue to comply with the provisions of the Operative Employment Agreement and any another agreement entered into between the Company or any other member of the Group on one hand and the Executive on the other hand.

5. Compensation
 and BenefitS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash Compensation</u>. The Executive's salary, remuneration and benefits shall be specified in the Operative Employment Agreement
or any other agreement between the Company or another member of the Group on one hand and the Executive on the other hand, subject to
annual review and adjustment by the Board or any committee designated by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Incentives</u>. During the Term, the Executive shall be eligible to participate, at a level comparable to similarly situated
executives of the Company, in such long-term compensation arrangements as may be authorized from time to time by the Board, including
any share incentive plan the Company may adopt from time to time in its sole discretion, subject to the terms and provisions of such arrangements
as well as the terms and conditions as set forth in the Operative Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>. During the Term, the Executive shall be entitled to participate in all of the employee benefit plans and arrangements
made available by the Company to its similarly situated executives, including, but not limited to, any retirement plan, medical insurance
plan and travel/holiday policy, subject to and on a basis consistent with the terms, conditions and overall administration of such plans
and arrangements as well as the terms of the Operative Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment</u>. Subject to the terms and conditions as set forth in the Operative Employment Agreement, all compensation, salary,
benefits and remuneration payable pursuant to this Agreement and the Operative Employment Agreement may be paid by the Company or any
other member of the Group, as decided by the Company in its sole discretion.

6. Termination of THIS Agreement

The Employment may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death</u>. The Employment shall terminate upon the Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by Company</u>. The Company shall have the right to terminate the Employment at any time with "Cause" without
advance notice pursuant to the terms and conditions hereof. For purposes of this Agreement, " <u>Cause</u> " shall have the
meanings ascribed to it in the Operative Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Executive</u>. The Executive shall have the right to terminate the Employment at any time by giving a 30 days'
advance notice in writing pursuant to the terms and conditions under the Operative Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Termination.</u> Any termination of the Executive's employment under this Agreement shall be communicated by written
notice of termination (" <u>Notice of Termination</u> ") from the terminating party to the other party. The notice of termination
shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Date of Termination</u>. The " <u>Date of Termination</u> " shall mean (1) the date set forth in the Notice of Termination,
or (2) if the Executive's employment is terminated by the Executive's death, the date of his/her death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Effect of Termination.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of termination of the Employment, by either party for any reason, the Company shall pay to the Executive (or his or her
beneficiary in the event of his/her death) any base salary or other compensation earned but not paid to the Executive prior to the effective
date of such termination. All other benefits due the Executive following his/her the termination of the Employment shall be determined
in accordance with the plans, policies and practices of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event of termination of the Employment by the Company other than for Cause, the Company shall pay to the Executive any additional
amount as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Return of Company Property</u>. The Executive agrees that following the termination of the Executive's employment for any
reason, or at any time prior to the Executive's termination upon the request of the Company, he/she shall return all property of
the Group that is then in or thereafter comes into his/her possession, including, but not limited to, any Confidential Information (as
defined below) or Intellectual Property (as defined below), or any other documents, contracts, agreements, plans, photographs, projections,
books, notes, records, electronically stored data, and all copies, excerpts, or summaries of the foregoing, as well as any automobile
or other materials or equipment supplied by the Group to the Executive, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Requirement for a Release</u>. Notwithstanding the foregoing, the Company's obligations to pay or provide any benefits shall
(1) cease as of the date the Executive breaches any of the provisions of Sections 7, 8, and 9 hereof, and (2) be conditioned on the Executive
signing the Company's customary release of claims in favor of the Group and the expiration of any revocation period provided for
in such release.

7. Confidentiality and NonDisclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive acknowledges and agrees that: (A) the Executive holds a position of trust and confidence with the Company and that his/her
employment by the Company will require that the Executive have access to and knowledge of valuable and sensitive information, material,
and devices relating to the Group and/or its business, activities, products, services, business partners, customers, and vendors; including,
but not limited to, the following, regardless of the form in which the same is accessed, maintained or stored: the identity of the Group's
actual and prospective customers and, as applicable, their representatives; prior, current or future research or development activities
of the Group; the products and services provided or offered by the Group to customers or potential customers and the manner in which such
services are performed or to be performed; the product and/or service needs of actual or prospective customers; pricing and cost information;
information concerning the development, engineering, design, specifications, acquisition or disposition of products, and/or services of
the Group; user base personal data, programs, software and source codes, licensing information, personnel information, advertising client
information, vendor information, marketing plans and techniques, forecasts, and other trade secrets ("Confidential Information");
and (B) the direct and indirect disclosure of any such Confidential Information would place the Group at a competitive disadvantage and
would do damage, monetary or otherwise, to the Group's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Term and at all times thereafter, the Executive shall not, directly or indirectly, whether individually, as a director,
stockholder, owner, partner, employee, consultant, principal or agent of any business, or in any other capacity, publish or make known,
disclose, furnish, reproduce, make available, or utilize any of the Confidential Information without the prior express written approval
of the Company, other than in the proper performance of the duties contemplated herein, unless and until such Confidential Information
is or shall become general public knowledge through no fault of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Executive is required by law to disclose any Confidential Information, the Executive agrees to give the Company
prompt advance written notice thereof and to provide the Company with reasonable assistance in obtaining an order to protect the Confidential
Information from public disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The failure to mark any Confidential Information as confidential shall not affect its status as Confidential Information under this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Section 7 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 7,
the Company shall have right to seek remedies permissible under applicable law.

8. Intellectual property

The Executive hereby agrees to transfer to the Company or another member of the Group as designated by the Company all intellectual property rights in the works created during the Employment or other intellectual property rights deemed to be occupational works in accordance with applicable laws and regulations (the "<u>Occupational Works</u>"). The "intellectual property rights" as referred to in this section means all current and future intellectual property rights, including but not limited to patent rights, trademarks or copyrights in any country, whether registered or not. The Executive agrees that, throughout the course of the Employment and at all times thereafter, he or she shall execute all necessary documents and take all necessary action to implement the foregoing transfer of the Occupational Works to the Group. The Executive acknowledged that the Company shall, where permitted by applicable laws and regulations, hold all rights and interests in the Occupational Works, including any patent or copyrights. The Executive further agrees that, throughout the course of the Employment and at all times thereafter, the Executive and his or her heirs, assignees and representatives will, upon the Company's requests, assign exclusively to the Company or another member of the Group as designated by the Company any right, title and interest in the Occupational Work and assist in the preparation and execution of all applications and instruments and carry out other tasks or procedures necessary in accordance with applicable laws and regulations for the Company or another member of the Group as designated by the Company to obtain and maintain the patent and other intellectual property right in any applicable jurisdictions and/or protecting the rights and interests of the Company or another member of the Group as designated by the Company in the Occupational Works

This Section 8 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 8, the Company shall have right to seek remedies permissible under applicable law.

9. Non-competition AND NON-SOLICITATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Competition</u>. In consideration of the provision of the Employment by and covenants of the Company
hereunder, the adequacy of which as consideration is hereby acknowledged by the parties hereto, the Executive agree that during the Term
and for a period of one year following the termination of the Employment for whatever reason, the Executive shall not engage in Competition
(as defined below) with the Group. For purposes of this Agreement, " <u>Competition</u> " by the Executive shall mean the Executive's
engaging in, or otherwise directly or indirectly being employed by or acting as a consultant or lender to, or being a director, officer,
employee, principal, agent, stockholder, member, owner or partner of, or permitting the Executive's name to be used in connection
with the activities of, any other business or organization which competes, directly or indirectly, with the Group in the Business; *provided*, *however*, it shall not be a violation of this Section 9(a) for the Executive to become the registered or beneficial owner of up
to five percent (5%) of any class of the capital stock of a publicly traded corporation in Competition with the Group, provided that the
Executive does not otherwise participate in the business of such corporation.

For purposes of this Agreement, "<u>Business</u>" means the provision of wealth management business and any other business which the Group engages in, or is preparing to become engaged in, during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Solicitation; Non-Interference</u>. During the Term and for a period of one year following the termination of the Executive's
employment for any reason, the Executive agrees that he/she will not, directly or indirectly, for the Executive's benefit or for
the benefit of any other person or entity, do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) solicit from any customer or business partner doing business with the Group during the Term business of the same or of a similar nature
to the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) solicit from any known potential customer of the Group business of the same or of a similar nature to that which has been the subject
of a known written or oral bid, offer or proposal by the Group, or of substantial preparation with a view to making such a bid, proposal
or offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) solicit the employment or services of, or hire or engage, any person who is known to be employed or engaged by the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) otherwise interfere with the business or accounts of the Group, including, but not limited to, with respect to any relationship or
agreement between the Group and any vendor or supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Injunctive Relief; Indemnity of Company</u>. The Executive agrees that any breach or threatened breach of subsections (a) and (b)
of this Section 9 would result in irreparable injury and damage to the Company for which an award of money to the Company would not be
an adequate remedy. The Executive therefore also agrees that in the event of said breach or any reasonable threat of breach, the Company
shall be entitled to seek an immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued
breach by the Executive and/or any and all persons and/or entities acting for and/or with the Executive. The terms of this paragraph shall
not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including, but not limited
to, remedies available under this Agreement and the recovery of damages. The Executive and the Company further agree that the provisions
of this Section 9 are reasonable. The Executive agrees to indemnify and hold harmless the Company from and against all reasonable expenses
(including reasonable fees and disbursements of counsel) which may be incurred by the Company in connection with, or arising out of, any
violation of this Agreement by the Executive. This Section 9 shall survive the termination of this Agreement for any reason.

10. Withholding Taxes

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, state, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

11. Assignment

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent. If the Executive should die while any amounts would still be payable to the Executive hereunder if the Executive had continued to live, all such amounts unless otherwise provided herein shall be paid in accordance with the terms of this Agreement to the Executive**'**s devisee, legatee, or other designee or, if there be no such designee, to the Executive**'**s estate. The Company will require any and all successors (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as the Executive would be entitled to hereunder if the Company had terminated the Executive**'**s employment other than for Cause, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this Section 11, **"**Company**"** shall mean the Company as herein before defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 11 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.

12. Severability

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

13. Entire Agreement

This Agreement and the Operative Employment Agreement constitute the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersede all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive acknowledges that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement.

For the avoidance of doubt, in case of any conflict between this Agreement and the Operative Employment Agreement as to the Executive's compensation, the term of the Employment, and the Executive's non-compete, confidentiality and non-solicitation obligations, the Operative Employment Agreement shall prevail. This Agreement may not be changed or modified except by an amendment in writing signed by both of the parties hereto.

14. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands without regard to the conflict of laws principles thereof.

15. AMENDMENT

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

16. Waiver

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

17. Notices

All notices, requests, demands, and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (iv) sent by e-mail with confirmation of receipt.

18. Counterparts

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

19. NO INTERPRETATION AGAINST DRAFTER

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

*[Remainder of the page intentionally left blank.]*

**IN WITNESS WHEREOF**, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **Prestige Wealth Inc.**<br> a Cayman Islands exempted company |
|  | By: |
|  | Name: |
|  | Title: |
| **EXECUTIVE:** |  |
|  | Name: |
|  | Address: |

---

## Exhibit 10.9

**Exhibit** **10.9**

**PRESTIGE WEALTH INC.**

**consulting services AGREEMENT**

This CONSULTING SERVICES AGREEMENT (this "<u>Agreement"</u>) is entered into as of _________, by and among Prestige Wealth Inc., an exempted company incorporated and existing under the laws of the Cayman Islands (the "<u>Company</u>" and, together with its subsidiaries and affiliated entities, the "<u>Group</u>"), BD International Services LLC, a Limited Liability Company incorporated and existing under the laws of Wyoming, the United States, the United States (the "<u>Consultant</u>"), and <u>Bjorn Schmidtke</u> (the "<u>Service Provider</u>").

**RECITALS**

WHEREAS, the Company desires to engage the Consultant to provide the consulting services under the terms and conditions of this Agreement;

WHEREAS, the Service Provider is an employee of the Consultant; and

WHEREAS, the Company and the Consultant wish that the Consultant provide the Company such consulting services exclusively through the Service Provider, pursuant to the terms and conditions of this Agreement.

**AGREEMENT**

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the Company, the Consultant and the Service Provider agree as follows:

1. Consulting
 services

The Consultant hereby agrees to provide the Company with management services which include, without limitation, the execution of the day to day operations of the Company, carrying out the strategies and directions of its Board of Directors, other activities that would otherwise be carried out by the Company's Chief Executive Officer including undertaking all lawful and reasonable directions, duties and instructions given to it from time to time by the Board of Directors of the Company, including by providing all services ordinarily associated with such position, pursuant to the terms and conditions hereinafter set forth (the "<u>Consulting Services</u>").

The Consultant shall provide the Consulting Services exclusively through the Service Provider. The Consultant agrees to devote the necessary time to the business and affairs of the Company to the extent necessary to discharge his responsibilities, and use best efforts to the business of the Company, and the Consultant shall not engage or contract any other person or entity to perform the Consulting Services or any part thereof without the prior consent of the Company and/or its Board of Directors.

2. TERM

Subject to the terms and conditions of this Agreement, the term of the Consulting Services shall commence on the date of this Agreement (the "<u>Effective Date</u>") and shall have an indefinite duration, unless it is terminated pursuant to this Agreement or as mutually agreed by the parties hereto (the period during which this Agreement is effective being referred to hereafter as the "<u>Term</u>").

It is understood and agreed that to the extent an executive consulting services agreement or similar agreement has been entered into by and among a member of the Group, the Consultant and the Service Provider (the "<u>Operative Consulting Services Agreement</u>"), and the Operative Consulting Services Agreement is terminated for any reasons pursuant to the terms therein, the Consulting Services shall also be terminated unless mutually agreed by both parties.

3. NO
 BREACH OF CONTRACT

The Consultant and the Service Provider hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Consultant and the Service Provider and the performance by the Service Provider of the Consulting Services hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Consultant or the Service Provider is a party or by which the Consultant or the Service Provider is otherwise bound, except that the Consultant and the Service Provider does not make any representation with respect to agreements required to be entered into by and between the Consultant or the Service Provider and any member of the Group pursuant to the applicable law of the jurisdiction in which the Consultant and the Service Provider is based, if any; (ii) that the Consultant or the Service Provider is not in possession of any information (including, without limitation, confidential information and trade secrets) the knowledge of which would prevent it from freely entering into this Agreement and carrying out the services hereunder; and (iii) that the Consultant and the Service Provider are not bound by any confidentiality, trade secret or similar agreement with any person or entity other than any member of the Group.

The parties acknowledge and agree that the Consultant and the Service Provider shall continue to comply with the provisions of the Operative Consulting Services Agreement and any another agreement entered into with the Company or any other member of the Group.

4. Compensation
 and payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compensation</u>. The compensation for the Consulting Services shall be specified in the Operative
Consulting Services Agreement or any other agreement with the Company or another member of the Group, subject to annual review and adjustment
by the Board or any committee designated by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment</u>. Subject to the terms and conditions as set forth in the Operative Consulting Services
Agreement, all compensation and fees payable pursuant to this Agreement and the Operative Consulting Services Agreement may be paid by
the Company or any other member of the Group, as decided by the Company in its sole discretion.

5. Termination
 of THIS Agreement

The Consulting Services may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death</u>. The Consulting Services shall terminate upon the Service Provider's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by Company</u>. The Company shall have the right to terminate the Consulting Services at
any time with "Cause" without advance notice pursuant to the terms and conditions hereof. For purposes of this Agreement,
" <u>Cause</u> " shall have the meanings ascribed to it in the Operative Consulting Services Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Consultant</u>. The Consultant shall have the right to terminate the Consulting
Services at any time by giving a [six months]' advance notice in writing pursuant to the terms and conditions under the Operative
Consulting Services Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Termination.</u> Any termination of the Consulting Services under this Agreement shall be
communicated by written notice of termination (" <u>Notice of Termination</u> ") from the terminating party to the other party.
The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Date of Termination</u>. The " <u>Date of Termination</u> " shall mean (1) the date set forth
in the Notice of Termination, or (2) if the Consulting Services is terminated by the Service Provider's death, the date of his death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Effect of Termination.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of termination of the Consulting Services, by any party for any reason, the Company shall
pay to the Consultant any compensation earned but not paid to the Consultant prior to the effective date of such termination. All other
benefits due the Consultant following the termination of the Consulting Services shall be determined in accordance with the plans, policies
and practices of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event of termination of the Consulting Services by the Company other than for Cause, the Company
shall pay to the Consultant any additional amount as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Return of Company Property</u>. The Consultant and the Service Provider agree that following the termination
of the Consulting Services for any reason, or at any time prior to the Consulting Services upon the request of the Company, they shall
return all property of the Group that is then in or thereafter comes into their possession, including, but not limited to, any Confidential
Information (as defined below) or Intellectual Property (as defined below), or any other documents, contracts, agreements, plans, photographs,
projections, books, notes, records, electronically stored data, and all copies, excerpts, or summaries of the foregoing, as well as any
automobile or other materials or equipment supplied by the Group, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Requirement for a Release</u>. Notwithstanding the foregoing, the Company's obligations to pay
or provide any benefits shall (1) cease as of the date the Consultant or the Service Provider breaches any of the provisions of Sections
6, 7, and 8 hereof, and (2) be conditioned on the Consultant and the Service Provider signing the Company's customary release of
claims in favor of the Group and the expiration of any revocation period provided for in such release.

6. Confidentiality
 and NonDisclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Consultant and the Service Provider acknowledge and agree that: (A) they hold a position of trust
and confidence with the Company and that the Consulting Services provided to the Company will require that they have access to and knowledge
of valuable and sensitive information, material, and devices relating to the Group and/or its business, activities, products, services,
business partners, customers, and vendors; including, but not limited to, the following, regardless of the form in which the same is accessed,
maintained or stored: the identity of the Group's actual and prospective customers and, as applicable, their representatives; prior,
current or future research or development activities of the Group; the products and services provided or offered by the Group to customers
or potential customers and the manner in which such services are performed or to be performed; the product and/or service needs of actual
or prospective customers; pricing and cost information; information concerning the development, engineering, design, specifications, acquisition
or disposition of products, and/or services of the Group; user base personal data, programs, software and source codes, licensing information,
personnel information, advertising client information, vendor information, marketing plans and techniques, forecasts, and other trade
secrets ("Confidential Information"); and (B) the direct and indirect disclosure of any such Confidential Information would
place the Group at a competitive disadvantage and would do damage, monetary or otherwise, to the Group's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Term and at all times thereafter, the Consultant and the Service Provider shall not, directly
or indirectly, publish or make known, disclose, furnish, reproduce, make available, or utilize any of the Confidential Information without
the prior express written approval of the Company, other than in the proper performance of the duties contemplated herein, unless and
until such Confidential Information is or shall become general public knowledge through no fault of the Consultant or the Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Consultant or the Service Provider is required by law to disclose any Confidential
Information, they agree to give the Company prompt advance written notice thereof and to provide the Company with reasonable assistance
in obtaining an order to protect the Confidential Information from public disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The failure to mark any Confidential Information as confidential shall not affect its status as Confidential
Information under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Section 6 shall survive the termination of this Agreement for any reason. In the event the Consultant
or the Service Provider breaches this Section 6, the Company shall have right to seek remedies permissible under applicable law.

7. Intellectual
 property

The Consultant and the Service Provider hereby agree to transfer to the Company or another member of the Group designated by the Company all intellectual property rights in any works created or developed during the provision of the Consulting Services, or other intellectual property rights deemed occupational works in accordance with applicable laws and regulations (the "<u>Occupational Works</u>"). The term "intellectual property rights" in this section includes all current and future rights, including but not limited to patents, trademarks, copyrights, whether registered or unregistered, in any jurisdiction. The Consultant and the Service Provider agree that, during the term of this Agreement and thereafter, they shall execute all necessary documents and take all required actions to effectuate the transfer of the Occupational Works to the Group. The Consultant and the Service Provider acknowledge that, where permitted by applicable law, the Company will hold all rights and interests in the Occupational Works, including any patents or copyrights. Furthermore, the Consultant and the Service Provider agree that, during the term of this Agreement and thereafter, their assignees and representatives will, at the Company's request, assign exclusively to the Company or its designated Group member all right, title, and interest in the Occupational Works and assist in the preparation, filing, prosecution, and maintenance of applications and other documents necessary to secure and protect intellectual property rights in any applicable jurisdiction.

This Section 7 shall survive the termination of this Agreement for any reason. In the event the Consultant or the Service Provider breaches this Section 7, the Company shall have right to seek remedies permissible under applicable law.

8. Non-competition
 AND NON-SOLICITATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Competition</u>. In consideration of the Consultant's provision of the Consulting Services
and the covenants of the Company herein, the adequacy of which consideration is hereby acknowledged by both parties, the Consultant and
the Service Provider agree that during the Term of this Agreement and for a period of one year following the termination of the Consulting
Services for any reason, they shall not engage in Competition (as defined below) with the Group. For purposes of this Agreement, " <u>Competition</u> "
means the Consultant or the Service Provider engaging in, or directly or indirectly being employed by, acting as a consultant or lender
to, serving as a director, officer, employee, principal, agent, stockholder, member, owner, or partner of, or permitting the Service Provider's
name to be used in connection with the activities of, any business or organization that competes, directly or indirectly, with the Group
in the Business. Notwithstanding the foregoing, it shall not be a breach of this Section if the Consultant or Service Provider becomes
the registered or beneficial owner of up to five percent (5%) of any class of capital stock of a publicly traded company that competes
with the Group, so long as the Consultant or Service Provider does not otherwise participate in the business of such company.

For purposes of this Agreement, "<u>Business</u>" means the provision of wealth management business and any other business which the Group engages in, or is preparing to become engaged in, during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Solicitation; Non-Interference</u>. During the Term and for a period of one year following the
termination of the Consulting Services for any reason, the Consultant and the Service Provider agree that they will not, directly or indirectly,
for their benefit or for the benefit of any other person or entity, do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) solicit from any customer or business partner doing business with the Group during the Term business of
the same or of a similar nature to the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) solicit from any known potential customer of the Group business of the same or of a similar nature to
that which has been the subject of a known written or oral bid, offer or proposal by the Group, or of substantial preparation with a view
to making such a bid, proposal or offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) solicit the employment or services of, or hire or engage, any person who is known to be employed or engaged
by the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) otherwise interfere with the business or accounts of the Group, including, but not limited to, with respect
to any relationship or agreement between the Group and any vendor or supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Injunctive Relief; Indemnity of Company</u>. The Consultant and the Service Provider agree that any
breach or threatened breach of subsections (a) and (b) of this Section 8 would result in irreparable injury and damage to the Company
for which an award of money to the Company would not be an adequate remedy. The Consultant and the Service Provider therefore also agree
that in the event of said breach or any reasonable threat of breach, the Company shall be entitled to seek an immediate injunction and
restraining order to prevent such breach and/or threatened breach and/or continued breach by the Consultant or the Service Provider and/or
any and all persons and/or entities acting for and/or with them. The terms of this paragraph shall not prevent the Company from pursuing
any other available remedies for any breach or threatened breach hereof, including, but not limited to, remedies available under this
Agreement and the recovery of damages. The Consultant, the Service Provider and the Company further agree that the provisions of this
Section 8 are reasonable. The Consultant agrees to indemnify and hold harmless the Company from and against all reasonable expenses (including
reasonable fees and disbursements of counsel) which may be incurred by the Company in connection with, or arising out of, any violation
of this Agreement by the Consultant or the Service Provider. This Section 8 shall survive the termination of this Agreement for any reason.

9. Withholding
 Taxes

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, state, provincial, local or any other tax, including income or consulting services taxes, as may be required to be withheld pursuant to any applicable law or regulation.

10. Assignment

Neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent. The Company will require any and all successors (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Consultant to compensation from the Company in the same amount and on the same terms as the Consultant would be entitled to hereunder if the Company had terminated the Consulting Services other than for Cause, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this Section 10, **"**Company**"** shall mean the Company as herein before defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 10 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.

11. RELATIONSHIP
 OF THE PARTIES

The Consultant or the Service Provider's relationship with the Company will be that of an independent contractor, and nothing in this Agreement shall be construed to create a partnership, agency, joint venture, or employment relationship. The Consultant or the Service Provider will not be eligible to participate in any of the Company' employee benefit plans, or group insurance arrangements.

12. Severability

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

13. Entire
 Agreement

This Agreement and the Operative Consulting Services Agreement constitute the entire agreement and understanding among the Consultant, the Service Provider and the Company regarding the terms of the Consulting Services and supersede all prior or contemporaneous oral or written agreements concerning such subject matter. The Consultant and the Service Provider acknowledge that they have not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement.

For the avoidance of doubt, in the event of any conflict between this Agreement and the Operative Consulting Services Agreement regarding the Consultant's compensation, the term of the Consulting Services, or the non-compete, confidentiality, and non-solicitation obligations of the Consultant and the Service Providers, the Operative Consulting Services Agreement shall prevail. This Agreement may only be amended or modified through a written instrument signed by all parties involved.

14. Governing
 Law

This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands without regard to the conflict of laws principles thereof.

15. AMENDMENT

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

16. Waiver

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

17. Notices

All notices, requests, demands, and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (iv) sent by e-mail with confirmation of receipt.

18. Counterparts

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

19. NO
 INTERPRETATION AGAINST DRAFTER

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

*[Remainder of the page intentionally left blank.]*

**IN WITNESS WHEREOF**, this Agreement has been executed as of the date first written above.

---

| | |
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| **COMPANY:** | **Prestige Wealth Inc.**<br> a Cayman Islands exempted company |
|  | By: |
|  | Name: |
|  | Title: |
| **CONSULTANT:** |  |
|  | By: |
|  | Name: |
|  | Title: |
| **SERVICE PROVIDER:** |  |
|  | Name: |
|  | Address: |

---

## Exhibit 99.1

**Exhibit 99.1**

**Prestige Wealth Inc. Signs and Closes Approx. $150 Million Financing for Aurelion Treasury**

**Initiating NASDAQ's First Tether Gold Treasury**

**Prestige Wealth Inc. (NASDAQ: PWM) Plans to be Renamed to** 

**Aurelion Inc. (NASDAQ: AURE) Subject to Approvals**

*Antalpha (NASDAQ: ANTA) Anchors $150 million Financing*

*$100 Million Private Placement & $50 Million Senior Debt Facility*

*Björn Schmidtke to Serve as CEO*

 

**Hong Kong, October 10, 2025 /GLOBE NEWSWIRE/** – **Prestige Wealth Inc.** (NASDAQ: PWM; AURE) (the "Company" or "Aurelion") today announced its entry into and the closing of a set of coordinated transactions to initiate NASDAQ's first Tether Gold (XAU₮) treasury. The transactions include an approximately $100 million PIPE financing (the "PIPE") from anchor investor Antalpha Platform Holding Company (NASDAQ: ANTA) ("Antalpha"), and other accredited investors, including TG Commodities S.A. de C.V. ("Tether") and Kiara Capital Holding Limited ("Kiara Capital"), invested by Antalpha management, and a 3-year $50 million senior debt facility (the "Facility"). The Company intends to use the majority of the net proceeds to fund the acquisition of Tether Gold ("XAU₮") as the Company's treasury reserve asset. The Company (NASDAQ: PWM) is expected to be renamed as "Aurelion Inc.", subject to approvals, and will trade under the new ticker (NASDAQ: AURE) beginning Monday, October 13, 2025.

"I am bullish on bitcoin in the long term, and I believe we need a stablecoin that can fight inflation and has the stability to be used for paying daily necessities like electricity bills. Some people describe Bitcoin as digital gold; I see Tether Gold (XAU₮), a redeemable stablecoin backed by gold, as the real digital gold," said Björn Schmidtke, CEO of Aurelion and a long-time bitcoin miner.

"With Aurelion Treasury, we are setting a new standard: a publicly listed, fully backed gold digital reserve that can be verified on-chain every day. In a world where money is moving digitally and market volatility remains real, having a foundation of real value in tokenized gold gives people and institutions certainty. This isn't about yield or finance: it's about redefining how real wealth is held, moved, and preserved in the digital era," continued Mr. Schmidtke.

"We are excited to collaborate with Tether, the largest stablecoin company in the world, to expand the trusted digital gold ecosystem. Digital assets will be more tangible to many when one can walk into a jewelry store and redeem a gold bar with Tether Gold (XAU₮). Through *Antalpha RWA Hub*, we hope to deliver new capabilities and services like this that will increase the liquidity and product offerings of Tether Gold (XAU₮)," said Paul Liang, CFO of Antalpha, parent of Aurelion.

"Adding to *Antalpha RWA Hub*, we are excited to anchor Aurelion Treasury, the first pure-play NASDAQ Tether Gold (XAU₮) Treasury, to increase access to tokenized gold, which has strategic importance in the digital asset world. People and institutions need a safe haven to safeguard against inflation, currency devaluation and crypto volatility. As a leading digital asset financing platform, Antalpha has common interest with other leading digital asset companies in fortifying our own balance sheet with a significant gold reserve through Tether Gold (XAU₮) to improve collateral resilience," continued Mr. Liang.

**Transaction Highlights** 

● The $100M PIPE financing (including cash and USDT contributions) brings in investors who purchased approximately 278 million units, with each unit comprised of (i) one Class A ordinary share, Class B ordinary share or pre-funded warrant to purchase an ordinary share at a price of $0.36 per share (the "Share "Purchase Price") and (ii) two warrants, with a) one warrant to purchase 0.5 Class A ordinary shares or Class B ordinary shares with an exercise price per share equal to 130% of the Share Purchase Price and (b) one warrant to purchase 0.5 Class A ordinary shares or Class B ordinary shares at an exercise price per share equal to 150% of the Share Purchase Price. The warrants for Class A ordinary shares are immediately exercisable.

● Aurelion Treasury PIPE includes subscriptions from anchor investor Antalpha for approximately $43 million, and other accredited investors, including Kiara Capital for $6 million and Tether for $15 million.

● Gross proceeds of approximately $290 million, which include proceeds of $50 million from the Facility, approximately $100 million from the PIPE and $140 million to the extent that the warrants issued in the PIPE are fully exercised, of which $280 million is anticipated to be utilized for the purchase of Tether Gold (XAU₮).

● The $50 million Facility will be secured by a first-priority perfected liens on $67 million of the Company's Tether Gold (XAU₮), which will be held in a controlled account. The Facility matures 36 months after funding and the Company may prepay the Facility at any time without any premium or penalty. The interest rate is 6% per year, compounded monthly. The term loan can be mutually extended.

**Why Aurelion**

● PIPE transaction anchored by Antalpha positions Aurelion as the first pure-play NASDAQ-listed Tether Gold (XAU₮) treasury, offering yield, transparency, regulatory compliance and daily on-chain verification.

● Aurelion combines physical gold security with blockchain efficiency, creating a yield-generating digital treasury.

● Digital gold, mostly in ETF, has a market capitalization over $200 billion and only about 1% of that today is on the blockchain. The Company sees a strong need for gold on the blockchain as a way to buffer against inflation and crypto volatility.

● Unlike traditional gold investment options like gold ETFs and bullion, which are usually associated with expense ratios, custody fees and potentially high transaction costs, Aurelion plans to generate a leveraged return (from the Facility) and yield on unencumbered gold holding.

● Aurelion plans to provide its unencumbered gold holding to Antalpha as collateral to generate annualized yield of 50-100 bps. Antalpha will assume all default risk on the funding derived from the collateral used for lending to its end customers.

**Investor Confidence**

● Anchor investor Antalpha provides liquidity infrastructure and a strong foundation to build Tether Gold (XAU₮) Treasury.

● Aurelion plans to launch a Digital Treasury Dashboard to provide updates on Tether Gold (XAU₮) holdings, NAV, and treasury metrics.

**Leadership Updates**

The Company will be led by experienced individuals:

● **CEO:** Björn Schmidtke, Chairman and co-founder of Penguin Group, a leading Bitcoin miner in South America, and a McKinsey alumnus, joins as CEO of the Company. Björn is a believer in tokenized gold and plans to bring his community following to better educate the world on the importance of Tether Gold (XAU₮) to crypto and fiat currency stablecoin holders.

● **Management Transitions:** The following management changes became effective at the closing of the transactions: Kazuho Komoda's resignation as the Company's CEO and board member; Zimuyin Jiang's transition from chief financial officer to chief accounting officer; and Wei Gao's transition from CTO to the head of private wealth management business, which changes will ensure smooth business continuity.

● **Board:** Antalpha has the right to nominate two directors to the Company's board of directors at the closing of the transactions.

● **Strategic Advisory Committee:** A strategic advisory committee has been established to advise the Company's board of directors on the direction of its treasury strategy, with members including Rohan Chauhan, Director of Strategy at Gemini.

**Advisors**

Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, served as exclusive advisor to Antalpha and exclusive placement agent to the Company.

Loeb & Loeb LLP served as legal advisor to the Company. Reed Smith LLP served as legal advisor to Antalpha. Ogier served as Cayman Islands legal advisor to the Company. Morgan Lewis served as legal advisor to Cohen & Company Capital Markets.

**About Aurelion**

<br> Aurelion is NASDAQ's first Tether Gold (XAU₮) Treasury. It combines the stability of physical gold with the efficiency of blockchain, providing investors access to tokenized gold reserve that could serve as a safe haven to inflation, currency devaluation, and crypto volatility. In parallel, Aurelion will continue its wealth management and asset management services.

**About Tether Gold (XAU₮)**

Tether Gold (XAU₮) is a digital asset offered by TG Commodities S.A. de C.V. One full XAU₮ token represents one troy fine ounce of gold on a London Good Delivery bar. XAU₮ is available as an ERC-20 token on the Ethereum blockchain. The token can be traded or moved easily 24/7. XAU₮ allocated gold is identifiable with a unique serial number, purity, and weight, and is redeemable.

**About Antalpha RWA Hub**

Antalpha RWA Hub is Antalpha's dedicated Real-World Assets ("RWA") infrastructure platform, currently focused on providing liquidity and services for gold-based RWAs.

**Contacts**

Investor Contract: ir@aurelion.com

**Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical facts are "forward-looking statements". These statements may be identified by words "anticipate," "aspire," "intend," "plan," "offer," "goal," "objective," "potential," "seek," "believe," "project," "estimate," "expect," "forecast," "assume," "strategy," "target," "trend," "future," "likely," "may," "should," "could", "will" and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include statements regarding the anticipated use of proceeds from the transactions and the implementation of the Company's Tether Gold (XAU₮) treasury strategy and the potential value to shareholders. These forward-looking statements are based on the Company's expectations and assumptions as of the date of this press release. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the relevant business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Each of these forward-looking statements involves risks and uncertainties that could cause the Company's future results or performance to differ materially from those expressed or implied by the forward-looking statements. Many factors may cause differences between current expectations and actual results, including: the impacts of macroeconomic conditions, heightened inflation and uncertain credit and financial markets, on the Company's business and financial position; changes in expected or existing competition; changes in the regulatory environment; unexpected litigation or other disputes; risks related to the new XAU₮ treasury program; the risk that the Company's share price may be highly correlated to the price of the XAU₮ that it holds; risks relating to significant legal, commercial, regulatory, and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; and general market, political, and economic conditions in the countries in which the Company operates. Other factors that may cause the Company's actual results to differ from those expressed or implied in the forward-looking statements in this press release are identified under the heading "Risk Factors" in the Company's annual report on Form 20-F filed with the SEC on February 13, 2025, in Exhibit A to the form of subscription agreements filed as Exhibits 10.1 and 10.2 to the Company's Form 6-K filed with the SEC on October 10, 2025 and in other filings that the Company makes and will make with the SEC in the future. The Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.

**Important Information**

The offer and sale of the foregoing securities were made in a private placement in reliance on an exemption from the registration requirement of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, and applicable state securities laws. Accordingly, the securities offered in the private placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirement of the Securities Act and such applicable state securities laws.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

Investor Presentation The First NASDAQ - Listed Company to Compound Fully Allocated Gold October 2025

![](ex99-2_002.jpg)

Disclaimer Unless the context otherwise provides, "we," "us," "our," the "Company," and like terms refer to [Company] and its subsidiaries . DISCLAIMERS AND OTHER IMPORTANT INFORMATION This presentation (this "Presentation") is being furnished solely to recipients that are "qualified institutional buyers" ("QIBS") as defined in Rule 144 A of the Securities Act of 1933 , as amended (the "Securities Act"), or institutional "accredited investors" (within the meaning of Rule 501 (a)(1), (2), (3), (7), (8), (9), (12) or (13) of Regulation D under the Securities Act) ("Accredited Investors") (any such recipient, together with its subsidiaries and affiliates, the "Recipient") solely for informational purposes of considering the opportunity to participate in the proposed private placement of Class A ordinary shares and/or Class B ordinary shares (the "Equity PIPE Offering", or, the "Offering") . The securities described herein may be offered only in transactions that are exempt from registration under the Securities Act and other applicable securities laws and regulations . By purchasing securities, you will be deemed to have made the acknowledgements, representations, warranties and agreements described in the applicable subscription agreement and related documentation . By reading this Presentation, you will be deemed to acknowledge that you are a QIB or an Accredited Investor and to have agreed to the obligations and restrictions set out below . Neither we nor the placement agent have authorized any other person to provide you with any information other than that contained in this Presentation or in any other information prepared by or on behalf of us or to which we may have referred you . Neither we nor the placement agent take any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you . You should assume that, unless otherwise noted, the information appearing in this Presentation is accurate only as of the date of this Presentation . Our business, financial condition, results of operations and future prospects may have changed since those dates . Neither the U . S . Securities and Exchange Commission ("SEC") nor any state securities commission has approved or disapproved of these securities or determined if this Presentation is truthful or complete . Any representation to the contrary is a criminal offense . This Presentation and any oral statements made in connection with this Presentation do not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, or the solicitation of any proxy, vote, consent or approval in any jurisdiction, in connection with the Offering, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction . This Presentation does not constitute either advice or a recommendation regarding any securities . Any offer to sell securities pursuant to the Offering will be made only pursuant to a definitive subscription agreement and related documentation and will be made in reliance on an exemption from registration under the Securities Act for offers and sales of securities that do not involve a public offering . This Presentation, and the information contained herein, will not form the basis of any contract or commitment . The Company reserves the right to withdraw or amend for any reason any offering and to reject any subscription agreement for any reason, or for no reason . The communication of this Presentation is restricted by law ; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation . The Recipient acknowledges that it is (a) aware that the United States securities laws prohibit any person who has material, non - public information concerning a company from purchasing or selling securities of such company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, and (b) familiar with the Securities Exchange Act of 1934 , as amended, and the rules and regulations promulgated thereunder (collectively, the "Exchange Act"), and that the Recipient will neither use, nor cause any third party to use, this Presentation or any information contained herein in contravention of the Exchange Act, including, without limitation, Rule 10 b - 5 thereunder . Neither the Company nor any of its subsidiaries, equity holders, affiliates, representatives, partners, members, directors, officers, employees, advisers, or agents (collectively, "Representatives") or the placement agent make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein or any other written, oral or other communications transmitted or otherwise made available to the Recipient in the course of its evaluation of the Offering, and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance . To the fullest extent permitted by law, neither the Company nor any of its Representatives or the placement agent shall be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its accuracy or sufficiency, its omissions, its errors, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith . In addition, the information contained herein does not purport to contain all of the information that may be required to evaluate the Offering . Unless otherwise noted, the information contained in this presentation is provided as of the date hereof and may change, and none of the parties nor any of their Representatives undertakes any obligation to update such information, including in the event that such information becomes inaccurate or incomplete . The general explanations included in this Presentation cannot address, nor are they intended to address, your specific investment objectives, financial situations or financial needs .

![](ex99-2_003.jpg)

Disclaimer Cont. Unless the context otherwise provides, "we," "us," "our," the "Company," and like terms refer to [Company] and its subsidiaries . DISCLAIMERS AND OTHER IMPORTANT INFORMATION The information contained in this presentation has been prepared to assist interested parties in making their own evaluation with respect to the Offering, and for no other purpose . Each reader and each prospective investor is encouraged to obtain separate and independent verification of the information, opinions and financial projections . Recipients of this Presentation are not to construe its contents, or any prior or subsequent communications from or with any party or their respective Representatives, as investment, legal or tax advice . In addition, this Presentation does not purport to be all - inclusive or to contain all of the information that may be required to make a full analysis of the Company and the Offering . Recipients of this Presentation should read the definitive documents for the Offering and make their own evaluation of the Company and the Offering and of the relevance and adequacy of the information and should make such other investigations as they deem necessary . The Company obtained the industry, market and competitive position data used throughout this presentation from internal estimates and research as well as from industry publications and research, surveys and studies conducted by third parties . The Company believes its estimates to be accurate as of the date of this presentation . However, this information may prove to be inaccurate because of the method by which the Company obtained some of the data for its estimates or because this information cannot always be verified due to the limits on the availability and reliability of raw data . This presentation also contains estimates made by independent parties relating to industry market size and other data . These estimates involve a number of assumptions and limitations and you are cautioned not to give undue weight on such estimates . All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the Company's use hereof does not imply an affiliation with, or endorsement by the owners of such trademarks, copyrights, logos and other intellectual property . This document contains forward - looking statements . Forward - looking statements can be identified by words such as : "anticipate," "aspire," "intend," "plan," "offer," "goal," "objective," "potential," "seek," "believe," "project," "estimate," "expect," "forecast," "assume," "strategy," "target," "trend," "future," "likely," "may," "should," "will" and similar references to future periods . Forward - looking statements are neither historical facts nor assurances of future performance . Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the relevant business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions, including the anticipated performance of Gold , XAUt , and any other Gold - related product, and the Company's intention to purchase additional XAUt . Because forward - looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, and many of which are outside of our control . Actual results and financial conditions may differ materially from those indicated in the forward - looking statements . Forecasts are based on complex calculations and formulas that contain substantial subjectivity, and no express or implied prediction made should be interpreted as investment advice . There can be no assurance that market conditions will perform according to any forecast, the firm will achieve its objectives or that investors will receive a return on their capital . The projections or other forward - looking information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future investment results . There can be no assurance that unrealized investments will be realized at the valuations shown or in accordance with any return projections . Actual realized returns depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions on which the valuations and projections contained herein are based . Past performance is not indicative of future results, and nothing herein should be deemed a prediction or projection of future outcomes . Some forward - looking statements and assumptions are based on analysis of data prepared by third - party reports, which should be analyzed on their own merits . Third - party sources referenced are believed to be reliable, but we cannot guarantee the accuracy or completeness of such information . No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document . We undertake no obligation to update any statement herein, whether as a result of new information, future developments or otherwise . Investments in any opportunity referred to herein can be made only pursuant to the definitive investment documents relating to such opportunity, which may only be provided upon request to eligible investors (as defined in such documentation) . Investments in opportunities such as those described herein entail significant risks and are suitable only to certain investors as part of an overall diversified investment strategy and only for investors who are able to withstand a total loss of investment . You are urged to request any additional information you may consider necessary or desirable in making an informed investment decision . You (and your Representatives, if any) are invited, prior to the entry into any definitive documentation with respect to the Offering, to ask questions of, and receive answers from, the Company concerning the Offering and to obtain additional information regarding the Offering, to the extent the same can be acquired without unreasonable effort or expense, in order to verify the accuracy of the information contained herein . CONFIDENTIALITY This information is being distributed to you on a confidential basis . By receiving this information, you and your affiliates and Representatives agree to maintain the confidentiality of the information contained herein . Without the express prior written consent of the Company, this Presentation and any information contained within it may not be (i) reproduced (in whole or in part), (ii) copied at any time, (iii) used for any purpose other than your evaluation of the Company and the Offering or (iv) provided to any person except your employees and advisors with a need to know who are advised of the confidentiality of the information . This Presentation supersedes and replaces all previous oral or written communications relating to the subject matter hereof .

![](ex99-2_004.jpg)

Investment Highlights PROBLEM SOLUTION TRACTION OPPORTUNITY Gold generates no yield, ETFs charge fees, crypto lacks institutional structure aurelion , the 1 st NASDAQ - listed treasury backed by yield - generating tokenized gold Participation from prominent blue - chip investors – anchor investor Antalpha for approximately $43M, and other accredited investors, including Kiara Capital for $6M and Tether for $15M Raising total of $100M in PIPE to immediately acquire XAUt

![](ex99-2_005.jpg)

Backed by a Strong Management Team & Advisory Board Björn Schmidtke CEO ▪ Co - Founder & Chairman, Penguin Group & Penguin Academy ▪ Young President's Organization ▪ Ex - McKinsey and Kairos Fellow ▪ Head of Strategy, Antalpha ▪ Led 6 IPO/secondary offerings ▪ Ex - CFO/CSO, Baidu ▪ Ex - CFO, Weibo ▪ Ex - CFO, SINA ▪ CPA (CA) Herman Yu Director Moore Jin Xin Director ▪ Founder & CEO, Antalpha ▪ Serial entrepreneur of crypto mining related & high tech co. ▪ Ex - GM, Diansuan Info. Tech ▪ Ex - GM, Chichuang Technology Rohan Chauhan Advisor ▪ Director of Strategy, Gemini ▪ Ex - Business Development, Hudson River Trading ▪ Ex - Trader, GIC ▪ Ex - Trader, Credit Suisse ▪ CFA

![](ex99-2_006.jpg)

aurelion will be the world's first NASDAQ - listed treasury company backed 100% by XAUt — fully redeemable, physically stored gold, digitized on the blockchain by TETHER

![](ex99-2_007.jpg)

aurelion Target Investor Profiles The $23 Trillion Gold Opportunity Total Gold Market Size (1) Source: (1) Value of total above - ground stock of Gold, assuming Gold spot price of $3,350; (2) World Gold Council $5.2T $4.1T $0.4T $23.3T Private Investment Government Holdings Institutional Holdings PRIMARY: Institutional investors (family offices, crypto funds, miners) SECONDARY: Retail investors who invest via brokerage platforms TERTIARY: Government treasuries seeking yield on gold reserves 01 02 03 (2) (2) (2) (2)

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Gold 1.0 – Physical & Paper Gold - an Asset for 5,000 Years Gold is the Dollar's Natural Hedge Gold is the Ultimate Benchmark of Value When markets panic and trust erodes, gold doesn't just survive — it shines . Across every major crisis of the 21st century, gold has delivered meaningful returns. Negative 0.59 avg. correlation between GLD and DXY since 2010, asserting Gold as the definitive safe haven amid macroeconomic volatility and political turbulence. Gold Return (%) The Paper Gold Reckoning is Coming There is vastly more paper gold in circulation than physical gold in vaults. As global trust in intermediated finance erodes, physically - backed, verifiable gold will be more likely to retain value. Comex 100 Oz Gold Redemption Delivery Notices - 2025 (0.2) (0.7) (0.9) (0.6) (0.9) (0.8) (0.8) 0.1 2010 2012 2014 2016 2018 2020 2022 2024 DXY vs. Gold Correlation (0.59) Avg. Source: FactSet data as of July 18, 2025, CME 22.5K 76.6K 19.4K 64.8K 25.9K Jan Feb Mar Apr May 46.2% 69.7% 23.3% 18.9%

![](ex99-2_009.jpg)

$1,268M Market Cap XAUt is 100% physically backed and redeemable for LBMA 400oz standard gold bars in Switzerland, the benchmark for institutional gold trading. 966 Bars of Gold Rapid growth , supported by Tether's substantial gold stockpile – acquiring approximately 7 tons of gold since launching XAUt in 2020. ~7 Tons of Gold Acquired Gold Allocation Lookup Enter the address for your XAUt tokens Ethereum address Look Up Physical gold allocations are stored in Tether vaults and can be tracked and verified at all times on - chain. Source: Tether as of August 20, 2025 Gold 2.0 – Tether Gold (XAUt) , Verified London Gold and Redeemable High liquidity , with integrations across major exchanges and custodians with real - time transferability on public blockchains.

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Gold 3.0 – aurelion , the Best Way to Buy Gold THE MARKET IS READY aurelion is here to bridge the gap between physical and digital gold REGULATED AND TRANSPARENT Unlike traditional gold investment vehicles, aurelion is expected to have secure, on - chain vaults, SEC - regulated governance, and independently - audited financials ELEVATED GOLD RETURNS aurelion unlocks yield from gold via lending, transforming it into a productive treasury and capital asset LONG - TERM TREASURY STRATEGY Leveraging gold's stability and low cost of capital will enable the aurelion to generate yield and accumulate more XAUt over time

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Illustrative aurelion Performance Vs Gold (Since 2016) Gold has steadily appreciated over decades, recently surpassing $3,000/oz in 2025, reaffirming its role as a stable, inflation - resistant reserve asset Gold's Track Record Widely adopted ETFs like GLD offer liquidity and price clarity, reinforcing the credibility of aurelion's XAUt - backed treasury structure GLD & Physical Gold Gold miners can outperform in bull cycles but underperform long - term, validating aurelion's focus on direct XAUt exposure over operational risk Gold Miners (1) FactSet Data as of 8/7/2025 (1) Includes $87M net PIPE proceeds, $140M from warrants exercised at $0.47/share, and $50M loan at 6% APR; aurelion historic performance illustrations are based on assumptions and market conditions that may not be replicated in the future. aurelion – The Optimal Solution for Gold Exposure 0% 20% 40% 60% 80% 100% 120% 140% 160% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Gold Compounded aurelion Compounded

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Highly Attractive Treasury Strategy 03 Low Cost Leverage Yield 02 Buy XAUT 04 Buy more XAUt to improve NAV The AURELION Accretive Flywheel 01 Issue Shares 01 ▪ Gain exposure to gold appreciation through tokenized, physically backed XAUt by deploying capital proceeds 02 03 04 ▪ Low - cost leverage yield on XAUt to unlock institutional capital and liquidity — without selling gold; high capital efficiency ▪ Antalpha will explore business opportunities with Tether and leverage aurelion where possible ▪ Support long - term growth by reinvesting yield to deepen XAUt reserves ▪ Gold per Share to increase. Leading to compounding more gold (if mNAV > 1) Conservative B/S mgmt to acquire more XAUT ▪ Equity Issuance Strategy: Execute equity raises when market valuation exceeds net asset value (mNAV > 1.0x) ▪ Ensuring accretive transactions that enhance per - share gold exposure

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Demand for Gold Stablecoin ~12.8% of Treasury RWA ~67.4% of BTC ETF (1) US Treasury market size at 7/31/25 per SIFMA; (2) USDT + USDC market cap at 8/15/25 per Altcoins News; (3) Market cap at 9/2 /25 per Yahoo Finance; (4) Market cap at 9/2/25 per CoinMarketCap ; (5) Market cap at 9/4/25 per CoinMarketCap ; (6) Market cap per EBC Financial Group; (7) Market cap of gold ETFs at 9/8/25 per VettaFi + tokenized gold market at 9/2/25 per AInvest USDT + USDC $235B (2) All BTC ETFs $144B (5) Digital Gold $202B (7) Real World Assets CRCL $30B (3) MSTR $97B (3) aurelion $?B Leading Company Assets US Treasury Market $29T (1) Bitcoin $2.2T (4) Gold $23.3T (6) Leading Global Assets ~6.5% of BTC market ~0.8% of treasury market ~80% of treasury market ~0.9% of gold market (99% in gold ETF today)

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Potential Market Impact Enable $1M+ block trades without slippage Attract market makers who tighten spreads Qualify for institutional mandate inclusion Support derivative products launch Liquidity Milestones $250M XAUt Small - cap index inclusion eligible $500M XAUt Institutional custody platform qualification $1B XAUt Options & derivatives listing support $1B+ XAUt Becomes the reference price for digital gold aurelion 01 02 03 04 Deeper Liquidity Lower Spreads More Participants Increased Liquidity aurelion will transform gold from a static vault asset into institutional - grade collateral The Liquidity Transformation Flywheel

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OPERATIONAL SECURITY ▪ Custodian: LMBA certified gold bars in Swiss vaults ▪ Regulatory: FATF - aligned AML/KYC protocols ▪ Security: Audited smart contracts with multi - signature controls ▪ Transparency: On - chain proof of reserves and attestations SEC COMPLIANCE ▪ NASDAQ - listed public company ▪ Quarterly financial reporting ▪ SOX compliance, as applicable ▪ Annual filings INVESTOR PROTECTIONS ▪ Daily NAV reporting ▪ On - chain verification of gold holdings ▪ 1:1 backing at all times Institutional - Grade Compliance & Security Risk Management ▪ Custodian for crypto ▪ Board oversight

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aurelion Competitive Advantages We're assembling the definitive alliance to transform gold into productive digital infrastructure Zero - Cost Structure No management fees Vs. 25 - 40 bps for gold ETFs First - Mover Advantage NASDAQ - listed XAUt treasury anchored by Antalpha , and participated by accredited investors including Kiara Capital and Tether Superior Infrastructure Institutional - grade via Tether ecosystem Yield Generation Leveraged yield vs. custody fees on physical gold 24/7 Global Access Blockchain transparency instant settlement Blue - Chip Backing $43M from anchor investor validates model

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Ownership (%) Voting Econ. Shares (M) 1.9% 11.1% 71.6 Existing PubCo Shares 49.0% 23.4% 151.3 Primary Lead Investment Shares (2) 0.7% 6.5% 41.7 Tether Shares 1.6% 15.5% 100.0 Other PIPE Shares 0.1% 0.6% 3.7 Advisor Shares 46.7% 43.0% 277.8 PIPE Warrants (3) Transaction Overview ($M) Sources $43 Sponsor Primary Equity Investment (5) $15 Tether Equity Investment (5) $42 PIPE Equity Investment $50 Loan $140 Potential Warrant Proceeds (3) $290 Total PF Economic Ownership of PubCo Key Terms NASDAQ - listed PubCo (" PubCo ") Issuer Antalpha Platform Holdings Co (" Antalpha ") Anchor Investor Antalpha $43M, Kiara Capital $6M, Tether $15M PIPE Investors Include Up to $290M in Gross Proceeds – $100M includes $64M from Antalpha , Kiara Capital and Tether – $50M term loan, 6% interest per annum, 3 - year term, senior secured interest with first priority perfected liens on XAUt held in collateral account, concurrent closing with the closing with the offering – $140M of additional proceeds available from exercise of warrants Capital Raise Type and Size – 100% warrant coverage, 50% of warrants with an exercise price of 130% of PIPE price and 50% of warrants with an exercise price of 150% of PIPE price, 3 - year warrant Warrant Overview – 0.82x Levered mNAV \| 0.91x excluding warrant exercises – 0.99x Unlevered mNAV \| 1.40x excluding warrant exercises Implied mNAV Primarily to purchase XAUt , additional use for working capital and transaction expenses Use of Proceeds – No lock - ups for PIPE investors – Certain PubCo Shareholders, including investors in prior PIPE transactions, have shares locked up for 3 months from the resale registration statement effective date – Lead Investors have shares locked up for 6 months from the resale registration statement effective date Lock - Up Cohen & Company Capital Markets Financial Advisor and Placement Agent Note: Calculations shown assuming full exercise of 22,222,224 Pre - Funded Warrants owned by PIPE buyers; calculations exclude 8M Class B Penny Warrants that are unexercisable until shareholders approve additional authorized shares (1) Approximately $5M of cash costs comprised of placement agent fees, transaction costs, and legal fees; (2) Includes 1M exi sti ng Class A shares, 6M existing Class B shares, newly issued 8M Class B shares as part of the change of control, and 17M Class B PIPE shares subscribed by Kiara Capital; (3) Includes 142M Class A Warrants and 136M Class B Warrants, 50% exercised at $0.47/share and 50% exercised at $0.5 4/s hare; (4) Does not include $1.8M investment of pre - PIPE new shares; (5) Approximately invested amount Illustrative Sources & Uses Econ. Own. (%) (5) ($M) Sources $285 Estimated Cash for XAUt Purchase $5 Estimated Transaction Expense and Cash to Balance Sheet (1) $290 Total 11.1% 23.4% 6.5% 15.5% 43.0% 0.6% (4)

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Risk Factors RISKS RELATED TO THE COMPANY'S BUSINESS AND XAUT STRATEGY AND HOLDINGS • The Company's financial results and the market price of the ordinary shares may be affected by the prices of Gold and XAUt . • Our XAUt treasury strategy may expose us to complex liquidity risks across both traditional and digital asset markets, which could adv er sely affect its financial results. • The redemption risk, pricing risk, and regulatory risk associated with XAUt as a stablecoin may adversely affect the price of XAUt , and thus our business, financial condition, and results of operations. • We operate in a highly competitive market, and established market participants with greater resources, regulatory positioning , o r brand recognition may outperform us. • Investing in XAUt will expose the Company to certain risks associated with XAUt , such as price volatility, limited liquidity and trading volumes, relative anonymity, potential susceptibility to market abu se and manipulation, theft, compliance and internal control failures at exchanges and other risks inherent in its electronic, virtual form and decentralized network. • The Company's quarterly operating results, revenues, and expenses may fluctuate significantly, including because the Company may be required to account for its digital assets at fair value, which could have an adverse effect on the market price of its se cu rities. • The Company will have broad discretion in how it executes its XAUt strategy, including the timing of purchases and sale of XAUt and XAUt - related products. The Company may not execute its strategy effectively, which could affect its results of operations and caus e its share price to decline. • The price of XAUt has been volatile, and our ability to time the price of its purchase of XAUt pursuant to its strategy, including with the net proceeds of Contemplated Transactions, will be limited. • A significant decrease in the market value of the Company's XAUt holdings could adversely affect its ability to satisfy its financial obligations under debt financings. • The Company may be, or may become following the Offering, a "passive foreign investment company" within the meaning of Sectio n 1 297(a) of the Internal Revenue Code of 1986, as amended, which may have adverse tax consequences for U.S. investors. • Future developments regarding the treatment of crypto assets for U.S. and foreign tax purposes could adversely impact the Com pan y's business. • XAUt and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncerta in ty. • Competition by other digital asset treasury, Gold - related treasury, or XAUt treasury companies and the availability of spot exchange - traded products ("ETPs") for other digital assets may adversely affect the market price of its listed securities. • The Company's XAUt strategy will subject it to enhanced regulatory oversight. • XAUt trading venues may experience greater fraud, security failures, or regulatory or operational problems than trading venues for m ore established asset classes. • The concentration of XAUt holdings may enhance the risks inherent in the Company's XAUt strategy. • The Company's XAUt holdings will be less liquid than existing cash and cash equivalents and may not be able to serve as a source of liquidity fo r it to the same extent as cash and cash equivalents. • If the Company or its third - party service providers experience a security breach or cyber - attack and unauthorized parties obtain access to its XAUt assets, the Company may lose some or all of its XAUt assets and its financial condition and results of operations could be materially adversely affected. • Rehypothecation of XAUt may subject the Company to significant risks and uncertainties. • The Company will face risks relating to the custody of its XAUt , including the loss or destruction of private keys required to access its XAUt and cyberattacks or other data loss relating to its XAUt . • Regulatory changes reclassifying XAUt as a security or as a "cash item" could lead to the Company's classification as an "investment company" under the Investment Co mpany Act of 1940 and could adversely affect the market price of XAUt and the market price of the Company's listed securities. • The Company's XAUt strategy exposes it to risk of non - performance, breach of contract, or other violations by counterparties. • This treasury strategy represents an entirely new business strategy in addition to what the Company has employed to date. • We may need additional capital in the future to acquire additional XAUt , but there is no assurance that we will be able to raise additional capital or that funds will be available on acceptable te rms . • Our use of leveraged strategies and the potential illiquidity of digital assets subject us to significant risks, including th e p otential for substantial losses and forced liquidations. • We may engage in leveraged digital asset financing strategies, in which we will leverage our digital asset holdings to acquir e a dditional amounts of the same leveraged digital assets, and may do so on a compounded basis, which will increase our exposure to smart - contract, operational, and counter - party risks. RISKS RELATED TO THE EQUITY PIPE OFFERING • The Company intends to use the net proceeds from this Offering to purchase XAUt , the price of which has been, and will likely continue to be, volatile. • Shares of our ordinary shares will be sold in a private placement, which will limit your ability to resell the shares. • The Company will have broad discretion in the use of the net proceeds from this offering and investors will not have the oppo rtu nity as of this process to assess whether the net proceeds are being used in a manner of which you approve. • Certain shareholders will experience dilution in the future due to any exercise of existing warrants and any future securitie s i ssued by the Company. • The performance of the ordinary shares of the Company following the consummation of the Transactions and the implementation o f t he XAUt treasury strategy may be affected by factors different from those that historically have affected or currently affect the Com pa ny's ordinary shares. • The Company may not pay cash dividends in the foreseeable future.

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Risk Factors Cont. RISKS FACTORS RELATED TO XAUT LENDING ARRANGEMENTS • Borrowers may default on their obligations, potentially resulting in financial losses or loss of lent digital assets. • Transferring possession of digital assets such as XAUt to borrowers exposes us to risks of misappropriation, theft, or loss beyond its direct control. • Evolving and uncertain legal and regulatory frameworks may adversely affect the enforceability of lending agreements and our rig hts to digital assets such as XAUt . • Operational errors or failures in the lending process could result in loss, misallocation, or delayed return of digital asset s. • Volatility in XAUt values and potential illiquidity may increase losses if XAUt are not promptly recovered after a default. • Borrower insolvency or bankruptcy may significantly impair our ability to recover lent digital assets or accrued yield. • Our ability to enforce title and recover assets may be uncertain, especially in cases of insolvency, fraud, or disputes. • Lending a large portion of assets to a few borrowers increases the risk of significant losses if a single borrower defaults. • Losses, delays, or disputes in XAUt lending could harm our reputation and business prospects. • We may face higher borrower defaults and reduced demand for lending during digital asset market downturns. • We may experience delays or losses if third - party custodians holding loaned assets become insolvent or involved in disputes.

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Thank You.