# EDGAR Filing Document

**Accession Number:** 0002050183
**File Stem:** 0001493152-25-026522
**Filing Date:** 2025-12
**Character Count:** 1904421
**Document Hash:** a00f18b04fe4f89db4ea172912616449
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-026522.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001493152-25-026522

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 151

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LYC HEALTHCARE (CAYMAN) LTD
- **CENTRAL INDEX KEY:** 0002050183
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-OFFICES & CLINICS OF DOCTORS OF MEDICINE [8011]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291997
- **FILM NUMBER:** 251554632

**BUSINESS ADDRESS:**
- **STREET 1:** 435 ORCHARD ROAD #21-05 WISMA ATRIA,
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 238877
- **BUSINESS PHONE:** 65 6962 2517

**MAIL ADDRESS:**
- **STREET 1:** 435 ORCHARD ROAD #21-05 WISMA ATRIA,
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 238877

**As filed with the** **the U.S. Securities and Exchange Commission on December 8, 2025.** 

**Registration No. 333-**[●]

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933**

**LYC HEALTHCARE (CAYMAN) LTD**

(Exact name of registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's name into English)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **8011** | **Not Applicable** |
| (State or Other Jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer |
| Incorporation or Organization) | Classification Code Number) | Identification No.) |

---

**435 Orchard Road**

**#21-05**

**Wisma Atria**

**Singapore 238877**

**+65 6962 2517**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Schlueter & Associates, P.C.**

**5655 South Yosemite Street, Suite 350**

**Greenwood Village, CO 80111**

**(303) 292-3883**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***Copies to:***

---

| | |
|:---|:---|
| **Henry F. Schlueter, Esq.**<br> **Celia Velletri, Esq.**<br> **Schlueter & Associates, P.C.**<br> **5655 South Yosemite Street, Suite 350**<br> **Greenwood Village, CO 80111**<br> **Telephone: :(303) 292-3883** | <br> **Laura Hemmann, Esq.**<br> **100 Corporate Drive, Unit 302**<br> **Lebanon, NJ 08833**<br> **Telephone: (835) 222-4854**<br>|

---

Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box, and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box, and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this prospectus is not complete and may be changed or supplemented. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any jurisdiction where such offer or sale is not permitted.**

SUBJECT TO COMPLETION, DATED December 8, 2025

**PROSPECTUS**

**LYC HEALTHCARE (CAYMAN) LTD**

**3,000,000** **Class A Ordinary Shares**

This is the initial public offering of Class A ordinary shares, par value US$0.0005 per share ("Class A Shares"), of LYC HEALTHCARE (CAYMAN) LTD, a Cayman Islands exempted company. Throughout this prospectus, unless the context indicates otherwise, references to "LYC" refers to LYC HEALTHCARE (CAYMAN) LTD, a holding company, and references to "we", the "Company" or "our company" are to LYC and/or its combined subsidiaries.

We anticipate that the initial public offering price of the Class A Shares to be between US$4.00 and US$6.00 per Ordinary Share.

Prior to this offering, there has been no public market for our Class A Shares. We have applied to have our Class A Shares listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "[●]". At this time, Nasdaq has not yet approved our application to list our Class A Shares There can be no assurance our application for listing will be approved by Nasdaq. If our application is not approved, we will not proceed with this offering.

We are authorized to issue 100,000,000 ordinary shares of nominal or par value US$0.0005 each (the "Ordinary Shares"), divided into 70,000,000 Class A ordinary shares of nominal or par value $0.0005 each, and 30,000,000 Class B ordinary shares of nominal or par value $0.0005 each (the "Class B Shares"). As of the date of this prospectus, there are 22,582,001 Class A Shares and 5,418,000 Class B Shares issued and outstanding. Each Class A Share is entitled to one (1) vote, and each Class B Share is entitled to ten (10) votes. Also, each Class B Share is convertible into one Class A Share at the option of the holder of the Class B Share, but each Class A Share is not convertible into a Class B Share.

We are a holding company incorporated in the Cayman Islands and conduct all our operations through our subsidiaries in Singapore. The Class A Shares offered in this offering are shares of the holding company that is incorporated in the Cayman Islands. Investors of our Class A Shares should be aware that the Class A Shares do not represent or constitute equity interests in our subsidiaries.

Upon completion of this offering, our issued and outstanding shares will consist of 25,582,001 Class A Shares and 5,418,000 Class B Shares assuming the underwriters do not exercise their over-allotment option to purchase additional Class A Shares. We will be a controlled company as defined under Nasdaq Stock Market Rules because, immediately after the completion of this offering, LYC Medicare Sdn Bhd, our controlling shareholder, will own approximately 49% of our total issued and outstanding Class A Shares, and 100% of our total issued and outstanding Class B Shares, representing approximately 84% of the total voting power of our capital stock. For further information, see "*Principal Shareholders" and "Prospectus Summary—Implications of Being a Controlled Company*."

After this offering, LYC Medicare Sdn Bhd will control shares representing more than 50% of the total voting power of our issued shares. As a result, this concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our memorandum and articles of association, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction requiring shareholder approval. In addition, this may have anti-takeover effects and may prevent or discourage unsolicited acquisition proposals or offers for our share capital that you may feel are in your best interest as one of our shareholders.

Further issuances of Class B Shares may be dilutive to holders of our Class A Shares ("Class A Shareholders"). It could have the effect of increasing the overall voting power of holders of Class B Shares ("Class B Shareholders") relative to Class A Shareholders, diluting, and diminishing the influence and control of Class A Shareholders over our company's affairs.

We are an "emerging growth company" and a "foreign private issuer" under applicable U.S. federal securities laws and, as such, are eligible for reduced public company reporting requirements. Investing in our common stock involves a high degree of risk. See *"Prospectus Summary – Implications of Being an Emerging Growth Company"* and *"Prospectus Summary – Implications of Being a Foreign Private Issuer".*

**Investing in our Class A Shares is highly speculative and involves a high degree of risk, including the risk of losing your entire investment. See *"Risk Factors"* beginning on page 15, for factors you should consider before investing in our Class A Shares.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** | **Per Share** | **Total** | **Total** |
| Initial public offering price<sup>(1)</sup> | US$ | 5.00 | US$ | 15000000 |
| Underwriting discounts and commissions<sup>(2)</sup> | US$ | 0.35 | US$ | 1050000 |
| Proceeds, before expenses, to us<sup>(3)</sup> | US$ | 4.65 | US$ | 13950000 |

---

<sup>(1)</sup> Assuming an initial public offering price of US$5.00, being the midpoint of the initial public offering price range.

<sup>(2)</sup> We have agreed to provide AC Sunshine Securities LLC (the "Representative"), the representative on behalf of the underwriters, a gross discount equal to 7% of the public offering price on each Class A Share sold in this offering. We have also granted the underwriters an option, exercisable from time to time in whole or in part, to purchase up to 450,000 additional Class A Shares from us at the initial public offering price, less underwriting discounts, and commissions, within 45 days after the closing of this offering, solely to cover over-allotments, if any. If the underwriters exercise the option in full, the total proceeds to us, before expenses and after deducting underwriting discounts and commissions, assuming an initial public offering price of US$5.00, being the midpoint of the initial public offering price range, will be US$16,042,500. We have also agreed to issue to the underwriter, at the closing of the offering warrants in an amount equal to 7% of the aggregate number of Ordinary Shares sold in this offering and exercisable during the five-year period commencing six months from the effective date of the offering at a price equal 120% of the public offering price. None of the Ordinary Shares underlying the underwriter's warrants are being registered in this offering. See "Underwriting" starting on page 108 of this prospectus for more information regarding our arrangements with the underwriters.

<sup>(3)</sup> The amount of offering proceeds to us presented in this table does not give effect to the exercise of the over-allotment option issued to the underwriters.

The underwriters expect to deliver the Class A Shares to investors on or about [●] [●], 2025.

![](log_001.jpg)

The date of this prospectus is [●] [●], 2025.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[ABOUT THIS PROSPECTUS](#rd_001)** | **1** |
| **[MARKET, INDUSTRY, AND CERTAIN STATISTICAL DATA](#rd_002)** | **2** |
| **[SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#rd_003)** | **2** |
| **[ENFORCEABILITY OF CIVIL LIABILITIES](#rd_004)** | **3** |
| **[DEFINITIONS](#rd_005)** | **4** |
| [**TECHNICAL TERMS**](#Ha_001) | **4** |
| **[PROSPECTUS SUMMARY](#rd_006)** | **7** |
| **[SUMMARY RISK FACTORS AND CHALLENGES](#rd_014)** | **9** |
| &nbsp;&nbsp;&nbsp;*[Risks Related to Our Business](#rd_013)* | *9* |
| &nbsp;&nbsp;&nbsp;*[Risks Related to the Medical Healthcare Industry](#rd_012)* | *10* |
| &nbsp;&nbsp;&nbsp;*[Risks Related to Our Securities and This Offering](#rd_011)* | *10* |
| &nbsp;&nbsp;&nbsp;*[Implications of Being an Emerging Growth Company](#rd_009)* | *11* |
| &nbsp;&nbsp;&nbsp;*[Implications of Being a Foreign Private Issuer](#rd_008)* | *11* |
| &nbsp;&nbsp;&nbsp;*[Corporate Information](#rd_010)* | *12* |
| **[THE OFFERING](#rd_007)** | **13** |
| **[RISK FACTORS](#rd_015)** | **15** |
| **[USE OF PROCEEDS](#rd_019)** | **39** |
| **[CAPITALIZATION](#rd_018)** | **40** |
| **[DIVIDENDS AND DIVIDEND POLICY](#rd_017)** | **41** |
| **[DILUTION](#rd_016)** | **42** |
| **[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION](#rd_020)** | **43** |
| **[HISTORY AND CORPORATE STRUCTURE](#rd_021)** | **53** |
| **[INDUSTRY OVERVIEW](#rd_022)** | **55** |
| **[BUSINESS](#rd_026)** | **72** |
| **[REGULATORY ENVIRONMENT](#rd_027)** | **80** |
| **[MANAGEMENT](#rd_028)** | **85** |
| **[PRINCIPAL SHAREHOLDERS](#rd_029)** | **91** |
| **[RELATED PARTY TRANSACTIONS](#rd_030)** | **93** |
| **[DESCRIPTION OF SHARE CAPITAL](#rd_031)** | **93** |
| **[CERTAIN CAYMAN ISLANDS COMPANY CONSIDERATIONS](#rd_032)** | **97** |
| **[SHARES ELIGIBLE FOR FUTURE SALE](#p_001)** | **103** |
| **[MATERIAL TAX CONSIDERATIONS](#p_002)** | **104** |
| **[UNDERWRITING](#p_003)** | **108** |
| **[SELLING RESTRICTIONS](#p_004)** | **111** |
| **[EXPENSES RELATED TO THIS OFFERING](#p_005)** | **112** |
| **[LEGAL MATTERS](#p_006)** | **113** |
| **[EXPERTS](#p_007)** | **113** |
| **[WHERE YOU CAN FIND MORE INFORMATION](#rd_033)** | **113** |
| **[INDEX TO COMBINED FINANCIAL STATEMENTS](#mj_001)** | **F-1** |
| **[EXHIBIT INDEX](#din_001)** | **II-2** |
| **[SIGNATURES](#din_002)** | **II-3** |

---

i

**ABOUT THIS PROSPECTUS**

Neither we, nor any of the underwriters have authorized anyone to provide you with any information or to make any representations other than as contained in this prospectus or in any related free writing prospectus. Neither we, nor the underwriters take responsibility for, or provide any assurance about the reliability of, any information that you may receive from other parties. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities. Our business, financial condition, results of operations and prospects may have changed since that date.

You should not assume that the information contained in the registration statement of which this prospectus is a part is accurate as of any date other than the date hereof, regardless of the time of delivery of this prospectus or of any sale of the Class A Shares being registered in the registration statement of which this prospectus forms a part.

No dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this offering other than those contained in this prospectus, and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.

Certain amounts, percentages and other figures included in this prospectus have been subject to rounding adjustments. Accordingly, amounts, percentages and other figures shown as totals in certain tables or charts may not be the arithmetic aggregation of those that precede them and amounts, and figures expressed as percentages in the text may not total 100% or, when aggregated may not be the arithmetic aggregation of the percentages that precede them.

For investors outside the United States: Neither we, nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Class A Shares and the distribution of this prospectus outside the United States.

**Until** [●][●], **2025 (the 25th day after the date of this prospectus), all dealers that buy, sell or trade Class A Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

**MARKET, INDUSTRY, AND CERTAIN STATISTICAL DATA**

Certain market data and forecasts used throughout this prospectus were obtained from internal company surveys, market research, consultant surveys, reports of governmental and international agencies and industry publications and surveys including Independent Market Research report prepared for the Company by the Converging Knowledge Report, a third-party global research organization, commissioned by our Company. Industry publications and third-party research, surveys and reports generally indicate that their information has been obtained from sources believed to be reliable. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the heading "Risk Factors" in this prospectus.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that relate to our current expectations and views of future events. These forward-looking statements are contained principally in the sections entitled "Prospectus Summary", "Risk Factors", "Use of Proceeds", "Management's Discussion and Analysis of Financial Condition and Results of Operations", "Industry Overview", and "Business". These statements relate to events that involve known and unknown risks, uncertainties, and other factors, including those listed under "Risk Factors", which may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, these forward-looking statements can be identified by words or phrases such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim", and "anticipate", or other similar expressions, but these are not the exclusive means of identifying such statements. All statements other than statements of historical facts included in this document, including those regarding future financial position and results, business strategy, plans and objectives of management for future operations (including development plans and dividends) and statements on future industry growth are forward-looking statements. In addition, we and our representatives may, from time to time, make other oral or written statements which are forward-looking statements, including in our periodic reports that we will file with the United States Securities and Exchange Commission (the "SEC"), other information sent to our shareholders and other written materials.

These forward-looking statements are subject to risks, uncertainties, and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, regional, national, international, or global political, economic, business, competitive, market and regulatory conditions, the risk factors set forth in "Risk Factors" including but not limited to the following:

● our business strategies, operating plans, and business prospects;

● our capital commitment plans and funding requirements and the availability of financing and capital to fund these needs;

● our ability to effectuate and manage our planned business expansion;

● the regulatory and political environment in the jurisdictions in which our we operate;

● competition in the medical industry in which we operate;

● our ability to attract patients and maintain patient loyalty;

● our ability to retain senior management team members and recruit qualified and experienced new team members;

● breaches of laws or regulations in the operation and management of our current and future businesses and assets;

● the overall global economic and general market conditions;

● our ability to execute our strategies;

● our ability to maintain our competitiveness and operational efficiency;

● our ability to anticipate and respond to changes in the medical industry and in patient demands, trends, and preferences;

● the loss of key personnel and the inability to replace such personnel on a timely basis or on terms acceptable to us;

● exchange rate fluctuations, including fluctuations in the exchange rates of currencies that are used in our business;

● changes in interest rates or rates of inflation; and

● legal, regulatory, and other proceedings arising out of our operations.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus, and the documents that we reference in this prospectus and have filed as exhibits to the registration statement of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect.

This prospectus contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The market for building envelope solutions may not grow at the rate projected by such market data, or at all. Failure of this industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our Class A Shares. Furthermore, if any of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability and our affairs are governed by our Memorandum and Articles of Association and the Companies Act, and the common law of the Cayman Islands.

All of our assets are located outside the United States. In addition, all of our directors and executive officers are nationals or residents of Singapore, or Malaysia and none are residents of the United States, and all of their assets are located outside the United States. As a result, it may be difficult or impossible for you to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our executive officers and directors.

We have appointed Schlueter & Associates, P.C. 5655 South Yosemite Street, Suite 350, Greenwood Village, CO 80111 as our agent to receive service of process with respect to any action brought against us in the United States in connection with this offering under the federal securities laws of the United States of America or of any state of the United States of America.

**Cayman Islands**

Harney Westwood & Riegels Singapore LLP, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of the U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the U.S. federal securities laws or the securities laws of any state or other territory of the United States of America; or (ii) entertain original actions brought in the Cayman Islands against us or our directors or executive officers that are predicated upon the U.S. securities laws or the securities laws of any U.S. state.

We have been advised by Harney Westwood & Riegels Singapore LLP that, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the U.S. (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the courts of the Cayman Islands would recognize as a valid judgment a final and conclusive judgment in personam obtained in the federal or state courts of the U.S. against the Company under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or, in certain circumstances, an in personam judgment for non-monetary relief, and would give a judgment based thereon provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such courts did not contravene the rules of natural justice of the Cayman Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (f) there is due compliance with the correct procedures under the laws of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from U.S. courts under the civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

**Singapore**

There is uncertainty as to whether judgments of courts in the United States based upon the civil liability provisions of the securities laws of the United States or any state or territory of the United States will be recognized or enforced by the Singapore courts, and there is doubt as to whether the Singapore courts will enter judgments in original actions brought in the Singapore courts based solely on the civil liability provisions of these securities laws. An *in personam* final and conclusive judgment in the federal or state courts of the United States under which a fixed or ascertainable sum of money is payable may generally be enforced as a debt in the Singapore courts under the common law as long as it is established that the Singapore courts have jurisdiction over the judgment debtor. However, the Singapore courts are unlikely to enforce a foreign judgment if (a) the foreign judgment is inconsistent with a prior local judgment that is binding on the same parties; (b) the enforcement of the foreign judgment would contravene the public policy of Singapore; (c) the proceedings in which the foreign judgment was obtained were contrary to principles of natural justice; (d) the foreign judgment was obtained by fraud; or (e) the enforcement of the foreign judgment amounts to the direct or indirect enforcement of a foreign penal, revenue or other public law.

In particular, the Singapore courts may potentially not allow the enforcement of any foreign judgment for a sum payable in respect of taxes, fines, penalties, or other similar charges, including the judgments of courts in the United States based upon the civil liability provisions of the securities laws of the United States or any state or territory of the United States. In respect of civil liability provisions of the United States federal and state securities law which permit punitive damages against us and our directors or executive officers, we are unaware of any decision by the Singapore courts which has considered the specific issue of whether a judgment of a United States court based on such civil liability provisions of the securities laws of the United States, or any state or territory of the United States is enforceable in Singapore.

There is no treaty between the United States and Singapore providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the federal securities laws, would, therefore, not be automatically enforceable in Singapore.

In making a determination as to enforceability of a foreign judgment, the Singapore courts need to be satisfied that the foreign judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In general, a foreign judgment would be enforceable in Singapore unless procured by fraud, or if the proceedings in which such judgments were obtained were not conducted in accordance with principles of natural justice, or if the enforcement thereof would be contrary to the public policy of Singapore, or if the judgment would conflict with earlier judgments from Singapore or earlier foreign judgments recognized in Singapore, or if the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our Directors and officers. The Singapore courts do not allow the enforcement of foreign judgments which amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. It is uncertain as to whether a judgment of the courts of the United States awarding such punitive damages would be regarded by the Singapore courts as being pursuant to foreign, penal, revenue or other public laws. Such determination has yet to be conclusively made by a Singapore court in a reported decision.

**DEFINITIONS**

"Articles of Association" means the Amended and Restated Articles of Association of our Company, adopted on and effective as of December 30, 2024, and as further supplemented, amended, or otherwise modified from time to time.

"CAGR" means compound annual growth rate.

"Companies Act" means the Companies Act (Revised) of the Cayman Islands.

"LYC (Cayman)" means LYC HEALTHCARE (CAYMAN) LTD, an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act on October 18, 2024.

"Controlling Shareholder" means LYC Medicare Sdn Bhd, a company incorporated under the laws of Malaysia and its executive officers.

"COVID-19" means the Coronavirus Disease 2019.

"Group" means LYC HEALTHCARE (CAYMAN) LTD, LYC Medicare International Pte Ltd., and its subsidiaries HCOS, and T&T.

"HCOS" means HC Orthopaedic Surgery Pte. Ltd. a private company limited by shares incorporated under the laws of the Republic of Singapore on September 8, 2017.

"LYC Medicare" means LYC Medicare International Pte Ltd a private company limited by shares incorporated under the laws of the Republic of Singapore on August 13, 2024.

"Memorandum" or "Memorandum of Association" means the Amended and Restated Memorandum of Association of our Company adopted on and effective as of December 30, 2024, and as further supplemented, amended, or otherwise modified from time to time.

"MOH" means the Ministry of Health of Singapore

"T&T" means T&T Medical Group Pte. Ltd. a private company limited by shares incorporated under the laws of the Republic of Singapore on April 12, 1989.

"$", "US$", or "US dollars" refers to the legal currency of the United States.

**TECHNICAL TERMS**

To facilitate a better understanding of the business of our Group, the following glossary contains an explanation and description of certain technical terms and abbreviations commonly used in our industry and used in this prospectus. The terms and their assigned meanings may not correspond to standard industry or common meaning or usage of these terms and should not be treated as definitive.

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|:---|:---|
| *"acetabular"* | Relating to the socket of the hip joint in the pelvic bone (the acetabulum) |
| *"antioxidants"* | A substance that protects cells from the damage caused by free radicals |
| *"arthritis"* | Inflammation of the joints in the musculoskeletal system, resulting in pain, stiffness and/or deformity |
| *"arthroscope"* | A surgical instrument that is inserted into the joint through a small<br> incision (keyhole surgery) |
| *"arthroscopic capsular release"* | Keyhole surgery that involves the release of the tight, constricted capsule of the shoulder resulting from adhesive capsulitis (frozen shoulder) |
| *"Biolox®"* | An advanced type of ceramic material used in total hip joint replacement surgeries |

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|:---|:---|
| *"bone mineral density" or "BMD"* | A measurement of the bone strength |
| *"bone spur"* | A bony outgrowth from an arthritic joint, which can cause mechanical blockade of movement physical constrictions of the nerves in the spine |
| *"Computer Tomography" or "CT"* | An imaging procedure that uses special x-ray equipment to create detailed cross-sectional images of the various organs inside the body |
| *"DEXA"* | A measurement of the bone density |
| *"diabetes"* | Diabetes is a chronic, metabolic disease characterized by elevated levels of blood glucose (or blood sugar), which leads over time to serious damage to the heart, blood vessels, eyes, kidneys, and nerves |
| *"electrolytes"* | Minerals in the blood and other body fluids that carry an electric charge, which control the various vital activities in the body, such as heart rhythm and conduction, brain functions, muscle functions, etc. |
| *"endoscopic"* | A type of minimally surgical technique performed using a small camera (with light at the tip), which enables the surgeon to perform certain procedures without making big incisions, thereby allowing for shorter recover times and less pain and discomfort |
| *"femoral"* | Relating to the femur, the long bone in the thigh |
| *"GMP"* | Good Manufacturing Practice |
| *"hyaluronic acid"* | The natural occurring lubricant that is found in all the joints in the musculoskeletal system |
| *"hypertension"* | Also known as high blood pressure, is a condition in which the blood vessels have persistently raised pressure. The higher the pressure, the harder the heart has to pump. It is a serious medical condition and can increase the risk of heart, brain, kidney, and other diseases. It is a major cause of premature death worldwide if left untreated. |
| *"keyhole surgery"* | A surgical technique that allows the surgeon to perform a procedure inside the body through a small incision in the skin, thereby allowing for shorter recovery times and less pain and discomfort. |
| *"ligament"* | A short band of tough, flexible fibrous connective tissue which connects two bones. It holds together a joint that allows stable movement without any pain or instability |
| *"MAKOplasty"* | A special semi-automatic robotic arm procedure designed for partial knee replacement, total knee replacement and total hip replacement. It improves the precision, safety, and outcome for the patient |
| *"meniscus"* | A thin fibrous cartilage C-shaped structure found in the knee which acts as a shock absorber between the shinbone and thighbone |
| *"MRI"* | Magnetic resonance imaging, an advanced imaging technique that allows the doctors to visualize and diagnose various problems and ailments of different parts of the body or internal organs |
| *"orthopaedic"* | A branch of medicine that focuses on the diagnosis, correction, prevention, and treatment of patients with disorders of the musculoskeletal system comprising the bones, joints, muscles, ligaments, tendons, nerves, and skin. |
| *"osteoarthritis"* | Degeneration of joint cartilage and the underlying bone, causing pain, swelling, stiffness and/or deformity of the affected joints, most common from middle age onward. |
| *"osteoporosis"* | A condition that results in a decrease of bone mineral density, resulting in extreme fragility of the bones with an increased risk of fractures (broken bones) |
| *"OXINIUM™"* | An advanced material used for hip and knee replacement, it is a metal alloy material with the surface transformed to ceramic using a patented process, which has proven to be a superior metal for use in hip and knee implants due to its reduced friction and increased resistance to scratching and abrasion. |
| *"paramedical"* | Relating to services and professions which supplement and support medical work and patient care but not rendered by doctors or nurses. |
| *"patient-specific instrumentation" or "PSI"* | A modern technique in total knee replacement/ partial knee replacement surgeries which deploys 3D printing of the instruments which is tailor made for the particular patient that is undergoing total or partial knee replacement surgery. It involves a pre-operative CT/ MRI scan of the patient's knee and 3D mapping/ planning by the surgeon. It aims to facilitate the implant of the prosthesis with greater accuracy and precision, hence improving the surgical outcome for the patient |
| *"physiotherapy"* | The treatment of disease, injury, or disability by physical methods such as massage, heat treatment, and exercises. It helps to restore movement and function and is an integral part of the management of various musculoskeletal conditions and post operative rehabilitation (orthopaedic surgeries) |

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|:---|:---|
| *"pinless computer navigation* | An advanced computer assisted surgical technique that allows the surgeons to perform total knee replacement surgeries without inserting extra surgical pins in the thigh bone and shin bone, hence reducing pain, discomfort, and potential complications of the surgical pins |
| *"platelet-rich plasma (PRP) injection"* | An injection of a concentration of a patient's own platelets – cells which are involved in the clotting of blood following injuries. It has been proven to accelerate the healing of injured tendons, ligaments, muscles, and other soft tissues. |
| *"pneumonia"* | A form of severe acute respiratory infection that affects the lungs. The lungs are made up of small sacs called alveoli, which fill with air when a healthy person breathes. When an individual has pneumonia, the alveoli are filled with pus and fluid, which makes breathing difficult and limits oxygen intake. It is one of the leading causes of death globally. |
| *"prebiotics"* | A non-digestible food ingredient that promotes the growth of beneficial microorganisms in the intestines |
| *"prolapsed intervertebral discs" or "slipped discs" or "herniated discs" or "bulging discs"* | They are the tough elastic discs that are interposed between adjoining vertebrae bones in the spine, to transmit the loads and provide cushioning during our daily activities. Each disc consists of an outer fibrous ring (annulus fibrosus) enclosing an inner soft gelatinous material (nucleus proposus) A prolapsed (herniated or slipped) disc occurs when the outer fibers (annulus fibrosus) of the intervertebral disc are injured, and the soft gelatinous material (nucleus pulposus) ruptures out of its enclosed space. Depending on the severity of the herniation and location of the herniated materials, it can cause compression to the nerves/ spinal cord, resulting in severe pain/ numbness/ weakness and even partial paralysis with loss of control of the bladder and bowel. |
| *"prosthesis"* | An artificial device to replace or augment a missing or impaired part<br> of the body |
| *"radiofrequency ablation"* | A treatment involving the use of heat generated by radiofrequency to destroy certain tissue. The setting will be adjusted accordingly for different procedures. For pain management, radio waves are sent through a precisely placed needle to heat an area of the nerve. This prevents pain signals from being sent back to your brain  |
| *"rotator cuff"* | The group of four (4) muscles that control rotation and movement of the arm bone (humerus) in the shoulder joint. |
| *"splinting"* | The application of a rigid protection material externally that renders displaced body parts or damaged joints immovable/ protected |
| *"sprain"* | Twisting injury of a joint, with potential injury of its ligaments surrounding muscles. |
| *"synovial fluid" or "joint fluid"* | A thick, natural lubricant liquid produced by our joints that reduces the friction and cushions the impact when we move our joints |
| *"TCM"* | Traditional Chinese Medicine |
| *"traction therapy"* | A therapeutic method to relieve pain by applying a constant and controlled pulling force to an injured body part – aiming to stretch/ realign the spine, to reduce a dislocated joint or a displaced bone fracture. |
| *"tumor"* | An abnormal mass of tissue that forms when cells grow and divide more than they should or when the cells no longer follow the natural turnover process. Tumors may be benign (not cancer) or malignant (cancer). Benign tumors may grow large but do not spread into, or invade, nearby tissues or other parts of the body. |
| *"ultrasound"* | Sound waves of a frequency greater than 20,000 hertz, it can be utilized in either diagnostic or therapeutic purposes. It does not involve any radiation and is completely harmless to the human body. |
| *"visco-supplementation"* | The injection of manufactured preparations of hyaluronic acid, a high-molecular-weight polysaccharide that is a major component of naturally occurring synovial fluid, to relieve pain and improve function of an arthritic joint. |

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Other terms are defined in this prospectus.

*Company information provided herein is as of the date of this Prospectus unless otherwise indicated.*

**PROSPECTUS SUMMARY**

This summary highlights information contained elsewhere in this prospectus. This summary may not contain all the information that may be important to you, and we urge you to read this entire prospectus carefully, including the "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business" sections and our combined financial statements and notes to those statements, included elsewhere in this prospectus, before deciding to invest in our Class A Shares. This prospectus includes forward-looking statements that involve risks and uncertainties. See "Special Note Regarding Forward-Looking Statements."

**Overview**

We are a multidisciplinary specialist healthcare group with operations in Singapore providing an integrated and holistic suite of medical services covering medical and specialist care and treatment. Our core medical competencies and focus lie in the fields of orthopaedic surgery, sports injuries, fracture treatment, degenerative spine conditions, chronic degenerative joint diseases, pain management, metabolic diseases, osteoporosis treatment, health screenings and advanced medical imaging services, including X-ray imaging, bone mineral density scans, body composition scans, ultrasound scans, MRI and CT scans, as well as, medical consultations, physiotherapy and the provision of other related paramedical products and services.

We aim to be a one-stop integrated medical services provider in the field of musculoskeletal-related medical care, with the capability of providing services across the entire medical care life cycle for patients through our two operating subsidiaries:

● T&T Medical Group Pte. Ltd. ("T&T") - a family clinic, radiology, osteoporosis, and physiotherapy center focusing on degenerative joint diseases, spine, and pain management, and metabolic diseases such as diabetes, hypertension, and high cholesterol. The clinic also operates a state-of-the-art imaging center equipped with advanced Siemens Magnetron Alotea and Somatom Force machines, enabling high-quality CT and MRI scans to support accurate and timely diagnoses. T&T provides services from its clinic in Novotel Singapore on Kitchener,

● HC Orthopaedic Surgery Pte. Ltd. ("HCOS") - an orthopaedic surgery practice providing computer-assisted joint replacement surgeries (Total Knee Replacement, Total Hip Replacement, Unicompartmental Knee Replacement) such as pinless computer navigation, patient-specific instrumentation, and robotic surgery (MAKOplasty®). HCOS' outpatient clinics mainly focus on outpatient consultations and minor procedures such as injections and joint aspirations under local anesthesia, cast application and removal, etc., as well as post-surgical services to our patients which include follow-up consultations and physiotherapy. It relies on the day surgery centers and private hospitals to provide it with the facilities and inpatient medical care for patients who require major and complex surgeries. HCOS provides services from its clinics in Mount Elizabeth Medical Centre, Mount Elizabeth Novena Specialist Centre, Parkway East Medical Centre, and Gleneagles Medical Centre.

T&T and HCOS collaborate to deliver seamless and comprehensive orthopaedic care to their patients. With real-time access to diagnostic results, scans, and imaging, T&T doctors can swiftly recommend the next course of treatment, such as initiating physiotherapy sessions, which are also readily available in-house. For cases requiring advanced surgical intervention, T&T refers patients to HCOS, where they receive specialized orthopaedic care. This collaborative and integrated approach maximizes efficiency, enhances patient convenience, and ensures the delivery of high-quality, comprehensive care.

Our Group has obtained all requisite material approvals, licenses and permits, and is in compliance with laws and regulations, that would materially affect our business operations.

Further details are set out in the sections entitled "General Information on our Group – History", "General Information on our Group – Business Overview" and "Business" – "Material Licenses, Permits, Registrations and Approvals" of this Prospectus.

**Corporate History and Reorganization**

LYC (Cayman) was incorporated on October 18, 2024, under the laws of the Cayman Islands, while LYC Medicare was incorporated on August 13, 2024, in the Republic of Singapore. On [●], LYC (Cayman) acquired all the shares in LYC Medicare, following which LYC Medicare became a direct wholly owned subsidiary of LYC (Cayman).

Our Operating Subsidiaries are T&T Medical Group Pte Ltd ("T&T"), which was incorporated on April 12, 1989, under the laws of the Republic of Singapore and HC Orthopaedic Surgery Pte Ltd ("HCOS"), which was incorporated on September 8, 2017, under the laws of the Republic of Singapore. Through our Operating Subsidiaries, LYC (Cayman) provides an integrated and holistic suite of medical services covering medical and specialist treatment in the field of musculoskeletal-related medical care.

On [●] [●], 2025, as part of a reorganization, prior to the listing, which is in process and has not yet been completed, four persons (LYC Medicare Sdn Bhd, Maybank Nominee (Tempatan) Sdn Bhd for Kenanga Investors Bhd (Clients') Account, Dr. Chan Ying Ho (Henry), and Ting Choon Meng) ("Acquiring Shareholders") acquired all of the shares of HCOS and T&T from LYC Medicare Singapore Limited for an aggregate consideration of SGD 10,000. The Acquiring Shareholders subsequently sold all of the shares in HCOS and T&T to LYC (Cayman) for an aggregate consideration of SGD 31,282,001, settled by an issuance of 9,940,000 Class A ordinary shares and 18,060,000 Class B ordinary shares by LYC (Cayman) to the Acquiring Shareholders and LYC (Cayman) nominated its wholly owned subsidiary, LYC Medicare, to acquire these shares. Upon completion of such reorganization, HCOS and T&T became indirect wholly owned subsidiaries of LYC (Cayman) through LYC Medicare.

Our anticipated corporate structure following the reorganization of the Company's legal structure which is in process and has not yet been completed and upon completion of this offering<sup>(1)</sup>.

![](formdrsa_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) LYC
 HEALTHCARE (CAYMAN) LTD has nominated its wholly owned subsidiary, LYC Medicare International
 Pte. Ltd. to acquire the shares of HC Orthopaedic Surgery Pte. Ltd and T&T Medical Group
 Pte. Ltd pursuant to the Reorganization.

(2) Assuming
 no exercise of the underwriter's over-allotment option.

**The Industry**

The global orthopaedic market is anticipated to grow on account of greater awareness of higher quality healthcare, rising geriatric population and increase in the demand in developed and developing nations. In Singapore, the orthopaedic market in Singapore is expected to be driven by additional factors such as ageing population, rising income level, insured population in Singapore, etc.

**Our Competitive Strengths**

We believe that we are able to compete effectively due to the following competitive strengths:

● We are a One-Stop Integrated Healthcare provider offering end-to-end musculoskeletal care, from diagnostics to surgery to post-operative rehab. This differentiates us from both hospital systems (which are less specialized) and standalone clinics (which lack full-service continuity);

● We have a team of highly qualified, experienced, and committed medical practitioners;

● We employ advanced techniques and technologies in our medical treatment and are able to perform complex orthopaedic surgery; and

See *"Business – Competitive Strengths" on page 71.*

**Our Growth Strategies**

Our business strategies and future plans are to:

● Expand the range of services of our clinics to become a one-stop integrated center for musculoskeletal-related medical care;

● Expand our Group's business operations through organic growth and via acquisitions, joint ventures and/or strategic partnerships; and

● To grow the "T&T" and "HC Orthopaedic" brand name and our patient base.

See *"Business - Growth Strategies" on page 72*

**Singapore Healthcare Trends and Market Opportunities**

Our management believe that the prospects of our Group are encouraging for the following reasons:

● The increasing and ageing population in Singapore will increase the prevalence for musculoskeletal-related conditions;

● Increasing government healthcare expenditure in Singapore;

● Increasing life insurance expenditure; and

● The expected growth of medical tourism in Singapore.

 See "*Industry Overview" on page 55.* 

**SUMMARY RISK FACTORS AND CHALLENGES**

Investing in our Class A Shares involves risks. The risks summarized below are qualified by reference to "Risk Factors" beginning on page 15 of this prospectus, which you should carefully consider before making a decision to purchase our Class A Shares. If any of these risks actually occurs, our business, financial condition or results of operations would likely be materially adversely affected. In such case, the trading price of our Class A Shares would likely decline, and you may lose part or all of your investment.

These risks include but are not limited to the following:

**Risks Related to Our Business**

● We are dependent on our key management personnel, which includes our medical practitioners. See "*Risk Factors* - *We are dependent on our key management personnel, which includes our key medical specialists" on page 16.* 

● We depend on third-party external medical practitioners and vendors, and at times, we may enlist locum doctors to support our operations. See "*Risk Factors* - *We depend on third-party external medical practitioners and vendors, and at times, we may enlist locum doctors to support our operation" on page 17 **.*** 

● We experience competition from other similar orthopaedic service providers in private and government-owned hospitals, medical centers, and clinics. See "*Risk Factors* - *We experience competition from other similar clinical and specialist services providers in private and government owned hospitals and smaller clinics" on page 27.* 

● We are subject to risks of medical and legal claims, regulatory actions and/or professional liability arising from the provision of our clinical and specialist services. See "*Risk Factors* - *We are subject to risks of medical and legal claims, regulatory actions and/or professional liability arising from the provision of our clinical and specialist services" on page 18.* 

● We are dependent on the continuing operations of the private hospital and medical center where we conduct our business. See "*Risk Factors* - *We are reliant, to some extent, on the recognition of our brand names and trademarks in our business as well as the reputation of our specialist doctors" on page 19.* 

● We are reliant, to some extent, on the recognition of our brand names and trademarks in our business as well as the reputation of our specialist doctors. See "*Risk Factors* - *We are reliant, to some extent, on the recognition of our brand names and trademarks in our business as well as the reputation of our specialist doctors" on page 19.* 

● Increase in operating costs, namely lease rental rates and risk of relocation, may cause disruption to our business operations. See "*Risk Factors* **-** *Increase in operating costs, namely lease rental rates and risk of relocation, may cause disruption to our business operation on page 19.* 

● We may be affected by technological disruptions in the healthcare sector. See "*Risk Factors* - *We may be affected by technological disruptions in the healthcare sector" on page27.* 

● Technological advancements, failures, and other challenges associated with our medical equipment and information technology systems have the potential to negatively impact our business. See "*Risk Factors* - *Technological advancements, failures, and other challenges associated with our medical equipment and information technology systems have the potential to negatively impact our business" on page 27.* 

● We face potential risks associated with cybersecurity and the handling of personal information and medical data. See "*Risk Factors* **-** *We face potential risks associated with cybersecurity and the handling of personal information and medical data" on page 23.* 

● The failure to safeguard our intellectual property rights or any infringement of third-party rights could have detrimental effects on our business. See "*Risk Factors* - *Our intellectual property rights may be infringed upon, or we may infringe the intellectual property rights of third parties" on page 19.* 

● A significant product liability lawsuit may affect our financial performance and reputation. See "*Risk Factors* - *A significant product liability lawsuit may affect our financial performance and reputation" on page 27.* 

**Risks Related to the Medical Healthcare Industry**

● Private healthcare services may decline due to a number of factors affecting the Company's revenue. See "*Risk Factors* - *Private healthcare services may decline due to a number of factors affecting the Company's revenue on page 30 **.*** 

● We may be adversely affected by the spread or outbreak of any infectious, contagious, or virulent diseases or serious public health issues. See "*Risk Factors* - *We may be adversely affected by the spread or outbreak of any infectious, contagious, or virulent diseases or serious public health issues" on page 20.* 

● Our business is subject to risks related to medical and legal claims, regulatory actions, and professional liability arising from our clinical and specialist services. See "*Risk Factors* - *We are subject to risks of medical and legal claims, regulatory actions and/or professional liability arising from the provision of our clinical and specialist services" on page 31.* 

● We may not have adequate insurance coverage in place despite having mandatory professional malpractice insurance. See "*Risk Factors* - *We may not have adequate insurance coverage in place despite having mandatory professional malpractice insurance" on page 20.* 

● We must comply with regulations and licensing conditions governing the healthcare sector, and compliance may involve significant costs. There is a risk that we may not retain, renew, or obtain the necessary licenses and permits for our business operations. See "*Risk Factors* - *We must comply with regulations and licensing conditions governing the healthcare sector, and compliance may involve significant costs. There is a risk that we may not retain, renew, or obtain the necessary licenses and permits for our business operations" on page 31.* 

● The regulation of healthcare fees and the potential rise in the number of medical practitioners could have adverse effects on our business. See "*Risk Factors* - *The regulation of healthcare fees and the potential rise in the number of medical practitioners could have adverse effects on our business" on page 32.* 

● Challenges faced by the clinical and specialist services industry may have an effect on our Group. See "*Risk Factors* - *Challenges faced by the clinical and specialist services industry may have an effect on our Group" on page 29.* 

● We face risks relating to the political, economic, regulatory, social, and legal environments in the jurisdictions in which we currently or may in the future operate. See "*Risk Factors* **-** *We face risks relating to the political, economic, regulatory, social, and legal environments in the jurisdictions in which we currently or may in the future operate" on page 21.* 

**Risks Related to Our Securities and This Offering**

● An active trading market for our Class A Shares may not be established or, if established, may not continue, and the trading price for our Class A Shares may fluctuate significantly. See "*Risk Factors* - *An active trading market for our Class A Shares may not be established or, if established, may not continue, and the trading price for our Class A Shares may fluctuate significantly" on page 32.* 

● Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Class A Shares. See "*Risk Factors* - Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Class A Shares " on page 32.

● We may not maintain the listing of our Class A Shares on Nasdaq, which could limit investors' ability to make transactions in our Class A Shares and subject us to additional trading restrictions. See "*Risk Factors* - *We may not be able to maintain the listing of our Class A Shares on Nasdaq, which could limit investors' ability to make transactions in our Class A Shares and subject us to additional trading restrictions" on page 33.* 

● Further issuances of Class B Shares may result in a dilution of the percentage ownership of the existing holders of Class A Shares as a total proportion of Ordinary Shares in the Company. See "*Risk Factors* - *Further issuances of Class B Shares may result in a dilution of the percentage ownership of the existing holders of Class A Shares as a total proportion of Ordinary Shares in the Company" on page 34.* 

● Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Shares for a return on your investment. See "*Risk Factors* - *Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Shares for a return on your investment" on page 34.* 

● Because our public offering price per Class A Share is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution. See "*Risk Factors* - *Because our public offering price per Class A Share is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution" on page 35.* 

● Following this Offering, our Controlling Shareholder will continue to own more than a majority of the voting power of our outstanding Ordinary Shares. As a result, our Controlling Shareholder has the ability to control the outcome of matters submitted to the shareholders for approval  *.*** *See "Risk Factors – "Following this Offering, our Controlling Shareholder will continue to own more than a majority of the voting* power *of our outstanding Ordinary Shares. As a result, our Controlling Shareholder has the ability to control the outcome of matters submitted to the shareholders for approval. Additionally, we may be deemed to be a "controlled company" under Nasdaq rules and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders" on page 35.* 

● If we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences. See "*Risk Factors* - *If we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences" on page 36.* 

● You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law. See "*Risk Factors* - *You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law" on page 36.* 

● Certain judgments obtained against us by our shareholders may not be enforceable. See "*Risk Factors* - *Certain judgments obtained against us by our shareholders may not be enforceable" on page 37.* 

● We are an emerging growth company within the meaning of the rules under the Securities Act and may take advantage of certain reduced reporting requirements applicable to other public companies that are not emerging growth companies. See "*Risk Factors* - *We are an "emerging growth company" within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements" on page 38.* 

● We qualify as a foreign private issuer and, as a result, we will not be subject to U.S. proxy rules and will be subject to Exchange Act reporting obligations that permit less detailed and less frequent reporting than that of a U.S. corporation. See "*Risk Factors* - *We qualify as a foreign private issuer and, as a result, we will not be subject to U.S. proxy rules and will be subject to Exchange Act reporting obligations that permit less detailed and less frequent reporting than that of a U.S. corporation" on page 38.* 

● We will incur significantly increased costs and devote substantial management time as a result of the listing of our shares. See "*Risk Factors* - *We will incur significantly increased costs and devote substantial management time as a result of the listing of our shares" on page 38.* 

**Implications of Being an Emerging Growth Company**

As a company with less than $1.235 billion in revenue during our last completed fiscal year, we qualify as an "emerging growth company" as defined in the federal securities laws. An emerging growth company may take advantage of specified reduced reporting requirements that are otherwise applicable generally to public companies. These reduced reporting requirements include:

● an exemption from compliance with the auditor attestation requirement on the effectiveness of our internal control over financial reporting;

● an exemption from compliance with any requirement that the Public Company Accounting Oversight Board may adopt regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements;

● an exemption from the requirements to obtain a non-binding advisory vote on executive compensation or a stockholder approval of any golden parachute arrangements;

● extended transition periods for complying with new or revised accounting standards;

● being permitted to present only two years of audited financial statements and only two years of related "Management's Discussion and Analysis of Financial Condition and Results of Operations", in addition to any required unaudited interim financial statements in this prospectus; and

● reduced disclosures regarding executive compensation in our periodic reports, proxy statements and registration statements, including in this prospectus.

We will remain an emerging growth company until the earliest to occur of: (i) the end of the first fiscal year in which our annual gross revenue is $1.235 billion or more; (ii) the end of the first fiscal year in which we are deemed to be a "large accelerated filer", as defined in the Securities Exchange Act of 1934, as amended, (the "Exchange Act"); (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; and (iv) the end of the fiscal year during which the fifth anniversary of this offering occurs. We may choose to take advantage of some, but not all, exemptions afforded to emerging growth companies. We currently intend to take advantage of the exemptions discussed above. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold stock. The Company will take advantage of the extended transition period for complying with any new or revised financial account standards provided pursuant to Section 7(a)(2)(B).

**Implications of Being a Foreign Private Issuer**

We will become subject to the information reporting requirements of the Exchange Act that are applicable to "foreign private issuers", and under those requirements we will file reports with the SEC. As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

● we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;

● for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;

● we are not required to provide the same level of disclosure on certain issues, such as executive compensation;

● we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;

● we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; and

● we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.

Furthermore, Nasdaq listing rules allow foreign private issuers to rely on their home country corporate governance practices in lieu of Nasdaq corporate governance requirements, provided that we comply with the requirements relating to notification of noncompliance, voting rights and the composition of the audit committee. As we may choose to rely on our home country corporate governance requirements and certain exemptions thereunder to the extent permitted by Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq listing rules and will be required to comply with the applicable requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer.

**Implications of Being a "Controlled Company"**

Controlled companies are exempt from the majority of independent director requirements. Controlled companies are subject to an exemption from Nasdaq standards requiring that the board of a listed company consist of a majority of independent directors within one year of the listing date.

Public companies that qualify as a "Controlled Company" with securities listed on the Nasdaq Stock Market, must comply with the exchange's continued listing standards to maintain their listings. Nasdaq has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under the Nasdaq rules a "controlled company" is a company with more than 50% of its voting power held by a single person, entity, or group. Under the Nasdaq rules, a controlled company is exempt from certain corporate governance requirements including:

● the requirement that a majority of the board of directors consist of independent directors;

● the requirement that a listed company have a nominating and governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;

● the requirement that a listed company have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

● the requirement for an annual performance evaluation of the nominating and governance committee and compensation committee.

Controlled companies must still comply with the Nasdaq Capital Market's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

Upon completion of this offering, our issued and outstanding shares will consist of 25,582,001 Class A Shares and 5,418,000 Class B Shares assuming the underwriters do not exercise their over-allotment option to purchase additional Class A Shares. Immediately after the completion of this offering, LYC Medicare Sdn Bhd, our Controlling Shareholder, will own approximately 49% of our total issued and outstanding Class A Shares, and 100% of our total issued and outstanding Class B Shares, representing approximately 84% of the total voting power of our capital stock. As a result, we will continue to be a "controlled company" as defined under Nasdaq Listing Rule 5615(c) because our Controlling Shareholder will hold more than 50% of the voting power for the election of directors. Therefore, our Controlling Shareholder will be able to exert significant control over our management and affairs requiring shareholder approval, including approval of significant corporate transactions. This concentration of ownership may not be in the best interests of all of our shareholders. As a "controlled company", we are permitted to elect not to comply with certain corporate governance requirements. As of the date of this prospectus, we have not relied on these exemptions, but we may elect to do so in the future.

**Corporate Information**

We were incorporated in the Cayman Islands on October 18, 2024. Our registered office in the Cayman Islands is at 4<sup>th</sup> Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman, KY1-1002, Cayman Islands. Our principal executive office is at 435 Orchard Road #21-05, Wisma Atria, Singapore 238877. Our telephone number at this location is +65 6962 2517. Our principal website address is www.lychealthcarecayman.com. The information contained on our website does not form part of this prospectus. Our agent for service of process in the United States is Schlueter & Associates, P.C. 5655 South Yosemite Street, Suite 350, Greenwood Village, CO 80111.

Because we are incorporated under the laws of the Cayman Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "Risk Factors – Risks Related to our Securities and the Offering" and "Enforceability of Civil Liabilities" for more information.

**THE OFFERING**

---

| | |
|:---|:---|
| **Offering Price** | We estimate that the initial offering price will be between US$4.00 and US$6.00 per Ordinary Share. |
| **Class A Shares offered by us** | 3,000,000 Class A Shares (or 450,000 Class A Shares if the underwriters exercise the over-allotment option in full). |
| **Class A Shares issued and outstanding prior to this offering** | 22,582,001 Class A Shares. |
| **Class A Shares issued and outstanding immediately after this offering**<br>| 25,582,001 Class A Shares (or 26,032,001 Class A Shares if the underwriters exercise the over-allotment option in full). |
| **Voting Rights** | Each Class A Ordinary share is entitled to one (1) vote.<br> Each Class B Ordinary share is entitled to ten (10) votes.<br> See the sections titled "*Principal Shareholders*" and "*Description of Share Capital*" for additional information. |
| **Over-allotment option** | We have granted the underwriters an option, exercisable for 45 days after completion of this offering, to purchase up to an additional 450,000 Class A Shares at the initial public offering price, less underwriting discounts, and commissions, solely for the purpose of covering over-allotments, if any. |
| **Underwriter's Warrants** | We have agreed to issue to the underwriter, at the closing of the offering warrants in an amount equal to 7% of the aggregate number of Ordinary Shares sold in this offering and exercisable during the five-year period commencing six months from the effective date of the offering at a price equal 120% of the public offering price. None of the underwriter's warrants or Ordinary Shares underlying the underwriter's warrants are being registered in this offering. |
| **Use of proceeds** | We estimate that we will receive approximately $12,664,450 in net proceeds from this offering, assuming no exercise of the overallotment option granted by the Company to the underwriters, based on an assumed initial public offering price of US$5.00 being the mid-point of the estimated range of the initial public offering price, after deducting underwriting fees and commissions, a non-accountable expense allowance and estimated offering expenses. We currently intend to use the net proceeds from this offering for repayment of debt, acquisitions, business expansion and working capital. See "*Use of Proceeds*" for additional information. |
| **Dividend policy** | We do not intend to pay any dividends on our Class A Shares for the foreseeable future. Instead, we anticipate that all of our earnings, if any, will be used for the operation and growth of our business. See *"Dividends and Dividend Policy"* for more information. |
| **Lock-up** | Our officers, directors and holders of 5% or more of our Class A Shares have agreed, subject to certain exceptions, for a period of 180 days after the closing of this offering, not to, except in connection with this offering, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any Class A Shares or any other securities convertible into or exercisable or exchangeable for Class A Shares or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Class A Shares. See *"Shares Eligible for Future Sale"* and "*Underwriting*". |
| **Risk factors** | Investing in our Class A Shares involves risks. The risks could result in a material change in the value of the securities we are registering for sale or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. See *"Risk Factors"* beginning on page 15 of this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Shares. |
| **Listing** | We have applied to have our Class A Shares listed on the Nasdaq Capital Market under the symbol "[●]". There can be no assurance that our application to have our Class A Shares listed on Nasdaq will be approved. If our application is not approved, we will not proceed with this offering. |
| **Proposed Trading Symbol** | [●] |
| **Transfer agent** | VStock Transfer, LLC. |
| **Payment and settlement** | The underwriters expect to deliver Class A Shares against payment therefore through the facilities of the Depository Trust Company on [●] [●], 2025 |

---

**Summary Combined Financial Data**

You should read the following summary combined financial data together with our audited combined financial statements and the related notes appearing at the end of this prospectus, "Capitalization" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" elsewhere in this prospectus,

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Revenues | 14443017 | 17332420 | 12891854 |
| Cost of sales | (8322956) | (9961430) | (7409312) |
| Gross profit | 6120061 | 7370990 | 5482542 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 2957714 | 3835054 | 2852513 |
| &nbsp;&nbsp;&nbsp;Operating lease expenses | 1139665 | 1422734 | 1058230 |
| &nbsp;&nbsp;&nbsp;Depreciation expenses | 131847 | 117612 | 87480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4229226 | 5375400 | 3998223 |
| Profit from operations | 1890835 | 1995590 | 1484319 |
| Other income (Expenses): |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 174439 | 1020491 | 759041 |
| &nbsp;&nbsp;&nbsp;Interest expense | (91732) | (70249) | (52251) |
| Total Other income, net | 82707 | 950242 | 706790 |
| Income before tax expense | 1973542 | 2945832 | 2191109 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 294056 | 467268 | 347554 |
| **Net Income** | 1679486 | 2478564 | 1843555 |

---

**Combined Balance Sheet Data:**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Current assets** | 11039573 | 6320667 | 4701312 |
| **Non-current assets** | 18399850 | 21516784 | 16004184 |
| **TOTAL ASSETS** | 29439423 | 27837451 | 20705496 |
| **Current liabilities** | 3911569 | 5749517 | 4276491 |
| **Non-current liabilities** | 16506321 | 18027847 | 13409113 |
| **TOTAL LIABILITIES** | 20417890 | 23777364 | 17685604 |

---

**RISK FACTORS**

Investing in our shares is highly speculative and involves a significant degree of risk. You should carefully consider the following risks, as well as other information contained in this prospectus, before making an investment in the Company. The risks discussed below could materially and adversely affect our business, prospects, financial condition, results of operations, cash flows, ability to pay dividends and the trading price of our shares. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, prospects, financial condition, results of operations, cash flows and ability to pay dividends, and you may lose all or part of your investment.

**Risks Related to our Business**

***We are subject to regulations and licensing requirements governing the clinical and specialist services, the compliance of which may be costly, and we may not be able to retain, renew or obtain licenses and permits necessary for the operation of our business.***

Our Clinical and Specialist Services are highly regulated and are subject to extensive government laws, regulations, licensing, and accreditation requirements which may evolve from time to time. Our clinical and specialist services business operations consist of the provision of specialist orthopaedic and chronic disease management services to patients who visit our clinics. As such, we and our healthcare professionals are subject to various laws and regulations issued by various governmental agencies such as the MOH, the Health Sciences Authority of Singapore and, in relation to the doctors, the Singapore Medical Council ("SMC"), in respect of our business in Singapore;

These laws, rules, and regulations in Singapore to which we are subject to govern, *inter alia*, the:

&nbsp;&nbsp;&nbsp;&nbsp;(a) conduct
 of the operations of our specialist orthopaedic and chronic disease management services;

&nbsp;&nbsp;&nbsp;&nbsp;(b) additions
 to facilities and services;

&nbsp;&nbsp;&nbsp;&nbsp;(c) adequacy
 of our specialist orthopaedic and chronic disease management services;

&nbsp;&nbsp;&nbsp;&nbsp;(d) quality
 and operation of medical facilities, equipment, and services;

&nbsp;&nbsp;&nbsp;&nbsp;(e) medications
 and drugs prescribed to patients;

&nbsp;&nbsp;&nbsp;&nbsp;(f) qualifications
 of medical and support personnel;

&nbsp;&nbsp;&nbsp;&nbsp;(g) handling
 and disposal of bio-medical and other hazardous waste;

&nbsp;&nbsp;&nbsp;&nbsp;(h) confidentiality,
 maintenance and security of patient records and medical information;

&nbsp;&nbsp;&nbsp;&nbsp;(i) screening,
 stabilization, and transfer of patients who have emergency medical conditions;

Safety, health and environmental laws and regulations in Singapore are stringent and it is possible that they will become significantly more stringent in the future. If we are held to be in violation of such regulatory requirements, including conditions in the permits required for our operations, by courts or governmental agencies, we may have to pay fines, modify, suspend, or discontinue our operations, incur additional operating costs, or make capital expenditures. Our employees may also be faced with criminal charges in some instances. Any such costs may have a material adverse effect on our business, financial condition, results of operations and prospects.

Any changes to existing government laws, regulations, licensing and accreditation requirements or the introduction of new applicable laws and regulations may have a negative impact on our business due to an increase in compliance costs, including costs associated with enhancing our compliance function to monitor developments and changes to the relevant regulations and laws. We may be required to apply for new approvals, licenses and/or permits, and there is no assurance that we will be able to obtain these new approvals, licenses and/or permits. The relevant authorities such as the MOH, and the SMC may suspend or deny renewal of our Group's existing licenses or qualifications in respect of our business operations and healthcare professionals if they determine that we do not meet applicable standards. Although our Group has satisfied the licensing requirements for its present business and operations, there is no assurance that it will be able to obtain, maintain or renew these licenses for its future operations. If we fail to obtain, maintain, or renew any governmental licenses, permits, qualifications and approvals, our Group's operations and hence, our business, financial condition, results of operations and prospects, may be adversely affected.

Currently, we have in place a number of existing regulatory licenses, approvals and permits for the purposes of our business operations. The licenses and permits we have obtained are subject to conditions stipulated in the licenses and permits and/or in the relevant laws, rules, and regulations under which they have been issued. These conditions must be complied with for the duration of the licenses and permits. Where there is a failure to comply fully, the relevant authorities have the power to revoke the licenses and permits. While we have not in the past experienced any similar occurrence, in the event the foregoing happens, our business, operations and financial position will be adversely affected. If our licenses are revoked or renewal of such licenses and permits cannot be obtained, or the terms imposed for renewal are not acceptable or favorable to us, we may have to pay fines, modify, suspend, or discontinue our operations, incur additional operating costs or capital expenditure, and consequently our operations and business, financial condition, results of operations and prospects will be adversely affected.

While we have not in the past experienced any difficulty in renewing our licenses, approvals or permits, there is no assurance that upon the expiration of the licenses, approvals or permits under which our Company carries on its business operations, our Company will be able to successfully renew them in a timely manner or at all, or that the renewal of these licenses will be granted on terms acceptable to us, or that if the relevant authorities enact new laws and regulations, our Company will be able to successfully comply with these requirements.

***We are dependent on our key management personnel which include our key medical specialists***

Our Group attributes our success to the leadership and contributions of the current Key Management Personnel of our Group, including Dr. Chan Ying Ho (Henry) who is the founder of HCOS and who spearheads the orthopaedic, trauma and sports injuries services within our clinical and specialist services segment, and Dr. Ting Choon Meng who is the founder of T&T and who leads the primary care medical clinic and chronic disease center within our Clinical and Specialist Services segment.

Dr. Chan Ying Ho (Henry) and Dr. Ting Choon Meng have each managed to (i) attract and retain a significant number of healthcare professionals of our Group; (ii) establish collaborative and longstanding working relationships with various healthcare professionals such as physiotherapists, radiologists, anesthetists, and surgical assistants; and (iii) build patient bases and referral networks.

Our Group's continued success is therefore dependent to a certain extent on our ability to retain our Key Management Personnel who have extensive clinical experience and network and/or have been and continue to be responsible for our continued growth, corporate development, and overall business strategies. As our business expands, we are also looking to hire additional general practitioners to support our Key Management Personnel. Although there are succession plans in place to continue to develop our talent pool of new medical specialists to ensure continuity, there can be no assurance that such plans will be successful, or that we will have the required quality and quantity of medical specialists to manage and provide our clinical and specialist services. If we are not able to develop the required quality and quantity of new medical specialists to manage and provide our clinical and specialist services, or if we lose the services of any of our key medical specialists, our business, financial condition, results of operations and prospects will be materially and adversely affected.

***We are dependent on our doctors, and skilled healthcare professionals.***

Our Group's performance and growth depend on our ability to attract and retain other doctors, skilled healthcare professionals to support the services provided by our Group. We rely on their extensive knowledge and experience in orthopaedics, osteoarthritis, primary medical care, and general business practices of the medical industry. If any of our doctors are sick or unable to work for any reason, we may have to cease operations of our clinics. In such a scenario, there may be an adverse impact on the performance of our clinics and our business, results of operations, financial condition and prospects may be materially affected.

We face increasing competition in hiring doctors, and skilled healthcare professionals and our continued success is therefore dependent to a large extent on our ability to hire and retain our staff who have extensive experience in the clinical and specialist services industries and who are responsible for executing and implementing our growth, corporate development, and overall business strategies. Competition for qualified employees may result in us having to pay higher wages to attract and retain our employees, which may result in higher labor costs. The loss of our Key Management Personnel without suitable and timely replacements, or our inability to attract and retain qualified management personnel or skilled and experience staff, could materially and adversely affect our financial position, results of operations, business, future growth, and prospects.

***We depend on third-party external medical practitioners and vendors, and at times, we may enlist locum doctors to support our operations.***

In order to provide imaging and physiotherapy services at our primary care medical clinic, we have entered into arrangements with third-party service providers for the provision of such services. We have entered into a Radiological Services Agreement with the Jireh Group Pte Ltd to set up an X-ray laboratory to provide medical imaging services for our patients and a Collaboration Agreement – Physiotherapy with Egeiro Physiotherapy Pte Ltd to provide qualified and licensed physiotherapists to deliver physiotherapy services to our patients. See "Business – "Imaging Services and Medical Consultations" and "Physiotherapy Services."

These third-party service providers have to maintain the necessary licenses for their provision of the relevant services. Although the Group is satisfied that the third-party service providers currently possess the necessary licenses to provide the relevant services, there is no assurance that the third-party service providers will be able to maintain their licenses in the future on substantially the same conditions or at all. If the licenses of such third-party service providers are revoked, or renewal of such licenses cannot be obtained, we may have to source alternative service providers, which may in turn adversely affect the quality of the services provided by our Group, particularly if our Group is unable to engage sufficient service providers to our standards of service or at all. Potential increase in manpower costs to engage new third-party service providers may also adversely affect our Group's business, financial condition, results of operations and prospects.

We also occasionally depend on external medical practitioners to supplement our in-house expertise, primarily in specialized areas where additional consultation or services are required. The extent of this reliance depends on various factors, including patient needs, regulatory requirements, and operational efficiency and the costs associated with these collaborations, vary based on the frequency of engagements, and the level of specialization required.

If our key medical specialists were to leave us, we may require substantial time to find replacements and we may have to rely on external medical practitioners for extended periods of time. Although we typically engage experienced locum doctors or external service providers with whom we are familiar, there is no guarantee that the quality of service they provide will surpass or match the level offered by our regular medical practitioners. In addition, certain of the licenses upon which we rely are issued to external professionals, and if we were to end our business relationship with such persons, we may face temporary disruptions to the operation of our business while we engage the services of other service providers, which may have a detrimental effect on our business, financial position, and results of operations.

While there has not been any prior material instance of poor service quality from locum doctors or external service providers causing a material adverse impact on us, if our clinics need to be managed by locum doctors or external service providers for extended or frequent periods, this could negatively affect our Group's business, results of operations, financial condition, and prospects.

***We have limited or no control over the quality of medical equipment, consumables, and other supplies we use in our operations***

We use a variety of pharmaceuticals, medical equipment, consumables, and other supplies in our operations all of which are procured from third-party suppliers through individual purchase orders rather than formal supply agreements. We routinely perform vendor assessments and monitor the quality of supplies procured from our suppliers, to determine whether such supplies are free from defects or contamination and meet the relevant quality standards and are not counterfeits. If we inadvertently use products provided by our suppliers which are defective, contaminated, counterfeit, of poor quality or are otherwise unsafe or ineffective, we could be subject to product liability claims, complaints, suspensions or adverse publicity, any of which may damage our public image and reputation as a reliable clinical and specialist services and in turn adversely affect our business, operations, financial performance, financial condition, results of operations and reputation. We may also need to source for and procure suitable replacement suppliers, if any, and if we are not able to procure sufficient alternative suppliers in a timely manner or at competitive rates, this may cause increased costs, supply shortages or delays that could lower our profit margins and result in delays in our operations.

***We are exposed to potential fluctuations in overhead costs and shortages of medical consumables***

We are subject to the risks of rising business costs including the cost of manpower, medical implants, day surgery room charges, overheads and various other costs incurred for the provision of our services. We do not manufacture our own medical consumables and instead rely on a global network of suppliers to manufacture, produce, and supply us with medical consumables and therefore our ability to deliver our services and products to our customers is dependent on our suppliers' ability to continue manufacturing our medical equipment and supplies, and medical consumables on time and at competitive prices.

If we are unable to find suitable alternatives to our supplies in a timely manner or at all or are required to resort to suitable alternatives at higher prices, it could have a material and adverse effect on our business, financial condition, results of operations and/or prospects.

***Increase in operating costs, namely lease rental rates and risk of relocation, may cause disruption to our business operations.***

We lease the premises of our existing clinics. Our present lease terms for most of our clinics are for a period of three years or less. Upon the expiry of the leased tenure, the landlords have the right to review and revise the terms and conditions of the lease agreements. Some of our landlords are entitled to unilaterally terminate the respective leases with us without cause. We face the possibility of an increase in rent by the landlords or not being able to renew the leases on terms and conditions favorable to us. Any increase in rent would inevitably increase our operating costs, thereby affecting our profits. We will also incur additional costs if we have to relocate our clinics. While we have been on good terms with the landlords so far, and we lease multiple premises with different landlords to mitigate the risk of individual leases discontinuing, there can be no assurance that our operations will not be adversely affected due to our inability to continue our existing leases.

***We are reliant, to some extent, on the recognition of our brand names and trademarks in our business as well as the reputation of our specialist doctors***

In our business operations, specific brand names, reputation and trademarks play a crucial role, and we have registered as trademarks in Singapore, certain brand names upon which we rely, including "LYC Healthcare", "HCOS", "T&T" and "LYC HEALTHCARE (CAYMAN) LTD". If we fail to protect and enhance our brand identities, fail to successfully register our trademarks, or if we fail to properly supervise the use of, and compliance with, our brands by third party medical services or other facility providers, the market recognition of each of our brands and trademarks may deteriorate. We may also be negatively impacted by brand dilution or reputation damage arising from the unauthorized and/or improper use of our name, logo and/ or brand names by other parties. Any claims and legal actions brought forward by our patients and/or our customers may also have a negative impact on our brand image. As such, we may not be able to operate our clinical and specialist services businesses at optimal levels and, as a result, our business, financial condition, results of operations and prospects may be materially and adversely affected.

In addition, due to the nature of our clinical and specialist services business, our brand names are invariably linked to the reputation of our specialist doctors. Any negative publicity against our specialist doctors may tarnish their reputation and standing in the medical industry and may adversely affect our business by causing the number of patients who visit our clinics to decline. While we have not encountered any such claims and/or legal actions that have materially and adversely affected our business, operations, financial performance, financial condition, results of operations and prospects, there can be no assurance that we will not be subject to such claims and/or legal actions in the future that may have a material adverse impact on our brand names, trademarks, and reputation.

***Our intellectual property rights may be infringed upon, or we may infringe the intellectual property rights of third parties***

Our clinical and specialist services are marketed under the registered trademarks "HC Orthopaedic Surgery" and "T&T Medical Group" brands, which we believe have increasingly gained recognition in the medical industry in Singapore that enables us to provide our services at a premium. There is no assurance that our intellectual property rights will not be infringed upon in Singapore, or any other jurisdiction. Depending on whether we are able to discover any such infringement of our intellectual property rights or successfully enforce our legal rights in the jurisdictions where such infringements may occur, our business and branding may suffer as a result of any misuse of our intellectual property rights. In such circumstances, our reputation and business may be adversely affected. While we have not encountered any incidents in the past where our intellectual property rights were infringed by third parties, there can be no assurance that we will not face such incidents in the future. If we decide to pursue action against any such infringements, it could result in the diversion of our resources and management's attention, which may adversely affect our results of operations.

Furthermore, there is no assurance that we will not infringe the intellectual property rights of third parties. While we have not encountered any incidents in the past where claims of infringement of intellectual property rights have been made against us, there can be no assurance that we will not face such incidents in the future. In the event of any such infringement, we may be subject to claims or actions by such third parties and our business, financial condition, results of operations and prospects may be adversely affected.

***We may not have adequate insurance coverage in place despite having mandatory professional malpractice insurance***

We are exposed to potential liability risks that are inherent to the provision of medical services which liabilities may exceed our available insurance coverage or arise from claims outside the scope of our insurance coverage.

While we believe that we have insured our business operations in line with industry practices in Singapore, there can be no assurance that such insurance coverage will be sufficient to cover all potential liabilities and risks that we face. Furthermore, while each of our medical specialists individually maintain insurance coverage for medical malpractice indemnity, there can be no assurance that liability claims will not be in excess of the existing coverage provided for, or that such insurance coverage is comprehensive enough to cover all types of liability claims against us and/ or our medical specialists. There is also no certainty whether any or all of our insurers will remain solvent and meet their contracted obligations to provide the coverage we have contracted for at such time when such matters may occur or require resolution. If our arrangements for insurance or indemnification are not sufficient to cover claims, including in the case of claims exceeding policy aggregate limitations or exceeding the resources of the indemnifying party, we may be required to make substantial payments, which may have a material adverse effect on our business, financial condition, results of operations and prospects.

Additionally, should there be adverse developments such as terrorist attacks and other natural or man-made disasters such as floods, fire hazards and other events beyond our control, we may not have adequate insurance coverage to cover these liabilities and risks, and our business, financial condition, results of operations and prospects may be materially and adversely affected. In addition, our Group's insurance policies are renewed on an annual basis and there is no assurance that we will be able to renew all of our policies or obtain new policies on similar terms.

Further, any material change in the terms of our medical specialists' professional indemnities may have a disproportionate and material adverse effect on our business, financial condition, results of operations and prospects. Our medical specialists currently subscribe to an occurrence-based indemnity which provides protection from claims arising from incidents during the year of subscription regardless of when the claim is made. If material changes are made to the terms of such professional indemnities such as a shift to claims-based insurance where coverage only provides protection from claims arising from incidents during the year of subscription, provided the incident is reported within that year or on such other terms as the insurers may decide, it may result in claims for which we may not be compensated by insurance proceeds (if any) and/or contractual indemnities (if any). Should any such material changes occur, and, in the event, we are exposed to uninsured claims, we may be subject to additional liabilities, which will in turn have a material adverse effect on our business, financial condition, results of operations and prospects.

***There is no assurance that our future plans will be successful***

We aspire to become a "one-stop" healthcare solutions provider to our patients by expanding our current suite of orthopaedic services to include other ancillary services such as a full suite of diagnostic and screening capabilities, physiotherapy, and pain management. Such expansion plans may also include the expansion of existing facilities, the acquisition of additional medical equipment and the acquisition of talent and businesses that are complementary to our existing businesses. Although we have identified our future growth plans as viable avenues to pursue our strategic and business growth initiatives, the net proceeds from this Offering may not be sufficient to fully cover the estimated costs of implementing all these plans. In the event that we do not have sufficient internal funds available and are unable to secure third party financing on acceptable terms, or at all, to fund such expansion plans, we may not be able to proceed with our expansion plans. Under such circumstances, issuances of debt and/or equity securities after the Offering may be necessary to raise the required capital to develop these growth opportunities. If new Class A Shares are issued after this Offering, they may be priced at a discount to the then prevailing market price of the Class A Shares trading on Nasdaq, in which case, our existing Shareholders' equity interest may be diluted, and our Class A Share price may also decline. If we fail to utilize the new equity to generate a commensurate increase in earnings, our EPS will be diluted, and this could lead to a decline in our Class A Share price. Any debt financing may, apart from increasing interest expense and gearing, contain restrictive covenants with respect to dividends, any future fundraising exercises, and other financial and operational matters. Furthermore, there is no guarantee that we will be able to secure consents to incur any indebtedness.

The scope and complexity of our operations would also increase significantly with the expansion of our Group's business.

***Our growth is partially dependent on our ability to open additional clinics, to identify expansion opportunities and for such expansion initiatives to become profitable***

Our growth depends, to a certain extent, on our ability to fund, establish or acquire and manage additional clinics, identify expansion opportunities, satellite centers, strategic partnerships, and joint ventures. Such business expansion initiatives are capital intensive, and we may experience difficulties in implementing such growth initiates, We may not be able to identify suitable sites for new clinics, satellite centers or facilities, or expand, improve, and augment our existing businesses. There may be limited attractive acquisition or expansion opportunities, and we may not be able to negotiate attractive terms for such acquisitions or expansions, which may demand high valuations. We may also encounter challenges in securing the necessary financing for such opportunities. If we are unable to successfully identify opportunities for the aforementioned business expansion initiatives or face difficulties in the process of such expansions, or if it takes longer than anticipated for such expansion initiatives to become profitable, our business, financial condition, results of operations and prospects may be materially and adversely affected.

***We may be adversely affected by the spread or outbreak of any infectious, contagious, or virulent diseases or serious public health issues***

We face risks from the outbreak of communicable or virulent diseases and pandemics/epidemics such as Severe Acute Respiratory Syndrome (SARS), Middle East, Respiratory Syndrome (MERS) or any other contagious or virulent diseases like influenza (H5N1 and H7N9) or bird flu or Ebola and most recently, the outbreak of COVID-19 in countries which we operate, which may materially and adversely affect our operations. In March 2020, the World Health Organization declared the outbreak of a new infectious disease known as "COVID-19", to be a pandemic. which spread rapidly in almost all regions around the globe and resulted in a rapid deterioration of the political, socio-economic, and financial situation globally. Countries around the world started to implement measures such as lockdowns and travel restrictions in order to prevent the spread of COVID-19. In Singapore, the MOH directed healthcare institutions to defer healthcare services which were triaged as non-essential services including aesthetic services, elective joint replacement surgeries, adult vaccination, and screening services. Furthermore, restrictions were placed on the entry of short-term visitors into Singapore and travel advisories were issued to discourage Singapore citizens and permanent residents from travelling overseas.

The reemergence of COVID-19 or outbreaks of other contagious and virulent diseases such as SARS, the MERS, S influenza such as H5N1 and H7N9, the avian influenza and the Zika virus could require us to temporarily shut down our clinics, and centers, for an uncertain period of time to contain the spread of such diseases. Any such disruptions to our business and operations may have a negative impact on our business, financial position, results of operations and prospects. Furthermore, potential patients from overseas may also decide to seek medical treatment from clinics in other countries. In addition, occurrences of epidemics and pandemics could also result in negative public opinion of medical institutions, which could have a material adverse effect on the business, financial condition, results of operations and prospects of our Group.

***We face risks relating to the political, economic, regulatory, social, and legal environments in the jurisdictions in which we currently or may in the future operate***

We have operations and/or a presence in Singapore and may expand into other jurisdictions in the future. We are subject to certain risks inherent in conducting business, such as political, economic, regulatory, social, and legal developments in each jurisdiction in which we currently or may in the future operate, many of which are beyond our control.

These risks include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) laws
 and policies affecting trade, investment, foreign ownership restrictions and taxes, including
 laws and policies relating to the repatriation of funds and withholding taxes, and changes
 in these laws;

&nbsp;&nbsp;&nbsp;&nbsp;(b) differing
 degrees of protection for intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;(c) inflation,
 interest rates and general conditions;

&nbsp;&nbsp;&nbsp;&nbsp;(d) changes
 in laws, regulations, local regulatory requirements and accounting standards and the interpretation,
 application and/or enforcement thereof, including any unexpected changes thereto. In particular,
 changes in social and/or health insurance requirements and standards as well as healthcare
 subsidies and support by local governments;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 political and/or regulatory climate in such jurisdictions, including any instability of foreign
 economies and governments and any social unrest or political instability;

&nbsp;&nbsp;&nbsp;&nbsp;(f) fluctuating
 foreign exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;(g) expropriation
 or nullification of contracts;

&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 spread of communicable diseases in such jurisdictions, which may impact local business operations;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(i) climate
 change, natural disasters, demonstrations, riots, coups, war, and acts of terrorism.

The jurisdictions in which we currently or may in the future operate may be in a state of rapid political, economic, and social changes, which will entail risks to our business and operations. There can also be no assurance that we will be able to adapt to the local conditions, regulations and business practices and customs. Any changes implemented by the government of these jurisdictions resulting in, among other things, currency and interest rate fluctuations, capital restrictions and changes in duties and taxes detrimental to our business could materially and adversely affect our business, financial condition, results of operations and prospects.

***Rapid technological advances, technological failures and other challenges related to our medical equipment and systems could adversely affect our business***

We use sophisticated, specialized, and expensive medical equipment to provide our services, including and without limitation, equipment required for complex diagnostic treatment procedures, such as MRI machines, robotic equipment, surgical microscopes, image intensifiers and arthroscopic systems. Most of our equipment is leased for specific use from the medical centers in which our clinics are located in or from third-party vendors, which enables our business to operate on an asset-light, strong cash flow business model. While this asset-light operating model allows us to incur less capital expenditure, there is no assurance that the required medical equipment will be available as and when required by us, or that it will be maintained to standards or at desirable levels as required. A failure to access specialized medical equipment as needed and at required maintenance levels may materially and adversely affect our business, financial condition, results of operations and prospects.

Frequent upgrades are typically required for medical equipment as innovation can result in equipment obsolescence. Replacement, upgrading or maintenance of equipment may involve significant costs to both us and the medical centers our clinics are located in. The high costs of medical equipment may mean that the medical centers which our clinics are located in may not maintain any additional back-up equipment, and, therefore, if such equipment is damaged or breaks down, our ability to provide the relevant services to our patients may be impaired. If we and/or the medical centers which our clinics are located in are unable to keep up with technological advances, our medical specialists and patients may turn to other hospitals or clinics which have more advanced equipment and our competitive edge will be reduced, which may have a material adverse effect on our business, financial condition, results of operations and prospects.

We intend to continue updating our existing medical equipment and facilities in order to keep up with advances in medical technology which are relevant to our medical services. In addition, we are constantly looking out for medical specialists with specialized technical expertise that will improve our business, including experience and capabilities in operating advanced medical equipment. If we are unable to adapt to and leverage on such advances in technology, demand for our products and services may decline and we may lose our competitive edge. There is also no assurance that we will be able to recover the financial outlay for such investments in new medical equipment should patients' and customers' expectations for these products and services not be met which may result in a material and adverse effect on the business, financial condition, and results of operations of our Group.

The clinical and specialist services industries are characterized by rapid developments in medical technology and technical expertise, we may be exposed to changes in technology in the fields in which we operate, including alternative and non-invasive procedures, treatments, medical equipment, and drugs, that may be more effective and/or offer better efficacies, or are easier to use or more economical than those currently utilized by us. There is no assurance that the services, procedures, treatments, medical equipment, drugs, and products used and/or offered by us will not become obsolete or that we will be able to acquire suitable alternative procedures, treatments, technical expertise, medical equipment, drugs, and products. In such an event, the demand for our services and products, our reputation, business, financial condition, results of operations and prospects may be materially and adversely affected.

***Our business may be negatively affected by security threats, cyber-attacks, and other disruptions affecting our information technology and related systems***

Our information technology systems are an important part of our business and internal control and management systems, and help us manage clinical systems, medical records, and inventory. We rely on our information technology ("IT") systems in our day-to-day operation of our business to process, transmit and store sensitive or confidential data, including electronic health records, other protected health information, and financial, payment and other personal data of our patients and customers, as well as to store our proprietary and confidential business performance data. Although we have redundancies and other measures designed to protect the security and availability of the data we process, transmit and store, our IT and infrastructure remain vulnerable to computer viruses, attacks by hackers, or breaches due to employee error or malfeasance. Any technical failures associated with our information technology systems, including those caused by power failures, computer viruses and other unauthorized tampering, may cause interruptions in our ability to provide services to our patients. Also, if our information technology systems are not upgraded as needed, we may be unable to adequately manage our clinical systems, medical records, and inventory.

We are also exposed to risks of cybersecurity threats, data privacy breaches as well as other network security risks both in respect of our IT systems as well as those of third parties, such as banks with which we maintain banking accounts. The scale and level of sophistication of cybersecurity threats have increased especially in recent times. The risks of cyber-attacks leading to manipulation or thefts of sensitive and/or confidential information may result in litigation actions from customers and/or regulatory fines and penalties or may have an adverse impact on our reputation.

Furthermore, our networks and technology systems may be subject to disruption due to events such as fire, telecommunications failure, terrorist attack or other catastrophic events. Any such breach or system interruption could result in unauthorized disclosure, misuse, or loss of confidential, sensitive, or proprietary information, could negatively impact our ability to conduct normal business operations (including the collection of revenues), and could result in potential liability and damage to our reputation, any of which could have a material adverse effect on our business, financial condition, results of operations and prospects.

***We face potential risks associated with cybersecurity and the handling of personal information and medical data.***

National laws, rules and regulations generally require medical establishments to protect the privacy of their customers and prohibit unauthorized disclosure of personal information and the medical records of patients of our clinical and specialist services segment.

Regulations in the jurisdictions in which we operate or may operate in the future may require licensees of a medical establishment to keep and maintain proper medical records. In this regard, such licensees are generally required to take all reasonable steps, including implementing such processes as are necessary, to ensure that such medical records are accurate, complete, and up-to-date and to implement adequate safeguards (whether administrative, technical, or physical) to protect the medical records against accidental or unlawful loss, modification or destruction, or unauthorized access, disclosure, copying, use or modification. Concerns around data privacy have been escalating, with the governments in many countries enacting laws and regulations relating to data privacy.

In Singapore, the PDPA imposes certain obligations on us surrounding our collection, use or disclosure of personal data. We are also required under the HCSA to take all reasonable steps, including implementing such processes as are necessary, to ensure that the medical records of our patients are as accurate, complete and up-to-date as are necessary for the purposes for which they are to be used, and to implement adequate safeguards (whether administrative, technical or physical) to protect the medical records against accidental or unlawful loss, modification or destruction, or unauthorized access, disclosure, copying, use or modification. In order to mitigate the risks of such events, we utilize physical servers and cybersecurity software, and we may implement more robust cybersecurity measures in the future, such as intrusion detection systems to detect and respond to potential security breaches in real-time and to encrypt sensitive patient information in our system. While we seek to protect the data privacy of our patients, the controls we have implemented to protect the confidentiality of personal and medical information may not be effective in preventing unauthorized disclosure of such information. Significant failure of security measures may undermine customer and patient confidence, lead to potential misuse of such information and result in litigious actions from customers and/or regulatory fines and penalties.

We currently keep and maintain both digital and paper medical records. We may be subject to liability as a result of any accidental or unlawful loss, unauthorized access, modification, disclosure, copying, hacking (in the case of our digital records), theft or misuse of personal and medical information, in relation to our paper or digital medical records, as the case may be. While to date we have not, encountered any such incident which had a material adverse impact on our business, financial condition, results of operations and prospects, any such hacking, unauthorized access, modification, disclosure, copying, hacking, theft, or misuse of personal and medical information may result in us being in breach of applicable data privacy laws and regulations. Any contravention of such laws and regulations may render the person committing the offence liable on conviction to a fine or imprisonment. These laws, rules and regulations are subject to changes. Compliance with new data protection, privacy and security laws, regulations and requirements may result in increased operating costs and may constrain or require us to alter our business model or operations which may in turn affect our business, financial condition, results of operations and prospects.

In addition, we may be subject to liability as the result of any theft or misuse of personal and medical information stored on our system. The Company is in compliance with Singapore's regulations governing the licensing, medical record maintenance and operation of a private hospital, medical clinic, or healthcare establishment. In this regard, such licensees are required to take all reasonable steps, including implementing such processes as are necessary, to ensure that such medical records are accurate, complete, and up-to-date and to implement adequate safeguards (whether administrative, technical, or physical) to protect the medical records against accidental or unlawful loss, modification or destruction, or unauthorized access, disclosure, copying, use or modification. Any contravention of these regulations would render the person committing the offence liable on conviction to a fine or imprisonment.

Failure of security mechanisms may also result in the imposition of additional regulatory measures relating to the security and privacy of customer data, which may lead us use significant additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures, which may have a material adverse effect on our business, financial condition, results of operations and prospects. We may also be subject to enforcement action by the competent authorities or regulators in the event our management team fails to make reasonable assessment of the risks relating to handling of personal information and medical data which may lead to a breach in personal data protection obligations. Such enforcement action may result in financial penalties, reputational damage and may have a material adverse effect on our business, financial condition, results of operations and prospects.

***We have limited or no control over the data protection measures of our third-party service providers and could be exposed to risks relating to our third-party service providers' handling of our patients' personal information and medical data***

To provide the imaging services we offer to our patients at our primary care medical clinic, we have entered into arrangements with third-party service providers for the provision of such services. Our third-party service providers are responsible for ensuring that the storage and maintenance of imaging data, reports and records of our patients comply with the applicable MOH requirements in respect of the storage of patient data.

While we have implemented safeguards to protect the medical records and personal data of our patients, we are not able to control whether our third-party service providers' data protection measures are in compliance with the MOH requirements and/or the requirements for protection of personal data under the PDPA, and there is no assurance that our or their data protection measures are adequate to protect our patients' personal and medical information against unauthorized access, modification, disclosure, copying, hacking, theft or misuse.

Any theft or misuse of personal and medical information stored on our third-party service providers' system, may result in us being in breach of applicable data privacy laws and regulations, which may materially and adversely affect our business, financial condition, results of operations and prospects.

***We are also subject to general government policies, laws, and regulations with which we may be found to be non-compliant, and changes in government policies, laws or regulations may affect our business and profitability***

We are subject to regulations and licensing requirements governing the clinical and specialist services, the compliance of which may be costly, and we may not be able to retain, renew or obtain licenses and permits necessary for the operation of our business, we are also subject to other general government policies, laws, and regulations of each country in which we operate, including, among others, those relating to antitrust, anti-corruption, corporate governance, labor, and taxation.

If we and/or our employees violate any applicable law or regulation or fail to satisfy the conditions or comply with the restrictions imposed by any statutory or regulatory requirements, we may become subject to regulatory enforcement actions or be subject to fines, penalties, warnings, or additional costs, which may materially and adversely affect our business, prospects, financial condition, and results of operations.

We are also subject to various laws and regulations governing our corporate administration and management, and there is no assurance that we will be able to maintain at all times full compliance with such laws and regulations. Owing to the long operating history of T&T, we have encountered corporate secretarial irregularities that may conflict with or affect the validity of past corporate actions we take, such as with respect to late filings with ACRA in respect of the appointments and resignations of our auditors, secretaries or directors, and lack of proper record keeping in respect of consents to act of our auditors and shareholder resolutions in respect of the appointment of our past auditors and past allotments of shares and/or transfer documentation in respect of past transfers of shares. Certain of such past irregularities may be subject to penalties of up to S$5,000 per non-compliance under the Companies Act 1967 of Singapore but are not expected to have any material adverse implications on our financial performance or operations. While (a) we have passed directors' resolutions and shareholders' resolutions in respect of T&T to confirm, approve and ratify past appointments and resignations of auditors, secretaries and directors, as well as past transfers of shares, in order to resolve certain selected corporate secretarial irregularities which may be resolved *ex post facto*; (b) we have engaged Boardroom Corporate & Advisory Services Pte. Ltd. as our corporate secretarial agent to assist with the day-to-day oversight of the corporate secretarial matters and to mitigate against further instances of our non-compliance; and (c) we have not encountered any disputes or received any claim from past shareholders or any other third parties, such previous irregularities may give rise to potential claims from past shareholders and other third parties, which, together with any future instances of irregularities, may have an adverse effect on our business, prospects, financial condition and results of operations.

***Occurrence of any acts of God, war, terrorist attacks and other catastrophic events may have a material adverse effect on our business, financial condition, results of operations and prospects***

Acts of God, such as natural disasters which are beyond our control, may materially and adversely affect the economy, infrastructure, and livelihood of the local population. Similarly, man-made catastrophes, such as terrorist attacks and wars may disrupt the economies of the countries we operate in. A catastrophic event or multiple catastrophic events may cause unexpected large losses and may have a material adverse effect on our business, financial condition, results of operations and prospects. There can be no assurance that our efforts to protect ourselves against catastrophic losses would be adequate. In addition, other events that are outside our control, such as fire, deliberate acts of sabotage, vendor failure or negligence, blackouts, terrorist attacks or criminal acts, could damage, cause operational interruptions to, or otherwise adversely affect our operating facilities and activities, as well as potentially cause injury or death to our employees, patients and/or customers. We cannot give any assurance that any catastrophic event, war, terrorist attacks or other hostilities in any part of the world, potential, threatened or otherwise, will not, directly, or indirectly, have a material and adverse effect on our business, financial condition, results of operations and prospects.

***Challenges related to our information technology systems could adversely affect our business***

We utilize third-party information technology systems which are a critical part of our business and internal control and management systems, which help us manage our inventory, payroll and finance and accounting functions.

The management of our businesses depend on the efficient and uninterrupted operation of our information technology systems, which could be exposed to unauthorized access, as a result of weak password protection. While we have taken precautions and standard operating procedures to address such risks, including but not limited to, the periodic update of passwords, and there have been no past incidents which had a material adverse impact on our operations as at the Latest Practicable Date, we cannot guarantee that such measures will continue to be successful in preventing unauthorized access to our information technology systems and/or interruptions to our business operations.

***We experience competition from other similar orthopaedic service providers in private and government-owned hospitals, medical centers, and clinics.***

We experience competition from other similar orthopaedic service providers in private and government-owned hospitals, medical centers, and clinics.

The healthcare business is highly competitive, and competition among healthcare providers for patients has intensified in recent years. Other healthcare providers in the areas we operate may provide services similar to those offered by us. This may have an impact on our competitive position and patient volumes. If any of our clinics do not deliver quality medical services or medical services superior to that of other healthcare providers or if our standard charges are higher than our competitors, our patient volumes could decline.

We compete with other government-owned hospitals, private hospitals, medical centers, and clinics. We will also have to compete with any future healthcare business operators. Moreover, some of these competitors may have longer operating histories, be more established and have greater financial, personnel and other resources than us. Competitors may price their services lower than ours and exert pricing pressures on us. Some of our competitors may also have plans to expand their facilities, which may exert further pricing and recruitment pressure on us. Increased competition may result in lower profit margins and a loss of market share. In particular, our competitors include medical facilities owned or managed by government agencies and trusts, which may have access to wider financing options or may be in a better commercial position to negotiate for the purchase of inventory on more favorable terms than private healthcare providers owned and managed by for-profit interests, such as us. New or existing competitors may price their services at a significant discount to ours or offer greater convenience or better services or amenities than what we provide. Smaller hospitals and other medical facilities may exert pricing pressures on some or all of our services and also compete with us for doctors and other medical professionals.

Our success depends on our ability to compete effectively against our competitors. If we are forced to reduce the price of our services or are unable to attract patients, our business, financial position, results of operations and prospects may be materially and adversely affected.

***Our control over suppliers and the quality of the products they provide is limited. If these products are not manufactured in accordance with the relevant quality standards, it could have a significant adverse impact on our business and reputation.***

A substantial portion of the devices, equipment, and medication used in delivering our services is procured from external suppliers. We lack oversight over the operations of these third-party suppliers and the quality of the products they furnish to us. The assurance that these products will be free from defects and comply with the necessary quality standards cannot be guaranteed. Failure to identify quality defects in the supplied products may lead to various repercussions such as injuries, fatalities, product recalls or withdrawals, license revocation, fines, or other complications that could materially and adversely affect our business, financial results, condition, and prospects.

***We may be affected by technological disruptions in the healthcare sector.***

The advancement of disruptive technology (which has resulted in, among others, the invention of telemedicine and e-prescription platforms) has led to alternative means for patients to access medical services and medicine. The popularity of such technological creations has also been driven by factors such as increasing healthcare costs and government initiatives. Telemedicine offers greater convenience and improved accessibility to medical support and medication through digital self-help options. Telemedicine and other disruptive technologies could reduce demand and patient visits to our clinics and may also lead to competitive pricing pressures on our services, which could reduce our profit margins and result in a material adverse effect on our business, results of operations, financial condition, and prospects. Further, we may be unable to respond on a timely basis to the changing needs of the corporations and insurance companies with whom we have entered into arrangements, and the new technologies we adopt may prove to be ineffective. Our failure to develop and introduce or enhance services able to compete with such new technologies in a timely manner could have a material adverse effect on our business, results of operations, financial conditions, and prospects. The convenience and cost efficiency afforded by such technological creations, coupled with the factors propelling them, could negatively impact and materially and adversely affect our business, results of operations, financial condition, and prospects.

***Technological advancements, failures, and other challenges associated with our medical equipment and information technology systems have the potential to negatively impact our business.***

Our services heavily rely to some extent on medical equipment, such as X-ray machines. The rental, replacement, upgrading, or maintenance of such equipment can incur substantial costs for our organization. Consequently, any damage or breakdown of this equipment could impair our ability to deliver essential services to our patients. Falling behind in technological advancements may lead our patients to seek services from other clinics with more advanced equipment, diminishing our competitive edge and potentially having a significant adverse effect on our business, financial position, results of operations, and prospects.

Our information technology systems play a crucial role in our business, internal control, and management systems. They assist in managing clinical systems, medical records, and inventory. Technical failures in our information technology systems, stemming from issues like power failures, computer viruses, or unauthorized tampering, may disrupt our ability to provide services to patients. Failure to upgrade our information technology systems as necessary could impede our ability to adequately manage clinical systems, medical records, and inventory.

Additionally, the theft or misuse of personal information stored in our system could expose us to liability. In Singapore, regulations governing private hospitals and medical clinics mandate licensees to maintain accurate, complete, and up-to-date medical records. Licensees must implement necessary processes and safeguards, whether administrative, technical, or physical, to protect medical records against loss, modification, destruction, or unauthorized access. Violation of these regulations could result in fines or imprisonment upon conviction.

***A significant product liability lawsuit may affect our financial performance and reputation.***

In the event that the products that we prescribe for our patients, such as orthopaedic devices, fail to perform as expected and such failure results in, or is alleged to result in, bodily injury and/or property damage or other losses, we may be subject to product liability lawsuits and other claims. Such customers may seek contribution or indemnification from our Group for all, or a portion of the costs associated with product liability and warranty claims, recalls or other corrective actions involving such products. These types of claims could significantly harm our profitability or may even harm our reputation amongst our target demographics, which could detrimentally affect our future prospects.

**Risks Related to the Medical Healthcare Industry**

***Our revenue is dependent on the provision of clinical and specialist services to individual patients who opt for private healthcare and medical services, which could decline due to a variety of factors***

We may be affected by the financial ability and the willingness of individual patients to pay for private healthcare and medical services. A slowdown in the economy may lead to a decrease in demand for private healthcare and medical services as more individual patients may opt for subsidized public healthcare and medical services or treatment from other private medical providers that are more price competitive. In addition, many of the services which we provide are elective in nature and individual patients may consider delaying or postponing such procedures, or seek alternative non-invasive medical procedures, to the extent possible. Our revenue would be adversely affected if individual patients are more cautious about their medical expenses and are less keen to pay for private healthcare and medical services. A decrease in the demand for private healthcare and medical services and/or private specialist orthopaedic services and/or chronic pain care management from individual patients may have a material adverse effect on our business, financial condition, results of operations and prospects.

***We are dependent on the continuing operations of the medical centers and hotel where we currently conduct our business***

Our clinics are currently located in medical centers and hotels namely, Mount Elizabeth Medical Centre, Mount Elizabeth Novena Specialist Centre, Parkway East Medical Centre, Gleneagles Medical Centre, and Novotel Singapore on Kitchener (formerly known as "Parkroyal on Kitchener Road") respectively. If there are any disruptions in the operations of these medical centers or hotels, for instance, due to a major fire, a change in public reputation of these medical centers or hotels or an outbreak of certain diseases resulting in closure of the medical centers or hotels for quarantine purposes, our business activities may be adversely affected owing to our dependence on the facilities in such medical centers and hotels. Our business in these clinics may also decline due to a reduction in our patient base. In the event the existing leases for our clinics in the aforementioned medical centers and hotels are terminated prematurely for reasons beyond our control, and we are unable to secure leases for alternative and appropriate premises based on terms that are acceptable to us, if at all, our business activities will be disrupted, and our business, financial condition, results of operations and prospects will be adversely affected.

While our clinics are equipped with the facilities needed to perform a variety of procedures on-site and minor surgical services, major surgeries and procedures will be carried out at major hospitals and other day surgery centers. For the medical specialists within our Group to be able to carry out medical procedures at the premises of the private hospitals, they are required to be accredited with the relevant private hospitals and will be subject to the qualifications and conditions imposed by these private hospitals to maintain such accreditation with them. Our current specialists, Dr. Chan Ying Ho (Henry) and Dr. Yeoh Ching Sing have been accredited as specialists in Orthopaedic Surgery by the MOH, Specialists Accreditation Board since 2013 and 2017 respectively, with no restrictions and conditions being imposed on their accreditations. Notwithstanding this, there is no assurance that Dr. Chan Ying Ho (Henry), Dr. Yeoh Ching Sing and/or any of the medical specialists which our Group engages in the future will not be subject to qualifications and conditions in respect of their accreditations or will continue to maintain such accreditations at all. To the extent that our medical specialists do not comply with such qualifications and conditions, our medical specialists may not be permitted to carry out procedures at the private hospitals' premises. While the choice of where the procedures can be performed depends on the patient's preference and/or the availability of the required equipment of the private hospitals, there is no guarantee that our medical specialists would be able to find alternative premises or comply with the private hospitals' requirements and conditions in a timely manner. In such an event, our medical specialists' ability to perform procedures may be restricted, thereby adversely affecting our business, financial condition, results of operations and prospects.

***Challenges faced by the clinical and specialist services industry may have an effect on our Group***

Our business, financial condition, results of operations and prospects may be affected by the challenges currently faced by the clinical and specialist services industry, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) economic
 and business climate at local, regional, and international levels;

&nbsp;&nbsp;&nbsp;&nbsp;(b) increase
 in the threat of terrorism and occurrence of natural and man-made disasters that affect travel
 security, or the global economy may reduce the number of medical travelers;

&nbsp;&nbsp;&nbsp;&nbsp;(c) improvements
 in the quality of medical services in other countries may affect the number of medical travelers
 coming to our Company's clinics and facilities for treatments;

&nbsp;&nbsp;&nbsp;&nbsp;(d) technological
 and pharmaceutical improvements that increase the cost of providing, or reduce the demand
 for, medical services;

&nbsp;&nbsp;&nbsp;&nbsp;(e) rising
 costs of medicines and pharmaceutical drugs;

&nbsp;&nbsp;&nbsp;&nbsp;(f) stricter
 laws and regulations relating to the protection of patient information from unauthorized
 disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;(g) stricter
 laws and regulations governing the purchase and dispensation of medicines and pharmaceutical
 drugs;

&nbsp;&nbsp;&nbsp;&nbsp;(h) changes
 in the supply distribution chain or other factors that increase the cost of supplies, as
 well as increased cost of rental and staff salaries and benefits;

&nbsp;&nbsp;&nbsp;&nbsp;(i) stricter
 regulations or requirements in respect of private outpatient insurance claims, and/or reduction
 in insurance coverage over certain elective medical procedures;

&nbsp;&nbsp;&nbsp;&nbsp;(j) reputational
 and potential financial risk to our operations caused by the independent actions of doctors,
 including the fees they charge for their services; and

&nbsp;&nbsp;&nbsp;&nbsp;(k) stricter
 laws and regulations in relation to the payment of fees to clinical and specialist services
 companies, third party administrators, insurance entities or patient referral services.

***We may be exposed to risks in relation to the disposal of biological hazards and the use of certain medical equipment***

Part of the operations of our clinics will involve the disposal of biological hazards such as needles, used surgical items and other common by-products of clinics and day surgery centers, as well as the use of certain medical equipment. It is necessary for us to dispose the biological hazards and use such equipment in accordance with procedures prescribed under the law. Failure to comply with these procedures may expose us to fines or suspension by the relevant authorities. In addition, any injury or damage caused by the wrongful disposal of biological hazards or misuse of medical equipment may expose us to civil claims from injured parties. While we have not in past had any non-compliance with the disposal of biological hazards, if any of the above were to occur, our financial performance, financial condition, professional standing, and market reputation will be adversely affected

***Our clinics are exposed to the credit risks of customers***

Our clinics are subject to the credit risks of customers, and in the case of our HCOS clinic particularly in relation to receivables from day surgery centers and private hospitals. A proportion of the trade receivables of our clinics are paid by day surgery centers and private hospitals directly, who generally require a longer period of time to process the necessary payments on behalf of the insured patients. In some instances, such processing period may take up to six (6) months, which is not uncommon in the medical industry. While we have not encountered any serious delays in payment in the past which have had a material adverse impact on our Group's financials and/or operations, there is no assurance that we will continue to be able to collect our trade receivables fully or within a reasonable period of time, or at all.

In the event of any failure to collect our trade receivables fully or in a timely manner, we may be required to make full or partial allowances for impairment of trade receivables or write-off bad debts, which may have a material and adverse impact on our Group's business, financial condition, results of operations and prospects.

***We may be exposed to risks of disputes with our third-party service providers***

We have contractual relationships with third-party service providers with whom we have entered into arrangements for the provision of imaging and physiotherapy treatment services at our clinics, as part of our holistic and patient-centric care model.

We may be involved in disputes and claims between us and such third-party service providers, on grounds such as non-adherence to contract terms in respect of the collection and payment of fees, delays in payment, or breach of contract. We may also be subject to complaints, poor reputation, decreased competitiveness and loss of patients in the event such third-party service providers do not extend the same, if not a reasonable level of service and standards of patient care to our patients. Although we maintain a good relationship with such third-party service providers and have not encountered any disputes or patient complaints, the future occurrence of disputes regarding any of our contractual obligations with such third parties and/or complaints from patients on the level of service and standard of patient care, may result in disruptions to the operations and services at our clinics and a loss of patients. In addition, we may be involved in litigation or other legal proceedings and may incur substantial expenses, and the efforts of our management personnel may be diverted in order to resolve such disputes, and our business, operations, financial performance, financial condition, results of operations and prospects will be adversely and materially impacted.

***Private healthcare services may decline due to a number of factors affecting the Company's revenue.***

A slowdown in the Singapore economy in which we operate or regionally may lead to a decrease in demand for private healthcare services as spending power decreases and more patients may opt for subsidized public healthcare services instead or opt for treatment from other private healthcare providers that are more price competitive. Our revenue would be adversely affected if individual patients, corporate clients, and government clients are more cautious about their medical expenses and less keen to pay for private healthcare services. A decrease in the demand for our private orthopaedic and physiotherapy services, from individual patients, corporate clients, and government clients, will have a material adverse effect on the Company's business, financial condition, results of operations and prospects.

***Our business is subject to risks related to medical and legal claims, regulatory actions, and professional liability arising from our clinical and specialist services and our operations.***

The inherent nature of providing clinical and specialist services exposes our Group to various liabilities. Our business activities, service performance, and the actions of our employees could result in complaints, legal actions, or regulatory scrutiny. Allegations may be made against us or our medical specialists concerning our products and services, marketing activities, negligence, or medical malpractice. Regardless of the validity of these complaints or legal actions, they have the potential to generate negative publicity, impacting the reputation of our medical specialists, public perception of our service quality, and the engagement of patients in our medical clinics.

Our Group's business, financial condition, results of operations, and prospects could be significantly and adversely be affected if substantial damages and legal costs are assessed in connection with any legal action, or if judgments are made against us that harm our professional standing and market reputation. Medical malpractice litigation or disciplinary actions against our medical specialists could result in restrictions on their practice or other adverse outcomes, further impacting our business.

There is also uncertainty regarding the sufficiency of coverage provided by insurance policies maintained by our specialist doctors and/or by us for potential medical and legal claims, and the comprehensive nature of such coverage for various claim types.

In the ordinary course of business, we may encounter material disputes with various parties, potentially leading to legal or other proceedings. Such disputes could result in damage to our reputation, substantial costs, and the diversion of resources and management attention. While we have not experienced disputes or legal proceedings that materially and adversely affected our business, operations, financial performance, financial condition, results, and prospects, we cannot provide assurance about future occurrences and their potential impact on our business.

***We must comply with regulations and licensing conditions governing the healthcare sector, and compliance may involve significant costs. There is a risk that we may not retain, renew, or obtain the necessary licenses and permits for our business operations.***

Our current operations involve providing specialist orthopaedic, trauma, and sports services through our clinics, and these are subject to various laws and regulations from Singapore governmental agencies like the Ministry of Health ("MOH"), Health Sciences Authority, Ministry of Manpower, and the Singapore Medical Council ("SMC"). These regulations encompass aspects such as the pricing of medical services, procurement of medical equipment, licensing and operation of medical establishments, and licensing of medical staff. Singapore's stringent safety, health, and environmental laws could become stricter in the future. Violations of these regulatory requirements may lead to fines, operational modifications, suspensions, or discontinuation, incurring additional operating costs, and potential criminal charges against our employees, all of which could materially impact our business, financial position, results of operations, and prospects.

Changes in government regulations or the introduction of new laws may increase compliance costs, and authorities like the MOH and SMC could suspend or deny the renewal of our existing licenses if we fail to meet applicable standards. Although we presently satisfy licensing requirements, there is no guarantee of maintaining or obtaining licenses for future operations. Failure to maintain or renew licenses, permits, qualifications, and approvals could adversely affect our operations, leading to negative impacts on our business, financial position, results of operations, and prospects.

While we currently hold regulatory licenses, approvals, and permits for our business operations, these are subject to specified conditions. Non-compliance with these conditions could result in the revocation of licenses and permits by relevant authorities. Although we have not encountered such issues in the past, any such occurrence could significantly affect our business, financial position, and results of operations. The renewal of licenses, approvals, or permits, especially if new laws are enacted, is uncertain, and there is no assurance that we will successfully renew them in a timely manner, on favorable terms, or at all.

***The regulation of healthcare fees and the potential rise in the number of medical practitioners could have adverse effects on our business.***

In November 2018, the Singapore Ministry of Health (MOH) published Fee Benchmarks for private sector professional fees related to common surgical procedures. These benchmarks establish a fee range for each procedure, considering factors such as the complexity of medical procedures and the time, effort, and expertise involved. Less complex cases may be charged at the lower end of the fee benchmarks range, while more complex cases could be at the higher end of the range. Fees may exceed the fee benchmarks in cases of exceptional complexity, due to the additional risk, time and effort required for the procedure. In such rare circumstances, fees charged above the fee benchmarks may not be unreasonable. While the Fee Benchmarks serve as a recommendation and guideline, medical practitioners are not obligated to price their services accordingly. Presently, all our services are priced within the Fee Benchmarks. However, there is no guarantee that these benchmarks will not be revised in the future. If the Fee Benchmarks are lowered, we may need to adjust our fees, accordingly, potentially reducing our revenues and profitability.

Additionally, there is a trend towards increasing the number of medical practitioners in Singapore. The heightened competition within the private healthcare sector is likely to put pressure on service rates, leading to a potential reduction in the fees we can charge for our services.

**Risks Related to Our Securities and This Offering**

***An active trading market for our Class A Shares may not be established or, if established, may not continue, and the trading price for our Class A Shares may fluctuate significantly.***

We cannot assure you that a liquid public market for our Class A Shares will be established. If an active public market for our Class A Shares does not occur following the completion of this offering, the market price and liquidity of our shares may be materially and adversely affected. The initial public offering price for our shares in this offering was determined by negotiation between us and the representative of the underwriters based on several factors, and we can provide no assurance that the trading price of our shares after this offering will not decline below the public offering price. As a result, investors in our shares may experience a significant decrease in the value of their shares.

***Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Class A Shares.***

The trading price of our Class A Shares could fluctuate widely due to factors beyond our control and may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. Recently, companies with comparable public floats and initial public offering sizes have experienced instances of extreme stock price run-ups followed by rapid price declines due to market and industry factors as well as to factors specific to a company's own operations including the following:

● fluctuations in our revenues, earnings, and cash flow;

● changes in financial estimates by securities analysts;

● additions or departures of key personnel;

● release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

● potential litigation or regulatory investigations.

Any of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.

Although the specific cause of such volatility is unclear, our anticipated public float may amplify the impact the actions taken by a few shareholders have on the price of our Class A Shares, which may cause our share price to deviate, potentially significantly, from a price that better reflects the underlying performance of our business. Should our Class A Shares experience run-ups and declines that are seemingly unrelated to our actual or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly changing value of our Class A Shares. In addition, investors in our Class A Shares may experience losses, which may be material, if the price of our Class A Shares declines after this offering or if such investors purchase our Class A Shares prior to any price decline.

Holders of our Class A Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Shares. As a result of this volatility, investors may experience losses on their investment in our Class A Shares. Furthermore, the potential extreme volatility may confuse the public investors of the value of our stock, distort the market perception of our stock price and our Company's financial performance and public image and negatively affect the long-term liquidity of our Class A Shares, regardless of our actual or expected operating performance. If we encounter such volatility, including any rapid stock price increases and declines seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult and confusing for prospective investors to assess the rapidly changing value of our Class A Shares and understand the value thereof.

In the past, shareholders of public companies have often brought securities class action suits against companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

***We may not be able to maintain the listing of our Class A Shares on Nasdaq, which could limit investors' ability to make transactions in our Class A Shares and subject us to additional trading restrictions.***

We intend to list our Class A Shares on Nasdaq concurrently with this offering. In order to continue listing our shares on Nasdaq, we must maintain certain financial and share price levels, and we may be unable to meet these requirements in the future. We cannot assure you that our shares will continue to be listed on Nasdaq in the future.

If Nasdaq delists our Class A Shares, and we are unable to list our shares on another national securities exchange, we expect our shares could be quoted on an over-the-counter market in the United States. If this were to occur, we could face significant material adverse consequences, including:

● limited availability of market quotations for our Class A Shares;

● reduced liquidity for our Class A Shares;

● a determination that our Class A Shares are "penny stock" which will require brokers trading in our shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Class A Shares;

● a limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

Moreover, if we were no longer listed on Nasdaq or another national securities exchange, we would be subject to state securities laws of each state in which we offer our shares.

***If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our Class A Shares, the market price for our Class A Shares and trading volume could decline.***

The trading market for our Class A Shares will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts downgrade our shares, the market price for our shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume of our shares to decline.

***The sale or availability for sale of substantial amounts of our Class A Shares could adversely affect their market price.***

Sales of substantial amounts of our Class A Shares in the public market after the completion of this offering, or the perception that these sales could occur, could adversely affect the market price of our shares, and could materially impair our ability to raise capital through equity offerings in the future. Prior to the sale of our shares in this offering, we have 22,582,001 Class A Shares outstanding. The shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future, subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and applicable lock-up agreements. There will be 25,582,001 Class A Shares outstanding immediately after this offering (or 26,032,001 if the over-allotment is exercised in full). In connection with this offering, our directors and officers and any other holder of five percent (5%) or more of the outstanding Class A Shares of the Company have agreed not to sell any shares until 180 days after the close of the offering without the prior written consent of the representative of the underwriters, subject to certain exceptions. However, the representative of the underwriters may release these securities from these restrictions at any time. We cannot predict what effect, if any, market sales of securities held by any shareholders or the availability of these securities for future sale will have on the market price of our shares.

***Short selling may drive down the market price of our Class A Shares.***

Short selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than they received in the sale. As it is in the short seller's interest for the price of the shares to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable publicity, whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality.

***Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Shares for a return on your investment.***

We currently intend to retain all of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our shares as a source for any future dividend income. Our board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Singapore law. Even if our board of directors decides to declare and pay dividends, the timing, amount, and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions, and other factors as determined by our board of directors. Accordingly, the return on your investment in our Class A Shares will likely depend entirely upon any future price appreciation of our Class A Shares. There is no guarantee that our Class A Shares will appreciate in value after this offering or even maintain the price at which you purchased our shares. You may not realize a return on your investment in our shares, and you may even lose your entire investment.

***Our dual class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Shares may view as beneficial.***

Our authorized and issued ordinary shares are divided into Class A Shares and Class B Shares. Holders of our Class A Shares and Class B Shares will have the same rights except for voting and conversion rights. Each Class A Share shall entitle the holder thereof to one vote on all matters subject to vote at our general meetings and each Class B Share shall entitle the holder thereof to ten (10) votes on all matters subject to vote at our general meetings. Class B Shares may be converted into the same number of Class A Shares by the holders thereof at any time, while Class A Shares cannot be converted into Class B Shares under any circumstances. Upon the transfer of any Class B Shares by a holder thereof to any person other than certain permitted transferees or a change in beneficiary owner of such Class B Shares, such Class B Shares will be automatically and immediately converted into the same number of Class A Shares.

The Controlling Shareholder beneficially owns all of our issued and outstanding Class B Ordinary Shares. These Class B Ordinary Shares constitute approximately 19% of our total issued and outstanding share capital and approximately 71% of the aggregate voting power of our total issued and outstanding share capital as of the date of this prospectus. As a result of the dual class share structure and the concentration of ownership, holders of Class B Shares have considerable influence over matters such as decisions regarding mergers and consolidations, election of directors and other significant corporate actions. Such holders may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may discourage, delay, or prevent a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part of a sale of our company and may reduce the price of our Class A Shares. This concentrated control will limit your ability to influence corporate matters and could discourage others from pursuing any potential merger, takeover or other change of control transactions that holders of Class A Shares may view as beneficial.

***Further issuances of Class B Shares may result in a dilution of the percentage ownership of the existing holders of Class A Shares as a total proportion of Ordinary Shares in the Company.***

The Company may issue more Class B Shares. The issuance of additional Class B Shares may result in dilution to holders of our Class A Shares. Each Class A Share entitles its holder to one (1) vote per share, while each Class B Share carries ten (10) votes per share. As a result, holders of Class B Shares have significantly greater voting power than holders of Class A Shares. If we decide to issue more Class B Shares, it could have the effect of increasing the overall voting power of Class B Shareholders relative to Class A Shareholders, potentially diminishing the influence and control of Class A Shareholders over our company's affairs.

This dilution in voting power could impact the ability of Class A Shareholders to influence important corporate decisions, including those related to corporate governance, mergers, acquisitions, and other significant transactions. It may also result in decisions that are not aligned with the interests of Class A Shareholders.

***Our controlling shareholder has substantial influence over the Company. Its interests may not be aligned with the interests of our other shareholders, and it could prevent or cause a change of control or other transactions.***

Immediately prior to the completion of this offering, the controlling shareholder, LYC Medicare Sdn Bhd directly controls an aggregate of approximately 56% and 100% of our issued and outstanding Class A Shares and Class B Shares, respectively. Upon completion of this offering, LYC Medicare Sdn Bhd will, indirectly control approximately 49% and 100% of our issued and outstanding Class A Shares and Class B Shares, respectively.

Accordingly, our controlling shareholder will have considerable influence or control over the outcome of any corporate transactions or other matters submitted to the shareholders for approval, including (i) mergers, consolidations, (ii) the election or removal of Directors, (iii) the sale of all or substantially all of our assets, (iv) making amendments to our amended and restated memorandum and articles of association, (v) whether to issue additional shares, including to him, (vi) employment, including compensation arrangements, and (vii) the power to prevent or cause a change in control. The interests of our largest shareholder may differ from the interests of our other shareholders. Without the consent of our controlling shareholder, we may be prevented from entering into transactions that could be beneficial to us or our other shareholders. The concentration in the ownership of our shares may cause a material decline in the value of our shares or your ability to influence corporate matters. See "*Principal Shareholders*".

***Following this Offering, our Controlling Shareholder will continue to own more than a majority of the voting* power *of our outstanding Ordinary Shares. As a result, our Controlling Shareholder has the ability to control the outcome of matters submitted to the shareholders for approval. Additionally, we may be deemed to be a "controlled company" under Nasdaq rules and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.***

Upon completion of this Offering, LYC Medicare Sdn Bhd will indirectly control approximately 49% and 100% of our issued and outstanding Class A Shares and Class B Shares, respectively (assuming no exercise of the over-allotment option) of the aggregate voting power of our outstanding Ordinary Shares. As a result, our Controlling Shareholder will have the ability to control the outcome of matters submitted to the shareholders for approval, including the election of directors and any merger, consolidation, or sale of all or substantially all of our assets.

Under the Nasdaq Listing Rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and is permitted to elect to rely, and may rely, on certain exemptions from the obligation to comply with certain corporate governance requirements, including:

● the requirement that our director nominees must be selected or recommended solely by independent directors; and

● the requirement that we have a corporate governance and nominating committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

Although we do not intend to rely on the "controlled company" exemptions under the Nasdaq Listing Rules even if we are deemed to be a "controlled company," we could elect to rely on these exemptions in the future. If we were to elect to rely on the "controlled company" exemptions, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, if we rely on the exemptions, during the period we remain a controlled company and during any transition period following a time when we are no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

***In the event that our Board decides to declare and pay dividends, they may be prohibited from doing so due to certain regulations and contractual restrictions.***

There are no foreign exchange controls or foreign exchange regulations under current applicable laws of the Cayman Islands or Singapore, the places of incorporation of our significant subsidiaries, or contractual restrictions, that would affect the payment or remittance of dividends. However, in the event that the group strategy is to have the subsidiaries raise capital and retain such financing for their operations, such loan or financing agreements may contain covenants which could restrict the payment of dividends. Furthermore, current Singapore regulations permit a Singapore subsidiary to pay dividends to its respective shareholders only out of its profits, if any, determined in accordance with Singapore accounting standards and regulations.

***Because our public offering price per Class A Share is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.***

If you purchase shares in this offering, you will pay substantially more than our net tangible book value per share. As a result, you will experience immediate and substantial dilution of US$4.78 per share, representing the difference between our as adjusted net tangible book value per share of US$0.22 as of March 31, 2025, after giving effect to the net proceeds to us from this offering, assuming no change to the number of shares offered by us as set forth on the cover page of this prospectus and an assumed initial public offering price of US$5.00 per share. See *"Dilution"* for a more complete description of how the value of your investment in our shares will be diluted upon the completion of this offering.

***Our Pre-IPO Shareholders have purchased their shares at a price less than the purchase price of the shares in this offering and will be able to sell their shares after completion of this offering subject to restrictions under the lock-up requirement.***

Our Pre-IPO shareholders have purchased their Class A Shares at an average price of approximately US$0.83 per share, which is substantially lower than the assumed initial public offering price of US$5.00 per share in this offering. The Class A Shares issued to the Company's existing shareholders are "restricted" securities under applicable U.S. federal and state securities laws and are being registered to provide the Pre-IPO Investors the opportunity to sell those Class A Shares. The Pre-IPO Investors who own more than 5% of the Company's shares are subject to lock-up or leakage agreements. Because these shareholders have paid a lower price per Ordinary Share than participants in this offering, when they are able to sell their Pre-IPO shares, they may be more willing to accept a lower sales price than the IPO price. This fact could impact the trading price of the Class A Shares following completion of the offering, to the detriment of participants in this offering.

***If we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences.***

We are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either:

● At least 75% of our gross income for the year is passive income; or

● The average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that are held for the production of passive income is at least 50%.

Passive income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.

If we are determined to be a PFIC for any taxable year (or any portion thereof) that is included in the holding period of a U.S. taxpayer who holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

It is possible that, for our current taxable year or for any subsequent year, more than 50% of our assets may be assets which produce passive income. We will make this determination following the end of any tax year. We treat our affiliated entities as being owned by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating results in our combined financial statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.***

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed by the provisions of our Memorandum and Articles of Association, and by the provisions of the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding on a court in the Cayman Islands.

The rights of our shareholders and the fiduciary duties of our directors and officers under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States, and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to obtain copies of the register of members or corporate records of the company. They will, however, have such rights as may be set out in the company's articles of association. A Cayman Islands exempted company may maintain its principal register of members and any branch registers in any country or territory, whether within or outside the Cayman Islands, as the company may determine from time to time. There is no requirement for an exempted company to make any returns of members to the Registrar of Companies in the Cayman Islands. The names and addresses of the members are, accordingly, not a matter of public record and are not available for public inspection. However, an exempted company shall make available at its registered office, in electronic form or any other medium, such register of members, including any branch register of member, as may be required of it upon service of an order or notice by the Tax Information Authority pursuant to the Tax Information Authority Act (Revised) of the Cayman Islands. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, or members of the board of directors than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders.

***Certain judgments obtained against us by our shareholders may not be enforceable.***

We are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, all of our current directors and officers are nationals and residents of countries other than the United States. Substantially all of the assets of these persons are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands may render you unable to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands, see "*Enforcement of Civil Liabilities*." As a result of all of the above, our shareholders may have more difficulties in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

***We are an "emerging growth company" within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.***

We are an "emerging growth company" in the U.S. federal securities laws, and we may take advantage of certain exemptions from various requirements applicable to other public companies that are not emerging growth companies, including, most significantly, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.

***We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company".***

Upon consummation of this Offering, we will incur significant legal, accounting, and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley"), as well as rules subsequently implemented by the SEC, impose various requirements on the corporate governance practices of public companies. We are an "emerging growth company", as defined in the U.S. federal securities laws will remain an emerging growth company until the earlier of (1) the last day of the financial year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Class A Shares that is held by non-affiliates exceeds $700 million as of the prior March 31<sup>st</sup>, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay the adoption of new or revised accounting standards until such time as those standards apply to private companies.

Compliance with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costly. After we are no longer an "emerging growth company", or until five years following the completion of our initial public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of Sarbanes-Oxley and the other rules and regulations of the SEC. For example, as a public company, we will be required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We will incur additional costs in obtaining director and officer liability insurance. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

***We qualify as a foreign private issuer and, as a result, we will not be subject to U.S. proxy rules and will be subject to Exchange Act reporting obligations that permit less detailed and less frequent reporting than that of a U.S. corporation.***

Upon the closing of this Offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; (ii) the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and (iii) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K upon the occurrence of specified significant events. Therefore, our shareholders may not know on a timely basis when our officers, directors and principal shareholders purchase or sell our Shares. In addition, foreign private issuers are not required to file their annual report on Form 20-F until one hundred twenty (120) days after the end of each financial year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within seventy-five (75) days after the end of each financial year. Foreign private issuers also are exempt from Regulation Fair Disclosure (FD), aimed at preventing issuers from making selective disclosures of material information. As a result of the above, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers.

The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second quarter, and, accordingly, the next determination will be made with respect to us on March 31, 2025. In the future, we would lose our foreign private issuer status if (i) more than 50% of our outstanding voting securities are owned by U.S. residents and (ii) a majority of our directors or executive officers are U.S. citizens or residents, or if we fail to meet additional requirements necessary to avoid loss of foreign private issuer status.

If we lose our foreign private issuer status on such date, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms beginning at the end of the first fiscal year ending after such date, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq listing rules and will be required to comply with the applicable requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs and would make some activities highly time consuming and costly. These expenses will relate to, among other things, the obligation to reconcile our financial information that is reported according to IFRS to U.S. GAAP and to report future results according to U.S. GAAP. We also expect that if we were required to comply with the rules and regulations applicable to U.S. domestic issuers, obtaining and maintaining directors' and officers' liability insurance would become more difficult and expensive for us, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These rules and regulations could also make it more difficult for us to attract and retain qualified members of our board of directors.

***As a foreign private issuer, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.***

As a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq rules that allow us to follow our home country law for certain governance matters. Certain corporate governance practices in our home country, the Cayman Islands, may differ significantly from corporate governance listing standards. Currently, we do not plan to rely on any home country practices with respect to our corporate governance after we complete this offering. However, if we do choose to follow home country practices in the future, our shareholders may be afforded less protection than they would otherwise enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers. could also make it more difficult for us to attract and retain qualified members of our board of directors.

***We will incur significantly increased costs and devote substantial management time as a result of the listing of our shares.***

We will incur additional legal, accounting, and other expenses as a public reporting company, particularly after we cease to qualify as an emerging growth company. For example, we will be required to comply with the additional requirements of the rules and regulations of the SEC and the Nasdaq, including applicable corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. In addition, we expect that our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. We cannot predict or estimate the number of additional costs we may incur as a result of becoming a public company nor the timing of such costs.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs, and making some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us, and our business may be adversely affected.

**USE OF PROCEEDS**

After deducting the estimated commissions and estimated offering expenses payable by us, we expect to receive net proceeds of approximately US$12,664,450 from this offering, assuming the underwriters do not exercise their over-allotment option to purchase additional Class A Shares, based an initial public offering price of $5.00 per share being the midpoint of the assumed initial offering price, after deducting underwriting fees and commissions and estimated offering expenses.

We plan to use the net proceeds we receive from this offering for the following purposes in line with our strategies:

● Approximately 25% for potential mergers and acquisitions in the future. As at the date of this prospectus, we have had not identified any specific targets for acquisition or merger, not had any substantive discussions with any such potential targets and have not entered into agreements with any party for any mergers and acquisitions. As part of our expansion plan, we regularly engage with potential partners to identify collaboration opportunities. Our expertise lies in the orthopaedic, physiotherapy and medical services industry and we are looking to expand in Southeast Asia into such domains. We expect that the net proceeds to be used for potential mergers and acquisitions in the future will be applied to such industry.

● Approximately 20% for business expansion, such as expanding our clinic space, increasing auxiliary service capabilities, such as X-ray, physiotherapy and laboratory testing services that are complementary to orthopaedic services, hiring additional medical practitioners and staff, upgrading our technology systems, and increasing our marketing budget.

● Approximately 35% for daily operations and working capital

● Approximately 15% as an Advisory Fee (1)

 (1) See "Management – Financial Consultant"

Within the next 12 to 18 months, we foresee that we will seek acquisition and collaboration partners in Singapore and Malaysia. Our acquisition and collaboration targets will include general practitioner (GP) clinics and specialist clinics that complement our orthopaedic services, particularly those focused on the musculoskeletal system, aging treatments, physiotherapy, and occupational therapists. Our goal is to become an internationally known medical services provider in the Southeast Asian market, with a presence in at least four Southeast Asia countries (potentially covering Singapore, Malaysia, Indonesia, and Thailand) within the next three years.

The actual allocation of proceeds realized from this offering will depend upon our operating revenues and cash position and our working capital requirements and may change. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs, or business conditions change, we may use the proceeds of this offering differently than as described in this prospectus. See *"Risk Factors."*

Pending any use described above, we plan to invest the net proceeds in short-term interest-bearing obligations, investment-grade instruments, or certificates of deposit.

**CAPITALIZATION**

The following table sets forth our capitalization and our indebtedness as of March 31, 2025, as follows:

● on an actual basis;

● on a pro forma basis to reflect the issuance and sale of 3,000,000 Class A Shares by us in this offering at an assumed initial public offering price of US$5.00 per Ordinary Share as set forth on the cover page of this prospectus, assuming the underwriters do not exercise the over-allotment option.

The pro forma as adjusted information below is illustrative only, and our capitalization following the completion of this offering is subject to adjustment based on the actual net proceeds to us from the offering. You should read this table in conjunction with "*Use of Proceeds*," "*Selected Combined Financial and Other Data,*" "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our combined financial statements and related notes included elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **Actual** | **Pro forma<sup>(1)</sup>** | **Pro forma** <br> **As adjusted<sup>(2)</sup>** |
|  | (S$) | (S$) | (S$) |
| **Cash and Cash Equivalents** | $580730 | $13245180 | $15315180 |
| **Total Liabilities** | $9384819 | $9384819 | $9384819 |
| **Shareholders' Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares, par value US$0.0005 per share, 70,000,000 Class A Shares authorized, 22,582,001 Class A Shares outstanding on an actual basis 25,582,001 Class A Shares outstanding on an pro forma basis (assuming 3,000,000 Class A Shares to be issued in this offering with no exercise of over-allotment option) and 26,032,001 Class A Shares outstanding on a pro forma as adjusted basis (assuming over-allotment option is exercised in full) | $74380 | $12738586 | $14800676 |
| Reserve | 2945519 | 2945519 | 2945519 |
| Accumulated losses | (7) | (7) | (7) |
| **Total Equity** | 3019892 | 15676098 | 17746188 |
| **Total Capitalization** | $12404711 | $25060917 | $17746007 |

---

<sup>(1)</sup> Assuming no exercise of the underwriters' over-allotment option <br><sup>(2)</sup> Assuming full exercise of the underwriters' over-allotment option

**DIVIDENDS AND DIVIDEND POLICY**

We do not intend to pay any dividends on our Class A Shares for the foreseeable future. Instead, we anticipate that all of our earnings, if any, will be used for the operation and growth of our business.

Any future determination to declare cash dividends would be subject to the discretion of our board of directors and would depend upon various factors, including our results of operations, financial condition and liquidity requirements, restrictions that may be imposed by applicable law and our contracts and other factors deemed relevant by our board of directors.

The declaration, amount, and payment of any future dividends will be at the sole discretion of our board of directors, subject to compliance with applicable Cayman Islands laws. Our board of directors will take into account general economic and business conditions; our financial condition and results of operations; our available cash and current and anticipated cash needs; capital requirements; contractual, legal, tax, and regulatory restrictions; and other implications on the payment of dividends by us to our shareholders or by our subsidiaries to us, and such other factors as our board of directors may deem relevant.

In the event that we decide to pay dividends in the future, subject to the Companies Act and our Memorandum and Articles of Association, our Company in general meeting may declare dividends in any currency to be paid to the members but no dividend shall be declared in excess of the amount recommended by our board of directors. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or the credit standing in our Company's share premium account, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business immediately following the date on which the distribution or dividend is paid.

Even if our board of directors decides to pay dividends, the form, frequency, and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions, and other factors that the board of directors may deem relevant. In addition, we are a holding company and depend upon the receipt of dividends and other distributions from our subsidiaries to pay dividends on our Class A Shares. When making recommendations on the timing, amount, and form of future dividends, if any, our board of directors will consider, among other things:

**●** our results of operations and cash flow;

● our expected financial performance and working capital needs;

● our future prospects;

● our capital expenditures and other investment plans;

● other investment and growth plans;

● dividend yields of comparable companies globally;

● restrictions on the payment of dividends that may be imposed on us by our financing arrangements; and

● the general economic and business conditions and other factors deemed relevant by our board of directors and statutory restrictions on the payment of dividends.

We are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries to pay dividends on our Class A Shares. There are no foreign exchange controls or foreign exchange regulations under current applicable laws of the Cayman Islands, or Singapore, the places of incorporation of our significant subsidiaries, or contractual restrictions that would affect the payment or remittance of dividends. However, in the event that the group strategy is to have the subsidiaries raise capital and retain such financing for their operations, such loan or financing agreements may contain covenants which could restrict the payment of dividends. Furthermore, current Singapore regulations permit a Singapore subsidiary to pay dividends to its respective shareholders only out of its profits, if any, determined in accordance with Singapore accounting standards and regulations.

**DILUTION**

Investors purchasing our Class A Shares in this offering will experience immediate and substantial dilution in the pro forma as adjusted net tangible book value of their Class A Shares. Dilution in pro forma as adjusted net tangible book value represents the difference between the initial public offering price of our Class A Shares and the pro forma as adjusted net tangible book value per share of our Class A Shares immediately after the offering.

As of March 31, 2025, we had a historical net tangible book value of US$4.71 or US$4.78 per share. Historical net tangible book value per share represents our total tangible assets (total assets excluding goodwill and other intangible assets, net) less total liabilities, divided by the number of outstanding Class A Shares. After giving effect to the sale of Class A Shares in this offering by the Company at an assumed initial public offering price of US$5.00 being the midpoint of the initial public offering price range, after deducting US$1,050,000.00 in underwriting discounts and commissions, estimated offering expenses payable by the Company of approximately US$1,135,550.00, and the non-accountable expense allowance of US$150,000.00, the pro forma net tangible book value as of March 31, 2025 would have been approximately US$6,909,644 or US$0.22 per share. This represents an immediate increase in pro forma net tangible book value of US$0.43 per share to our existing shareholders and an immediate dilution of US$4.78 per share to new investors purchasing Class A Shares in this offering.

The following table illustrates this dilution on a per share basis to new investors.

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| | | |
|:---|:---|:---|
|  | **No Exercise of<br> Over-Allotment Option-**<br> US$ | **Full Exercise of<br> Over-Allotment Option**<br> US$ |
| Assumed initial public offering price per Class A Share | 5.00 | 5.00 |
| Historical net tangible book value per share as of March 31, 2025 | 0.22 | 0.29 |
| Increase in as adjusted net tangible book value per share attributable to the investors in this offering | 0.43 | 0.49 |
| Pro forma net tangible book value per share after giving effect to this offering |  |  |
| Dilution per share to new investors participating in this offering | 4.78 | 4.71 |

---

If the underwriters exercise the option to purchase additional shares to cover over-allotments in full, the pro forma net tangible book value per Ordinary Share after giving effect to this offering would be approximately US$0.49 per share, and the dilution to investors in this offering would be approximately US$4.71 per Ordinary Share.

The following table illustrates our pro forma proportionate ownership, upon completion of this offering, by (i) the Pre-IPO Investors; and (ii) investors purchasing Class A Shares in this Offering, assuming the underwriters do not exercise their over-allotment option, together with the total price and average price per Ordinary Share paid by each of these groups of shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Total consideration** | **Total consideration** |
|  | **Number** | **Percent<sup>(1)</sup>** | **Amount**<br> **(US$)** | **Percent<sup>(1)</sup>** | **Average price per**<br> **share (US$)** |
| Pre-IPO Investors<sup>(2)</sup> | 28000001 | 90.33% | $23266643 | 60.80% | $0.83 |
| Public Investors | 3000000<sup>(3)</sup> | 9.67% | $15000000<sup>(3)</sup> | 39.20%<sup>(3)</sup> | $5.00 |
| **Total** | 31000001<sup>(3)</sup> | 100.00% | $38266643 | 100.00% |  |

---

<sup>(1)</sup> Represents the percent ownership after this offering.

<sup>(2)</sup> Prior to the offering, the Pre-IPO Investors, together, own an aggregate of 100% of the outstanding Class A Shares of the Company.

<sup>(3)</sup> Assumes no exercise of the over-allotment option by the underwriters.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF** 

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the section of this prospectus titled "Summary Financial Information" and the Company's combined financial statements and related notes appearing elsewhere in this prospectus. In addition to historical information, this discussion and analysis here and throughout this prospectus contains forward-looking statements that involve risks, uncertainties, and assumptions. The Company's actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth under "Risk Factors" and elsewhere in this prospectus.*

**Overview**

LYC HEALTHCARE (CAYMAN) LTD was incorporated on October 18, 2024, under the laws of the Cayman Islands. Headquartered in Singapore, LYC HEALTHCARE (CAYMAN) LTD and its subsidiaries (collectively termed "the Company") are a multidisciplinary specialist healthcare group with core medical competencies in the fields of orthopaedic surgery and clinical care, chronic degenerative joint management, and other chronic disease management. The Company operates a total of five clinics in Singapore and aims to be a one-stop integrated medical services provider in the field of musculoskeletal-related medical care, with the capability of providing services across the entire medical care ecosystem for its patients.

The Company is strategically positioned to address the healthcare needs of Singapore's aging population, with projections indicating that one in four Singaporeans will be aged 65 or older by 2030 based on the Independent Market Research report prepared for the Company by Converging Knowledge. This demographic shift is expected to drive an increase in age-related medical conditions, such as osteoporosis and rheumatoid arthritis, among other ailments commonly affecting the elderly. Leveraging a multidisciplinary, patient-centric approach, the Company enables its doctors to collaborate with other healthcare professionals across its clinics to diagnose conditions, identify shared care goals, and streamline interventions within a one-stop practice. This integrated model ensures holistic patient care, improved treatment outcomes, and enhanced patient satisfaction.

On [●] [●], 2025, as part of a reorganization, prior to the listing, which is in process and has not yet been completed, four persons (LYC Medicare Sdn Bhd, Maybank Nominee (Tempatan) Sdn Bhd for Kenanga Investors Bhd (Clients') Account, Dr. Chan Ying Ho (Henry), and Ting Choon Meng) ("Acquiring Shareholders") acquired all of the shares of HCOS and T&T from LYC Medicare Singapore Limited for an aggregate consideration of SGD 10,000. The Acquiring Shareholders subsequently sold all of the shares in HCOS and T&T to LYC (Cayman) for an aggregate consideration of SGD 31,282,001, settled by an issuance of 9,940,000 Class A ordinary shares and 18,060,000 Class B ordinary shares by LYC (Cayman) to the Acquiring Shareholders and LYC (Cayman) nominated its wholly owned subsidiary, LYC Medicare, to acquire these shares. Upon completion of such reorganization, HCOS and T&T became indirect wholly owned subsidiaries of LYC (Cayman) through LYC Medicare International Pte. Ltd.

The combined financial statements are prepared based on the basis that the reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the reorganization. The combined financial statements are prepared by adding together financial statement items of HCOS and T&T, since HCOS and T&T were under common control. The financial statements used for combination purposes have been prepared applying the Group's accounting policies. Upon combining the financial information for the periods, intra-group income and expenses, intragroup accounts and profits and losses on transactions between the combined entities are eliminated. Comparative figures have been changed accordingly. The accounting principles set out below have been applied consistently to all periods presented in these combined financial statements

As of the date of this financial statement, the reorganization of the Company's legal structure is in process and has not yet been completed.

**Clinical & Specialist Services**

The Company operates clinics and a chronic disease center through its subsidiary T&T and its specialist orthopaedic practice and upcoming screening center through its subsidiary HCOS.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **T&T** 

T&T has been serving the community for 30 years, offering a comprehensive range of healthcare services under one roof. Its facilities include a family clinic, radiology department, osteoporosis center, and physiotherapy center. Additionally, T&T operates a one-stop chronic disease center specializing in the management of degenerative joint diseases, spine and pain disorders, as well as metabolic conditions such as diabetes, hypertension, and high cholesterol. In August 2022, T&T expanded its capabilities with the launch of a state-of-the-art imaging center equipped with advanced Siemens Magnetron Alotea and Somatom Force machines, enabling high-quality CT and MRI scans to support accurate and timely diagnoses.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **HCOS** 

HCOS is a well-established orthopaedic surgery practice, led by a chief physician specializing in advanced computer-assisted joint replacement procedures, including Total Knee Replacement, Total Hip Replacement, and Unicompartmental Knee Replacement. The practice leverages advanced technologies such as pinless computer navigation, patient-specific instrumentation (PSI), and robotic-assisted surgery (e.g., Makoplasty®) to enhance surgical precision and outcomes. In line with its commitment to expanding expertise and capacity, HCOS welcomed one additional orthopaedic surgeon to its team for the financial year ended March 31, 2024, with another having joined in November 2024. This further strengthened its ability to deliver high-quality, patient-centered care.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **New Screening Centre** 

On May 5, 2025, HCOS established the HCOS Premier Health Screening Centre ("HCOS Premier"), a new health screening center, strategically located adjacent to the T&T offices, whose focus and target group of patients are fundamentally different from that of the T&T. While T&T primarily focuses on chronic disease management with the diagnostic and screening services carried out as part of the disease management process while HCOS Premier, targets healthy individuals or those with health concerns to undergo diagnostic and screening services, therefore addressing an entirely different group of patients. HCOS Premier and T&T complement each other, increase the utilization rate of the MRI & CT scanner, as well as referrals to HCOS and T&T medical center. HCOS Premier adds two additional clinical spaces to accommodate future growth and expansion and enhances patient capacity and improves overall care delivery, enabling HCOS and T&T to serve a larger number of patients with greater efficiency and convenience.

**Holistic Medical Services**

T&T and HCOS collaborate closely to deliver seamless and comprehensive orthopaedic care to their patients. Beyond functioning as a family clinic, T&T offers in-house facilities designed to provide holistic medical services. These include diagnostic services, screening and scanning, X-ray imaging, and physiotherapy, all conveniently available within the clinic premises. This eliminates the need for patients to travel to external service providers or wait for appointment availability elsewhere. Additionally, T&T patients enjoy first-right exclusivity, enabling quicker and easier access to appointments. With real-time access to diagnostic results, scans, and imaging, T&T doctors can swiftly recommend the next course of treatment, such as initiating physiotherapy sessions, which are also readily available in-house. For cases requiring advanced surgical intervention, T&T refers patients to HCOS, where they receive specialized orthopaedic care. This collaborative and integrated approach maximizes efficiency, enhances patient convenience, and ensures the delivery of high-quality, comprehensive care.

**Key Factors Affecting the Results of Our Group's Operations**

Our operating results are primarily affected by those factors set out in the section headed "*Risk Factors*" in this prospectus and those set out below:

***Key Personnel Risk***

Our business faces significant risk due to its reliance on the expertise and reputation of our doctors, particularly those with specialized skills or established patient followings. If a key doctor decides to leave the clinic, it could adversely impact our operations, revenue, and reputation. The departure of a highly skilled or well-known doctor may lead to the loss of loyal patients, a decline in referrals, and potential disruption to ongoing treatment plans. Additionally, recruiting and onboarding a replacement with equivalent expertise can be time-consuming and costly, further compounding the operational impact. In cases where a departing doctor establishes a competing practice, it may intensify the competitive pressure on our clinic. Proactively mitigating this risk through retention strategies, competitive compensation packages, and fostering a collaborative practice environment remains essential to the sustainability and success of our operations.

***Outcomes and Patient Satisfaction***

Delivering high-quality patient outcomes and ensuring patient satisfaction are critical to our clinics' success and reputation. Positive clinical outcomes not only enhance patient trust but also strengthen referral networks and contribute to our growth. Conversely, suboptimal outcomes or dissatisfaction can lead to a decline in patient retention, negative reviews, and reputational damage, potentially impacting our revenue and market position. With increasing emphasis on value-based care, patients are more informed and discerning, often comparing healthcare providers based on quality metrics and patient feedback. To address these challenges, we focus on continuous improvement through evidence-based practices, patient-centered care, and regular feedback mechanisms.

***Cybersecurity Risk***

As a healthcare provider, our operations involve handling sensitive patient data, including personal health information ("PHI"), making us a potential target for cyberattacks. Unauthorized access, data breaches, or ransomware attacks could compromise patient confidentiality, disrupt operations, and result in significant financial and reputational damage. Additionally, compliance with stringent data protection regulations, such as the Personal Data Protection Act ("PDPA") in Singapore, places further emphasis on the need for robust cybersecurity measures. To mitigate these risks, we have implemented comprehensive data security measures, including encryption, multi-factor authentication, and role-based access controls for clinic staff. We also provide ad hoc cybersecurity training to staff and engage in proactive monitoring to detect and address vulnerabilities. Maintaining a secure IT infrastructure is essential to safeguarding patient trust and ensuring the continuity of our services.

***Inflation***

The healthcare industry is labor intensive. Wages and other expenses increase during periods of inflation and when labor shortages occur in the marketplace. In addition, our suppliers pass along rising costs to us in the form of higher prices. We have implemented cost control measures to curb increases in operating costs and expenses. They include renegotiating supplier contracts, consolidating procurement for bulk purchasing discounts, and ensuring efficient manpower allocation and scheduling. These measures have contributed to improved productivity and cost containment across our clinics. However, we cannot predict our ability to cover or offset future cost increases.

**Critical Accounting Policies**

The significant accounting policies which we believe are the most critical to aid in fully understanding and evaluating our reported financial results are described below. Refer to "Note 2 — Summary of significant accounting policies" to the combined financial statements included elsewhere in this prospectus for more detailed information regarding our critical accounting policies.

*Revenue recognition*

The Company accounts for its revenue under FASB ASC Topic 606, Revenue from Contracts with Customers. The five-step model defined by FASB ASC Topic 606 requires the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;(1) identify
 its contracts with customers;

(2) identify
 its performance obligations under those contracts;

(3) determine
 the transaction prices of those contracts;

(4) allocate
 the transaction prices to its performance obligations in those contracts; and

(5) recognize
 revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised services are transferred
 to the patient in an amount that reflects the consideration expected in exchange for those services.

Consultations, imaging, and surgical procedures are satisfied at a point in time upon completion; multi-session therapy plans are satisfied over time with revenue recognized using an output method based on sessions delivered. When contracts include multiple services, each service is distinct and the transaction price is allocated to each performance obligation based on stand-alone selling prices (observable list rates); variable consideration, when present, is estimated and constrained to avoid significant revenue reversal.

*Nature of Goods and Services; Performance Obligations and Timing of Revenue Recognition*

Each contract typically contains a single performance obligation for a distinct service rendered to the patient. The Company recognizes revenue at a point in time when control of the promised service transfers to the patient, which occurs upon completion of the service:

● Clinical consultations — revenue is recognized upon completion of the consultation.

● Medical imaging — revenue is recognized upon completion of the imaging procedure and release of the physician-approved report to the patient or ordering physician.

● Physiotherapy — revenue is recognized upon completion of each individual treatment session (the Company does not offer packages or multi-session bundles).

● Orthopaedic surgical services — revenue is recognized upon surgeon completion of the procedure. Implants and consumables used in surgery are integrated into the surgical service and are not distinct from the surgical performance obligation.

*Transfer of Control*

The Company applies observable completion events and the right-to-payment indicator to determine the point at which control transfers. For each service line, revenue is recognized when: (i) the service is completed and documented in the Company's records (e.g., electronic medical record entry, surgeon sign-off), (ii) the final deliverable (e.g., imaging report) is released where applicable, and (iii) the Company has an unconditional right to consideration. The Company does not require deposits, does not offer refunds, and has no post-service obligations.

*Principal versus Agent*

The Company acts as the principal and presents revenue on a gross basis for all service lines, including when hospitals administer billing to insurers and when medical imaging or physiotherapy is delivered by contracted third-party providers. In these arrangements, the Company controls the specified service before transfer to the patient, has primary responsibility for fulfillment, and exercises pricing discretion. Amounts retained by hospitals or contracted providers (e.g., administrative charges or service fees) are recognized as expenses and are not netted against revenue.

*Distinct Performance Obligations and Allocation*

Each service described above represents a distinct performance obligation because it is capable of being distinct to the patient and is separately identifiable in the context of the contract. When a patient receives multiple services (e.g., consultation followed by imaging or surgery), each service is separately priced and billed. The transaction price for each service equals its standalone selling price (SSP). The Company does not offer bundled discounts, material rights, or other price concessions; accordingly, the allocation of consideration equals the stated price for each distinct performance obligation.

*Transaction Price, Variable Consideration, and Credit Risk*

The transaction price generally equals the stated fee for the service provided. The Company does not grant explicit or implicit price concessions, promotional discounts, or waivers and does not have rights of return or other forms of variable consideration. In Singapore, hospitals frequently act as the billing agent and handle insurer claims; the patient (or the hospital as billing agent) remains obligated to pay. Accounts receivable are recognized when the right to consideration becomes unconditional (i.e., upon completion of the service). Historically, the Company has not experienced significant revenue reversals or credit losses.

*Payment Terms and Significant Financing Component*

Amounts are typically due at the time of service or upon invoicing/settlement through the hospital billing process within a short period. The Company applies the practical expedient in ASC 606 not to adjust the transaction price for a significant financing component because the period between service and payment is one year or less.

*Returns, Refunds, and Warranties*

The Company does not offer refunds and does not provide warranties or post-service obligations.

*Remaining Performance Obligations*

Contracts are for individual services with an original expected duration of one year or less. The Company therefore applies the ASC 606 practical expedient not to disclose the transaction price allocated to remaining performance obligations. As of each reporting date presented, the Company had no material remaining performance obligations.

*Costs to Obtain or Fulfill a Contract*

The Company does not incur material incremental costs to obtain contracts. Any such costs are expensed as incurred.

*Revenue Disaggregation*

The Company disaggregates revenue by nature of service, which reflects how revenue and cash flows are affected by economic factors and is presented below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **S$** | **%** | **S$** | **US$** | **%** |
| Clinical consultation services <br> (health screenings, screening and treatment of osteoporosis, orthopaedic-related specialist screening) | 6171436 | 42.7 | 7649943 | 5690028 | 44.1 |
| Medical imaging & physiotherapy | 789623 | 5.5 | 937417 | 697251 | 5.4 |
| Orthopaedic surgical services <br> (joint replacement surgeries, minimally invasive spine procedures, and trauma management) | 7481958 | 51.8 | 8745060 | 6504575 | 50.5 |
|  | 14443017 | 100.0 | 17332420 | 12891854 | 100.0 |

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*Contract Assets*

The contract assets primarily relate to the Company's rights to bill for treatment or surgery completed but not billed at the reporting date. The contract assets are transferred to receivables until subsequent billing phase.

*Government grants*

Government grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied with. Government grant is recognized as "Other income" in profit or loss.

**Critical accounting estimates**

The discussion and analysis of our financial condition and results of operations are based on our combined financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. These principles require us to make certain estimates and judgments that affect the amounts reported in our combined financial statements.

*Accounts receivable and allowance for expected credit losses*

Accounts receivable primarily consist of balances due from patients, corporate clients, and third-party payers such as private insurers. Management estimates an allowance for expected credit losses to account for the risk of non-collection, particularly for self-pay patient receivables and corporate health screening clients.

As of March 31, 2025, our accounts receivable balance was S$2,740,164. The allowance for expected credit losses was S$61,198, representing approximately 2.0% of accounts receivable. The estimate is based on historical loss experience, aging of receivables, payer-specific credit risk, and forward-looking macroeconomic information. A 10% increase in the estimated loss rate would have increased the allowance by approximately S$6,100, directly reducing net income for the year. The estimation of credit losses involves judgment, and actual losses may differ if payer financial conditions deteriorate or economic conditions worsen.

*Impairment of long-lived assets*

We review long-lived assets, including property, plant, equipment, and right-of-use assets under leases, for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Indicators of impairment may include significant underperformance of a clinic location, adverse changes in the business or regulatory environment, or sustained declines in patient volume.

When impairment indicators exist, we estimate the recoverable amount of the asset group based on projected undiscounted cash flows. If the carrying value exceeds the expected cash flows, we record an impairment charge based on the asset's fair value, typically determined using discounted cash flow models. Estimating future cash flows requires significant judgment regarding future revenue growth, cost projections, and appropriate discount rates. As of March 31, 2025, no impairment indicators were identified. However, a 1% increase in the discount rate used in our impairment model would reduce the recoverable amount of certain asset groups by approximately S$90,000, which could potentially result in an impairment loss in future periods if performance deteriorates.

*Professional indemnity and medical malpractice risk*

Given the nature of our surgical and clinical services, we are exposed to risks of professional liability claims. We maintain professional indemnity insurance coverage, and management assesses the need for provisions for potential claims based on historical trends, legal developments, and consultations with legal counsel. While no material claims or provisions have been recorded to date, any future increase in claim frequency or severity could have a material impact on our financial results.

*Evaluation of goodwill impairment*

We perform an annual impairment test of goodwill at the reporting unit level, or more frequently if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Our reporting units are generally consistent with our operating segments. Goodwill is allocated to each reporting unit based on the business combination in which it arose.

Our impairment assessment is performed in accordance with ASC 350, Intangibles—Goodwill and Other. We have elected to perform a quantitative impairment test. The fair value of each reporting unit is estimated using a combination of the income approach, based on discounted cash flows, and the market approach, based on comparable company multiples. The key assumptions used in the income approach include projected revenue growth rates, operating margins, terminal growth rates, and discount rates. These assumptions reflect management's best estimates based on historical performance, current economic conditions, and expectations for the reporting unit's future performance.

**Recent Accounting Pronouncements**

A discussion of recent accounting pronouncements is included in "Note 2—Summary of Significant Accounting Policies to our audited combined financial statements" included elsewhere in this prospectus.

**Results of Operations**

***Comparison of Years Ended March 31, 2024, and 2025***

The following table summarizes the combined results of our operations for the year ended March 31, 2024, and 2025, respectively.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** |
|  | **2024** | **2025** | **2025** | **Variance** | |
|  | **SGD** | **SGD** | **USD** | **SGD** |<br>**% Change** |
| **Revenues** | 14443017 | 17332420 | 12891854 | 2889403 | 20.01% |
| **Cost of sales** | (8322956) | (9961430) | (7409312) | (1638474) | 19.69% |
| **Gross Profit** | 6120061 | 7370990 | 5482542 | 1250929 | 20.44% |
| **Operating expenses:** |  |  |  |  |  |
| General and administrative expenses | 2957714 | 3835054 | 2852513 | 877340 | 29.66% |
| Operating lease expenses | 1139665 | 1422734 | 1058230 | 283069 | 24.84% |
| Depreciation expenses | 131847 | 117612 | 87480 | (14235) | (10.80)% |
| Total operating expenses | 4229226 | 5375400 | 3998223 | 1146174 | 27.10% |
| **Profit from operations** | 1890835 | 1995590 | 1484319 | 104755 | 5.54% |
| **Other income (Expenses):** |  |  |  |  |  |
| Other Income | 174439 | 1020491 | 759041 | 846052 | 485.01% |
| Interest expense | (91732) | (70249) | (52251) | 21483 | (23.42)% |
| Total other income, net | 82707 | 950242 | 706790 | 867535 | 1048.93% |
| **Income before tax expense** | 1973542 | 2945832 | 2191109 | 972290 | 49.27% |
| Income tax expense | 294056 | 467268 | 347554 | 173212 | 58.90% |
| **Net Income** | 1679486 | 2478564 | 1843555 | 799078 | 47.58% |

---

**Revenues**

Our primary sources of revenues are derived in Singapore and include the provision of clinical consultation services, orthopaedic-related specialist surgical services and medical imaging services and physiotherapy services as shown in the table set out below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** |
|  | **2024** | **2025** | **2025** | **Variance** | |
|  | **SGD** | **SGD** | **USD** | **SGD** |<br>**% Change** |
| **Revenue:** |  |  |  |  |  |
| Clinical consultation revenue | 6171436 | 7649943 | 5690028 | 1478507 | 23.96% |
| Medical imaging & physiotherapy revenue | 789623 | 937417 | 697251 | 147794 | 18.72% |
| Orthopaedic surgical revenue | 7481958 | 8745060 | 6504576 | 1263102 | 16.88% |
| **Total** | **14443017** | **17332420** | **12891854** | **2889403** | **20.01%** |
| **Revenue as a percentage of total:** |  |  |  |  |  |
| Clinical consultation services | 43.5% | 44.8% | 44.8% |  |  |
| Orthopaedic surgical services | 51.8% | 50.5% | 50.5% |  |  |
| Medical imaging & physiotherapy | 4.7% | 4.7% | 4.7% |  |  |
| **Total** | **100%** | **100%** | **100%** |  |  |

---

Revenues increased from S$14,443,017 for the year ended March 31, 2024, to S$17,332,420 for the year ended March 31, 2025, reflecting a growth of S$2,889,403 or 20.01%. Approximately S$1.792 million (62.02% of total revenue growth) was attributable to the opening of two additional clinics in during the financial years ended March 31, 2024 and 2025, as part of the Company's expansion plans, which increased total patient volumes by approximately 12%. The remaining S$1.097 million (37.98% of total revenue growth) was attributable to growth in existing clinics and higher utilization of imaging and physiotherapy services.

***Clinical consultation revenue***

Our clinical consultation revenue increased from S$6,171,436 for the year ended March 31, 2024, to S$7,649,943 for the year ended March 31, 2025, reflecting a growth of S$1,478,507 or 23.96%. This growth was primarily driven by the two additional clinics and increased marketing spending, which contributed $1,054,521 or 71.32% of the increase. Pricing levels for consultation services remained stable, with growth primarily driven by an increase of approximately 49% more patients year-on-year.

***Medical imaging and physiotherapy revenue***

Our medical imaging and physiotherapy services are provided through third-party providers on our premises. The company acts as the principal and revenue is recognized gross. Revenue increased from S$789,623 for the year ended March 31, 2024, to S$937,417 for the year ended March 31, 2025, reflecting growth of S$147,794 or 18.72%. As patient volumes were broadly stable year over year; growth was driven by a richer service mix as more patients required higher-priced specialized imaging and physiotherapy sessions.

***Orthopaedic surgical revenue***

Our orthopaedic surgical revenue increased from S$7,481,958 for the year ended March 31, 2024, to S$8,745,060 for the year ended March 31, 2025, reflecting a growth of S$1,263,102 or 16.88%. The increase was driven by a richer case mix of more complex surgeries, raising revenue per case despite stable volumes and unchanged pricing.

**Cost of sales**

Our cost of sales primarily comprises of staff salaries and related costs, purchases of drugs and medical supplies, consumables, medical and diagnostic expenses such as imaging, laboratory, surgical assistant, and x-ray costs, operating leases and outsourcing fees for our medical imaging and physiotherapy services. For the year ended March 31, 2025, cost of sales increased to S$9,961,430 from S$8,322,956 in the prior year, reflecting an increase of S$1,638,474 or 19.69%. This increase was mainly due to higher operational costs associated with the opening of two additional clinics during 2024. The increase in cost of sales directly attributable to the two new clinics can be broken down into S$384,057 for personnel costs, S$349,794 for purchases of medical supplies and S$32,421 for x-ray expenses. This represents an increase of $766,272 or 61.26% of the overall increase in the cost of sales for the period. Cost of sales attributed to medical imaging provided by third party for the year ended March 31, 2024 and 2025 were S$431,988 and S$387,659 respectively. Cost of sales attributed to physiotherapy services for the year ended March 31, 2024, and 2025, were S$170,934 and S$180,157 respectively. Overall, the growth in cost of sales was consistent with the Company's ongoing business expansion and enhanced service offerings.

**Gross profit & Gross profit margin**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** |
|  | **2024** | **2025** | **2025** | **Variance** | |
|  | **SGD** | **SGD** | **USD** | **SGD** |<br>**% Change** |
| **Gross Profit** | 6120061 | 7370990 | 5482542 | 1250929 | 20.44% |
| **Gross profit margin** | 42.37% | 42.53% | 42.53% |  | 0.16% |

---

Gross profit increased from S$6,120,061 for the year ended March 31, 2024, to S$7,370,990 for the year ended March 31, 2025, reflecting a growth of S$1,250,929 or 20.44%. This growth in gross profit was driven by an increase in revenue due to the opening of two additional clinics in addition to normal growth from our existing clinics.

The gross profit margin increased slightly from 42.37% for the year ended March 31, 2024, to 42.53% for the year ended March 31, 2025, representing an increase of 0.16%. This shows stable profit margins within one year of the opening of the new clinics.

**Operating Expenses**

Operating expenses increased from S$4,229,226 for the year ended March 31, 2024, to S$5,375,400 for the year ended March 31, 2025, representing an increase of S$1,146,174 or 27.10%. The breakdown of the changes is as follows:

***General and Administrative Expenses***

Our general and administrative expenses consist of major expenses such as marketing fees, personnel salaries, insurance and professional fees as well as other miscellaneous fees and charges. General and administrative expenses increased from S$2,957,714 for the year ended March 31, 2024 to S$3,835,054 for the year ended March 31, 2025, reflecting an increase of S$877,340 or 29.66%. This increase can be primarily attributed to increases in marketing and advertising fees of approximately S$380,000, office expenses of approximately S$290,000 and staff costs of approximately S$120,000.

***Operating Lease Expenses***

Operating lease expenses rose from S$1,139,665 for the year ended March 31, 2024, to S$1,422,734 for the year ended March 31, 2025, an increase of S$283,069 or 24.84%. This was largely due to an increase in leased clinic space reflecting the company's investment in expanding its service capacity.

***Depreciation Expenses***

Depreciation expenses decreased from S$131,847 for the year ended March 31, 2024, to S$117,612 for the year ended March 31, 2025, a decrease of S$14,235 or 10.80%. This reduction in depreciation expenses was mainly due to some renovation assets becoming fully depreciated.

**Other Income**

Other income increased from S$174,439 for the year ended March 31, 2024, to S$1,020,491 for the year ended March 31, 2025, an increase of S$759,041 or 485.01%. Other income for both years consisted of rental income, government grants and other miscellaneous income. For the year ended March 31, 2025, there was an additional one-off gain on lease modification of S$820,332.

***Liquidity and Capital Resources***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** |
|  | **2024** | **2025** | **2025** | **Variance** | |
|  | **SGD** | **SGD** | **USD** | **SGD** |<br>**% Change** |
| **Liquidity and capital resources:** |  |  |  |  |  |
| Cash and cash equivalents at the beginning of the year | 2124569 | 935246 | 695634 | (1189323) | (55.98)% |
| Net cash provided by operating activities | 2024529 | 2322409 | 1727410 | (297880) | (14.71)% |
| Net cash used in investing activities | (2652482) | (2018267) | (1501187) | 634215 | (23.91)% |
| Net cash used in financing activities | (561370) | (587744) | (437164) | (26374) | 4.70% |
| Net change in cash and cash equivalents | (1189323) | (283599) | (210941) | 905724 | (76.15)% |
| Cash and cash equivalents as at the end of the year | 935246 | 651647 | 484694 | (283599) | (30.32)% |

---

**Cash Flows from Operating Activities**

***Comparison of Years Ended March 31, 2024, and 2025***

Net cash provided by operating activities increased from S$2,024,529 for the year ended March 31, 2024, to S$2,322,409 for the year ended March 31, 2025, an increase of S$297,880 or 14.71%.

For the year ended March 31, 2024, the net income after income tax of S$1,679,486 adjusted for non-cash items totaling S$1,658,539, driven mainly by operating lease expenses of S$1,139,665, depreciation of S$126,745, amortization of $294,513, and finance lease interest of S$91,732. These were offset by a net working-capital outflow of S$1,313,496, primarily from operating lease liability payments of S$1,079,776, higher trade receivables of S$196,267, and additional deposits of S$151,436, partly mitigated by higher payables and accruals.

For the year ended March 31, 2025, the net income after income tax of S$2,478,564, adjusted for non-cash items totaling S$1,132,185, with the largest impacts from operating lease expenses of S$1,422,734, depreciation of S$108,804, amortization of S$290,793 and a gain on lease modification of S$820,332 (reducing non-cash add-backs). These adjustments were offset by a larger net working-capital outflow of S$1,288,340, mainly from operating lease liability payments of S$1,490,613, higher trade receivables of S$1,050,849, partly offset by increases in payables and accruals.

**Cash Flows from Investing Activities**

Net cash used in investing activities declined from S$2,652,482 for the year ended March 31, 2024, to S$2,018,267 for the year ended March 31, 2025, a decrease of S$634,215 or 23.91%.

Net cash used in investing activities for the year ended March 31, 2024, consisted of purchase of property and equipment of S$102,482 and an increase in loan to related party LYC Medicare Singapore Limited of S$2,550,000.

Net cash used in investing activities for the year ended March 31, 2025, consisted of purchase of property and equipment of S$40,155, proceeds from disposal of property and equipment of S$31,000 and an increase in loan to related party LYC Medicare Singapore Limited of $2,009,112.

**Cash Flows from Financing Activities**

Net cash used in financing activities increased from S$561,370 for the year ended March 31, 2024, to S$587,744 for the year ended March 31, 2025, reflecting a increase of S$26,374 or 4.70%.

Net cash used in financing activities for the year ended March 31, 2024, consisted of a repayment of an amount due from directors of S$11,642, interest of S$91,732 and principal repayment of finance lease liabilities of S$481,280.

Net cash used in financing activities for the year ended March 31, 2025, consisted of a repayment of an amount due from directors of S$31,206, interest of S$70,249, deferred offering costs of S$813,503, advances from related party LYC Medicare Singapore Limited of S$767,565 and repayment of finance lease liabilities of S$502,763.

**Working Capital**

As of March 31, 2025, the Company had cash and cash equivalents of S$651,647. Our primary sources of liquidity are cash generated from operations and, if needed, access to external financing. We believe that our existing cash balances, combined with cash flows from operations, will be sufficient to meet our working capital requirements and operating needs for at least the next 12 months and for the foreseeable future thereafter.

We currently have no material capital expenditure commitments or purchase obligations as of March 31, 2025. Our capital expenditure requirements in the ordinary course of business are discretionary and primarily relate to investments in equipment and technology to support growth, which we expect to fund using our existing cash resources, operating cash flows, and the proceeds from this offering.

Over the long term, we believe that our strong cash generation capability, supplemented by the net proceeds from this offering, will provide sufficient liquidity to support our strategic initiatives and expansion plans. If necessary, we may consider additional debt or equity financing to support large-scale strategic investments or acquisitions, although we have no current plans to do so.

Beyond March 31, 2026, we expect that the Company's liquidity and working capital will be dependent on its ability to maintain/increase its cash flows from operations, and if necessary to secure equity and/or debt financing, including but not limited to, loans from related parties and issuance of equity.

We continuously monitor our liquidity position and capital resources to ensure that we maintain sufficient flexibility to meet our operating needs and strategic objectives.

**Material Cash Requirements**

As of March 31, 2025, we did not have any material capital expenditure commitments or purchase obligations. Our material cash requirements primarily consist of payments under our non-cancellable operating and finance lease agreements.

***Operating Lease Obligations***

As of March 31, 2025, our total future minimum lease payments under non-cancellable operating lease agreements were approximately S$6.8 million (US$5 million) with payments of approximately S$1.8 million (US$1.3 million) due within the next 12 months and the remaining payments due over the subsequent five years. Our operating lease liabilities had a weighted average remaining lease term of 26 months and a weighted average discount rate of 5.25%.

***Finance Lease Obligations***

As of March 31, 2025, our total future minimum lease payments under non-cancellable finance lease agreements were approximately S$1.3 million (US$1 million), with payments of approximately S$570,000 (US$420,000) due within the next 12 months and the remaining payments due over the subsequent four years. Our finance lease liabilities had a weighted average remaining lease term of 25.5 months and a weighted average discount rate of 2.39%.

We expect to fund these lease payment obligations through our existing cash balances and cash flows from operations. Other than these lease obligations, we did not have any material loan commitments, scheduled debt repayments, or purchase obligations as of March 31, 2025.

**Material Trends in Capital Resources**

We have not experienced any material adverse trends in our capital resources. Our cash flows from operating activities continue to be positive, and we expect them to remain sufficient to support our working capital needs and lease payment obligations.

During the year ended March 31, 2025, our lease liabilities increased slightly due to lease modifications. We currently have no other significant borrowings, and therefore, our ability to meet existing lease payment obligations is not materially impacted by debt service requirements.

Looking ahead, we anticipate that our capital resources will improve following the completion of this offering, which is expected to significantly increase our cash reserves and enhance our financial flexibility to support growth initiatives, potential acquisitions, and future capital investments.

Rising interest rates globally have had a limited impact on our lease obligations as the majority of our lease liabilities bear fixed discount rates. However, to the extent we incur additional borrowings in the future, higher interest rates may increase our financing costs.

Overall, we believe our capital resources position remains strong, and we do not foresee any material trends that would adversely impact our ability to meet our lease payment obligations or our operating requirements in the near term.

**Restrictions on Transfer of Funds**

As of March 31, 2025, there were no significant restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances. Accordingly, we believe that we have the ability to access the cash resources of our subsidiaries to meet our obligations.

**Off-Balance Sheet Arrangements**

As of March 31, 2025, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditure or capital resources that is material to investors.

**HISTORY AND CORPORATE STRUCTURE**

**Overview**

The Company is presently undertaking a reorganization which is currently in process and has not yet been completed.

LYC (Cayman) was incorporated on October 18, 2024, under the laws of the Cayman Islands, while LYC Medicare was incorporated on August 13, 2024, in the Republic of Singapore. On [●] [●], LYC (Cayman) acquired all the shares in LYC Medicare, following which LYC Medicare became a direct wholly owned subsidiary of LYC (Cayman).

Our Operating Subsidiaries are HC Orthopaedic Surgery Pte Ltd ("HCOS"), which was incorporated on September 8, 2017, under the laws of the Republic of Singapore, and T&T Medical Group Pte Ltd ("T&T"), which was incorporated on April 12, 1989, under the laws of the Republic of Singapore. Through our Operating Subsidiaries, LYC (Cayman) provides an integrated and holistic suite of medical services covering medical and specialist treatment in the field of musculoskeletal-related medical care.

Reorganization

On [●] [●], 2025, as part of a reorganization prior to the listing (the "Reorganization"), which is in process and has not yet been completed, four persons (namely, LYC Medicare Sdn Bhd, Maybank Nominee (Tempatan) Sdn Bhd for Kenanga Investors Bhd (Clients') Account, Dr. Chan Ying Ho (Henry), and Ting Choon Meng) ("Acquiring Shareholders") acquired all of the shares of HCOS and T&T from LYC Medicare Singapore Limited for an aggregate consideration of SGD 10,000. The Acquiring Shareholders subsequently sold all of the shares in HCOS and T&T to LYC (Cayman) for an aggregate consideration of SGD 31,282,001, settled by an issuance of 9,940,000 Class A ordinary shares and 18,060,000 Class B ordinary shares by LYC (Cayman) to the Acquiring Shareholders and LYC (Cayman) nominated its wholly owned subsidiary, LYC Medicare, to acquire these shares. Upon completion of such reorganization, HCOS and T&T became indirect wholly owned subsidiaries of LYC (Cayman) through LYC Medicare.

**Key Milestones**

---

| | | |
|:---|:---|:---|
| **Year** | **Milestone** | **Milestone** |
| 1989 | ● | T&T was incorporated and commenced operations of its clinic at Kitchener Road |
| 2017 | ● | HCOS was incorporated and commenced operations of its clinic at Mount Elizabeth Medical Centre |
|  | ● | HCOS commenced operations of its clinic at Parkway East Medical Centre |
| 2025 | ● | Pursuant to the pending reorganization the Company will acquire 100% of each of T&T, and HCOS as part of the Restructuring Exercise |
|  | ● | HCOS commenced operations of its clinic at Mount Elizabeth Novena Specialist Centre 2024 |
|  | ● | HCOS commenced operations of its clinic at Gleneagles Medical Centre |

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**Entities**

A description of our operating subsidiaries is set out below.

*T&T Medical Group Pte. Ltd.* –

T&T was incorporated in Singapore on April 12, 1989 and is a family clinic, radiology, osteoporosis, and physiotherapy center focusing on degenerative joint diseases, spine, and pain management, and metabolic diseases such as diabetes, hypertension, and high cholesterol. The clinic also provides CT/MRI scans, using the Siemens Magnetron Alotea and Somatom Force machines.

*HC Orthopaedic Surgery Pte. Ltd.*

HCOS was incorporated in Singapore on September 8, 2017 and is an orthopaedic surgery practice providing computer-assisted joint replacement surgeries (Total Knee Replacement, Total Hip Replacement, Unicompartmental Knee Replacement) such as pinless computer navigation, patient-specific instrumentation, and robotic surgery (MAKOplasty®).

*Organization Chart*

The chart below sets out our anticipated corporate structure following the reorganization of the Company's legal structure, which is in process and has not yet been completed, and upon completion of this offering<sup>(1)</sup>.

![](formdrsa_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) LYC
 HEALTHCARE (CAYMAN) LTD has nominated its wholly owned subsidiary, LYC Medicare International
 Pte. Ltd. to acquire the shares of HC Orthopaedic Surgery Pte. Ltd and T&T Medical Group
 Pte. Ltd pursuant to the Reorganization.

(2) Assuming
 no exercise of the underwriter's over-allotment option

**INDUSTRY OVERVIEW**

**Introduction**

The following overview is based on an Independent Market Research report prepared for the Company by Converging Knowledge.

**THE HEALTHCARE INDUSTRY IN SINGAPORE - Recognized in the Global and Regional Stage**

Singapore's healthcare system has made its mark on the global stage, being amongst the leading in the world, and also serves as the healthcare and medical hub for the Asia-Pacific region. The island state is known for its healthcare infrastructure, reputed for its advanced medical research and achievements thereof, as well as its adoption of state-of-the art technology. Healthcare in Singapore is provided by both the public and private sectors. Essentially, the country's healthcare system is designed to ensure that everyone has access to different levels of healthcare, with much of the patients' and healthcare providers' decisions being shaped or influenced by government subsidies. Those with more extensive medical insurance coverage, either by own volition or workers' benefits, and/ or deeper pockets can have the added option to consult private healthcare. The country offers a wide range of healthcare choices and options, from the affordable and effective public healthcare system, the stellar private hospitals, the plenitude of primary and specialist medical clinics, to the growing presence of Traditional Chinese Medicine ("TCM") and other ancillary healthcare services.

**Overview of the general healthcare situation as well as the factors affecting the demand and supply of medical services in relation to orthopaedic and common chronic diseases in Singapore.**

*Singapore's Population Declines but Higher Old-Age Dependency Ratio Depicts Increasing Demand for Medical Services Catered for an Ageing Population*

Singapore's total population and resident population recorded at 6.0 million and 4.1 million, respectively, in June 2024. The total population experienced a year-on-year ("YoY") decline for two (2) consecutive years, in 2020 and 2021, with a respective decrease of 0.3% and 4.1%<sup>.</sup> This decline was largely a result of a 10.7% decline in its non-resident population, which may be attributed to a fall in foreign employment numbers in Singapore from June 2020 to June 2021 due to travel restrictions and uncertain economic conditions brought on by the COVID-19 pandemic. Fewer citizen marriages and births were also recorded during the said period as restrictions on large gatherings led to marriage postponements, and health concerns resulted in delays in parenthood plans. However, post-pandemic saw a rise in YoY growth in total population in 2022 and 2023, recorded at 3.4% and 5.0%, respectively. The trend continues in 2024, as Singapore's total population experienced a compound annual growth rate ("CAGR") of 1.5%, from 2020 to 2024. See Figure 1.

**Figure 1: Total Population and Resident Population in Singapore, 2020 –2024**

Note:

● Data are recorded at the of June of each year.

Source: Singapore Department of Statistics

Despite the total population decline, the old-age dependency ratio (residents aged 65 years and over per hundred residents aged 15-64 years) showed a steady growth from 21.6 in 2020 to 26.5 in 2024. Residents aged 65 years and over currently for 2024 constituted 18.0% of Singapore's total population and recorded to be the highest among the ASEAN (Association of Southeast Asian Nations) countries. Singapore is projected to experience 'hyper-ageing' within the next 20 years, where one (1) out of four (4) residents will be 65 years old and above by 2030. Hence, Singapore would need to build more facilities for the elderly, such as nursing homes and rehabilitation centers. The rise of demand for services such as geriatric medicine, home-based patient monitoring, memory care, and rehabilitation medicine are further expected. Compared to younger orthopaedic patients, geriatric patients are more susceptible to osteoporotic-related fractures, which may require different fixation approaches, healing properties, and timeline. Thus, the overall recovery ability of older adults from fractures are different from their younger counterparts and often require more assistance and healthcare attention in the post-fracture time period.

*Singapore's Public Healthcare Spending on the Rise, as Investments in Facilities and Services Increased to Support an Ageing Population*

Singapore's healthcare spending consists of expenditures from the public and private sectors. The public or government health expenditure recorded an increase from S$15.3 billion in 2020 to S$18.7 billion in 2024. Despite an estimated decline to S$17.2 billion in 2022, Singapore's public healthcare spending rose by a compound annual growth rate ("CAGR") of 5.3% during the period, from 2020 to 2024. See Figure 2.

**Figure 2: Singapore's Healthcare Expenditure from 2020 to 2024**

Note:

● Singapore's Ministry of Finance has only provided estimated figures for 2024's healthcare expenditures

Source: Ministry of Health and Ministry of Finance

Singapore's healthcare expenditure has been on the rise, largely due to the development of new facilities, costs of running/maintenance, rising manpower costs, as well as increased utilization of healthcare services in line with a growth in the ageing population. As the country's population ages, Singapore has stepped up its investments in facilities and services, making care more accessible and affordable to all, providing earlier diagnosis and closer monitoring and follow-ups for medical conditions as well as expanding the range of treatment options. By 2030, government expenditures are expected to rise to more than 20% of GDP, with healthcare spending accounting for the majority of this increment.

*Number of Specialist Doctors Increasing, Indicating a Rising Demand for Medical Specialty Services and Domestic Readiness to Train and Groom Talents*

From 2019 to 2023, a steady growth in the total number of doctors in Singapore was observed. The total number of doctors rose from 14,279 in 2019 to 16,753 in 2023, which recorded an overall CAGR of approximately 4.1%. Doctors attached to non-public healthcare facilities and specialists also saw an uptick, at CAGRs of 2.3% and 3.6% respectively. Non-public (private) doctors ranged from 31.1% to 29.1% of Singapore's total doctors' population in the period from 2019 to 2023, whereas specialist doctors accounted for over 41% since 2019. The latter may potentially show room for demand for medical specialists. It is further noted that there is a higher concentration of specialists in the public sector, with those in the non-public sector accounting for less than 30% of the total number of specialist doctors in Singapore from 2019 to 2023. Please refer to Figure 3.

**Figure 3: Total Number of Doctors, Specialist Doctors, Doctors in Non-Public, and Specialist Doctors in Non-Public, 2019 to 2023**

![](formdrs_a004.jpg)

Source: Singapore Department of Statistics

From 2018 to 2023, the top four specialties with the largest increase in numbers were Anesthesiology, Pediatric Medicine, Diagnostic Radiology, and Orthopaedic Surgery. In terms of percentage, Rehabilitation Medicine, Geriatric Medicine, Neurology, and Orthopaedic Surgery saw the biggest percentage growth in the number of specialists registered.

*Increase in Number of Primary Care Practitioners, with a Collaborative Role in Facilitating Care for Chronic Disease Patients*

In Singapore, it is a common practice for patients to consult primary care practitioners as the first point of contact for ailments. These would include General Practitioners ("GPs"), physiotherapists, TCM physicians and acupuncturists. The Ministry of Health introduced the Primary Care Networks ("PCN") scheme in 2017 as a collaborative means for GPs to form networks that support more holistic and team-based care to patients through a multidisciplinary team (composed of physicians, nurses, primary care coordinators and ancillary and support services) for more effect management of chronic conditions.

Under the PCN scheme, funding and administrative assistance are provided to help GPs to better track outcomes and monitor their patients' health conditions more closely. In addition, participating GPs are supported by a team of dedicated nursing, allied health and administrative staff and a chronic disease registry. As of July 2024, a total of 1138 clinics have joined the PCN.

From 2019 to 2023, the total number of GP doctors increased by 16.7% from 8,398 in 2019 to 9,797 in 2023. The number of physiotherapists also saw a rise (29.7%) in the same period, from 2,020 in 2019 to 2,619 in 2023. TCM physicians and acupuncturists saw a smaller increase in absolute numbers from 2019 to 2023, rising by 5.4% and 1.5% respectively. See Figure 4.

**Figure 4: Total Number of GP, Physiotherapists, TCMs and Acupuncturists 2019- 2023**

Source: Singapore Department of Statistics, Ministry of Health, and Compilation by Converging Knowledge

*Increasing Median Monthly Income May Trigger Higher Spending in Better Healthcare*

Between 2019 and 2023, both the average and median monthly household income from work of resident households grew. The median household income from work increased by 15.3%, from S$9,425 in 2019 to S$10,869 in 2023. Taking household size into account, the median monthly household income from work per household member went from S$2,925 in 2019 to S$3,500 in 2023, a 19.7% rise.

Generally, individuals with higher monthly income would prefer to receive medical care that is more catered and exclusive even if it means higher expenses. This may result in higher revenue from the healthcare sector. See Figure 5.

**Figure 5: Median and Average Monthly Household Income**

Source: Singapore Department of Statistics

**DESCRIPTION OF DIFFERING SEGMENTS IN THE INDUSTRY SUPPORTING BONE-RELATED ISSUES AND COMMON CHRONIC DISEASES**

In Singapore, it is common for patients to visit/consult a primary care practitioner for common ailments, such as cold, flu and fever, and even for sprains and fractures or common chronic diseases.

The treatment of problems related to the musculoskeletal system is carried out by orthopaedic specialists, namely a surgeon or GP/Family Physician with special focus on such ailments.

An orthopaedic surgeon is a doctor who specializes in the diagnosis, treatment, prevention, and rehabilitation of musculoskeletal ailments, including sports injuries, joint discomfort, and back problems. He/ She can prescribe braces, splints, casts and even reset bones if deemed fit. Generally, an orthopaedic surgeon can provide pre-surgery consultation, undertake surgical procedures and support with post-surgery follow-up and recovery or provide recommendations to patients requiring occupational or physical therapy.

While musculoskeletal experts will first look at non-surgical options, they can treat and repair any musculoskeletal diseases that require cautious intervention in the hips, knees, foot, lower legs, shoulders, elbows, hands, or spine. They can also aid patients suffering from back pain, broken plates, spinal stenosis, bone tumors, carpal tunnel, joint inflammation, wounds, and more.

**ORTHOPAEDIC AND OSTEOPOROSIS SERVICES IN SINGAPORE**

*HISTORICAL DEVELOPMENT OF THE SECTOR IN SINGAPORE*

Orthopaedics has been available in Singapore before the country's independence, previously taught by the Department of Surgery at the then University of Malaya. It was only in 1952 that the Department of Orthopaedic Surgery at the University of Malaya was established, the early signs of the growing importance and recognition for this specialty. A second department – a government department of orthopaedic surgery was established in 1959 to cater to the increasing workload at the General Hospital. Orthopaedic services were already available at Alexandra Hospital, Tan Tock Seng Hospital and Toa Payoh Hospital in Singapore from as early as 1974. Thereafter, the formal establishment of a Department of Orthopaedic Surgery in these hospitals took place only in 1977. The late 1970s saw the beginning of sub-specialty services in orthopaedic surgery. However, it is noted, from other literature, that orthopaedic sports medicine had its beginnings in the late 1960s. It has since grown to be a major orthopaedic sub-specialty, with knee, shoulder and ankle injuries constituting the majority of cases seen by the orthopaedic sports medicine specialists.

To boost the number of medical specialists, the Committee for Postgraduate Medical education was set up in 1980. In the initial years, few specializations were offered in Singapore. The government began sending its brightest doctors in the public sector to the best medical institutions around the world for training. The Healthcare Manpower Development Programme was launched in the 1980s, giving specialists opportunities to work and train at world-renowned overseas institutes, allowing for a new generation of highly-skilled specialists to be nurtured. This helped set the stage for developing Singapore's renowned capabilities in highly-specialized, advanced medicine. Singapore has since continued to forge strategic partnerships with healthcare organizations globally and continues to send doctors for training at world-class medical facilities. Today, Singapore is a regional hub for the provision of orthopaedic sports medicine care and training.

 

*HEALTHCARE SECTOR EDGES TOWARDS HOLISTIC AND INTEGRATED CARE APPROACH*

The Singapore government acknowledges that the island state is faced with an ageing population, with one (1) out of four (4) Singaporeans expected to be aged 65 and above by 2030. A greying demographic indicates growing needs for healthcare. Thus, the Singapore government is promoting a transformation in the way healthcare is delivered. No longer will the healthcare approach be focused on catering for a younger population, but rather a multidisciplinary, person-centric approach that connects care services seamlessly across settings. New capabilities are being built to achieve better integration (Integrated Care), through training, better technology utilization for diagnostics, and flexible funding arrangements.

With a multidisciplinary, person-centric approach, doctors will work together with other healthcare professionals such as those in allied health (which include diagnostic radiographers, dieticians, physiotherapists, medical laboratory technologists, radiation therapists and medical social workers), administrators and nurses, to identify the common care goals for patients as well as prioritize and streamline interventions. One (1) example mentioned is the consolidation of medical appointments with multiple Specialist Outpatient Clinics that spanned across different specialties, and multidisciplinary specialists and primary care partners also shared in the care for the patient, where appropriate. The intended effect is to provide patients with more holistic care when each patient is assigned to a single coordinating physician. Patients and their family, or caregivers, can also avoid the inconvenience of multiple trips when medical appointments are well-coordinated.

Integrated Care entails connecting care in a seamless manner across settings – connecting acute, intermediate, and long-term care, between acute and primary care, and between primary and community care. This is a key part of Singapore's goal to shift care beyond the hospital into the community and closer to home. The Hospital to Home ("H2H") program consolidates the care transition arrangements of hospitals with the aim of facilitating the discharge of patients back home in a timelier and more seamless manner. Under the H2H program, a multi-disciplinary team works in the community to provide care and services such as rehabilitation and nursing for patients in their own homes. Subsequent referrals will be made to Community Care providers if necessary. Integrated Care is also about connecting social- and health-related services. For example, seniors, who are socially withdrawn, might face poorer health outcomes if they have no one to remind them to take their medications, or to do simple maintenance exercises with them, or to engage them in mind-stimulating activities. To date, over 8,000 patients have benefitted from the program since it was launched in April 2017.

**REGULATORY ENVIRONMENT**

*Medical Licenses & Registrations*

The Healthcare Services Act ("HCSA") was enacted in 2020 to replace the Private Hospitals and Medical Clinics Act ("PHMCA) to ensure that healthcare regulation is kept up to date with new models of care. Under the PHMCA, healthcare providers were licensed based on different types of physical premises such as medical clinics, nursing homes, hospitals, clinical and x-ray laboratories. However, as new care models for patients have emerged, the delivery of healthcare services is no longer confined within the boundary of physical brick-and-mortar premises of clinics and hospitals. The HCSA provides a more flexible approach in the regulation of Singapore's healthcare system from a premises-based to a services-based framework.

**COMPETITIVE LANDSCAPE**

There are 417 registered orthopaedic specialists registered with the SMC. Out of these, almost all are registered under the specialization of "orthopaedic surgery", with the exception of 62 players that are registered under the specialization of "hand surgery" and one (1) in "diagnostic radiology". Most of these registered orthopaedic specialists are in public practice, with less than 150 in private.

Most orthopaedic practices operate as single clinics, where most of them are located in the medical centers attached to hospitals. In such instances, the orthopaedic surgeons usually utilize the hospital facilities and operating theatres where their practices are located. However, to reach out to a wider pool of patients (including those from overseas), some may rent an office in a medical center of another hospital. Most orthopaedic practices operate standalone, which means that most specialists operate as single-doctor practice. Some practices, however, have more than one specialist or surgeons, each having their own specializations.

Word of mouth is a powerful tool to spread the word on the expertise of a medical specialist. Marketing of medical services is strictly regulated in Singapore. Doctors are not permitted to oversell their expertise. While professional and personal referrals continue to be a modus operandi, doctors have to continually stay "exposed" in the marketplace to build up their brand name and awareness of their expertise to ensure continuity in new patient flow.

**BARRIERS TO ENTRY**

*Heavy Capital Investment*

Managing a fully integrated clinic requires a high capital investment. Diagnostic scanning equipment, MRIs and X-Rays are not only expensive, but they also require a sizeable operating space which typical orthopaedic private practices do not normally have.

*Ready and Broad Patient Base*

With high costs in equipment and rental commitment, such medical practices would need to quickly build up its patient base to justify and generate returns to cover the significant cost of operations and investments.

*Scalability Limitations*

Most orthopaedic private practices operate individually and are managed by one (1) specialist. While it is possible for the specialist to practice out of two (2) different branches, so as to reach out to different segments of patients, detailed scheduling and time management is required due to the limited resources and manpower. Seeking suitable or compatible co-partners/co-orthopaedic specialists to operate two (2) or more branches can be challenging due to different expertise, patient requirements, and constraints related to time management. Thus, such solo orthopaedic practices are susceptible to external influences of rising operating costs.

**ESTIMATED MARKET SIZE, AND THE CLIENT'S ESTIMATED MARKET SHARE**

The Total Orthopaedic Services Market is estimated to be between S$388 million to S$540 million in FY2023. With this, LYC Medicare International's market share is estimated to be 2.3% to 3.2% in 2023. Meanwhile, in FY2024, the industry is estimated to grow between S$426.8 million and S$621.0 million, with LYC Medicare International's market share expected to slightly increase to between 2.3% and 3.4%. See Figure 6.

**Figure 6: Comparison of LYC Medicare International's Market Share to the Total Orthopaedics Services Market in 2023 and 2024**

**2024**

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| | |
|:---|:---|
| &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;![](formdrs_a007.jpg) | &nbsp;&nbsp;![](formdrs_a008.jpg) |

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Notes:

● 'mn': million.

● This estimated market size is focused on the orthopaedics market for orthopaedic surgeons only.

Market sizing is undertaken from a combination of quantitative and qualitative analysis. Quantitative analysis is based on a review all the existing secondary sources, including, but not limited to, published statistics, media reports, published opinions and projections by industry experts, and the audited financials of participants in the market. Qualitative analysis is based on interviews conducted with as many market participants as possible during the research period including, but not limited to, industry, relevant suppliers, industry experts, and relevant government agencies. This data is then organized from a top-down and bottom-up approach in a model similar to valuation to derive the final figure. Thus, market sizing is derived based on several inputs and assumptions, and not on a single number.

**Industry Drivers and Major Trends**

Material trends and drivers for the Singapore region that affect the healthcare, orthopaedic and common chronic disease industry sectors.

*Incidences of Orthopaedic Diseases to Rise, along with the Ageing Asia Pacific Population, Including Singapore*

Asia Pacific is home to over 60% of the world's population. By 2050, one (1) in every four (4) persons in this region will be 60 or older to an estimated 1.3 billion people. As the population greys, the susceptibility of people to orthopaedic diseases, the most common being osteoarthritis and osteoporosis, rises. Both are prevalent diseases that occur among elderly aged around 65 years and above.

*Obesity Drives Propensity for Chronic Diseases and Orthopaedic Problems*

** 

The prevalence of obesity worldwide has nearly tripled since 1975. Chronic diseases and conditions (also known as non-communicable diseases, "NCDs") are also on the rise. Chronic diseases, including cardiovascular diseases, diabetes, cancer, lung disease, including a myriad of orthopaedic problems like joint issues, are the leading causes of death and disability worldwide. The burden of NCDs in Singapore have grown from 1990 to 2017, based on data from Ministry of Health, where the Disability-Adjusted Life Year ("DALY") for diabetes increased by over 35% from 1990 to 2017as it is the second most significant cause in overall DALYs. Treatment for certain NCDs such as cardiovascular and joint diseases require the use of medical device implants, for example, the insertion of a stent for clogged blood vessels, or hip and knee implants for common joint diseases such as arthritis.

Osteoarthritis, which is also frequently associated with obesity, often requires joint surgery, especially in the hips and knees. In addition to the increased likelihood of wear and tear on joints, excess weight also affects the prevalence of injuries, as the odds of sustaining musculoskeletal injuries is about 15% higher for overweight persons, and 48% higher for obese people, compared to those of normal weight.

*Orthopaedic Services Continue to be In Demand Due to Road Safety Concerns*

The road safety crisis in Asia Pacific is reported to have reached "epidemic proportions". It is estimated that more than 2,000 people lose their lives on the road every day in the region, with many more sustaining serious life-changing injuries. Common injuries, which occur as a result of traffic accidents, include damage to the brain, head, neck, spinal cord, back, as well as facial and internal injuries. High incidents of traffic accidents would lead to high incidences of people needing surgery, thus bringing about a demand for orthopaedic treatment and care.

*Sports-Related Injuries*

Demand for orthopaedic services is also affected by the number of people who sustain injuries while engaging in sports, exercise, or recreational activities. Due to a shift towards healthier living, as well as an increasing number of professional athletes and the general population engaging in sports, cases of such related injuries have been growing. Trauma or over-usage of muscles and joints are often the cause of most sports injuries, the latter of which include contusions, sprains, strains, fractures, and dislocations.

*Implementation of 3D Printing Tools for Osteoporosis Treatments*

There have been notable improvements in the technologies utilized in osteoporosis treatments in Singapore. 3D printing tools have been utilized to print 3D models of patient's bones. These models are used by the orthopaedic surgeons to demonstrate and explain the condition of patients' bones during consultation. This advancement of technology is said to reduce reliance on Computed Tomography scans, thereby lowering patients' exposure to radiation. In addition, 3D printing tools are also used to aid surgeries

*Push for Digitalization in Healthcare*

Singapore has embarked on a Smart Nation initiative, which aims to harness technologies to stay ahead as a global city and improve lives and livelihoods. In the field of healthcare, the island state is also taking steps to steer efforts towards the use of AI. One example is the three-year collaboration between SingHealth and SGInnovate which will offer resources and opportunities that deep tech start-ups need to develop AI applications to enhance healthcare services

*Medical Tourism in Singapore*

Singapore was rated top in Asia and second globally on the ranking of 2020-2021 Medical Tourism Index ("MTI"), just after Canada, with an index score of 76.43. This ranking is a testament that the island nation is recognized as one of the leading destinations for tourists seeking better medical procedures outside of their own countries. With approximately 500,000 medical tourists each year, they spend about 4% of overall tourism receipts in Singapore. Every year, international patients come to Singapore for a wide range of medical services, ranging from health checks to high-end surgical treatments in various disciplines such as cardiology, neurology, organ transplants, and orthopaedics.

**Prospects of the Industry**

There are strong prospects for both the orthopaedic and common chronic diseases industry segments in Singapore, with an estimated CAGR of 10% to 15% for the orthopaedic industry segment, and an estimated CAGR of 10% to 20% for the common chronic disease segment from 2024 to 2028. See Figure 7.

**Figure 7: Estimated and Forecasted Yearly Growth for Orthopaedic Industry in Singapore**

![](formdrs_a009.jpg)

Note:

● 'e': estimated; 'f': forecasted

Source: Computation and Compilation by Converging Knowledge

The estimated CAGRs for both the orthopaedic industry and common chronic disease segments for 2024 to 2028 were derived based on a combination of qualitative and quantitative methods similar to those employed in determining market size. Estimates are run through industry participants interviewed in the market research, to provide a range. The common chronic disease segment has a wider range due to increasing obesity cases, which is also a global issue. From 2021 to 2022, 11.6% of Singapore residents aged 18 to 74 years were obese. A rising trend was observed when compared to approximately 8.6% in both 2013 and 2017. Singapore faces an aging population, with residents 65 years of age and older, already constituting 18.0% of Singapore's total population in 2024. By 2030, approximately 1 in 4 Singaporean citizens will be 65 years of age and older. Singapore plays a critical role in setting benchmarks for surgical outcomes and training future specialists across Southeast Asia. As Singapore is projected to become a "super-aged" nation by 2026 (i.e. 20% or more of the population is over 65 years of age), there will be an increased need for controlling age-related spine disorders. To address these issues, Singapore has established the National University Spine Institute under the National University Health System. This infrastructure, that combines patient care, medical research, and education, is in line with Singapore's status as the regional medical hub for orthopaedic care.

Factors supporting the industry sector growth are discussed below:

*Population Growth will Ensure the Continuous Growth in Consumer Pool*

According to the United Nations ("UN"), the population within the Asian region is expected to increase annually, at least until 2050. From approximately 4.7 billion in 2020, the medium-variant projection by the UN indicated that the global population could grow to around 4.9 billion in 2030 and 5.3 billion in 2050. Singapore also is projected to show a similar growth trend in respect of its population to 6.3 million in 2030 and 6.6 million in 2050, from the recorded 5.7 million in 2020. As the captive consumer pool for healthcare grows, demand for medical and healthcare services are also expected to rise.

*Asia Pacific's Ageing Population to Take Up 16.9% of Total Population in 2050*

The global ageing population is expected to continue its uptrend. The proportion of older persons in the world is projected to reach nearly 12% in 2030 and 16% in 2050. Specifically in Eastern and South Eastern Asia the percentage of persons aged 65 years and over is projected to reach 16.3% in 2030, and 25.7% in 2050, up from 12.7% in 2022.

*Economic Growth to Push Demand*

Asia Pacific GDP is forecast by the International Monetary Fund ("IMF") to increase at a CAGR of 5.8% from 2020 to 2028 – from US$31.9 trillion in 2020, to US$50.1 trillion in 2028. As positive economic growth is expected for the next five (5) years, the budgets of governments around the world, and spending power of individuals will also be positively influenced. This may result in an increased propensity to spend on healthcare, driving the demand for related products such as orthopaedic implants as well. Increased wealth levels may also result in higher expectations in healthcare standards, for example, the usage of technologically advanced orthopaedic implants. See Figure 8.

**Figure 8: Recorded and Projected GDP for Asia Pacific from 2020 to 2029**

![](formdrs_a010.jpg)

Source: IMF, Compilation by Converging Knowledge

*Increasing Healthcare Expenditure*

Singapore's government healthcare expenditure tripled to S$11.3 billion from 2010 to 2019 and by 2030, an estimated S$27 billion will be spent. This would account for over a-fifth of the government's operating revenue and government spending could exceed 20% of GDP by 2030, with most of the increase driven by healthcare expenditure. The Singapore Health Ministry has the second-largest budget after the Defense Ministry and health expenditure is expected to rise along with an ageing population.

**BUSINESS**

**Overview**

We are a multidisciplinary specialist healthcare group with operations in Singapore providing an integrated and holistic suite of medical services covering medical and specialist care and treatment. Our core medical competencies and focus lie in the fields of orthopaedic surgery, sports injuries, fracture treatment, degenerative spine conditions, chronic degenerative joint diseases, pain management, metabolic diseases, osteoporosis treatment, health screenings and advanced medical imaging services, including X-ray imaging, bone mineral density scans, body composition scans, ultrasound scans, MRI and CT scans, as well as, medical consultations, physiotherapy and the provision of other related paramedical products and services.

We aim to be a one-stop medical services provider in the field of musculoskeletal-related medical care, with the capability of providing services across the entire medical care ecosystem for patients. This includes adopting new and up-to-date advanced techniques and technologies for the treatment of orthopaedic and musculoskeletal-related conditions, as well as expanding our non-medical services to provide a range of rehabilitation services to our patients to provide a more comprehensive treatment package, beginning from diagnosis, treatment to rehabilitation. We provide these services through our two operating subsidiaries:

● T&T Medical Group Pte. Ltd. ("T&T") - a family clinic, radiology, osteoporosis, and physiotherapy center focusing on degenerative joint diseases, spine, and pain management, and metabolic diseases such as diabetes, hypertension, and high cholesterol. The clinic also operates a state-of-the-art imaging center equipped with advanced Siemens Magnetron Alotea and Somatom Force machines, enabling high-quality CT and MRI scans to support accurate and timely diagnoses

● HC Orthopaedic Surgery Pte. Ltd. - an orthopaedic surgery practice providing computer-assisted joint replacement surgeries (Total Knee Replacement, Total Hip Replacement, Unicompartmental Knee Replacement) such as pinless computer navigation, patient-specific instrumentation, and robotic surgery (MAKOplasty®).

T&T and HCOS collaborate to deliver seamless and comprehensive orthopaedic care to their patients. With real-time access to diagnostic results, scans, and imaging, T&T doctors can swiftly recommend the next course of treatment, such as initiating physiotherapy sessions, which are also readily available in-house. For cases requiring advanced surgical intervention, T&T refers patients to HCOS, where they receive specialized orthopaedic care. This collaborative and integrated approach maximizes efficiency, enhances patient convenience, and ensures the delivery of high-quality, comprehensive care.

**Clinical and Specialist Services**

Our clinical and specialist services operate through our centrally located medical clinics. T&T provides services from its clinic in Novotel Singapore on Kitchener, while HCOS provides services from its clinics in Mount Elizabeth Medical Centre, Mount Elizabeth Novena Specialist Centre, Parkway East Medical Centre, and Gleneagles Medical Centre.

Through our clinics, we treat patients seeking services ranging from health screenings, medical consultations, physiotherapy, screening and treatment of osteoporosis, provision of orthopaedic surgery, visco-supplementation, and advanced imaging modalities for the diagnosis of various musculoskeletal conditions. We believe in a patient-centric and multidisciplinary approach to specialist healthcare management and treatment. Hence, our goal is to provide trusted, convenient, and integrated healthcare services to our patients. We have a total of four (4) doctors practicing at our five (5) medical clinics, of whom two (2) are specialists. We also engage and partner with other healthcare professionals, such as third-party physiotherapists that are contracted to our clinics. We also engage a team of radiographers to provide imaging services to our patients on-site at our clinics.

Our T&T clinic provides clinical services primarily focusing on chronic disease management including treatment of chronic degenerative joint diseases, spine pain management, screening, and treatment of osteoporosis, as well as treatment of metabolic diseases like diabetes mellitus, hypertension, and high cholesterol. In particular, the T&T clinic is equipped to conduct an array of advanced medical imaging services, including MRI scans, CT scans, X-ray imaging, BMD scans, body composition scans and ultrasound scans. Our T&T clinic also provides general medical care.

T&T also engages third-party service providers to provide patients with on-site and integrated suite of medical services within the premise of T&T's clinic, including physiotherapy treatment services.

Our HCOS clinics provide orthopaedic-related specialist services and surgical care. Our HCOS clinics primarily serves patients requiring various orthopaedic specialist treatments, including joint replacement surgeries, keyhole surgeries and minimally invasive spine surgery procedures. The range of specialist treatments available at our HCOS clinics is generally catered towards general orthopaedic services, management of osteoarthritis of the hips and knees, sports injuries with torn ligaments and meniscus, and degenerative spine conditions including prolapsed intervertebral discs (slipped discs) and the management of adult and pediatric fractures and trauma.

Our HCOS Premier Health Screen Centre ("HCOS Premier"), is a new health screening center, strategically located adjacent to the T&T offices, whose focus and target group of patients is fundamentally different from that of the T&T. While T&T primarily focuses on chronic disease management with the diagnostic and screening services carried out as part of the disease management process while HCOS Premier, targets healthy individuals or those with health concerns to undergo diagnostic and screening services, therefore addressing an entirely different group of patients. HCOS Premier and T&T complement each other, increase the utilization rate of the MRI & CT scanner, as well as referrals to HCOS and T&T medical center. HCOS Premier adds two additional clinical spaces to accommodate future growth and expansion and enhances patient capacity and improves overall care delivery, enabling HCOS and T&T to serve a larger number of patients with greater efficiency and convenience.

In general, the clinical and specialist services that our Group provides can be categorized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Surgical services</u>: Our orthopaedic surgery services team provides surgical services to treat a
 wide range of common orthopaedic conditions. Our Group adopts techniques such as computer-guided
 surgery, robotic surgery, keyhole surgery and minimally invasive surgery, which help to reduce
 complications, allow faster and better functional recovery for patients, and enhance surgical
 precision and ultimately clinical outcomes. Our doctors are experienced with many years of
 clinical and surgical experience. Our lead surgeon, Dr. Chan Ying Ho (Henry), specializes
 in computer-assisted hip and knee replacement surgeries which utilizes state-of-the-art technology
 such as painless computer navigation, Patient-Specific Instrumentation ("PSI")
 and robotic surgery (MAKOplasty®).

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-surgical / Conservative services</u>: Our team recognizes that not every patient's condition
 would require and/or be suitable for surgical treatment. As such, we also provide a wide
 range of non-surgical services and conservative management methods for such patients which
 are carried out at our T&T clinic. These include general consultations and diagnostic
 investigations, as well as other conservative management techniques such as medication, injections,
 splinting and physiotherapy.

**Treatment Process**

Patients who seek our services are referred to us by a range of sources, including various specialists and general practitioners who have provided the patient with a preliminary diagnosis, by word of mouth, by former patients or via direct contact with us for a health screening and medical consultation.

Upon first visiting one of our clinics, the patient will go through a consultation with our doctors for an accurate diagnosis of their medical condition. Typically, various diagnostic tests such as MRI scans, CT scans or X-rays may be arranged for the patient for the accurate diagnosis of their ailment. Our doctors will then review the results of such tests and discuss with patients to formulate the best customized treatment plan for the patient depending on the severity of that patient's condition, their age, and their functional requirements.

HCOS' outpatient clinics mainly focus on outpatient consultations and minor procedures such as injections and joint aspirations under local anesthesia, cast application and removal, etc., as well as post-surgical services to our patients which include follow-up consultations and physiotherapy.

We rely on the day surgery centers and private hospitals to provide us with the facilities and inpatient medical care for patients who require major and complex surgeries. The relationship between HCOS and these various day surgery centers and private hospitals should be considered as "symbiotic" as the vast majority of the specialists practicing in the day surgery centers and private hospitals are self-employed - these private specialists (including HCOS') provide the software of the patient care (the medical care or surgery, inpatient admission, ordering of various radiological and/or hematological investigations for diagnosis, etc.) while the day surgery centers and private hospitals provide the hardware of patient care (radiology services, surgical suites, nursing care and inpatient wards).

We maintain and renew our accreditations regularly with these day surgery centers and private hospitals, and we have had no issues in renewing our accreditation since the founding of HCOS. We do not have any specific agreements/or arrangements with these day surgery centers and private hospitals, in order to maintain the flexibility in choosing whichever facility is appropriate according to their availability or our patient's needs or preferences.

**Imaging Services and Medical Consultations**

Through our primary care clinic at T&T, we provide generic health screenings and medical consultations, for illness, pain, or other chronic conditions that our patients may have such as chronic joints pain, and chronic neck pain and back pain. We also conduct a full suite of health screening services for patients in addition to our comprehensive diagnostic capabilities which include MRI and CT scans, BMD imaging, ultrasound scans, DEXA scans, X-ray imaging, as well as vascular and stroke screening. This set up allows us to provide an integrated, holistic, and patient-centric care model, so that our patients can access such screening and diagnostic services in a single location, without incurring additional time and inconvenience.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>X-ray Imaging</u> 

Pursuant to a Radiological Services Agreement entered into on July 3, 2018, the Jireh Group Pte Ltd ("Jireh") has provided in-house X-ray Imaging services to our patients as a third party service provider. Such imaging services include general x-rays, bone mineral densitometry and ultrasound imaging which allow us to check and identify fractures (broken bones), assess degenerative joint diseases and abnormalities in bone structures and also conduct chest X-rays to confirm suspected diagnoses of pneumonia and to detect other lung diseases. Jireh is responsible for providing both the imagining equipment and radiographers/sonographers and radiologists is responsible for providing the operating premises and medical and administrative personnel. T&T acts as the principal and is responsible for the billing and collection of fees. T&T then remits payment to Jireh pursuant to a set schedule of fees for each specific diagnostic procedure performed.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>MRI Imaging</u> 

We offer MRI services in-house to accurately diagnose various orthopaedic conditions such as slipped discs, spinal stenosis, cervical myelopathy, nerve impingement, arthropathy, avascular necrosis, meniscus / ligament / rotator cuff tears, etc.

MRI angiograms can be done as well for the heart and where the patency and the amount of blood flow in the patient's blood vessels can be accurately assessed. This vascular screening will enable us to assess the risk of stroke or heart ischaemia for the patient, allowing us to provide early intervention to minimize the risk of severe strokes / heart attacks.

We also use MRI to scan the other parts of the patient's body for the diagnosis of tumors (soft tissues or solid organs), diagnosis of stroke and/or other various brain conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Imaging Services</u> 

Our T&T clinic also offers CT scan and ultrasound scan services in-house or through third party service providers who operate on-site at our clinics. This comprehensive diagnostic capability allows us to choose the best modalities to diagnosis the patient's ailment without the physical constrain of other standalone diagnostic centers.

BMD / DEXA scans can also be done at our T&T clinic for the accurate diagnosis of osteoporosis as well as the monitoring of the treatment response from anti-osteoporosis treatments applied.

**Key Medical Treatments Offered by Our Group**

Key medical procedures and treatments offered by our Group to treat common orthopaedic and musculoskeletal conditions include, but are not limited to, the following treatments, or any combination thereof, and are administered following a consultation between our doctors and the individual patient to determine the most appropriate treatment in the patient's individual circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conservative Treatment</u> 

Conservative treatment typically involves the prescription of anti-inflammatory medications, traction therapy, core strengthening and lifestyle modification (including physiotherapy), ultrasound treatment or a combination of several of the foregoing treatments.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Minimally-invasive Surgical Procedures</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Visco-supplementation and Orthobiologics* 

Orthobiologics refer to the use of biological substances derived from substances naturally found in the body to help musculoskeletal injuries heal quicker.

Visco-supplementation, a form of orthobiologics, is currently used as a treatment in which hyaluronic acid is injected into an individual's joint. This thick fluid may help reduce pain, friction and swelling in one's arthritic joint, ultimately improving the function of the joints.

We conduct visco-supplementation to inject hyaluronic acid into affected joints to improve osteoarthritic conditions and aims to restore the favorable synovial fluid composition present in the healthy joints. This allows the patient to remain active and participate in proper physiotherapy and rehabilitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Injectables*:
 injection of medication in the affected area to relieve symptoms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Nucleoplasty (radiofrequency ablation)*: used to help to remove some of the pressure on the disc that
 causes the problem. Such procedure is performed under moderate sedation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Micro-discectomy*:
 removal of part of the damaged disc tissue that exerts pressure on the nerves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Arthroscopic Rotator Cuff Repair*: our medical specialist will insert a small camera, called an arthroscope,
 into the shoulder joint. The camera displays pictures on a television screen, and our medical
 specialist uses these images to guide miniature surgical instruments to make very small incisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Arthroscopic Capsular Release*: a procedure to cut the tight capsular tissues surrounding the shoulder
 joint, to allow the shoulder joint to move more freely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Endoscopic Carpal Tunnel Release*: a thin, flexible tube that contains a camera is put into the wrist
 through a tiny incision (cut). The camera guides our medical specialist as the surgery is
 done with thin tools put into the wrist through another small cut.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Open Surgery</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Total Hip Replacement Surgery* 

A form of surgery where a hip is replaced with an artificial prosthesis, which helps to reduce pain and/or restore mobility and/or function.

We offer advanced medical technology for our implants comprising acetabular components, femoral stem, and the articulating surfaces. The longevity of the implants can further improve with advanced surface technologies such as Ceramic (Biolox®)/highly cross-linked polyethylene.

The accuracy of our total hip replacement can be further improved with our use of MAKOplasty®, a form of robotic surgery. Patients opting for this technique will undergo a pre-operation CT scan of the lower limb, where all the important parameters in the lower limb will be captured and entered into the computer. This data will be merged with the real-life anatomical landmarks of the patient on the surgical table, and our medical specialist will use the robotic arm to perform the operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Total Knee Replacement Surgery* 

An orthopaedic procedure where a knee is replaced with an artificial prosthesis, which helps to reduce pain and/or restore mobility and/or function.

We rely on state-of-the-art technology to perform a total knee replacement surgery. We offer advanced technology and can perform total knee replacement surgery in Singapore in a more refined and accurate manner. We use computer navigations, 3D printing, and MAKOplasty® to help to improve surgical results without a significant increase in time.

Our Group's Dr. Chan Ying Ho (Henry) is an expert in the field of computer-assisted joint replacement surgeries. He is also an expert in advance bearing surface technology – OXINIUM™ (ceramic knee implants) and highly crosslinked polyethylene. Surgical procedures carried out by Dr. Chan Ying Ho (Henry) may include various computer navigation techniques, such as:

● Stryker Enlite navigation system;

● MAKOplasty®;

● Brainlab navigation system;

● Zimmer iAssist® Knee System;

● Zimmer® Patient Specific Instruments;

● Zimmer ROSA® Robotics Systems;

● OrthAlign / KneeAlign® system; and

● Smith and Nephew VISIONAIRE System.

Computer navigation involves inputting the "coordinates" of the lower limb – the anatomical landmarks of the ipsilateral hip joint center, knee joint, and ankle joint – into the computer system. This brings about a real-time reflection of where the cutting instruments should be placed. To further enhance the accuracy, the cuts can be verified as well. In addition, the soft tissue balance is fine-tuned by studying the kinematics of the knee joint. This helps to achieve a well-functioning knee prosthesis.

3D printing technology is also leveraged upon in knee replacement surgery. Patients opting for this technique will undergo a preoperative MRI scan of the lower limb, which captures important data as well as pre-determines the size and alignment of the implants. Thereafter, a 3D printer will be used to produce PSI based on such information. After proper sterilization, the PSI will fit onto the patient's knee joint anatomy and allow our specialist to perform the replacement in a quick and accurate fashion.

MAKOplasty® involves the use of a semi-automated robotic arm that will assist the surgeon in executing total knee replacement. Patients will generally undergo a preoperative CT scan to gather data on the lower limb, following which the substantial parameters are entered into the computer and such data is eventually merged with the real-life anatomical landmarks of the patient while in the operating theatre. Our specialist can then use the robotic arm to precisely perform the procedure, which provides visual, auditory, and tactile control to help assure that our medical specialist cuts away only the bone planned to be resected prior to surgery. In addition, there is a safety mechanism built into the device to minimize the risk of nerve or blood vessels injuries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Other Surgical Treatments* 

● Discectomy: which involves an incision into the trouble area of the spine and is used to remove the disc material that is causing pain;

● Arthroscopic Subacromial Decompression: a procedure designed to allow more room for the rotator cuff tendons to move;

● Open Debridement with Radiofrequency Ablation: the thorough cleaning of the wound and removing all hyperkeratotic (thickened skin or callus), infected, and nonviable (necrotic or dead) tissue, foreign debris, and residual material from dressings;

● Carpal Tunnel Release: our medical specialist will cut through the ligament that is pressing down on the carpal tunnel, making room for the median nerve and tendons pressing through the tunnel;

● Femoral Head Salvage Procedure: a surgical operation to remove the head and neck from the femur, is performed to alleviate pain; and

● Forefoot Reconstruction: involves shifting of bone structure (osteotomy) and severe fixation.

**Physiotherapy services**

We offer on-site rehabilitation treatments for musculoskeletal pain conditions pursuant to a three-year Collaboration Agreement – Physiotherapy with Egeiro Physiotheraphy Pte Ltd ("Egeiro"), an independent third-party provider, which was effective as of June 1, 2024. Pursuant to this Collaboration Agreement Egeiro provides qualified and licensed physiotherapists to deliver physiotherapy services ("services") to our patients at our clinics. We act as the principal in the provision of these services and manage the patient relationship, including billing. We subsequently remit 60% of the total fees collected to Egeiro as service compensation.

The conditions which our patients suffer from include acute pain from injury, chronic back and neck pain and post-surgical pain as well as degenerative pain conditions (e.g. slipped discs, bone spurs, and knee arthritis), and acute post traumatic injury (e.g. muscle and tendon sprains, ligamental and tendon tears, and spinal fractures). Each patient is given a specific treatment modality, customized to his/her condition. Our list of physiotherapy services is set out below:

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Manual Therapy and Soft/ Tissue Massage</u> 

We use manual or massage therapy, applying hands-on techniques to body tissues with the intention to therapeutically treat pain and injuries.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Pulse Electromagnetic Treatment</u> 

Pulse Electromagnetic Field Therapy sends magnetic energy into the body. The magnetic energy waves work with the body's natural magnetic field to improve healing and help to increase electrolytes and ions in the body. This naturally influences electrical changes on a cellular level and influences cellular metabolism.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ultrasound</u> 

Ultrasound therapy uses sound waves to penetrate soft tissues and is used by therapists to increase blood circulation, treat pain conditions, and promote tissue healing.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Cervical / Lumbar Traction</u> 

Cervical / Lumbar traction can be done manually (by hand) or with a cervical traction device where a steady or intermittent force is applied to the neck to stretch the muscles and soft tissue and open up the spaces between the upper vertebrae and is designed to relieve muscle spasms and nerve root compression.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Radial Shockwave Therapy</u> 

Radial Shockwave Therapy is a non-invasive, and multi-disciplinary technology used to treat localized musculoskeletal pain and to promote healing in bone defects and fractures and reduce pain.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Interferential Current</u> 

Interferential current therapy works by sending small amounts of electrical stimulation to damaged tissues in the body. The therapy is meant to boost the body's natural process for responding to pain, increase blood flow and the production of hormones that promote healing.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Radio Frequency Therapy</u> 

Radio Frequency Therapy helps with muscle spasms, improving vascularization to the area and promote healing to the desired tissue.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Microcurrent Treatment</u> 

Microcurrent treatment is the application of frequency-specific electrical currents to the injured part of the body to treat musculoskeletal pain.

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Neuromuscular Electric Stimulation</u> 

Neuromuscular Electrical Stimulation uses a device that sends electrical impulses to nerves. This input causes muscles to contract. The electrical stimulation can increase strength and range of motion and offset the effects of disuse.

**COMPETITION**

In the Clinical and Specialist Services segment, our Group generally faces competition from both medical practitioners and non-medical practitioners in the field of orthopaedics, Medical practitioners comprise other orthopaedic specialists, who may operate as standalone clinics or as part of a larger medical group. Non-medical practitioners comprise, among others, TCM physicians, physiotherapists, and chiropractors, who provide similar rehabilitation services to that offered by our Group. However, management is unaware of any direct competition from practitioners, non-medical practitioners or a medical group that is focused primarily on orthopaedic surgery/ musculoskeletal health and ordinary disease management and provides these comprehensive services that our Group offers.

Any party seeking to operate a fully integrated clinic would face high barriers to entry, such as the requirement of high capital investment, a ready and broad patient base, and limitations in terms of the scalability of the business model.

**COMPETITIVE STRENGTHS**

We believe we have the following competitive strengths:

**We are a medical services group providing accessible pain care treatment in Singapore and we are modelled on a self-sustaining ecosystem, capable of providing holistic care to our patients, from providing diagnostics and surgical and non-surgical treatment, to finally post-operative care and physiotherapy**

We are a multidisciplinary specialist healthcare group with operations in Singapore, with the capability to provide one-stop integrated musculoskeletal healthcare, from diagnostics to surgery to post-operative rehab, which differentiates us from both hospital systems (which are less specialized) and standalone clinics (which lack full-service continuity). Our Group is currently equipped to provide holistic end-to-end care for patients, with services that include preliminary health screenings, medical consultations, general treatment, provision of surgery, pain management, post-surgery rehabilitation services such as physiotherapy.

Our core medical competencies lie in the fields of orthopaedic surgery and care, chronic disease management, and chronic degenerative joint and orthopaedic diseases, where we provide primary medical care and specialized medical services focused on, amongst others, orthopaedic surgery, and the treatment of osteoporosis.

As our business segments are complementary in nature, we believe that our Group can attract and capture a larger portion of patients in the market given that patients can enjoy end-to-end medical care in a closed eco-system at the same location, which we believe maximizes convenience and minimizes patient concerns regarding service quality and reliability. Our Group's integrated network allows for a more patient-centric and multidisciplinary approach to healthcare management and treatment, as our patients have the benefit of having different healthcare professionals working together and viewing his or her healthcare needs in their entirety.

Further, having a multidisciplinary approach facilitates the vertical and horizontal scalability of our Group's business. Depending on the progression of the healthcare industry, our Group can leverage on our integrated capabilities to expand into other new specialist healthcare services and/or build on our value chain of medical and auxiliary services that will further enhance our Group's industry relevance and value proposition as a one-stop integrated medical services center.

**We have a team of highly qualified, experienced, and committed medical practitioners**

Dr. Chan Ying Ho (Henry) is primarily focused on orthopaedic surgery and care and is well regarded as an expert in the field of computer-assisted joint replacement surgeries. Having completed his advanced surgical training in the specialty of Orthopaedic Surgery in 2013, Dr. Chan Ying Ho (Henry) has since performed more than 1,000 joint replacements and has been invited as an instructor for advanced joint replacement courses in the Asia-Pacific region.

Dr. Ting Choon Meng is primarily focused on providing primary medical care and chronic disease management, particularly for musculoskeletal-related conditions.

Our focus on musculoskeletal-related conditions means that patients receive orthopaedic care from medical specialists who have in-depth knowledge and experience of their medical condition, as well as enabling our medical and non-medical specialists to conveniently tap on the knowledge and experience of one another when required. Together, our specialists can work closely together to ensure that every patient receives specialized medical treatment which best suits their needs. We believe that under the leadership and technical expertise of our medical and non-medical specialists, we are well-positioned to capitalize on the trends and developments in the healthcare industry and offer high quality and comprehensive healthcare solutions to our patients and customers.

**We employ advanced techniques and technologies in our medical treatment and are able to perform complex orthopaedic surgery**

Our Group is capable of performing computer-assisted joint replacement surgeries, using advanced bearing surface technologies, such as the use of OXINIUM™ (ceramic knee implants), and highly crosslinked polyethylene. Our Group also relies on advanced medical technologies, for example the use of the Stryker Enlite navigation system, MAKOplasty® and Smith and Nephew VISIONAIRE system, which enables our Group to perform surgeries with a higher level of precision.

**GROWTH STRATEGIES**

Our growth strategies and future plans for the expansion of our business are as follows:

**Expand the range of services of our clinics to become a one-stop integrated center for musculoskeletal-related medical care**

Apart from our current range of medical services where we prescribe medication, undertake minimally invasive and full surgical procedures, provide specialized injections and rehabilitation services such as physiotherapy services, we intend to continue to develop and expand our range of available treatments and products across our business segments in order to become a one-stop integrated center for the treatment of orthopaedic and musculoskeletal-related conditions.

We intend to expand our range of services by hiring experienced and established medical specialists, adopting new and up-to-date advanced techniques and technologies for the treatment of orthopaedic and musculoskeletal-related conditions, in order to expand our non-medical services to provide a range of rehabilitation services. patient base from such alternative services for our clinical and specialist services.

HCOS has hired two additional Orthopaedic Specialists - Dr. Nicholas Yeoh Ching Sing and Dr. Toon Dong Hao to extend our ability to expand our services and serve more patients. Dr. Yeoh's subspecialty is total hip replacement via direct anterior approach and partial knee replacement surgeries, while Dr. Toon's subspecialty is shoulder and knee arthroscopic surgeries. Dr. Henry Chan and Dr. Yeoh also complement Dr. Henry Chan's expertise in computer assisted and robotic joint replacement surgeries. HCOS plans to add one additional specialist in the subspecialty of foot and ankle surgery/ spine surgery in the beginning of 2026 and is in active discussion with several potential candidates.

In the Clinical and Specialist Services segment, we intend to progressively expand our range of service offerings in relation to the diagnosis and treatment of orthopaedic and musculoskeletal-related conditions and rehabilitation of the musculoskeletal system, to ensure that we build on our capabilities as a one-stop integrated medical services center for the treatment of orthopaedic and musculoskeletal-related conditions. In particular, given that orthopaedic specialists may have different sub-specialties, such as across the shoulders, knees, hands, back and spine, we intend to recruit more orthopaedic specialists with differing sub-specialties to expand the breadth and depth of sub-specialty services which our Group is able to provide to our patients.

**New Screening Center**

On May 5, 2025, HCOS established the HCOS Premier Health Screen Centre ("HCOS Premier"), a new health screening center, strategically located adjacent to the T&T offices, whose focus and target group of patients are fundamentally different from that of the T&T. While T&T primarily focuses on chronic disease management with the diagnostic and screening services carried out as part of the disease management process while HCOS Premier, targets healthy individuals or those with health concerns to undergo diagnostic and screening services, therefore addressing an entirely different group of patients. HCOS Premier and T&T complement each other, increase the utilization rate of the MRI & CT scanner, as well as referrals to HCOS and T&T medical center. HCOS Premier adds two additional clinical spaces to accommodate future growth and expansion and enhances patient capacity and improves overall care delivery, enabling HCOS and T&T to serve a larger number of patients with greater efficiency and convenience.

**Expand our Group's business operations through organic growth and via acquisitions, joint ventures and/or strategic partnerships**

We intend to expand our existing business operations locally in Singapore, and if the opportunity arises, regionally, via a combination of organic growth and acquisitions, joint ventures and/or strategic partnerships that we believe will complement our current and future businesses and be aligned with our longer-term interests. We believe that suitable acquisitions, joint ventures and/or strategic partnerships will strengthen our competitive advantage by enhancing our services offerings and giving us access to new markets, customers, and businesses.

In the Clinical and Specialist Services segment, we intend to progressively expand our existing service capacity, to ensure that our medical clinics are prepared to capture any growth in demand for the whole spectrum of orthopaedic care without compromising on the quality of our services. This may include the establishment of new clinics and acquisitions of or strategic partnerships with synergistic businesses such as physiotherapy clinics.

We will also explore other acquisitions, joint ventures and/or strategic partnerships with prudence and will consider opportunities which will complement our existing operations, and which are also beneficial to our strategic long-term objectives. As of the date of this prospectus we have not identified or had any discussions with any potential acquisition targets or potential joint ventures or strategic partnerships.

**To grow the "T&T" and "HC Orthopaedic" brand name and our patient base**

We intend to build our "T&T" and "HC Orthopaedic" brand name as a recognized, one-stop integrated center for musculoskeletal-related medical care, with our medical specialists experienced in the fields of orthopaedic surgery and care, chronic disease management, and chronic degenerative joint and orthopaedic diseases. In addition, we also intend to enhance our Group's brand homogeneity and corporate identity across all existing and future medical clinics in our Clinical and Specialist Services segment, by introducing common branding and communication collaterals, which will also reflect the integrated nature of our operations and medical solutions. Through our Group's efforts in expanding our business operations and range of services offered, we intend to leverage on our ability to provide holistic, end-to-end musculoskeletal-related medical care to grow our patient base.

**QUALITY CONTROL AND QUALITY ASSURANCE**

Our Group is committed to ensuring that customer-focused quality healthcare services are delivered across our clinics to our patients.

Our Group continually seeks feedback from patients through direct dialogue. Feedback received is relayed to our doctors and management and is taken seriously and incorporated into our processes and operations as far as practicable to contribute positively to the overall experience of the patient. We have also implemented policies and procedures, as well as dedicated email hyperlinks on the websites of T&T, HCOS and our Company, to allow patients and members of the public to report any concerns over consultation or surgical fees, process of surgeries or medical procedures, our doctors' level of care and professionalism, general quality of medical care as well as improvement requests. Such feedback will be sent to a committee comprising our doctors, our Group CFO, and the Non-Executive Directors of our Company (as the case may be) ("Review Committee"), who will review and appoint relevant officers to investigate the feedback, the findings of which and the proposed rectification steps will be presented to the said committee. All investigations will be carried out objectively, confidentially, and independently of the affected medical specialists or professionals, and upon conclusion, the Review Committee will independently decide on any further action, including rectification measures and/or disciplinary procedures, to ensure that the respective clinics maintain a high level of service and care.

The Review Committee has full discretion and powers to appoint independent third-party medical specialists and/or professionals to provide expert opinion and specialized medical advice, in its review of feedback received and the conduct of follow-up investigations. The responsibilities of the Review Committee are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) reviewing
 and investigating feedback lodged by patients and members of the public, in relation to consultation
 or surgical fees, process of surgeries or medical procedures, our doctors' level of
 care and professionalism, general quality of medical care as well as areas for improvement.
 Members of the Review Committee will have unfettered access to documents, information, Group
 employees, and independent third-party expert medical advice;

&nbsp;&nbsp;&nbsp;&nbsp;(b) reviewing
 and investigating complaints lodged by patients which are likely to or have resulted in litigation
 claim(s) against our doctors and/or the Group, including complaints that are likely to or
 have resulted in investigation against our doctors and/or the Group by a regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;(c) reporting
 material/significant feedback received and/or breaches discovered in the conduct of investigations
 to the Audit Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) making
 recommendations on improvements in the policies and procedures of our Clinical and Specialist
 Services segment.

Our Board is of the view that the Review Committee has the appropriate level of expertise and representation, and is able to carry out its duties objectively and with purpose, after considering the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 composition of the Review Committee is adequate given the nature and scale of the Group's
 business and operations. As of the date of this Prospectus, our Group has a total of four
 (4) doctors practicing at our five (5) medical clinics in Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 responsibilities of the Review Committee allow it to carry out independent review and follow-up
 investigations with an appropriate level of authority, and with unfettered access to documents,
 information, Group employees, and independent third-party expert medical advice.

Our doctors make a continuous effort to update themselves on medical developments and scientific and technological advancements. In particular, all doctors in Singapore are required to continually upgrade their knowledge and skills so that their level of medical competence is maintained, under the Continuing Medical Education Programme administered by the SMC.

Informal training sessions are held from time to time during which our staff are given updates on the latest advances and innovations in medical treatments and technology, in an effort to ensure that they remain well-versed in their respective fields. New hires must undergo a probationary period during which they are assessed to confirm that they have the requisite skills and experience. They are also given on-the-job training during which they shadow another employee to familiarize themselves with the operations of our clinics.

**SALES AND MARKETING**

The marketing of medical services by our Group is regulated by applicable guidelines issued by the MOH and the relevant laws and regulations in Singapore. Please refer to the section titled "*General Information on our Group – Government Regulations*" of this Prospectus for more details.

**Personal referrals and referrals from medical specialists and other clinics**

Our medical specialists are able to attract new customers through referrals from past or existing patients. "Word of mouth" is an effective and low-cost marketing strategy, especially in the digital age with the rise of social media, to grow our sales and build our brand. Through this marketing approach, we intend to continue to cultivate brand loyalty and goodwill amongst our existing patients.

In addition, our clinics also receive referred patients who require specialized orthopaedic or specific health screening services from other doctors (general practitioners and other medical specialists as well as other allied health professionals) and paramedical services. Our corporate sales and marketing team will ensure that we continue to widen this network of referrals and maintain the close relationship with the existing doctors and clinics within our referral network.

**Advertising and online social media presence**

We also market our specialized medical services available at our HCOS clinics through a variety of traditional and alternative online and social media platforms, including but not limited to, Google and Facebook advertisements, press coverage, print media and social media. All marketing activities undertaken in respect of our clinical and specialist services is undertaken bearing in mind the relevant restrictions and guidelines set out in the applicable regulations in Singapore.

**Corporate websites**

Our Group's corporate websites showcase the range of services, corporate profile, vision, mission and values, profile of our medical specialists and location of our clinics. This enables us to increase awareness of the clinics within our Group as well as the medical services being offered and reach out to a bigger target patient base.

**Securing strategic locations for medical clinics at cost effective rental rates**

We also seek to continue securing strategic locations for our medical clinics at cost-effective rental rates in order to expand our Group's business in Singapore. We will continue to search for new sites and regularly review the locations of our existing clinics.

**Branding**

Our Group will continue to build the "LYC HEALTHCARE (CAYMAN) LTD" brand. This is in line with our long-term strategy of leveraging and building upon our competitive strengths and cultivating a common branding theme across our clinics. We will therefore highlight the affiliation to "LYC HEALTHCARE (CAYMAN) LTD" at the physical premises, as well as the websites of our existing and future clinics.

**Public Health Seminars and Publicity**

Some of our medical specialists participate in public health seminars in Singapore and overseas. These events provide opportunities for our specialists as, among others, guest speakers or participants, to raise the awareness of our Group's services.

**IMPACT OF COVID-19 OR ANY OTHER INFECTIOUS AND COMMUNICABLE DISEASE OR SERIOUS HEALTH ISSUE**

We face risks from the outbreak of communicable or virulent diseases and pandemics/epidemics such as severe acute respiratory syndrome ("SARS"), H5N1 avian flu, Middle East Respiratory Syndrome ("MERS"), Ebola and most recently, the outbreak of COVID-19 in countries which we operate, which may materially and adversely affect our operations. In March 2020, the World Health Organization declared the outbreak of a new infectious disease known as "COVID-19", to be a pandemic. which spread rapidly in almost all regions around the globe and resulted in a rapid deterioration of the political, socio-economic, and financial situation globally. Countries around the world started to implement measures such as lockdowns and travel restrictions in order to prevent the spread of COVID-19. In Singapore, the MOH directed healthcare institutions to defer healthcare services which were triaged as non-essential services including aesthetic services, elective joint replacement surgeries, adult vaccination, and screening services. Furthermore, restrictions were placed on the entry of short-term visitors into Singapore and travel advisories were issued to discourage Singapore citizens and permanent residents from travelling overseas.

The reemergence of COVID-19 or outbreaks of other contagious and virulent diseases such as SARS, the MERS, influenza such as H5N1 and H7N9, the avian influenza and the Zika virus in the recent decades could require us to temporarily shut down our clinics, and centers, for an uncertain period of time to contain the spread of such diseases. And such disruptions to our business and operations may have a negative impact on our business, financial position, results of operations and prospects.

**MATERIAL LICENCES, PERMITS, REGISTRATIONS AND APPROVALS**

Our Group's principal business activities are located in Singapore. We are subject to regulation by applicable laws, regulations, and government agencies in Singapore. These regulations require us to possess various licenses, permits, registrations or approvals.

As at the date of this prospectus, our Group has the following material approvals, licenses, and permits:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **License Holder** | **Licensing body / Issuing body** | **License Name / License Number** | **Effective Date** | **Expiry Date** |
| T&T | Ministry of Health, | License under the HCSA to | 29 July 2025 | 28 July 2027 |
|  | Singapore | provide Outpatient Medical Services |  |  |
|  |  | No. L/21M0287/MDS/005/252 |  |  |
| HCOS | Ministry of Health, | License under the HCSA to | 6 December 2025 | 5 December 2027 |
|  | Singapore | provide Outpatient Medical Services |  |  |
|  |  | No. L/23M1492/MDS/004/252 |  |  |
| HCOS | Ministry of Health, | License under the PHMCA to | 20 December 2024 | 19 December 2026 |
|  | Singapore | provide Outpatient Medical Service |  |  |
|  |  | No. L/17M0401/MDS/002/242 |  |  |
| HCOS | Ministry of Health, | License under the PHMCA to | 11 December 2022 | 10 December 2027 |
|  | Singapore | operate a Medical Clinic |  |  |
|  |  | No. 20M0352/02/225 |  |  |
| HCOS | Ministry of Health, | License under the PHMCA to | 27 March 2023 | 26 March 2027 |
|  | Singapore | operate a Medical Clinic |  |  |
|  |  | No. 23M0109/01/232 |  |  |
| HCOS | National Environment | N2 License issued under the Radiation Protection Act | 15 February 2024 | N.A. |
|  | Agency | License No. N2/2024/00185 |  |  |
| HCOS | Ministry of Health, | License under the HCSA to | 21 March 2025 | 20 March 2027 |
|  | Singapore | provide Outpatient Medical Service |  |  |
|  |  | No. L/25M0081/MDS/001/252 |  |  |

---

As at the date of this prospectus, our Group has obtained all requisite material approvals, licenses and permits, and is in compliance with laws and regulations, that would materially affect our business operations.

In respect of the abovementioned licenses, registrations, permits, and approvals expiring in 2024, the application for renewal of such licenses, registrations, permits, or approvals is procedural or administrative in nature and these are renewed on an annual basis. We do not foresee any difficulties in renewing the abovementioned licenses, permits or approvals when they expire.

**INTELECTUAL PROPERTY**

We recognize the importance of protecting and enforcing our intellectual property rights. We rely on a combination of trademarks, designs, and patents, as well as non-competition, confidentiality and license agreements with our employees, suppliers, and other parties to protect our intellectual property rights.

Save as disclosed below, we do not own or use any other registered trademarks, designs, patents, internet domain names or intellectual property which are material to our business. We do not have any dispute or any other pending legal proceedings concerning intellectual property rights.

**Trademarks**

As at the Latest Practicable Date, the following trademarks have been registered by our Group:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Trademark | Place of Registered | Registered<br> Owner | Class | Registration<br> Date | Expiry Date |
| ![](formdrsa_011.jpg) | Singapore | LYC<br> Medicare<br> Singapore<br> Limited<br> 40202264670P | 44 | 30 November 2022 | 30 November 2032 |
| ![](formdrsa_012.jpg) | Singapore | LYC<br> Medicare<br> Singapore<br> Limited<br> 40202264666Q | 44 | 30 November 2022 | 30 November 2032 |
| ![](formdrsa_013.jpg) | Singapore | LYC<br> Medicare<br> Singapore<br> Limited<br> 40202264664X | 5 & 44 | 30 November 2022 | 30 November 2032 |

---

**Note:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant
to Rule 19 of the Trade Marks Rules of Singapore, for the purposes of applying for trademarks, goods and services are to be classified
according to the Nice Classification (an international system of classifying goods and services prescribed by the World Intellectual
Property Organization and established by the Nice Agreement) in force on the date of the application for registration of the trademark.
Further, every application requires, for each class of goods or services to which the application relates, the class number as set out
in the Nice Classification as in force on the date of that application, and a specification of those goods and services. In
this regard, the description of the relevant classes and specifications for trademarks registered by our Group are as follows: Class 5: Dietary supplements; Dietary
supplements for medical use; Medicines for human use; Nutritional supplements; Pharmaceutical drugs; Pharmaceutical products.

Class 44: Healthcare; Healthcare services; Information services relating to health care; Medical and healthcare services; Providing health information via a website; Provision of health care services; Provision of medical services; Provision of medical treatment

**Web Domains**

As at the Latest Practicable Date, the following domain names are owned by our Group but have not yet been activated:

---

| | | | |
|:---|:---|:---|:---|
| **Web Domain** | **Registered Owner** | **Registration Date** | **Expiry Date** |
| https://www.lychealthcarecayman.com/ | LYC HEALTHCARE (CAYMAN) LTD | 11 October 2024 | 10 October 2026 |
| https://www.lycmedicareinternational.com | LYC Medicare International Pte Ltd. | 11 October 2024 | 10 October 2026 |
| http://www.hcortho.sg | HC Orthopaedic Surgery Pte Ltd | 20 September 2017 | 4 May 2026 |
| http://tntmedicalgroup.com | T&T Medical Group Pte Ltd | 13 April 2018 | 13 April 2026 |

---

The domain names are renewed periodically prior to expiration, and we do not foresee any difficulties in renewing the abovementioned domain names when they expire.

Despite our efforts to protect ourselves from infringement or misappropriation of our intellectual property rights, unauthorized parties may attempt to copy or otherwise obtain and use our intellectual property in violation of our rights. In the event of a successful claim of infringement against us, or our failure or inability to develop non-infringing intellectual property or license the infringed or similar intellectual property on a timely basis, our business could be harmed.

**DATA SECURITY AND PROTECTION**

Keeping private data and sensitive information safe is integral to maintaining the trust from our customers. The personal data protection policies describe our data collection, use, disclosure, protection and retention practices.

In addition, we use a variety of technologies to protect the data with which we are entrusted and are constantly reviewing and monitoring our internal data security practices. Informal training and awareness programs are held from time to time to educate employees on the importance of information security and their responsibilities in relation to information management. Only authorized individuals who require the information to fulfil their job responsibilities have access to the relevant information and systems. For our external interfaces, we utilize firewalls, encryption, and other security controls to secure our networks from unauthorized access, use, disclosure, disruption, modification, or destruction.

**EMPLOYEES**

The following table sets forth a breakdown of our full-time employees by functions and geographical locations as of:

---

| | |
|:---|:---|
| **Function** | Singapore |
| Clinic Operations | 15 |
| Doctors | 4 |
| Management | 3 |
| Finance, human resources, and administration | 1 |
| Total | 23 |

---

We enter into employment contracts with our full-time employees which contain standard confidentiality and non-compete provisions.

**FACILITIES**

We lease the following properties:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Lessee** | **Location** | **Tenure** | **Approximate Gross<br> Floor Area (sq m)** | **Lessor** | **Usage by our Group** |
| LYC<br> Medicare<br> International Pte. Ltd. | 435 Orchard Road, #21-05, Wisma Atria, Singapore 238877 | <br> August 1, 2025 to<br> July 31, 2028<br>| 87 | HSBC Institutional Trust Services (Singapore) Limited | Registered office of the Group |
| HCOS | 3 Mount Elizabeth, #15-14 Room 1, Mount Elizabeth Medical Centre, Singapore 228510 | 1 December 2023 to <br> 30 December 2025 | Not Available (1) | Susan Quek Heart Care Private Limited (2) | Specialist medical clinic |
| HCOS | 319 Joo Chiat Place, #04-07 Parkway East Medical Centre, Singapore 427989 | 1 October 2023 to<br> 30 September 2026 | 55 | Parkway Hospitals Singapore Pte.<br> Ltd. (2) | Specialist medical clinic |
| HCOS | 38 Irrawaddy Road, #06-37, Mount Elizabeth Novena Specialist Centre, Singapore 329563 | 1 March 2023 to<br> 28 February 2025 | 14.8 | The Colorectal Clinic Pte. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Specialist medical clinic |
|  |  | <br> 1 March 2025<br> To 29 February<br> 2028<br> (Renewal) | <br> 54 | The Colorectal<br> Clinic Pte. Ltd.  | Specialist<br> Medical clinic  |
| <br>HCOS | <br>6 Napier Road, #09-16 Gleneagles Medical Centre, Singapore 258499 | <br>1 December 2023 to<br> 30 September 2026 | <br>10.4 | <br>Eric Khoo Diabetes and Endocrine Clinic Pte. Ltd. | <br>Specialist medical clinic |
| T&T | #01-14, #01-15, #01-16,<br> #01-17, #01-18, #01-19,<br> #01-20, on the 1st story of the building known as "Novotel Singapore on Kitchener" situated at 181 Kitchener Road, New Park Shopping Arcade, Singapore 208533 (3) (4) | <br> 1 January 2024 to 31 August 2024<br>1 September 2024 to<br> 31 August 2029  | 814 | <br> NSK Hotel Pte. Ltd.<br>Midtown Properties Pte. Ltd. | Primary care medical clinic |
| T&T | #01-01, #01-02 and #01-03<br> on the 1st story of the<br> building known as "Novotel Singapore<br> on Kitchener" situated at 181<br> Kitchener Road, New Park<br> Shopping Arcade, Singapore 208533(3),(4) | 1 January 2024 to 31 August 2024<br>1 September <br> 2024 to<br> 31 August <br> 2029 | 299 | NSK Hotel Pte. Ltd<br>Midtown <br> Properties Pte Ltd. | Primary care<br> medical clinic |

---

**Notes:**

(1) The gross floor area for
 the premises at Mount Elizabeth Medical Centre was not provided in the lease agreement.

(2) Pursuant to the terms of
 the lease entered into by (i) HCOS and Susan Quek Heart Care Private Limited; and (ii) HCOS and Parkway Hospitals Singapore Pte. Ltd.,
 the respective lessors are entitled to unilaterally terminate the respective leases without cause. We are dependent on the continuing
 operations of the medical centers and hotel where we currently conduct our business" for information relating to the potential
 impact of the unilateral termination of lease agreements on the operations of our Group.

(3) "Parkroyal on Kitchener
 Road" has been renamed to "Novotel Singapore on Kitchener".

(4) The landlord of the premises, Midtown Properties Pte. Ltd., has not objected to T&T sub-letting unit #01-01 to
an unrelated third-party for the operations of a medical clinic.

**INSURANCE AND SOCIAL SECURITY MATTERS**

Our insurance and pension policies are in compliance with applicable laws and regulations in Singapore and we are in the process of confirming that the insurance policy for the Parkway East Medical Centre is in full force and effect. We are required under Singapore law to make monthly contributions to the Central Provident Fund (CPF) accounts of our employees. We have obtained work injury compensation insurance and foreign worker medical policies in accordance with applicable requirements in Singapore. Further, all of our medical practitioners take up personal professional medical and specialist indemnity insurance (where applicable). We believe that our coverage is in line with industry norms in Singapore and is adequate and sufficient for our current operations.

**LITIGATION**

There are no material proceedings to which any director or officer, or any associate of any such director or officer, is a party that is adverse to our Company or any of our subsidiaries or has a material interest adverse to our Company or any of our subsidiaries. No director or executive officer has been a director or executive officer of any business which has filed a bankruptcy petition or had a bankruptcy petition filed against it during the past ten years. No current director or executive officer has been convicted of a criminal offense or is the subject of a pending criminal proceeding during the past ten years. No current director or executive officer has been the subject of any order, judgment or decree of any court permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities, or banking activities during the past ten years. No current director or officer has been found by a court to have violated a federal or state securities or commodities law during the past ten years.

However, we may from time to time after the date of this prospectus become subject to claims and litigation arising in the ordinary course of business. One or more unfavorable outcomes in any claim or litigation against us could have a material adverse effect for the period in which such claim or litigation is resolved. In addition, regardless of their merits or their ultimate outcomes, such matters are costly, divert management's attention, and may materially adversely affect our reputation, even if resolved in our favor.

**REGULATORY ENVIRONMENT**

Our business operations are subject to the laws and regulations which are of general application in Singapore, in which our Group Companies carry on business and operations. The laws and regulations set out below are not exhaustive and are only intended to provide some general information to the investors and are neither designed nor intended to be a substitute for professional advice. Prospective investors should consult their own advisers regarding the implication of such laws and regulations on our Group.

**Healthcare Services Act 2020 ("HCSA") and related regulations**

*Overview*

The HCSA provides for the regulation of healthcare services and other connected or incidental matters and has repealed and replaced the PHMCA. The new HCSA was implemented in phases to assist professionals in the new transition from the PHMCA to the HCSA, with Phase 1 being implemented on 3 January 2022, Phase 2 being implemented on 26 June 2023 and Phase 3 being implemented on 18 December 2023. In each phase, specific types of healthcare services (as set out in the 1st Schedule of the HCSA) were brought into the regulatory framework of the HCSA.

As part of Phase 1, healthcare service providers providing the following clinical support services were brought into the regulatory framework of the HCSA: (a) blood banking service; (b) clinical laboratory service; (c) cord blood banking service; (d) emergency ambulance service; (e) medical transport service; (f) nuclear medicine assay service; (g) nuclear medicine imaging service; and (h) radiological service. Notably, (f) and (g) were consolidated into the single service known as "nuclear medicine" in the subsequent phase.

As part of Phase 2, which affected a majority of services regulated under the PHMCA, healthcare service providers providing the following services were brought into the regulatory framework of the HCSA: (a) ambulatory surgical center service; (b) assisted reproduction service; (c) community hospital service; (d) contingency care service; (e) human tissue banking service; (f) nuclear medicine service; (g) outpatient dental service; (h) outpatient medical service; and (i) outpatient renal dialysis service. HCOS and T&T each provide the service described in (h) and thus require a license to provide said service.

As part of Phase 3, healthcare service providers providing nursing home services were brought into the regulatory framework of the HCSA.

Under the HCSA, the scope of the regulatory regime has been broadened and will now cover allied health services, traditional medicine, and complementary and alternative medicine. These services will now fall within the scope of the HCSA, although MOH will not be licensing these services for the moment. The practice of professionals such as physiotherapists and traditional Chinese medicine practitioners will continue to be regulated through their existing professional acts.

Further, the HCSA now introduces a services-based licensing regime, whereby healthcare providers will be licensed based on framework the type of services they provide. This replaces the premises-based licensing regime under the PHMCA, whereby providers were licensed based on their physical premises. The HCSA was amended in 2023 to introduce specified services and non-premises-based modes of service delivery (e.g. virtual medical consultations, home medical care) for various licensable healthcare services. From June 2023, licensees are required to seek approval for the modes of service delivery and specified services provided.

*Licenses Required for the Provision of Licensable Healthcare Services*

Section 8 of the HCSA provides that a person must not provide a licensable healthcare service unless the person (a) is authorized to do so by a license under the HCSA or (b) is exempt from this section by or under the HCSA in relation to that licensable healthcare service.

A person that contravenes Section 8 as above shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$100,000 or to imprisonment for a term not exceeding two (2) years or to both, but if the person has any previous qualifying conviction, to a fine not exceeding S$200,000 or to imprisonment for a term not exceeding two (2) years or to both.

*Permanent Premises, Conveyances and Service Delivery Mode to be Approved*

Section 9 of the HCSA provides that a licensee must not provide a licensable healthcare service (a) at any permanent premises in Singapore that is not an approved permanent premises for the provision of the licensable healthcare service, (b) using any conveyance that is not an approved conveyance for the provision of the licensable healthcare service or (c) by any other service delivery mode that is not approved under section 11B for the provision of the licensable healthcare service.

A licensee that contravenes Section 9 as above shall be guilty of an offence and shall be liable on conviction in the case of a first offence, to a fine not exceeding S$50,000 or to imprisonment for a term not exceeding 12 months or to both, but if the licensee has a previous qualifying conviction, to a fine not exceeding S$100,000 or to imprisonment for a term not exceeding 12 months or to both.

*Service Standards*

The HCSA and its related regulations require licensees to comply with certain service standards, which include maintaining standards of care, equipment safety, and staff qualifications. The Healthcare Services (General) Regulations 2021 ("General Regulations") also prescribe minimum standards of care for the provision of the relevant licensable healthcare service.

With respect to staff qualifications, a licensee must employ or engage such number of suitable personnel as is necessary to ensure the safety of the licensee's patients and the quality of care that the licensee is reasonably expected to provide to the patients. In doing so, the licensee must have regard to, *inter alia*, their professional qualifications, skills, and competencies.

*Governance Requirements*

The HCSA also improves the governance requirements for providers of healthcare services.

Under Section 23 of the HCSA, a licensee must ensure that its key appointment holders are suitable persons to act in that capacity and that the composition of the key appointment holders satisfies the skills and competencies requirements prescribed or as specified in any code of practice issued by the Director-General of Health if not prescribed. Further, licensees must notify the Director-General of Health of changes to its key appointment holders.

*Penalties*

The HCSA also aims to update the penalties for offences to be aligned with comparable offences under other recently enacted legislations. For instance, in relation to any matter under the HCSA, a person that knowingly makes a false statement in a material particular shall be guilty of an offence and be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 12 months or to both.

*National Electronic Health Record*

Additionally, under the HCSA, licensees are required to contribute to the National Electronic Health Record. The National Electronic Health Record enables a patient's health record to follow them regardless of where they seek treatment. A patient's records will not be lost should a provider cease operations.

Safeguards have been put in place to ensure that patients' records in the National Electronic Health Record are kept confidential. National Electronic Health Record can be accessed only for purposes of patient care, and not for other purposes including assessment for employment and insurance. Measures, including the provision of access logs to patients and regular audits on access to the National Electronic Health Record, will be instituted to protect against illegitimate access. The HCSA also aims to update the penalties for offences to be aligned with comparable offences under other recently enacted legislations.

All patients will by default have their specified health data contributed to the National Electronic Health Record. Patients who do not wish for their records to be accessed via the National Electronic Health Record may opt-out. Patients who have opted out will continue to have their information uploaded to the National Electronic Health Record, but with access blocked (that is, no healthcare providers can access their records in the National Electronic Health Record) to allow past information to be unlocked should the patient choose to opt back in at a later point in time. Such an arrangement would allow past information to be unlocked should the patient choose to opt back in at a later point in time.

Under the HCSA, licensees are required to keep and maintain patients' records while implementing safeguards to protect such records. Further, the General Regulations imposes an obligation on licensees to ensure the confidentiality, integrity and security of every patient's health record is maintained at all times.

**Medical Registration Act 1997 ("Medical Registration Act")**

The Medical Registration Act provides for, *inter alia*, the establishment of the SMC and the registration of medical practitioners in Singapore.

The functions of the SMC include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) keeping and maintaining registers of registered medical practitioners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuing practicing certificates to registered medical practitioners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) approving or rejecting applications for registration under the Medical Registration Act or approving any such application subject to such restrictions as it may think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) making recommendations to the appropriate authorities for the training and education of registered medical practitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) determining and regulating the conduct and ethics of registered medical practitioners.

No person shall practice as a medical practitioner unless he is registered under the Medical Registration Act and has a valid practicing certificate. Any person who is not qualified and, *inter alia*, (a) practices medicine; (b) willfully and falsely pretends to be a duly qualified medical practitioner; (c) practices medicine or any branch of medicine, under the style or title of physician, surgeon, doctor; or (d) advertises or holds himself out as a medical practitioner, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$100,000 or to imprisonment for a term not exceeding 12 months or to both. In the case of a second or subsequent conviction, a fine not exceeding S$200,000 or imprisonment for a term not exceeding two (2) years or both will be imposed.

**Radiation Protection Act 2007 ("RPA")**

The RPA regulates, *inter alia*, the import, export, manufacture, sale, disposal, transport, storage, use and possession of radioactive materials and irradiating apparatus. Sections 6 and 7 of the RPA provide that no person shall, except under and in accordance with a license:

&nbsp;&nbsp;&nbsp;&nbsp;(a) import into, or export out
 of, Singapore any radioactive material;

(b) keep, have in his possession
 or under his control, or use any radioactive material;

(c) manufacture, sell or otherwise
 deal in any radioactive material;

(d) transport any radioactive
 material;

(e) import into, or export out
 of, Singapore any irradiating apparatus;

(f) keep, have in his possession
 or under his control, or use any irradiating apparatus;

(g) manufacture,
 or otherwise produce, any irradiating apparatus; and

(h) sell, deal with, or otherwise
 deal in any irradiating apparatus.

Any person who contravenes (a) to (h) above shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$100,000 or to imprisonment for a term not exceeding five (5) years or to both.

The RPA also provides that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) every person who sells any
 irradiating apparatus shall immediately give notice of the sale to the Director-General of Environmental Protection ()"**Director-General** "),
 together with the name, address, and prescribed particulars of the person to whom it was sold, in such form and manner as may be prescribed;

(ii) every person who purchases
 any irradiating apparatus shall immediately give notice of the purchase to the Director-General, together with the name, address, and
 prescribed particulars of the person from whom it was purchased, in such form and manner as may be prescribed; and

(iii) no person shall dispose of
 any irradiating apparatus, whether in a working condition or otherwise, without the prior approval in writing of the Director-General.

Any person who contravenes (i) to (iii) above shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$50,000 or to imprisonment for a term not exceeding 12 months or to both.

The Radiation Protection (Ionizing Radiation) Regulations 2023 provide for, *inter alia*, the various purposes a license can be granted for, including the control of radiation exposure, medical and radiological supervision, labelling of irradiating apparatus and radioactive materials, storage of radioactive materials and the use of irradiating apparatus for medical, dental, and veterinary diagnostic purposes.

**Ancillary laws and regulations**

The operation of healthcare business in Singapore is also subject to other ancillary laws and regulations, including:

---

| | |
|:---|:---|
| (a) | the Medicines Act 1975, which provides provisions relating to, *inter alia*, general provisions for the manufacturing of and dealing in medicinal products, the considerations of the licensing authority for granting licenses, the regulation of pharmacies, the labelling of medicines, the packaging of medicines and the content of materials advertising and/or promoting the sale of medical products; |
| (b) | the Poisons Act 1938, which regulates the importation, possession, manufacture, compounding, storage, transport, and sale of poisons; |
| (c) | the Sale of Drugs Act 1914, which makes provisions for the sale of drugs in a pure state so that consumers are supplied with the quantity and quality of drugs demanded by them, explicitly or implicitly; and |
| (d) | the Infectious Diseases Act 1976, which relates to the quarantine and the prevention of infectious diseases. |
|  | **Singapore Medical Council Ethical Code and Ethical Guidelines 2016 ("SMC Ethical Code" and "SMC Ethical Guidelines 2016" respectively), SMC Handbook on Medical Ethics (2016 Edition) ("SMC Handbook")** |

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**ECEG**

The SMC Ethical Code sets out the fundamental tenets of conduct and behavior expected of doctors practicing in Singapore. Under the SMC Ethical Code, a doctor is generally expected, *inter alia*, to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) be dedicated to providing
 medical care that is competent, compassionate and of a quality that is accepted by the profession;

(b) provide access to good medical
 care and treat patients without unfair discrimination, prejudice, or personal bias against any characteristic of patients, for example
 gender, race, religion, creed, social or economic standing, disability, or sexual orientation;

(c) maintain the highest standards
 of moral integrity and intellectual honesty;

(d) keep confidential (apart
 from legitimate disclosures) all medical information about patients; and

(e) maintain competence by keeping
 abreast of medical knowledge relevant to practice and ensure that your clinical and technical skills are current.

The SMC Ethical Guidelines 2016 elaborate on the application of the SMC Ethical Code and contains guidance for medical practitioners that generally ought to be met in the majority of situations.

Some of the relevant guidelines provided include:

&nbsp;&nbsp;&nbsp;&nbsp;(a) doctors who are associated,
 whether professionally or in business, with healthcare organizations must ensure that the information put out about themselves, and
 their practice or the organization's services abide by the standards required of medical advertising; and

(b) doctors may provide information
 about their qualifications, areas of practice, practice arrangements and contact details. Such information, where permitted, shall
 be factual, accurate, verifiable and shall not be an extravagant claim, misleading, sensational, persuasive, laudatory, comparative,
 or disparaging.

**PDPA**

The PDPA generally requires organizations to give notice and obtain consents prior to collection, use or disclosure of personal data (being data, whether true or not, about an individual who can be identified from that data or other accessible information), and to provide individuals with the right to access and correct their own personal data. Organizations have mandatory obligations to assess data breaches they suffer, and to notify the PDPC and the relevant individuals where the data breach is of a certain severity. The PDPA also imposes various baseline obligations on organizations in connection with permitted uses of, accountability for, the protection of, the retention of, and overseas transfers of, personal data.

The PDPA creates various offences in connection with the improper use of personal data, certain methods of collecting personal data and certain failures to comply with the requirements under the PDPA. These offences may be applicable to organizations, their officers and/or their employees. Offenders are liable on conviction to fines and/or imprisonment. The PDPA empowers the PDPC with significant regulatory powers to ensure compliance with the PDPA, including powers to investigate, give directions and impose a financial penalty of up to S$1 million. In addition, the PDPA created a right of private action, pursuant to which the Singapore courts may grant damages, injunctions, and relief by way of declaration, to persons who suffer loss or damages directly as a result of contraventions of certain requirements under the PDPA.

The PDPA was last amended by the Personal Data Protection (Amendment) Act 2020, which is only partially in force. From 1 October 2022, for organizations whose annual turnover in Singapore exceeds S$10 million, the maximum financial penalty that the PDPC may impose is 10% of the annual turnover in Singapore of that organization or S$1 million, whichever is higher. As of the Latest Practicable Date, key portions of such Act not yet in force include a requirement for organizations to transfer personal data of an individual to a different organization where requested by the individual (generally referred to as "data portability").

**WORKPLACE SAFETY AND HEALTH ACT 2006 OF SINGAPORE ("WSHA 2006")**

The WSHA is administered by the MOM. Under the WSHA, every employer has the duty to take, so far as is reasonably practicable, such measures as are necessary to ensure the safety and health of his employees at work. These measures include providing and maintaining for the employees a work environment which is safe, without risk to health, and adequate as regards facilities and arrangements for their welfare at work, ensuring that adequate safety measures are taken in respect of any machinery, equipment, plant, article or process used by the employees, ensuring that the employees are not exposed to hazards arising out of the arrangement, disposal, manipulation, organization, processing, storage, transport, working or use of things in their workplace or near their workplace and under the control of the employer, developing and implementing procedures for dealing with emergencies that may arise while those persons are at work and ensuring that the person at work has adequate instruction, information, training and supervision as is necessary for that person to perform his work.

**WORKPLACE COMPENSATION ACT 2019 OF SINGAPORE ("WICA 2019")**

The WICA, which is regulated by the MOM, applies to all employees in all industries engaged under a contract of service or apprenticeship with an employer regardless of their level of earnings in respect of injury suffered by them in the course of their employment and sets out, amongst others, the amount of compensation they are entitled to and the method(s) of calculating such compensation. The WICA 2019 does not cover self-employed persons or independent contractors.

The WICA provides that the employer shall be liable to pay compensation in accordance with the provisions of the WICA, if personal injury by accident arising out of and in the course of the employment is caused to an employee. Employers are required to maintain work injury compensation insurance for all employees doing manual work regardless of salary level and non-manual employees earning S$2,600 or less a month, who are engaged under contracts of service (unless exempted). Under the WICA 2019, every employer is required to insure and maintain insurance under approved policies with an insurer against all liabilities which he may incur under the provisions of the WICA 2019 in respect of all employees employed by him, unless specifically exempted. Failure to provide adequate insurance is an offense carrying a fine of up to S$10,000 or imprisonment for a term of up to 12 months, or both for a first-time offender.

**EMPLOYMENT ACT 1968 OF SINGAPORE ("EA 1968")**

The EA is also administered by the MOM and sets out the basic terms and conditions of employment and the rights and responsibilities of employers as well as employees who are covered under the EA ("relevant employees"). The definition of "employee" under the EA 1968 does not extend to, among others, freelance contractors who have entered into a contract for service. The EA 1968 prescribes certain minimum conditions of service that employers are required to provide to their employees, including (i) minimum days of statutory annual and sick leave (Sections 88A and 89 of the EA 1968 respectively); (ii) paid public holidays (Section 88 of the EA 1968); (iii) statutory protection against wrongful dismissal (Section 14 of the EA 1968); (iv) provision of key employment terms in writing (Section 95A of the EA 1968); and (v) statutory maternity leave and childcare leave benefits (Sections 76 and Section 87A of the EA 1968 respectively).

In particular, Part 4 of the EA sets out requirements for rest days, hours of work and other conditions of service for workmen who receive salaries not exceeding S$4,500 a month and employees (other than workmen) who receive salaries not exceeding S$2,600 a month. Section 38(8) of the EA provides that a relevant employee is not allowed to work for more than 12 hours in anyone (1) day except in specified circumstances, such as where the work is essential to the life of the community, defense, or security. In addition, section 38(5) of the EA limits the extent of overtime work that a relevant employee can perform to 72 hours a month.

Employers must seek the prior approval of the Commissioner for Labour ("**Commissioner**") for exemption if they require a relevant employee or class of relevant employees to work for more than 12 hours a day or work overtime for more than 72 hours a month. The Commissioner may, after considering the operational needs of the employer and the health and safety of the relevant employee or class of relevant employees, by order in writing exempt such relevant employees from the overtime limits subject to such conditions as the Commissioner thinks fit. Where such exemptions have been granted, the employer shall display the order or a copy thereof conspicuously in the place where such employees are employed.

*Enhanced administrative requirements*

From 1 April 2016, the Employment (Amendment) Act 2015 requires employers to implement enhanced administrative requirements for employees covered under the EA. There are key changes in relation to pay slips, employment terms and employment records, as well as the new framework adopted for less severe breaches of the EA. Employers are also required to provide itemized pay slips to all employees, provide employees with written key employment terms and keep detailed employment records for each employee.

**ENVIRONMENTAL PROTECTION AND MANAGEMENT ACT 1999 OF SINGAPORE ("EPMA")**

Under Section 24 of the EPMA 1999, every person storing, using, or otherwise dealing with any hazardous substance and every agent, servant or employee of such person shall do so in such a manner as not to threaten the health or safety of any person, or to cause pollution of the environment. Any person who contravenes this section shall be guilty of an offence.

Under Section 27 of the EPMA, any person who is guilty of an offence shall be liable on conviction to a fine not exceeding S$50,000 or to imprisonment for a term not exceeding two (2) years or to both, and in the case of a continuing offence, to a further fine not exceeding S$2,000 for every day or part thereof during which the offence continues after conviction. Under Regulation 17 of the Environmental Protection and Management (Hazardous Substances) Regulations, a person shall not use, keep, or have in his possession or under his control any hazardous substance specified in the Schedule unless he is authorized to store such hazardous substances.

**THIRD PARTY PAYOR AND BILLING MATTERS**

We do not bill or receive reimbursements directly from Singapore government healthcare programmes. A portion of our revenue is collected from private third-party payors, including commercial insurers, third-party administrators and corporate medical panels, under customary network or panel arrangements. Such arrangements generally affect billing procedures and collection timing but do not impose government reimbursement rate setting on our fees.

**MANAGEMENT**

The following table sets forth the names, ages and titles of our directors, director nominees, executive officers, and key personnel as of the date of this prospectus.

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| | | |
|:---|:---|:---|
| Name | Age | Position(s) |
| ***Executive Officers and Directors*** |  |  |
| Dr. Chan Ying Ho (Henry) | 45 | Chairman of the Board of Directors, Chief Executive Officer and Executive Director |
| Lee Ai Vi | 47 | Chief Financial Officer |
| Sui Diong Hoe (David)<br>| 69 | Executive Director |
| Tong Wei Min Raymond\*<br>| 59<br>| Chairman of the Board of Directors and Non-Executive Director - Nominee<br>|
| ***Independent Non-executive Directors*** |  |  |
| Ai Sze Yin <sup>(1)(2)(3)\*</sup> | 44 | Independent Director - Nominee |
| Law Yew Foo (Brian) <sup>(1)(2)(3)\*</sup> | 47 | Independent Director - Nominee |
| Justin Kong Heen Zee <sup>(1)(2)(3)\*</sup> | 36 | Independent Director - Nominee |

---

<sup>(1)</sup> Member of the Audit Committee

<sup>(2)</sup> Member of the Compensation Committee

<sup>(3)</sup> Member of the Nomination and Corporate Governance Committee

Note:

\* The appointments of the non-executive and independent directors will become effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

The business address of all such senior management and directors is 435 Orchard Road, #21-05, Wisma Atria, Singapore 238877.

**Executive Officers and Directors**

***Dr. Chan Ying Ho (Henry)*** has served as our Chairman of the Board of Directors, and Chief Executive Officer since December 30, 2024, and as our Executive Director since October 18, 2024. He will relinquish the role as Chairman of the Board of Directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, when Tong Wei Min Raymond assumes this position. He has served as the Medical Director of HCOS since September 2017 where he is responsible for overseeing and managing the operations of our HCOS clinics. Dr. Chan Ying Ho (Henry) is a certified Orthopaedic Surgeon in Singapore by the MOH. He became a member of the Royal College of Surgeons of Edinburgh in 2008 and obtained his Master of Medicine (Orthopaedic Surgery) from the National University of Singapore in 2009. Subsequently, he completed his advanced surgical training and became a certified fellow of the Royal College of Surgeons of Edinburgh in the specialty of Orthopaedic Surgery in 2013. Dr. Chan Ying Ho (Henry) was awarded the prestigious scholarship by the Human Manpower Development Program (HMDP) from the MOH and completed his Revision Hip and Knee arthroplasty fellowship at the Helios Endo-Klinik in Hamburg, Germany in 2014, which is the largest hip and knee reconstruction center in Europe. Since then, Dr. Chan Ying Ho (Henry) was a valued member of the Joint Replacement Unit in Department of Orthopaedic Surgery in Tan Tock Seng Hospital during his time there and had performed more than 1,000 joint replacements till date. He is well respected in the region and had been invited as an instructor for basic and advanced joint replacement courses in various countries including Malaysia, Vietnam, Thailand, and India. He was also appointed the Adjunct Assistant Professor in the Department of Orthopaedic Surgery in Yong Loo Lin School of Medicine, National University of Singapore as well as a core faculty member of the orthopaedic residency program in the National Healthcare Group.

Dr. Chan Ying Ho (Henry) graduated from the National University of Singapore with a Bachelor of Medicine and Bachelor of Surgery in. June 2004

***Lee Ai Vi*** has served as our Chief Financial Officer since July 2025. Since June 2025 she has served as the CFO for LYC Healthcare Berhad and from August 2024 until May 2025 she served as its Group Accountant. From September 2023 until August 2024, Ms. Lee served as the Head of Finance for Planworth Global Factoring Sdn Bhd and from December 2021 until August 2023 she served as the Senior Manager at U Mobile Sdn Bhd. She received a BA (HONS) in International Business Administration from the University of Northumbria, Newcastle, UK in 2001. Ms. Lee obtained an Association of Chartered Accountants in 2012 and is a member of the Fellowship of Certified Chartered Accountants since 2017.

***Sui Diong Hoe (David)*** has served as our Executive Director since December 30, 2024. Since August 2017 Mr. Sui has served as the Group Chief Executive Officer and Executive Director of LYC Medicare Sdn Bhd. Mr. Sui obtained an Association of Chartered Certified Accountants accreditation in December 1982 and is a member of Malaysian Institute of Accountants (MIA) since 1982.

***Tong Wei Min Raymond*** will be appointed as our Chairman of the Board of Directors and Non-Executive Director effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1. Since February 2021 he has been a Partner with the law firm of Rajah & Tann Singapore LLP and from November 2010 until February 2021, he was a Partner with the law firm Clifford Chance in Singapore. Mr. Tong has been in legal practice since 1993. He graduated from the University of Nottingham, U.K. In 1991 where he received his Bachelor of Laws degree. He is an Advocate and Solicitor, Supreme Court of Singapore, and a Solicitor (England and Wales).

***Ai Sze Yin*** will be appointed as our Independent Non-Executive Director effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1. She is a professional accountant with almost two (2) decades of audit experience. She is currently the Managing Partner of ONE Millennium PAC. Ms. Ai Sze Yin graduated from Nanyang Technological University in 2002 with a Bachelor of Accountancy (Honours). She is a Chartered Accountant with the Institute of Singapore Chartered Accountants.

 ***Law Yew Foo (Brian)*** will be appointed as our Independent Non-Executive Director effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1. Since March 2021 he served as the Managing Partner of the LAW Partnership in Singapore and Malaysia. He attended the University of London, UK from September 1997 until June, 2000 where he received a Bachelor of Laws degree in August 2000. He practices in the areas of corporate and commercial laws, intellectual property (IP), and white-collar crimes and corporate investigations. He advises multinational companies on M&A, regulatory compliance, IP litigation, enforcement, and commercialization across Southeast Asia.

***Justin Kong Heen Zee*** will be appointed as our Independent Non-Executive Director effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1. Since September 2024 he was part of the founding group for NSO Pte. Ltd., Singapore and from September 2020 until June 2024 he served as the CEO of Payd Pte. Ltd., Singapore. Mr. Kong attended the University College London from September 2006 until 2009 when he received his BSc degree in Economics. He also Qualified as a Chartered Accountant with the Institute of Chartered Accountants with PWC in England and Wales from April 2011 until April 2014 and obtained his qualifications by April 2014.

**Key Personnel**

***Ting Choon Meng*** has served as our Director of T&T since April 1989. He joined private medical practice in January 1987 and founded T&T in 1989. To date he has more than 33 years of private medical practice. Dr. Ting Choon Meng is currently the Managing Director of T&T and principal doctor at our T&T clinic where he also oversees the operations of the clinic, including the management of all the patients. He attended the National University of Singapore from 1979 until April 1984 and received Bachelor of Medicine and Bachelor of Surgery degree in June 1984.

***Toon Dong Hao*** has served as a consultant to the Orthopaedic Surgery Department of HCOS since November 2024. Dr. Toon previously served as a consultant to the Orthopaedic Surgery Department of Khoo Teck Puat Hospital since August 2020 where he also served from August 2018 until July 2020 as an Associate Consultant in the Orthopaedic Surgery Department. He attended the University of Leeds, United Kingdom from September 2004 until June 2009 when he received his MBChB (Medical) degree; the Royal College of Surgeons of Edinburgh, where he received hi MRCS (Surgery) degree in June 2012; the National University of Singapore where he received his MMed (Orthopaedic Surgery) degree in June 2017 and the Royal College of Surgeons of Edinburgh where he received his FRCSE (Orthopaedic Surgery) degree in 2018.

***Yeoh Ching Sing (Nicholas)*** has served as a consultant in orthopaedic surgery at HCOS since April 2023 and as a consultant in orthopaedic surgery at Khoo Teck Puat Hospital from August 2019 until April 2023. Dr. Yeoh attended the University of Edinburgh from September 2004 until July 2009 where he received his MBChB (Bachelor of Medicine and Bachelor of Surgery) degree; the Royal College of Surgeons of Edinburgh, where he received hi MRCS (Surgery) degree in June 2011; the National University of Singapore where he received his MMed (Orthopaedic Surgery) degree in June 2016 and the Royal College of Surgeons of Edinburgh where he received his FRCSE (Orthopaedic Surgery) degree in 2019.

***Tan Winnie*** has served as a doctor at HCOS Premier Health Screening Centre since March 2025. Dr. Tan previously served as a Medical Officer in Khoo Teck Puat Hospital, Singapore General Hospital, Ang Mo Kio-Thye Hua Kwan Hospital, and Outram Community Hospital between 2020 to 2024. She attended the National University of Singapore from August 2015 until April 2019 where she received her MBBS (Bachelor of Medicine and Bachelor of Surgery) degree.

**Committees of the Board of Directors**

Our board of directors has established an audit committee, a compensation committee, and a nomination and corporate governance committee, each of which will operate pursuant to a charter to be adopted by our board of directors and will be effective upon the effectiveness of the registration statement of which this prospectus is a part. The board of directors may also establish other committees from time to time to assist the Company and the board of directors. Upon the effectiveness of the registration statement of which this prospectus is a part, the composition and functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act, the Nasdaq Listing Rules and the SEC rules and regulations, if applicable. Upon our listing on Nasdaq, each committee's charter will be available on our website at www. lychealthcarecayman.com. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be part of this prospectus.

***Audit Committee***

Ai Sze Yin, Law Yew Foo (Brian), and Justin Kong Heen Zee will serve on the audit committee, which will be chaired by Ai Sze Yin. Our board of directors has determined that each is "independent" for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board of directors has designated Ai Sze Yin as an "audit committee financial expert", as defined under the applicable rules of the SEC. The audit committee is responsible for, among other things:

● appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm;

● pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

● reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our combined financial statements;

● reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly combined financial statements and related disclosures as well as critical accounting policies and practices used by us;

● coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

● establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited combined financial statements shall be included in our Annual Report on Form 20-F;

● monitoring the integrity of our combined financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

● reviewing all related person transactions for potential conflict of interest situations and approving all such transactions;

● continuously engage in the analysis of and review for potential cybersecurity risks as part of the Company's overall risk management program; and

● reviewing earnings releases.

***Compensation Committee***

Law Yew Foo (Brian), Justin Kong Heen Zee and Ai Sze Yin will serve on the compensation committee, which will be chaired by Law Yew Foo (Brian). We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee is responsible for, among other things:

● evaluating the performance of our Chief Executive Officer in light of such corporate goals and objectives and based on such evaluation: (i) recommending to the board of directors the cash compensation of our Chief Executive Officer; and (ii) reviewing and approving grants and awards to our Chief Executive Officer under equity-based plans;

● reviewing and recommending to the board of directors the cash compensation of our other executive officers;

● reviewing and establishing our overall management compensation, philosophy, and policy;

● overseeing and administering our compensation, share option scheme, and similar plans;

● reviewing and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable Nasdaq Listing Rules;

● retaining and approving the compensation of any compensation advisors;

● reviewing and approving our policies and procedures for the grant of equity-based awards;

● reviewing and recommending to the board of directors the compensation of our directors;

● reviewing and determining the necessity for recovery of certain incentive compensation previously paid to the Company's officers and directors in the event of a restatement of the Company's financial statements for any fiscal year; and

● preparing the compensation committee report required by SEC rules, if and when required.

***Nomination and Corporate Governance Committee***

Law Yew Foo (Brian), Justin Kong Heen Zee and Ai Sze Yin will serve on the nomination and corporate governance committee, which will be chaired by Justin Kong Heen Zee. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:

● recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board;

● reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity, and availability of service to us;

● selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself;

● developing, reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law and practice of corporate governance and our compliance with such laws and practices;

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance; and

● evaluating the performance and effectiveness of the board as a whole.

While we do not have a formal policy regarding board diversity, our nomination committee and board of directors will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender, or national origin). Our nomination committee's and board of directors' priority in selecting board members is identification of persons who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and professional and personal experience and expertise relevant to our growth strategy.

**Code of Conduct and Code of Ethics**

Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt a written code of business conduct and ethics that applies to our directors, officers, and employees, including our Chief Executive Officer, Chief Financial Officer, principal accounting officer or controller or persons performing similar functions. Following the effectiveness of the registration statement of which this prospectus is a part, a current copy of this code will be posted on the Corporate Governance section of our website, which is located at http://www.lychealthcarecayman.com. The information on our website is deemed not to be incorporated in this prospectus or to be a part of this prospectus. We intend to disclose any amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers, and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of the Nasdaq Capital Market.

**Family Relationships**

There are no family relationships or other arrangements or understandings between or among any of the directors, director nominees, executive officers, or other person pursuant to which such person was selected to serve as a director or officer.

**Board Diversity**

While we do not have a formal policy on diversity, our board of directors considers diversity to include the skill set, background, reputation, type, and length of business experience of our board members as well as a particular nominee's contributions to that mix. Our board of directors believes that diversity promotes a variety of ideas, judgments, and considerations to the benefit of our Company and shareholders.

On August 6, 2021, the Securities and Exchange Commission approved a proposed rule from Nasdaq on diversity of boards of directors of companies listed on Nasdaq. Under the rule as approved, "foreign private issuers" can meet the diversity requirement with either two female directors or one female director and one director who is an underrepresented individual based on national, racial, ethnic, indigenous, cultural, religious, or linguistic identity in its home country or LGBTQ+. Companies with five or fewer directors can meet the requirement by having at least one director who meets the definition of "diverse" under the new rule. The requirements will become effective from August 7, 2023.

**Employment Agreements**

Upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part, we will enter into employment agreements with each of our Executive Officers, pursuant to which such individuals have agreed to serve as our Executive Officer from the effective date of the registration statement. We may terminate the employment for cause at any time for certain acts, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. We may also terminate the employment without cause at any time upon three months' advance written notice. Each Executive Officer may resign at any time upon three months' advance written notice.

Each Executive Officer will agree to hold, both during and after the termination or expiry of his employment agreement, in strict confidence and not to use, except as required in the performance of his duties in connection with the employment or pursuant to applicable law, any of our confidential or proprietary information or the confidential or proprietary information of any third party received by us and for which we have confidential obligations. Each Executive Officer will agree to disclose in confidence to us all inventions, designs, and trade secrets which he conceives, develops, or reduces to practice during his employment with us and to assign all right, title, and interest in them to us, and assist us in obtaining and enforcing patents, copyrights and other legal rights for these inventions, designs, and trade secrets.

In addition, each Executive Officer will agree to be bound by non-competition and non-solicitation restrictions during the term of employment and for six months following the last date of employment. Specifically, each Executive Officer will agree not to: (i) engage or assist others in engaging in any business or enterprise that is competitive with our business, (ii) solicit, divert, or take away the business of our clients, customers, or business partners, or (iii) solicit, induce, or attempt to induce any employee or independent contractor to terminate his or her employment or engagement with us. The employment agreements will also contain other customary terms and provisions.

**Directors' Agreements**

Each of our directors intend to enter into a Director's Agreement with the Company effective upon the registration statement of which this prospectus forms a part becoming effective. The terms and conditions of such Directors' Agreements are similar in all material aspects. Each Director's Agreement is for an initial term of one year and will continue until the director's successor is duly elected and qualified. Any Director's Agreement may be terminated for any or no reason by the director or at a meeting called expressly for that purpose by a vote of the shareholders holding more than 50% of the Company's issued and outstanding Class A Shares entitled to vote

Under the Directors' Agreements, the initial annual salary that is payable to each of our Non-Employee Directors is USD$25,000, and the Chairman of the Audit Committee will receive an initial annual salary of USD$30,000.

In addition, our directors will be entitled to participate in such share option scheme as may be adopted by the Company, as amended from time to time. The number of options granted, and the terms of those options will be determined from time to time by a vote of the Board of Directors, provided that each director shall abstain from voting on any such resolution or resolutions relating to the grant of options to that director.

Other than as disclosed above, none of our directors has entered into a service agreement with our Company or any of our subsidiaries that provides for benefits upon termination of employment.

**Indemnification Agreements**

We have entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Compensation**

The following table summarizes all compensation received by our directors, our executive officers and our key employees during the years ended March 31, 2024, and 2025

**Summary Compensation Table**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Compensation Paid** | **Compensation Paid** | **Compensation Paid** | **Compensation Paid** |
| <br>**Name and Principal Position** | **Year** | **Salary**<br> **(SGD'000)** | **Bonus**<br> **(SGD'000)** | **Other**<br> **Compensation<sup>(1)</sup>**<br> **(SGD'000)** |
| Dr. Chan Ying Ho (Henry), Chairman of the Board, Chief Executive Officer and Executive Director | 2024 | 710 | 239 |  |
|  | 2025 | 720 | 240 |  |
| Lee Ai Vi, Chief Financial Officer | 2024 |  |  |  |
|  | 2025 |  |  |  |
| Sui Diong Hoe (David), Executive Director | 2024 |  |  |  |
|  | 2025 |  |  |  |
| Tong Wei Min Raymond, Chairman of the Board and Non-Executive Director - Nominee | 2024 |  |  |  |
|  | 2025 |  |  |  |
| Ai Sze Yin, Independent Non-Executive Director - Nominee | 2024 |  |  |  |
|  | 2025 |  |  |  |
| Law Yew Foo (Brian), Independent Non-Executive Director - Nominee | 2024 |  |  |  |
|  | 2025 |  |  |  |
| Justin Kong Heen Zee, Independent Non-Executive Director - Nominee | 2024 |  |  |  |
|  | 2025 |  |  |  |
| Ting Choon Meng | 2024 | 600 | 200 |  |
|  | 2025 | 600 | 150 |  |
| Yeoh Ching Sing (Nicholas) | 2024 | 599 | 37 |  |
|  | 2025 | 600 | 163 |  |
| Toon Dong Hao | 2024 |  |  |  |
|  | 2025 | 247 | 8 |  |
| Tan Winnie | 2024 |  |  |  |
|  | 2025 | 13 |  |  |

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**Financial Consultant**

The Company has engaged Cheung Kam Fai as its Financial Consultant in connection with this offering and the Company's listing on Nasdaq.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information regarding anticipated beneficial ownership of our Class A Shares and Class B Shares, following the reorganization of the Company's legal structure which is in process and has not yet been completed, by:

● each person, or group of affiliated persons, known by us to beneficially own more than 5% of our shares;

● each of our named executive officers;

● each of our directors and independent non-executive directors; and

● all of our current executive officers, directors, and independent non-executive directors as a group.

Our company is authorized to issue 70,000,000 Class A ordinary shares of US$0.0005 par value per share and 30,000,000 Class B ordinary shares of US$0.0005 par value per share. The number and percentage of ordinary shares beneficially owned are based on 22,582,001 Class A ordinary shares of US$0.0005 par value per share and 5,418,000 Class B ordinary shares of US$0.0005 par value per share issued and outstanding as of the date of this prospectus.

The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the SEC and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within sixty (60) days through the conversion or exercise of any convertible security, warrant, option, or other right. More than one (1) person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days, by the sum of the number of shares outstanding as of such date, plus the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe that the beneficial owners of our shares listed below have sole voting and investment power with respect to the shares shown.

Unless otherwise noted below, the address of each person listed on the table is 435 Orchard Road, #21-05, Wisma Atria, Singapore 238877.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Named Executive Officers and Directors** | **Amount of <br> Beneficial <br> Ownership <br> (Class A)<sup>(1)</sup>** | **Percentage <br> Ownership <br> (Class A)<sup>(1)</sup>** | **Amount of <br> Beneficial <br> Ownership <br> (Class B)** | **Percentage <br> Ownership <br> (Class B)** | **Pre-Offering <br> Combined <br> Voting <br> Power of <br> Class A <br> and Class B <br> Shares<sup>(1)</sup>** | **Post Offering <br> Combined <br> Voting <br> Power of <br> Class A <br> and Class B <br> Shares<sup>(2)</sup>** |
| **Directors and Named Executive Officers:** |  |  |  |  |  |  |
| Dr. Chan Ying Ho (Henry), Chief Executive Officer | 2413601 | 10.70% |  |  | 3.14% | 3.03% |
| Lee Ai Vi, Chief Financial Officer |  |  |  |  |  |  |
| Sui Diong Hoe (David), Executive Director |  |  |  |  |  |  |
| Tong We Min Raymond Chairman of the Board and Non-Executive Director Nominee |  |  |  |  |  |  |
| Ai Sze Yin, Independent Director - Nominee, |  |  |  |  |  |  |
| Law Yew Foo, Independent Director - Nominee |  |  |  |  |  |  |
| Justin Kong Heen Zee Independent Director - Nominee |  |  |  |  |  |  |
| **All directors and executive officers as a group (including Director Nominees) (7 persons)** | 2413601 | 10.70% |  | -% | 3.14% | 3.03% |
| **5% Beneficial Owners:** |  |  |  |  |  |  |
| LYC Medicare Sdn Bhd<sup>(3)</sup> | 12642000 | 56.00% | 5418000 | 100% | 87.05% | 83.78% |
| Maybank Nominee (Tempatan) Sdn Bhd for Kenanga Investors Bhd (Clients') Account<sup>(4)</sup> | 6020000 | 26.70% |  |  | 7.84% | 7.55% |
| Ting Choon Meng | 1506400 | 6.70% |  |  | 1.96% | 1.89% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on Class A Shares issued
 and outstanding as of the date of this prospectus, assuming the successful completion of the reorganization which is now in process.

(2) Based on 25,582,001
 Class A Shares issued and outstanding immediately after the offering assuming no exercise of the underwriters' over-allotment
 option.

(3) A company incorporated under
 the laws of Malaysia, is the record and beneficial owner of these shares and whose controlling shareholder is LYC Healthcare Bhd
 by virtue of its 100% ownership of LYC Medicare Sdn Bhd. LYC Healthcare Bhd is a listed company incorporated under
 the laws of Malaysia with Mr. Sui Diong Hoe (David) as its senior member of management. The address of LYC Medicare Sdn Bhd is E-10-4,
 Megan Avenue 1, 189, Jalan Tun Razak, 50400 Kuala Lumpur.

(4) A company incorporated under the laws of Malaysia, is the record and beneficial owner of these shares and whose controlling shareholder
 is LC Assets Sdn Bhd which is owned 100% by Mr. Louis Chu. The address of Maybank Nominees (Tempatan) Sdn Bhd for Kenanga
 Investors Bhd (Clients') Account is Level 14, Kenanga Tower 237, Jalan Tun Razak 50400 Kuala Lumpur, Malaysia.

**RELATED PARTY TRANSACTIONS**

We have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the committee.

Set forth below are related party transactions for the years ended March 31, 2022, 2023, 2024 and 2025 which are identified in accordance with the rules prescribed under Form F-1 and Form 20-F and may not be considered as related party transactions under Singapore law.

**Employment Agreements**

See *"Management – Employment Agreements"*

**Other Related Party Transactions**

The table below sets forth the material transactions with related-parties and their relationships with the Company for the years ended March 31, 2023, and 2024 and 2025:

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| LYC Medicare Singapore Limited | Company related by common shareholder (LYC Medicare Sdn Bhd, Maybank Nominee (Tempatan) Sdn Bhd for Kenanga Investors Bhd (Clients') Account, Dr. Chan Ying Ho (Henry), and Ting Choon Meng) |
| Tong Wei Min Raymond | Chairman of the Board and Non-Executive Director - Nominee |
| Dr. Chan Ying Ho (Henry) | Chairman of the Board, Chief Executive Officer and Executive Director |

---

The Company incurred marketing fee to LYC Medicare Singapore Limited amounting to S$273,000, S$1,008,000, S$599,550, and $50,400 (US$39,127), and management fee of S$15,000, S$30,000, S$30,000 and S$10,000 (US$7,763) for the years ended March 31, 2023, 2024, 2025, and as of October 14, 2025, respectively for services in relation to marketing support and corporate and administrative services such as payroll, accounting, and human resource management. The Company provided loans to LYC Medicare Singapore Limited for working capital, amounted to S$5,100,001, S$2,700,000, S$2,160,000, and S$1,055,000 (US$819,036) as of March 31, 2023, 2024, 2025, and as of October 14, 2025, respectively. The loans are unsecure, non-interest bearing and repayable on demand.

The director, Dr. Chan Ying Ho (Henry) provided advances to the Company amounting to S$20,789, S$32,431, S$63,637, and S$46,596 (US$36,174) for the years ended March 31, 2023, 2024, 2025, and as of October 14, 2025, respectively. The advances are unsecure, non-interest bearing and repayable on demand.

The Company made legal advisory payments to Rajah & Tann LLP where Tong Wei Min Raymond is a partner, amounting to S$43,439, S$270,245, S$10,000, and S$58,629 (US$45,516) as of March 31, 2023, 2024, 2025, and as of October 14, 2025, respectively.

The amount due from shareholder amounted to S$2 (US$1) as of March 31, 2025 and October 14, 2025. No amounts were due to shareholders in 2023, and 2024.

The amount due to shareholders Dr. Chan Ying Ho (Henry) and Ting Choon Meng amounted to S$3,237,100, S$888,250, S$213,250, and S$0 (US$0) as of March 31, 2023, 2024, 2025, and as of October 14, 2025. This amount due to shareholders is in relation to the acquisition of HCOS from Dr. Chan Ying Ho (Henry) and the acquisition of T&T from Ting Choon Meng.

**DESCRIPTION OF SHARE CAPITAL**

We are an exempted company incorporated with limited liability in the Cayman Islands, and, upon completion of this offering, our affairs will be governed by our Memorandum and Articles of Association, as amended from time to time, the Companies Act, and the common law of the Cayman Islands. A copy of our Memorandum and Articles of Association is filed as an exhibit to the registration statement of which this prospectus is a part.

As of the date of this prospectus, our authorized share capital is US$50,000.00 divided into 100,000,000 ordinary shares of nominal or par value US$0.0005 each, comprising (a) 70,000,000 Class A ordinary shares of nominal or par value US$0.0005 each and (b) 30,000,000 Class B ordinary shares, of nominal or par value US$0.0005 each. As of the date of this prospectus, 22,582,001 Class A Shares and 5,418,000 Class B Shares are issued and outstanding. All of our shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our Class A Shares to be issued in the offering will be issued as fully paid.

**Our Amended and Restated Memorandum and Articles of Association**

Our shareholders have adopted an amended and restated memorandum and articles of association on December 30, 2024. The following are summaries of certain material provisions of our amended and restated memorandum and articles of association adopted on December 30, 2024 (referred to below as our amended and restated memorandum and articles of association) and of the Companies Act, insofar as they relate to the material terms of our ordinary shares.

*Objects of Our Company.* Under our amended and restated memorandum and articles of association, the objects of our company are unrestricted, and we shall have full power and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands.

*Ordinary Shares.* Our ordinary shares are divided into Class A Shares and Class B Shares. Our ordinary shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

*Dividends.* The holders of our Class A Shares and Class B Shares are entitled to such dividends as may be declared by our board of directors. Our amended and restated memorandum and articles of association provide that dividends may be declared and paid out of the funds of our company lawfully available therefor. Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights.* Holders of Class A Shares and Class B Shares shall, at all times, vote together as one class on all matters submitted to a vote by the members at any general meeting of the Company. Voting at any meeting of shareholders is by way of show of hands unless a poll (before or on the declaration of the result of the show of hands) is demanded. A poll may be demanded by the chairman of such meeting or any one or more shareholders who together hold not less than 10% of the votes attaching to the total shares that are present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorized representative, and unless a poll is so demanded, a declaration by the chairperson that a resolution has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in the book of the proceedings of the Company, shall be conclusive evidence of the fact, without proof of the number or proportion of the votes recorded in favor of, or against, that resolution.

Each Class A Share shall be entitled to one (1) vote on all matters subject to the vote at general meetings of our company, and each Class B Share shall be entitled to ten (10) votes on all matters subject to the vote at general meetings of our company.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding ordinary shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our amended and restated memorandum and articles of association, a reduction of our share capital and the winding up of our company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our amended and restated memorandum and articles of association provide that we shall, if required by the Companies Act, in each year hold a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors. All general meetings (including an annual general meeting, any adjourned general meeting or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more locations, as a hybrid meeting or as an electronic meeting, as may be determined by our board of directors in its absolute discretion.

Shareholders' general meetings may be convened by a majority of our board of directors. Advance notice of not less than seven (7) days in writing is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, one or more shareholder(s) holding not less than an aggregate of one-third (1/3) of all votes attaching to all Shares in issue and entitled to vote in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our amended and restated memorandum and articles of association provide that upon the requisition of any one or more of our shareholders holding as at the date of deposit of request in aggregate not less than one-third (1/3) of the voting rights (on a one vote per share basis) in the share capital of our company, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. Shareholders seeking to bring business before an annual general meeting or to nominate candidates for election as directors at the annual general meeting must deliver notice to the registered office not later than the close of business on the 90<sup>th</sup> day or earlier than the close of business on the 120<sup>th</sup> day prior to the scheduled date of the annual general meeting. Other than the rights mentioned above, our amended and restated memorandum and articles of association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.

*Transfer of Ordinary Shares.* Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or in a form prescribed by the relevant stock exchange or any other form approved by our board of directors. Notwithstanding the foregoing, ordinary shares may also be transferred in accordance with the applicable rules and regulations of the relevant stock exchange.

Upon any sale, transfer, assignment, or disposition of Class B Shares by a holder thereof to any person which is not an affiliate of such holder, or upon a change of beneficial ownership of any Class B Shares as a result of which any person who is not an affiliate of the holders of such Ordinary Shares becomes a beneficial owner of such Ordinary Shares, such Class B Shares shall be automatically and immediately converted into an equal number of Class A Shares. In the event that a beneficial owner of Class B Shares is a director, an executive officer of the Company and/or an employee of the Company or a subsidiary or combined affiliated entity of the Company, where such person ceases to be a director, an executive officer of the Company or an employee of the Company or a subsidiary or combined affiliated entity of the Company, all such Class B Shares as beneficially owned by such person shall be automatically and immediately converted into an equal number of Class A Shares.

Our board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of ordinary shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred does not exceed four;

● the ordinary shares transferred are free of any lien in favor of our company; and

● a fee of such maximum sum as the relevant stock exchange may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within three (3) months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required in accordance with the rules of the relevant stock exchange, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended, nor the register closed for more than 30 calendar days in any year.

*Liquidation.* On the winding up of our company, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay all of the paid-up capital, such the assets will be distributed so that, as nearly as may be, the losses are borne by our shareholders in proportion to the par value of the shares held by them.

*Calls on Shares and Forfeiture of Shares.* Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares.* We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. Our company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors or by an ordinary resolution of our shareholders. Under the Companies Act, the redemption or repurchase of any share may be paid out of our company's profits, share premium account or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares issued and outstanding or (c) if the company has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.

*Variations of Rights of Shares.* Whenever the capital of our company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially adversely varied with the consent in writing of the holders of at least two-thirds (2/3) of the issued shares of that class or with the sanction of a resolution passed by a at least two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking pari passu with such existing class of shares.

*Issuance of Additional Shares.* Our amended and restated memorandum and articles of association authorize our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

Our amended and restated memorandum and articles of association also authorize our board of directors to establish from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms, and rights of that series, including, among other things:

● the designation of the series;

● the number of shares of the series;

● the dividend rights, dividend rates, conversion rights and voting rights; and

● the rights and terms of redemption and liquidation preferences.

Our board of directors may issue preference shares without action by our shareholders to the extent of available authorized but unissued shares. Issuance of these shares may dilute the voting power of holders of ordinary shares.

Subject to the provisions of the amended and restated memorandum and articles of association and to compliance with the Companies Act and all other laws and regulations applicable thereto, a holder of Class B Shares shall have the right to convert all or any of his/its Class B Shares into Class A Shares. Each Class B Share may be converted at the option of the holder, at any time after issue and without the payment of any additional sum, into one fully paid Class A Share. A holder of Class A Shares shall have no right to convert their Class A Shares into Class B Shares.

*Inspection of Books and Records.* Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, our amended and restated memorandum and articles of association have provisions that provide our shareholders the right to inspect our register of shareholders without charge, and to receive our annual audited financial statements. See "*Where You Can Find Additional Information*".

*Anti-Takeover Provisions.* Some provisions of our amended and restated memorandum and articles of association may discourage, delay, or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that:

● authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges, and restrictions of such preference shares without any further vote or action by our shareholders; and

● limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our amended and restated memorandum and articles of association for a proper purpose and for what they believe in good faith to be in the best interests of our company.

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies of the Cayman Islands;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as an exempted limited duration company; and

● may register as a segregated portfolio company.

**CERTAIN CAYMAN ISLANDS COMPANY CONSIDERATIONS**

**Exempted Company**

We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

● an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies in the Cayman Islands;

● an exempted company's register of members is not open to inspection;

● an exempted company does not have to hold an annual general meeting;

● an exempted company may issue no par value, negotiable or bearer shares;

● an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● an exempted company may register as a limited duration company; and

● an exempted company may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company. At the closing of the Initial Public Offering, we became subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. As of the date of this prospectus, we intend to comply with the Nasdaq Rules in lieu of following home country practice. The Nasdaq Rules require that every company listed on the Nasdaq hold an annual general meeting of shareholders. In addition, our Articles of Association allow directors to call special meetings of shareholders pursuant to the procedures set forth in our Articles of Association.

**Comparison of Cayman Islands Corporate Law and U.S. Corporate Law**

The Companies Act is modeled after that of England and Wales but does not follow recent statutory enactments in England. In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.

This discussion does not purport to be a complete statement of the rights of holders of our Class A Shares under applicable law in the Cayman Islands or the rights of holders of the common stock of a typical corporation under applicable Delaware law.

***Mergers and Similar Arrangements***

The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property, and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a combined company and the vesting of the undertaking, property, and liabilities of such companies to the combined company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the combined or surviving company, a statement setting out the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman Islands parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation, provided that the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by (i) 75% in value of the members or class of members or (ii) a majority in number representing 75% in value of the creditors or class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question, and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient minority shareholders upon a tender offer. When a tender offer is made and accepted by holders of ninety percent (90%) of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands.

If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

***Shareholders' Suits***

In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires (and is therefore incapable of ratification by the shareholder);

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

● an act purports to abridge or abolish the individual rights of a shareholder; and

● those who control the company are perpetrating a "fraud on the minority."

***Indemnification of Directors and Executive Officers and Limitation of Liability***

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent that any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Memorandum and Articles of Association provide that we shall indemnify our officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such directors or officer, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere.

This standard of conduct is generally the same as permitted under the Delaware General Corporation Act for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided in our Memorandum and Articles of Association. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

***Directors' Fiduciary Duties***

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company, and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care, and these authorities are likely to be followed in the Cayman Islands.

***Shareholder Action by Written Consent***

Under the Delaware General Corporation Act, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Our Articles of Association provide that any action required or permitted to be taken at general meetings of our Company may only be taken upon the vote of shareholders at general meeting, and shareholders may approve corporate matters by way of a unanimous written resolution without a meeting being held.

***Shareholder Proposals***

Under the Delaware General Corporation Act, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors, or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Articles of Association allow any one or more of our shareholders holding shares which carry in aggregate not less than one-third (1/3) of the voting rights (on a one vote per share basis) in the share capital of our company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Shareholders seeking to bring business before an annual general meeting or to nominate candidates for election as directors at the annual general meeting must deliver notice to the registered office not later than the close of business on the 90<sup>th</sup> day or earlier than the close of business on the 120<sup>th</sup> day prior to the scheduled date of the annual general meeting. Other than the rights mentioned above, our amended and restated memorandum and articles of association do not provide our shareholders with any right to put any proposal before a general meeting or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

***Cumulative Voting***

Under the Delaware General Corporation Act, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. Although permitted under Cayman Islands law, our Articles of Association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

***Removal of Directors***

Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Articles of Association, directors may be removed with or without cause by an ordinary resolution of our shareholders. A director will also cease to be a director if he (i) resigns; (ii) dies; (iii) is declared to be of unsound mind and the board of directors resolves that his office be vacated; (iv) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors generally; (v) makes any arrangement or composition with his creditors; (vi) without special leave, is absent from meetings for three consecutive meetings, and the board of directors resolves that his office is vacated; (vii) has been required by the Designated Stock Exchange (as defined in the amended and restated memorandum and articles of association); or (vii) is removed from office by the requisite majority of the directors or otherwise pursuant to our amended and restated memorandum and articles of association then in effect.

***Transactions with Interested Shareholders***

The Delaware General Corporation Act contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

***Dissolution; Winding Up***

Under the Delaware General Corporation Act, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our Articles of Association, our company may be dissolved, liquidated, or wound up by a special resolution of our shareholders.

***Variation of Rights of Shares***

Under the Delaware General Corporation Act, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our Articles of Association, if our share capital is divided into more than one class of shares, the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially adversely varied with the consent in writing of the holders of at least two-thirds (2/3) of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to be materially adversely varied by the creation, allotment or issue of further shares ranking pari passu with or subsequent to them or the redemption or purchase of any shares of any class by our company. The rights of the holders of shares shall not be deemed to be materially adversely varied by the creation or issue of shares with preferred or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.

***Amendment of Governing Documents***

Under the Delaware General Corporation Act, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our Memorandum and Articles of Association may only be amended by a special resolution of our shareholders.

***Rights of Non-Resident or Foreign Shareholders***

There are no limitations imposed by our Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

**Data Protection – Cayman Islands**

We have certain duties under the Data Protection Act (Revised) of the Cayman Islands (the "Data Protection Act") based on internationally accepted principles of data privacy.

In this subsection, "we", "us", "our" and the "Company" refers to LYC HEALTHCARE (CAYMAN) LTD and our affiliates and/or delegates, except where the context requires otherwise.

**Privacy Notice**

***Introduction***

This privacy notice puts our shareholders on notice that through your investment in the Company, you will provide us with certain personal information which constitutes personal data within the meaning of the Data Protection Act ("personal data"). In the following discussion, the "company" refers to us and our affiliates and/or delegates, except where the context requires otherwise.

***Investor Data***

We will collect, use, disclose, retain, and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer, or retain personal data to the extent legitimately required to conduct our activities on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the Data Protection Act and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction, or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the Data Protection Act, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the Data Protection Act or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

***Who this Affects***

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in the company, this will be relevant for those individuals, and you should transmit the content of this Privacy Notice to such individuals or otherwise advise them of its content.

***How the Company May Use a Shareholder's Personal Data***

The Company, as the data controller, may collect, store, and use personal data for lawful purposes, including, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 this is necessary for the performance of our rights and obligations under any purchase agreements;

(b) where
 this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money
 laundering requirements); and/or

(c) where
 this is necessary for the purpose of our legitimate interests, and such interests are not overridden by your interests, fundamental
 rights, or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

***Why We May Transfer Your Personal Data***

In certain circumstances, we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities, such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the United States, the Cayman Islands, or the European Economic Area), who will process your personal data on our behalf.

***The Data Protection Measures We Take***

Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the Data Protection Act.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data and against accidental loss or destruction of, or damage to, personal data.

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

**SHARES ELIGIBLE FOR FUTURE SALE**

Upon completion of this offering, we will have 25,582,001 Class A Shares issued and outstanding, assuming the underwriters do not exercise their over-allotment option to purchase additional Class A Shares and 26,032,001 Class A Shares outstanding if the over-allotment option is exercised in full.

All of the Class A Shares sold in this offering by the Company will be freely transferable in the United States, without restriction or further registration under the Securities Act, by persons other than our "affiliates." Rule 144 of the Securities Act defines an "affiliate" of a company as a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, our Company. All of our Class A Shares outstanding immediately prior to the completion of this offering are "restricted securities" as that term is defined in Rule 144 because they were issued in a transaction or series of transactions not involving a public offering. Restricted securities may be sold only if they are the subject of an effective registration statement under the Securities Act or if they are sold pursuant to an exemption from the registration requirement of the Securities Act such as those provided for in Rules 144 promulgated under the Securities Act, which rule is summarized below. Restricted shares may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S under the Securities Act. This prospectus may not be used in connection with any resale of our Class A Shares acquired in this offering by our affiliates.

Sales of substantial amounts of our Class A Shares in the public market could adversely affect prevailing market prices of our Class A Shares. Prior to this offering, there has been no public market for our Class A Shares, and while we intend to apply for the listing of our Class A Shares on Nasdaq, we cannot assure you that a regular trading market will develop in the Class A Shares.

**Lock-Up Agreements**

We have agreed with the underwriters, for a period of 180 days after completion of this offering, subject to certain exceptions, not to (1) offer, sell, issue, pledge, contract to sell, contract to purchase, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Class A Shares or any other securities so owned convertible into or exercisable or exchangeable for Class A Shares; (2) enter into any swap, hedge or any other agreement that transfers, in whole or in part, the economic consequences of ownership of the Class A Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Class A Shares or such other securities, in cash or otherwise; or (3) file any registration statement with the SEC relating to the offering of any Class A Shares or any securities convertible into or exercisable or exchangeable for Class A Shares, or publicly disclose the intention to take any such action.

Furthermore, each of our directors and executive officers has also entered into a similar lock-up agreement for a period of 180 days after completion of this offering, subject to certain exceptions, with respect to our Class A Shares, and securities that are substantially similar to our Class A Shares.

We cannot predict what effect, if any, future sales of our Class A Shares, or the availability of Class A Shares for future sale, will have on the trading price of our Class A Shares from time to time. Sales of substantial amounts of our Class A Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Class A Shares.

**Rule 144**

In general, under Rule 144 as currently in effect, once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, persons who are not our affiliates and have beneficially owned our Class A Shares for more than six months but not more than one year may sell such Class A Shares without registration under the Securities Act subject to the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our Class A Shares for more than one year may freely sell our Class A Shares without registration under the Securities Act. Persons who are our affiliates (including persons beneficially owning 10% or more of our outstanding shares), and have beneficially owned our Class A Shares for at least six months, may sell within any three-month period a number of restricted securities that does not exceed the greater of the following:

● 1.0% of the then outstanding Class A Shares; or

● the average weekly trading volume of our Class A Shares during the four calendar weeks preceding the date on which notice of the sale on Form 144 is filed with the SEC by such person.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us. In addition, in each case, these shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**Regulation S**

Regulation S under the Securities Act provides that securities owned by any person may be sold without registration in the United States, provided that the sale is effected in an "offshore transaction" and no "directed selling efforts" are made in the United States (as these terms are defined in Regulation S) and subject to certain other conditions. In general, this means that our shares may be sold in some manner outside the United States without requiring registration in the United States.

**Rule 701**

In general, Rule 701 allows a stockholder who purchased shares pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of ours during the immediately preceding ninety (90) days to sell those shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation or notice provisions of Rule 144. All holders of Rule 701 shares, however, are required to wait until ninety (90) days after the date of this prospectus before selling shares pursuant to Rule 701.

**MATERIAL TAX CONSIDERATIONS**

The following summary of certain Cayman Islands and U.S. federal income tax consequences of an investment in our Class A Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in the Class A Shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands and the United States. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or foreign law of the ownership of our Class A Shares. To the extent that this discussion relates to matters of Cayman Islands tax law, it is the opinion of Harney Westwood & Riegels Singapore LLP, our counsel as to Cayman Islands law.

**Cayman Islands Tax Considerations**

[Pursuant to section 6 of the Tax Concessions Act (Revised) of the Cayman Islands, our Company has obtained an undertaking from the Financial Secretary that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) no
 law which is enacted in the Cayman Islands imposing any tax to be levied on profits or income or gains or appreciation shall apply
 to our Company or our operations; and

(ii) no
 tax be levied on profits, income gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable
 by our Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) on
 or in respect of the shares, debentures, or other obligations of our Company; or

(bb) by
 way of withholding in whole or in part of any relevant payment as defined in section 6(3) of the Tax Concessions Act (2018 Revision).

The undertaking for our Company is for a period of 30 years from [ ].

The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands.

No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies save for those which hold interests in land in the Cayman Islands. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our Class A Shares will not be subject to taxation in the Cayman Islands, and no withholding will be required on the payment of a dividend or capital to any holder of our Class A Shares, nor will gains derived from the disposal of our Class A Shares be subject to Cayman Islands income or corporation tax.

No stamp duty is payable in the Cayman Islands in respect of the issue of our Class A Shares or on an instrument of transfer in respect of our Class A Shares so long as the instrument of transfer is not executed in, brought to, or produced before a court of the Cayman Islands.

**United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Class A Shares by U.S. Holders (as defined below) that acquire our Class A Shares in this offering and hold our Class A Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law, which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors that will hold their Class A Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or U.S. Holders that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income under Section 1411 of the Code. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United States income and other tax considerations of an investment in our Class A Shares.

***General***

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Class A Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, described above, and the activities of the partnership. Partnerships holding our Class A Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Class A Shares.

***Dividends***

The entire amount of any cash distribution paid with respect to our Class A Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Class A Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes in the Class A Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Class A Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars on a date subsequent to receipt.

***Sale or Other Disposition of Class A Shares***

A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Class A Shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis in such Class A Shares determined for federal income tax purposes, in such Class A Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the Class A Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives Singapore dollars or another currency other than U.S. dollars on the disposition of our Class A Shares will realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Class A Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

***Passive Foreign Investment Company Considerations***

For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company" or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon our current and expected income and assets (including goodwill and taking into account the expected proceeds from this offering) and the expected market price of our Class A Shares following this offering, we do not expect to be a PFIC for the current taxable year or the foreseeable future.

While we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Class A Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Class A Shares (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets, and the cash raised in this offering. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our Company being or becoming a PFIC for the current or future taxable years.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Class A Shares. Under the PFIC rules:

● such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Class A Shares;

● such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

● such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the U.S. Holder for that year; and

● an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Class A Shares and we own any equity in a non-United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although we intend to apply for the listing of our Class A Shares on Nasdaq, we cannot guarantee that our listing will be approved. Furthermore, we cannot guarantee that, once listed, our Class A Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors as to whether the Class A Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Class A Shares, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Class A Shares held at the end of the taxable year over its adjusted tax basis of such Class A Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Class A Shares held at the end of the taxable year over the fair market value of such Class A Shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the Class A Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Class A Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Class A Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. EACH PROSPECTIVE INVESTOR IN THE OUR CLASS A SHARES IS URGED TO CONSULT ITS OWN TAX ADVISER ABOUT THE TAX CONSEQUENCES TO IT OF OWNING AND DISPOSING OF OUR CLASS A SHARES IN LIGHT OF SUCH PROSPECTIVE INVESTOR'S OWN CIRCUMSTANCES.

**UNDERWRITING**

We have entered into an underwriting agreement dated [●] [●], 2025 with AC Sunshine Securities LLC (the "Representative"), acting as the lead or managing underwriter with respect to the Class A Shares subject to this offering. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter named below has severally agreed to purchase from us, on a firm commitment basis, the number of Class A Shares set forth opposite its name below, at the public offering price, less the underwriting discount set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
| **Name** | **Number of shares** |
| AC Sunshine Securities LLC | [●] |
| **Total** |  |

---

The underwriters are offering the Class A Shares subject to their acceptance of the Class A Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the Class A Shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the Class A Shares offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the Class A Shares covered by the underwriters' over-allotment option described below.

We have granted to the underwriters an option, exercisable for 45 days from the closing of the offering, to purchase up to an additional 15% of the number of Class A Shares at the public offering price listed on the cover page of this prospectus, less underwriting discounts, and commissions. The option may be exercised in whole or in part, and may be exercised more than once, during the 45-day option period. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase the same percentage of the additional shares as the number listed next to the underwriter's name in the preceding table bears to the total number of shares listed next to the names of all underwriters in the preceding table. If any additional Class A Shares are purchased, the underwriters will offer these Class A Shares on the same terms as those on which the other Class A Shares are being offered.

The Representative has advised us that it proposes to offer the shares to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of US$[●] per share. The underwriters may allow, and certain dealers may re-allow a discount from the concession not in excess of US$[●] per share to certain brokers and dealers. After this offering, the public offering price, concession, and reallowance to dealers may be reduced by the Representative. No such reduction shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The securities are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

**Underwriting** **Discounts, and Expenses**

The underwriting discounts and commissions are 7% of the initial public offering price.

The following table shows the price per share (assuming an initial offering price of US$5.00, being the midpoint of the initial public offering price range) and total public offering price, underwriting discounts and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters' over-allotment option.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** |
|  | **Per Share** | **Per Share** | **No Exercise** | **No Exercise** | **Full Exercise** | **Full Exercise** |
| Public offering price | US$ | 5.00 | US$ | 15000000 | US$ | 16042500 |
| Underwriting discounts and commissions to be paid by us: | US$ | 0.35 | US$ | 1050000 | US$ | 1122975 |
| Proceeds, before expenses, to us | US$ | 4.65 | US$ | 13950000 | US$ | 14919525 |

---

In connection with and upon closing of the offering contemplated herein, we will also pay to the Representative a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by us from the sale of the Class A Shares.

We have agreed to pay all expenses relating to the offering, including, but not limited to: (i) the costs of preparing, printing and filing the registration statement with the SEC, including amendments and supplements thereto, and post effective amendments, as well as the filings with FINRA and Nasdaq, and payment of all necessary fees in connection therewith and the printing of a sufficient quantity of preliminary and final prospectuses as the Representative may reasonably request; (ii) the costs of preparing, printing and delivering exhibits thereto, in such quantities as the Representative may reasonably request; (iii) all fees, expenses and disbursements relating to the registration, qualification or exemption of securities offered under the securities laws of foreign jurisdictions designated by the Representative; (iv) the fees of counsel and accountants for the Company, including fees associated with any blue sky filings where applicable; (v) fees associated with the Company's transfer agent; (vi) fees, if necessary, associated with translation services; and (vii) up to US$250,000 of accountable expenses of the Representative (including fees and expenses of its counsel) whether or not the offering is consummated.

In addition to the accountable expenses payable to the Representative as described above, we have paid the Representative a US$50,000 advisory fee (the "Advisory Fee") upon the execution of the engagement letter by and between the Representative and us (the "Engagement Letter").

We estimate that the total expenses of the offering payable by us, excluding the underwriters' discount and commissions and non-accountable expense allowance will be approximately US$885,550.

**Underwriter's Warrants**

In addition, we have agreed to issue, for a nominal consideration of $0.01, warrants to the Representative, to purchase a number of ordinary shares in an aggregate amount equal to 7% of the total number of ordinary shares sold in this offering, inclusive of the underwriters' over-allotment option. The underwriter's warrants shall have an exercise price equal to 120% of the initial public offering price of the ordinary shares sold in this offering. The underwriter's warrants may be purchased in cash or via cashless exercise, will be exercisable from the date of issuance and for a period of five years from the date of commencement of sales of the offering. The underwriter's warrants and the underlying shares will be deemed compensation by FINRA and therefore will be subject to FINRA Rule 5110(e)(1). In accordance with FINRA Rule 5110(e)(1), and except as otherwise permitted by FINRA rules, neither the underwriter's warrants nor any of our shares issued upon exercise of the underwriter's warrants may be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities by any person, for a period of 180 days beginning on the date of commencement of sales of the offering. In addition, although the underwriter's warrants and the underlying ordinary shares will be registered in the registration statement of which this prospectus forms a part, we have also agreed that the underwriter's warrants will provide for registration rights in certain cases. These registration rights apply to all of the securities directly and indirectly issuable upon exercise of the underwriter's warrants. The one demand registration right provided will not be greater than five years from the date of commencement of sales of the offering in compliance with FINRA Rule 5110(g)(8)(C). The piggyback registration rights provided will not be greater than five years from the date of commencement of sales of the offering in compliance with FINRA Rule 5110(g)(8)(D).

We will bear all fees and expenses attendant to registering the ordinary shares issuable upon exercise of the underwriter's warrants, other than underwriting discounts incurred and payable by the holders. The exercise price and number of ordinary shares issuable upon exercise of the underwriter's warrants may be adjusted in certain circumstances, including in the event of a share dividend, extraordinary cash dividend or our recapitalization, reorganization, merger, or consolidation. The warrant exercise price and/or underlying shares may also be adjusted for issuances of ordinary shares at a price below the warrant exercise price.

**Right of First Refusal**

We have granted the Representative, for a period of twelve (12) months following the closing of this offering, a right of first refusal to act as the lead underwriter or exclusive placement agent for any future public or private offering of our securities, on terms that are the same as or more favorable to us than those offered to any other underwriter or placement agent. The Representative may exercise this right by providing written notice to us within 15 business days after receiving written notice from us of such proposed financing. If the Representative declines to exercise the right of first refusal, we may engage another underwriter or placement agent on terms no more favorable than those offered to the Representative.

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

**Lock-Up Agreements**

We and our directors, officers and Affiliates will enter into customary "lock-up" agreements in favor of the Representative pursuant to which we, and any of our successors, our directors, officers and Affiliates will agree, for a period of six months from the closing of the offering, not to (a) offer, sell or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company, other than post-effective amendments to the Registration Statement of which this prospectus and the Resale Prospectus are parts. Holders of more than 5.0% of our outstanding Class A Shares as of the effective date of the registration statement, will enter into similar lock-up agreements for a period of six months from the closing of the offering.

**Nasdaq Capital Market Listing**

We have applied to have our Class A Shares approved for listing on the Nasdaq Capital Market under the symbol "[●]." We make no representation that such application will be approved or that our Class A Shares will trade on such market either now or at any time in the future; notwithstanding the foregoing, we will not close this offering unless such Class A Shares will be listed on the Nasdaq Capital Market at the completion of this offering.

**Electronic Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by Representative or by its affiliates. Other than the prospectus in electronic format, the information on the Representative's website and any information contained in any other website maintained by it is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Representative in its capacity as an underwriter, and should not be relied upon by investors.

Any underwriter who is a qualified market maker on the Nasdaq Capital Market may engage in passive market making transactions on the Nasdaq Capital Market in accordance with Rule 103 of Regulation M, during the Business Day prior to the pricing of the offering, before the commencement of offers or sales. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**No Public Market**

Prior to this offering, there has not been a public market for our securities in the U.S. and the public offering price for our Class A Shares will be determined through negotiations between us and the underwriters. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which our Class A Shares will trade in the public market subsequent to this offering or that an active trading market for our Class A Shares will develop and continue after this offering.

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the Class A Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain, or otherwise affect the price of our Class A Shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the overallotment option described above and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore was not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Class A Shares or preventing or retarding a decline in the market price of our Class A Shares. As a result, the price of our Class A Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Shares. These transactions may occur on the Nasdaq Capital Market or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

**Other Relationships**

The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing, and brokerage activities. Some of the underwriters and certain of their affiliates may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may in the future receive customary fees, commissions, and expenses. In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Offers Outside the United States**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the Class A Shares offered by this prospectus in any jurisdiction where action for that purpose is required. The Class A Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Class A Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**SELLING RESTRICTIONS**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

***Canada***

Our securities may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the *Securities Act* (Ontario), and are permitted clients, as defined in National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*. Any resale of our securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 *Underwriting Conflicts* (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering**.**

*For Qualified Institutional Investors ("QII")*

Please note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the Class A Shares constitutes either a "QII only private placement" or a "QII only secondary distribution" (each as described in Paragraph 1, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the Class A Shares. The securities may only be transferred to QIIs.

*For Non-QII Investors*

Please note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the securities constitutes either a "small number private placement" or a "small number private secondary distribution" (each as is described in Paragraph 4, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the securities. The securities may only be transferred en bloc without subdivision to a single investor.

***Singapore***

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the SFA) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where our securities are subscribed or purchased under Section 275 by a relevant person which is a corporation (which is not an accredited investor as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, or a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, the securities or securities-based derivatives contracts (each as defined in Section 2(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired our securities under Section 275 except: (a) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA) pursuant to section 275(1) of the SFA, (b) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in Section 275 of the SFA and (in the case of an accredited investor) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018; (c) where no consideration is or will be given for the transfer; (d) where such transfer is by operation of law; or (e) as specified in Section 276(7) of the SFA.

Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person or to any person arising from an offer referred to in section 275(1A) or section 276(4)(i)(B) of the SFA, (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, or (5) as specified in Section 276(7) of the SFA.

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding underwriting discounts and expenses, which are expected to be incurred by us in connection with the offer and sale of the Class A Shares by us. With the exception of the SEC registration fee, the FINRA filing fee and the Nasdaq listing fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
| SEC registration fee | US$ | 2858 |
| FINRA filing fee | US$ | 7500 |
| Nasdaq listing fee | US$ | 50000 |
| Printing and engraving expenses | US$ | 8000 |
| Legal fees and expenses | US$ | 240858 |
| Accounting fees and expenses | US$ | 330000 |
| Advisory Fee – Cheung Kam Fai | US$ | 50000 |
| Miscellaneous <sup>(1)</sup> | US$ | 196334 |
| Total | US$ | 885550 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes
 financial advisory fees, due diligence expenses, transfer agent fees and other miscellaneous
 expenses.

**LEGAL MATTERS**

Certain legal matters in connection with this offering with respect to United States federal securities law will be passed upon us by Schlueter & Associates, P.C. The validity of the Class A Shares offered in this offering and other certain legal matters as to Cayman Islands law will be passed upon for us by Harney Westwood & Riegels Singapore LLP. Certain legal matters as to Singapore law will be passed upon for us by Rajah & Tann Singapore LLP. iTKG Law LLC is acting as counsel to the underwriters in connection with this offering with respect to U.S. securities law. Certain legal matters as to Singapore law will be passed upon for the underwriters by Wong Tan & Molly LIM. iTKG Law LLC may rely upon Wong Tan & Molly LIM with respect to matters governed by Singapore law.

**EXPERTS**

The combined financial statements as of and for the year ended March 31, 2024, and 2025, included in this prospectus have been audited by Enrome LLP, an independent registered public accounting firm, as stated in their report appearing herein (which report expresses an unqualified opinion on the combined financial statements). Such combined financial statements have been so included in reliance upon the report of such firm given upon the authority of such firm as experts in accounting and auditing. The office of Enrome LLP is located at 143 Cecil Street, GB Building #19-03/04, Singapore 069542.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed a registration statement, including relevant exhibits, with the SEC on Form F-1 under the Securities Act with respect to the underlying Class A Shares to be sold in this offering. For the purposes of this section, the term "registration statement" means the original registration statement and any and all amendments thereto including the schedules and exhibits to the original registration statement or any amendment. This prospectus, which constitutes a part of the registration statement on Form F-1, does not contain all of the information contained in the registration statement. You should read our registration statements and their exhibits and schedules for further information with respect to us and our Class A Shares.

Immediately upon the effectiveness of the registration statement on Form F-1 of which this prospectus forms a part, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC, including the registration statement, can be obtained over the Internet at the SEC's website at www.sec.gov or inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. We maintain a website at www. [●]*,* at which, following completion of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information contained in, and that can be accessed through, our website is not incorporated into and is not part of this prospectus.

**LYC HEALTHCARE (CAYMAN) LTD**

**INDEX TO COMBINED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **Contents** | Page |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#vv_001)(PCAOB ID: 6907) | F-2 |
| [COMBINED BALANCE SHEETS AS OF MARCH 31, 2024 AND 2025](#vv_002) | F-3 |
| [COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEARS ENDED MARCH 31, 2024 AND 2025](#vv_003) | F-4 |
| [COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED MARCH 31, 2024 AND 2025](#vv_004) | F-5 |
| [COMBINED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2024 AND 2025](#vv_005) | F-6 |
| [NOTES TO COMBINED FINANCIAL STATEMENTS](#vv_006) | F-7 – F-23 |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Shareholders of

LYC Healthcare (Cayman) Ltd

***Opinion on the Financial Statements***

We have audited the accompanying combined balance sheets LYC Healthcare (Cayman) Ltd and its subsidiaries (the "Company") as of March 31, 2025 and 2024, the related statements of operations and comprehensive income, change in shareholders' equity, and cash flows for each of the years ended March 31, 2025 and 2024 and the related notes (collectively referred to as the "combined financial statements"). In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years ended March 31, 2025 and 2024, in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

***Basis for Opinion***

These combined financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's combined financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the combined financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the combined financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the combined financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Enrome LLP

We have served as the Company's auditor since 2024.

December 8, 2025

**LYC HEALTHCARE (CAYMAN) LTD**

**COMBINED BALANCE SHEETS**

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| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 935246 | 651647 | 484695 |
| Accounts receivable, net | 1699595 | 2740164 | 2038134 |
| Amount due from shareholder |  | 2 | 1 |
| Amount due from related party | 7440001 | 2009111 | 1494377 |
| Contract assets | 34837 | 17026 | 12664 |
| Prepayment | 200908 | 92286 | 68642 |
| Deposit | 433249 | 517213 | 384703 |
| Inventories | 295737 | 293218 | 218096 |
| **Total current assets** | 11039573 | 6320667 | 4701312 |
| **Non-current assets** |  |  |  |
| Property and equipment, net | 646451 | 647493 | 481605 |
| Right-of-use assets-operating lease, net | 3542363 | 6125839 | 4556399 |
| Right-of-use assets-finance lease, net | 2414296 | 2123503 | 1579462 |
| Goodwill | 11786037 | 11786037 | 8766454 |
| Deferred offering costs |  | 813647 | 605191 |
| Deferred tax assets | 10703 | 20265 | 15073 |
| **Total non-current assets** | 18399850 | 21516784 | 16004184 |
| **TOTAL ASSETS** | 29439423 | 27837451 | 20705496 |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable | 1486486 | 1904933 | 1416889 |
| Accrued expenses and other current liabilities | 535721 | 1176959 | 875423 |
| Deposit received | 28224 | 38304 | 28491 |
| Amount due to directors | 32431 | 63637 | 47333 |
| Finance lease liabilities, current | 502763 | 525241 | 390674 |
| Operating lease liabilities, current | 1071495 | 1490026 | 1108281 |
| Tax payables | 254449 | 550417 | 409400 |
| **Total current liabilities** | 3911569 | 5749517 | 4276491 |
| **Non-current liabilities** |  |  |  |
| Amount due to shareholders | 11786037 | 11786037 | 8766454 |
| Amount due to related party |  | 767722 | 571032 |
| Provision for reinstatement | 129119 | 136063 | 101204 |
| Finance lease liabilities, non-current | 1263694 | 738453 | 549261 |
| Deferred tax liabilities |  | 2311 | 1719 |
| Operating lease liabilities, non-current | 3327471 | 4597261 | 3419443 |
| **Total non-current liabilities** | 16506321 | 18027847 | 13409113 |
| **TOTAL LIABILITIES** | 20417890 | 23777364 | 17685604 |
| **COMMITMENTS AND CONTINGENCIES (Note 13)** |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Ordinary shares, Class A, US$0.0005 par value, 70,000,000 shares authorized, 22,582,001 shares issued and outstanding as of March 31, 2024 and 2025 | 15215 | 15215 | 11291 |
| Ordinary shares, Class B, US$0.0005 par value, 30,000,000 shares authorized, 5,418,000 shares issued and outstanding as of March 31, 2024 and 2025 | 3650 | 3650 | 2709 |
| Additional paid in capital | 81136 | 81137 | 60380 |
| Retained earnings | 8921532 | 3960095 | 2945519 |
| Accumulated other comprehensive loss | - | (10) | (7) |
| **Total shareholders' equity** | 9021533 | 4060087 | 3019892 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 29439423 | 27837451 | 20705496 |

---

**LYC HEALTHCARE (CAYMAN) LTD**

**COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Revenues | 14443017 | 17332420 | 12891854 |
| Cost of sales | (8322956) | (9961430) | (7409312) |
| Gross profit | 6120061 | 7370990 | 5482542 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 2957714 | 3835054 | 2852513 |
| &nbsp;&nbsp;&nbsp;Operating lease expenses | 1139665 | 1422734 | 1058230 |
| &nbsp;&nbsp;&nbsp;Depreciation expenses | 131847 | 117612 | 87480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4229226 | 5375400 | 3998223 |
| Profit from operations | 1890835 | 1995590 | 1484319 |
| Other income (Expenses): |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 174439 | 1020491 | 759041 |
| &nbsp;&nbsp;&nbsp;Interest expense | (91732) | (70249) | (52251) |
| Total Other income, net | 82707 | 950242 | 706790 |
| Income before tax expense | 1973542 | 2945832 | 2191109 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 294056 | 467268 | 347554 |
| **Net Income** | 1679486 | 2478564 | 1843555 |
| Other comprehensive income: |  |  |  |
| Foreign currency translation adjustment |  | (10) | (7) |
|  | 1679486 | 2478554 | 1843548 |
| **Net income per share attributable to ordinary shareholders** |  |  |  |
| Basic and diluted | 0.06 | 0.09 | 0.07 |
| **Weighted average number of ordinary shares used in computing net income per share** |  |  |  |
| Basic and diluted | 28000001 | 28000001 | 28000001 |

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**LYC HEALTHCARE (CAYMAN) LTD**

**COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary share,**<br> **Class A** | **Ordinary share,**<br> **Class A** | **Ordinary share,**<br> **Class B** | **Ordinary share,**<br> **Class B** | | | | |
|  | **Shares**<br> **Outstanding** | **Par**<br> **value** | **Shares**<br> **Outstanding** | **Par**<br> **value** | **Additional**<br>**paid in**<br> **capital** |<br>**Retained**<br> **earnings** | **Accumulated other**<br>**comprehensive**<br> **loss** | **Total**<br>**shareholders'**<br> **equity** |
|  | | **S$** | | **S$** | **S$** | **S$** | **S$** | **S$** |
| **Balance as of April 1, 2023** | 22582001 | 15215 | 5418000 | 3650 | 81136 | 7242046 |  | 7342047 |
| Net income | - | - | - | - | - | 1679486 | - | 1679486 |
| **Balance as of March 31, 2024** | 22582001 | 15215 | 5418000 | 3650 | 81136 | 8921532 |  | 9021533 |
| Issuance of share |  |  |  |  | 1 |  |  | 1 |
| Net income |  |  |  |  |  | 2478564 | (10) | 2478554 |
| Dividend (Note 9) | - | - | - | - | - | (7440001) | - | (7440001) |
| **Balance as of March 31, 2025** | 22582001 | 15215 | 5418000 | 3650 | 81137 | 3960095 | (10) | 4060087 |
|  |  | **US$** |  | **US$** | **US$** | **US$** | **US$** | **US$** |
| **Balance as of March 31, 2025** |  | 11291 |  | 2709 | 60380 | 2945519 | (7) | 3019892 |

---

**LYC HEALTHCARE (CAYMAN) LTD**

**COMBINED STATEMENTS OF CASH FLOWS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |  |
| Net income | 1679486 | 2478564 | 1843555 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 126745 | 108804 | 80928 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 294513 | 290793 | 216292 |
| &nbsp;&nbsp;&nbsp;(Gain) on disposal of property and equipment |  | (31000) | (23058) |
| &nbsp;&nbsp;&nbsp;Gain on lease modification |  | (820332) | (610163) |
| &nbsp;&nbsp;&nbsp;Property and equipment written off | 257 | (69691) | (51836) |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | 5627 | 10280 | 7646 |
| &nbsp;&nbsp;&nbsp;Finance lease interest expenses | 91732 | 70249 | 52251 |
| &nbsp;&nbsp;&nbsp;Termination expenses |  | 150348 | 111829 |
| &nbsp;&nbsp;&nbsp;Operating lease expenses | 1139665 | 1422734 | 1058230 |
| Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | (196267) | (1050849) | (781621) |
| &nbsp;&nbsp;&nbsp;Contract assets | 26466 | 17811 | 13248 |
| &nbsp;&nbsp;&nbsp;Prepayment | (66520) | 108622 | 80793 |
| &nbsp;&nbsp;&nbsp;Deposit | (151436) | (234312) | (174281) |
| &nbsp;&nbsp;&nbsp;Inventories | (68788) | 2519 | 1874 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 12732 | (9562) | (7112) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 139046 | 418447 | 311241 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 208672 | 641238 | 476953 |
| &nbsp;&nbsp;&nbsp;Deposit received | 3871 | 10080 | 7498 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | (1079776) | (1490613) | (1108718) |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities |  | 2311 | 1719 |
| &nbsp;&nbsp;&nbsp;Tax payables | (141496) | 295968 | 220141 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 2024529 | 2322409 | 1727409 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (102482) | (40155) | (29867) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment |  | 31000 | 23058 |
| &nbsp;&nbsp;&nbsp;Net movements in amount due from holding company | (2550000) | (2009112) | (1494378) |
| &nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (2652482) | (2018267) | (1501187) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net movements in amounts due to directors | 11642 | 31206 | 23211 |
| &nbsp;&nbsp;&nbsp;Net movements in amounts due to related party |  | 767565 | 570915 |
| &nbsp;&nbsp;&nbsp;Payment of deferred offering costs |  | (813503) | (605084) |
| &nbsp;&nbsp;&nbsp;Principal payment on finance lease liabilities | (481280) | (502763) | (373955) |
| &nbsp;&nbsp;&nbsp;Interest paid | (91732) | (70249) | (52251) |
| &nbsp;&nbsp;&nbsp;**Net cash used in financial activities** | (561370) | (587744) | (437164) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  | 3 | 2 |
| &nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents | (1189323) | (283599) | (210940) |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents - beginning of year | 2124569 | 935246 | 695634 |
| &nbsp;&nbsp;&nbsp;**Cash and cash equivalents - end of year** | 935246 | 651647 | 484694 |
| **SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income tax | 422820 | 171300 | 127413 |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | 91732 | 70249 | 52251 |
| **SUPPLEMENTAL OF NON-CASH FLOW INFORMATION:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend declared offset against existing receivable from LYCMS |  | 7440000 | 5533902 |
| &nbsp;&nbsp;&nbsp;Issuance of share |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities arising from obtaining right-of-use assets | 315282 | 6422020 | 4776867 |

---

**LYC HEALTHCARE (CAYMAN) LTD** 

**NOTES TO COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **1** | **Organization and business overview** |

---

LYC Healthcare (Cayman) Ltd is holding company incorporated on October 18, 2024 under the laws of the Cayman Islands. The Company through its subsidiaries involved in medical and surgical advisory services. The Company and its subsidiaries are collectively referred to as the "Company".

The Company is strategically positioned to address the healthcare needs of Singapore's aging population, with projections indicating that one in four Singaporeans will be aged 65 or older by 2030. This demographic shift is expected to drive an increase in age-related medical conditions, such as osteoporosis and rheumatoid arthritis, among other ailments commonly affecting the elderly. Leveraging a multidisciplinary, patient-centric approach, the Company enables its doctors to collaborate with other healthcare professionals across its clinics to diagnose conditions, identify shared care goals, and streamline interventions within a one-stop practice. This integrated model ensures holistic patient care, improved treatment outcomes, and enhanced patient satisfaction.

The Company is headquartered in Singapore.

On [●] [●], 2025, as part of a reorganization, prior to the listing, which is in process and has not yet been completed, four persons (LYC Medicare Sdn Bhd, Maybank Nominee (Tempatan) Sdn Bhd for Kenanga Investors Bhd (Clients') Account, Dr. Chan Ying Ho (Henry), and Ting Choon Meng) ("Acquiring Shareholders") acquired all of the shares of HCOS and T&T from LYC Medicare Singapore Limited for an aggregate consideration of SGD 10,000. The Acquiring Shareholders subsequently sold all of the shares in HCOS and T&T to LYC (Cayman) for an aggregate consideration of SGD 31,282,001, settled by an issuance of 9,940,000 Class A ordinary shares and 18,060,000 Class B ordinary shares by LYC (Cayman) to the Acquiring Shareholders and LYC (Cayman) nominated its wholly owned subsidiary, LYC Medicare, to acquire these shares. Upon completion of such reorganization, HCOS and T&T became wholly owned subsidiaries of LYC (Cayman) through LYC Medicare International Pte. Ltd.

The combined financial statements are prepared in accordance with Accounting Standards Codification ("ASC") 805 "Business Combinations" based on the basis that the reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the reorganization. The combined financial statements are prepared by adding together financial statement items of HCOS and T&T, since HCOS and T&T were under common control. The financial statements used for combination purposes have been prepared applying the Company's accounting policies. Upon combining the financial information for the periods, intra-group income and expenses, intragroup accounts and profits and losses on transactions between the combined entities are eliminated. Comparative figures have been changed accordingly. The accounting principles set out below have been applied consistently to all periods presented in these combined financial statements

As of the date of this financial statement, the reorganization of the Company's legal structure has not yet occurred.

The combined financial statements of the Company include the following entities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Date of incorporation** | **Percentage of direct or indirect interests** | **Place of incorporation** | **Principal activities** |
| LYC Healthcare (Cayman) Ltd | 18 October 2024 | 100% | Cayman Island | Holding company |
| LYC Medicare International Pte Ltd ("LYCMI") | 13 August 2024 | 100% | Singapore | Singapore holding company |
| HC Orthopaedic Surgery Pte Ltd | 8 September 2017 | 100% | Singapore | Medical and surgical advisory services |
| T&T Medical Group Pte Ltd | 12 April 1989 | 100% | Singapore | Medical and surgical advisory services |

---

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **2** | **Summary of significant accounting policies** |

---

*Basis of presentation*

This summary of significant accounting policies is presented to assist in understanding the Company's combined financial statements and have been consistently applied in the preparation of the financial statements The accompanying combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").

*Business combination*

The Company accounts for business combinations under common control in accordance with ASC 805, Business Combinations. Transactions between entities under common control are accounted for using the carryover basis of accounting. The net assets of the acquired entity are recorded at their historical carrying values. The financial statements are retrospectively adjusted to reflect the combined entities as though the combination occurred at the beginning of the earliest period presented.

During the years ended March 31, 2024 and 2025, LYC Medicare Sdn Bhd, Maybank Nominee (Tempatan) Sdn Bhd for Kenanga Investors Bhd (Clients') Account Investors Berhad, Dr.Chan Ying Ho (Henry), and Ting Choon Meng were the shareholders of HCOS and T&T. HCOS and T&T can be considered as under the common control of Acquiring Shareholders during the aforementioned period.

*Use of estimates*

The preparation of combined financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Revisions to accounting estimates are recognized prospectively in the period of change and, if applicable, in future periods (ASC 250); prior periods are not retrospectively adjusted.

Significant accounting estimates reflected in the Company's combined financial statements include, but are not limited to, goodwill, amortization and depreciation policy. Actual results may differ from these estimates.

*Cash and cash equivalents*

Cash and cash equivalents primarily consist of cash in banks and cash on hand. The Company maintains most of its bank accounts in Singapore.

*Accounts receivable, net*

Accounts receivable are recorded at the gross billing amount, net of an allowance for any uncollectible accounts due from the customers. They are non-interest bearing.

Since April 1, 2023, the Company early adopted Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), using the modified retrospective transition method. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. Upon adoption, the Company changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost and receivables resulting from the application of ASC 606, including contract assets. The adoption of the guidance had no impact on the allowance for credit losses for accounts receivable on March 31, 2024 and 2025, as the Company has assessed the expected credit loss to be immaterial.

The Company maintains an allowance for credit losses and records the allowance for credit losses as an offset to accounts receivable and the estimated credit losses charged to the allowance is classified as "General and administrative expenses" in the consolidated statements of operations and comprehensive income (loss). The Company assesses collectability by reviewing accounts receivable on aging schedules. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status, the age of the balances, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company's ability to collect from customers.

Delinquent account balances are written-off against the allowance for expected credit loss after management has determined that the likelihood of collection is not probable.

*Prepayment*

Prepayment primarily consists of prepayments made to vendors or services providers for future services that have not been provided.

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Deposit*

Deposit primarily consists of refundable security deposits paid to lessor under tenancy agreements.

*Inventories*

Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to damaged and slow-moving goods, which is dependent upon factors such as historical and forecasted consumer demand, and specific customer requirements. The Company takes ownership, risks and rewards of the products. Write downs are recorded in cost of sales in the consolidated statements of operations and comprehensive income. As of March 31, 2025 and 2024, the Company did not provide inventory write downs.

*Property and equipment, net*

Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows:

---

| | |
|:---|:---|
| **Categories** | **lesser of lease term or expected useful life (no of years)** |
| Furniture and fitting | 10 |
| Medical equipment | 5 to 10 |
| Office equipment | 5 to 10 |
| Computer | 3 |
| Renovation | 2 to 10 |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the combined statement of income. Expenditures for maintenance and repairs are charged to expense as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

*Right-of-use assets and lease liabilities*

The Company adopted ASC 842 on January 1, 2019. The Company is a lessee of non-cancellable operating leases for its clinics. The Company determines if an arrangement is a lease at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancellable lease term in calculating the right-of-use assets and liabilities.

The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.

The Company has elected, by class of underlying asset (real estate), the practical expedient in ASC 842-10-15-37 to not separate lease and non-lease components and to account for them as a single lease component. Accordingly, fixed (or in-substance fixed) consideration for non-lease services (e.g., common-area maintenance, taxes, insurance, standard facilities services) is included in lease payments when measuring the lease liability and right-of-use asset. Variable amounts are excluded from lease payments and recognized in expense as incurred. This election is applied consistently to all leases within the real estate asset class.

The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any receivable asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the years ended March 31, 2024 and 2025, the Company did not have any impairment loss against its operating lease right-of-use assets.

The Company's operating lease liabilities, receivables and right-of-use assets are disclosed in Note 8.

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

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*Commitments and contingencies*

In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters. Liabilities for the contingencies are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated.

Certain conditions may exist as of the date the combined financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses these contingent liabilities, which inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in legal proceedings, the Company, in consultation with its legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the combined financial statements. If the assessment indicates that a potentially material loss contingency is not probable, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of the reasonably possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

*Impairment of long-lived assets*

The Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the years ended March 31, 2024 and 2025, no impairment of long-lived assets was observed and recognized.

*Fair value measurements*

ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. <br> Level 2 - other inputs that are directly or indirectly observable in the marketplace. <br> Level 3 - unobservable inputs which are supported by little or no market activity.

The carrying amounts of cash and cash equivalents, accounts receivable, amount due from holding company, accounts payable, deposits, amount due to directors, amount due to shareholders, amount due to related parties and accrued expenses and other current liabilities approximate their fair values because of their generally short maturities.

Valuation technique for items estimated using discounted cash flows. For liabilities whose fair value is disclosed (but not measured at fair value on a recurring basis) using an income approach—including, when presented, lease liabilities—the Company estimates fair value by discounting expected future cash flows at market-based interest rates commensurate with the term and the Company's credit risk as of the measurement date. Such measurements are generally classified within Level 2 of the fair value hierarchy (Level 3 if significant unobservable inputs are used).

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

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*Revenue recognition*

The Company accounts for its revenue under FASB ASC Topic 606, Revenue from Contracts with Customers. The five-step model defined by FASB ASC Topic 606 requires the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) identify its contracts with customers;

(2) identify its performance obligations under those contracts;

(3) determine the transaction prices of those contracts;

(4) allocate the transaction prices to its performance obligations in those contracts; and

(5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is
 recognized when promised services are transferred to the patient in an amount that reflects the consideration expected in exchange
 for those services.

Consultations, imaging, and surgical procedures are satisfied at a point in time upon completion; multi-session therapy plans are satisfied over time with revenue recognized using an output method based on sessions delivered. When contracts include multiple services, each service is distinct and the transaction price is allocated to each performance obligation based on stand-alone selling prices (observable list rates); variable consideration, when present, is estimated and constrained to avoid significant revenue reversal.

*Nature of Goods and Services; Performance Obligations and Timing of Revenue Recognition*

Each contract typically contains a single performance obligation for a distinct service rendered to the patient. The Company recognizes revenue at a point in time when control of the promised service transfers to the patient, which occurs upon completion of the service:

● Clinical consultations — revenue is recognized upon completion of the consultation.

● Medical imaging — revenue is recognized upon completion of the imaging procedure and release of the physician-approved report to the patient or ordering physician.

● Physiotherapy — revenue is recognized upon completion of each individual treatment session (the Company does not offer packages or multi-session bundles).

● Orthopaedic surgical services — revenue is recognized upon surgeon completion of the procedure. Implants and consumables used in surgery are integrated into the surgical service and are not distinct from the surgical performance obligation.

*Transfer of Control*

The Company applies observable completion events and the right-to-payment indicator to determine the point at which control transfers. For each service line, revenue is recognized when: (i) the service is completed and documented in the Company's records (e.g., electronic medical record entry, surgeon sign-off), (ii) the final deliverable (e.g., imaging report) is released where applicable, and (iii) the Company has an unconditional right to consideration. The Company does not require deposits, does not offer refunds, and has no post-service obligations.

*Principal versus Agent*

The Company acts as the principal and presents revenue on a gross basis for all service lines, including when hospitals administer billing to insurers and when medical imaging or physiotherapy is delivered by contracted third-party providers. In these arrangements, the Company controls the specified service before transfer to the patient, has primary responsibility for fulfillment, and exercises pricing discretion. Amounts retained by hospitals or contracted providers (e.g., administrative charges or service fees) are recognized as expenses and are not netted against revenue.

*Distinct Performance Obligations and Allocation*

Each service described above represents a distinct performance obligation because it is capable of being distinct to the patient and is separately identifiable in the context of the contract. When a patient receives multiple services (e.g., consultation followed by imaging or surgery), each service is separately priced and billed. The transaction price for each service equals its standalone selling price (SSP). The Company does not offer bundled discounts, material rights, or other price concessions; accordingly, the allocation of consideration equals the stated price for each distinct performance obligation.

*Transaction Price, Variable Consideration, and Credit Risk*

The transaction price generally equals the stated fee for the service provided. The Company does not grant explicit or implicit price concessions, promotional discounts, or waivers and does not have rights of return or other forms of variable consideration. In Singapore, hospitals frequently act as the billing agent and handle insurer claims; the patient (or the hospital as billing agent) remains obligated to pay. Accounts receivable are recognized when the right to consideration becomes unconditional (i.e., upon completion of the service). Historically, the Company has not experienced significant revenue reversals or credit losses.

*Payment Terms and Significant Financing Component*

Amounts are typically due at the time of service or upon invoicing/settlement through the hospital billing process within a short period. The Company applies the practical expedient in ASC 606 not to adjust the transaction price for a significant financing component because the period between service and payment is one year or less.

*Returns, Refunds, and Warranties*

The Company does not offer refunds and does not provide warranties or post-service obligations.

*Remaining Performance Obligations*

Contracts are for individual services with an original expected duration of one year or less. The Company therefore applies the ASC 606 practical expedient not to disclose the transaction price allocated to remaining performance obligations. As of each reporting date presented, the Company had no material remaining performance obligations.

*Costs to Obtain or Fulfill a Contract*

The Company does not incur material incremental costs to obtain contracts. Any such costs are expensed as incurred.

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Revenue recognition (continued)*

The Company disaggregates revenue by nature of service, which reflects how revenue and cash flows are affected by economic factors and is presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **S$** | **%** | **S$** | **US$** | **%** |
| Clinical consultation services <br> (health screenings, screening and treatment of osteoporosis, orthopaedic-related specialist screening) | 6171436 | 42.7 | 7649943 | 5690028 | 44.1 |
| Medical imaging & physiotherapy | 789623 | 5.5 | 937417 | 697251 | 5.4 |
| Orthopaedic surgical services <br> (joint replacement surgeries, minimally invasive spine procedures, and trauma management) | 7481958 | 51.8 | 8745060 | 6504575 | 50.5 |
|  | 14443017 | 100.0 | 17332420 | 12891854 | 100.0 |

---

*Contract Assets*

The contract assets primarily relate to the Company's rights to bill for treatment or surgery completed but not billed at the reporting date. The contract assets are transferred to receivables until subsequent billing phase.

*Government grants*

Government grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied with. Government grant is recognized as 'Other income' in profit or loss.

*Employee benefits*

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i)* *Defined contribution plans* 

Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid.

*ii)* *Short-term compensated absences*

Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

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*Related parties*

The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

A related party is generally defined as (i) any person and or their immediate family hold 10% or more of the Company's securities (ii) the Company's management and or their immediate family, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

*Foreign currency*

The accompanying combined financial statements are presented in Singapore Dollars ("S$"), which is the reporting currency of the Company. The functional currencies of the Company and its wholly owned subsidiary is Singapore Dollars.

*Convenience translation*

Translations of the combined balance sheet, combined statements of operations and comprehensive income and combined statements of cash flows from S$ into US$ as of and for the year ended March 31, 2025 are solely for the convenience of the reader and were calculated at the rate of US$0.7438 = S$1, as set forth in the statistical release of the Federal Reserve System on March 31, 2025. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2025, or at any other rate.

*Income taxes*

The Company accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the combined financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also provided for net operating loss carryforwards that can be utilized to offset future taxable income.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The provisions of FASB ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for combined financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for the years ended March 31, 2024 and 2025. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Earnings (loss) per share*

Basic earnings (loss) per share is computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options, warrants and convertible debt were exercised or converted into ordinary shares. When the Company has a loss, diluted shares are not included as their effect would be anti-dilutive. The Company has no dilutive securities or debt for each of the years ended March 31, 2024 and 2025.

*Concentrations and credit risk*

The Company maintains cash with banks in Singapore. Should any bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company would lose the cash with that bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In Singapore, a depositor has up to S$100,000 insured by Singapore Deposit Insurance Corporation ("SDIC").

Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and cash equivalents, accounts receivable and other current assets. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security. The Company periodically evaluates the creditworthiness of the existing clients in determining the allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

As of March 31, 2024 and 2025, the Company's assets were located in Singapore and the Company's revenue was principally derived from the operation in Singapore.

<u>Major customers</u>

For the year ended March 31, 2024, customer A and B accounted for 20.1% and 20.0% of the Company's total revenue and 24.2% and 54.1% of the Company's total accounts receivable as of March 31, 2024. For the year ended March 31, 2025, customer A and B accounted for 28.1% and 14.1% of the Company's total revenue and 36.0% and 26.5% of the Company's total account receivables as of March 31, 2025.

<u>Major suppliers</u>

For the year ended March 31, 2024, vendor A, B and C accounted for 18.1%, 16.2% and 13.1% of the Company's total purchases, and 15.6%, 8.1% and 5.6% of the accounts payable as of March 31, 2024, respectively. For the year ended March 31, 2025, vendor A accounted for 10.7% of the Company's total purchases, and 20% of the account payable as of March 31, 2025.

*Recent Accounting Pronouncements*

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company made the election to delay the adoption of new or revised accounting standards.

In March 2021, the FASB issued Intangibles — Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events. An entity is required to monitor and evaluate goodwill impairment triggering events throughout the reporting period. An entity is required to consider whether an event has occurred or circumstances have changed that would more likely than not reduce the fair value of a reporting unit (or entity, if the entity has elected the accounting alternative for amortizing goodwill1 and chosen that option) below its carrying amount, that is, whether a triggering event has occurred. If the entity concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying value, then the entity must test goodwill for impairment. The triggering event analysis and resulting goodwill impairment test, if any, are required to be performed when a triggering event occurs without the use of hindsight or known changes to facts and circumstances after the triggering event date.

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Recent Accounting Pronouncements*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its combined financial statements and related disclosures.

In February 2024, the FASB issued ASU 2023-10, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which aims to reduce complexity in income tax accounting by eliminating certain exceptions and clarifying existing guidance. The amendments remove exceptions related to intra-period tax allocation, interim period tax accounting, and the recognition of deferred tax liabilities for investments in foreign subsidiaries. Additionally, the update simplifies the recognition and measurement of deferred tax assets and liabilities and provides clarification on the tax treatment of transactions with single-member LLCs and the allocation of tax effects among entities within a consolidated tax return. The update is effective for public business entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years, and for all other entities for fiscal years beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its combine financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The new standard requires entities to disclose additional information about certain expenses, such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, as well as selling expenses included in commonly presented expense captions on the income statement. The FASB further clarified the effective date in January 2025 with the issuance of ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Companies have the option to apply this guidance either on a retrospective or prospective basis, and early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its combined financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"), which introduces a practical expedient allowing entities, when estimating expected credit losses for current trade receivables and current contract assets under Topic 606, to assume that conditions at the balance sheet date do not change over the assets' remaining life, and—for entities other than public business entities—an accounting policy election to consider subsequent cash collections after the balance sheet date through the date the financial statements are available to be issued (or another selected date). The guidance is effective for annual periods beginning after December 15, 2025, including interim periods within those years, and is applied prospectively; early adoption is permitted. The Company has not early adopted ASU 2025-05 and is currently evaluating the potential impact of this guidance on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06"), which modernizes the internal-use software guidance by removing prescriptive development stages, requiring capitalization to begin only after management authorizes funding and it is probable the project will be completed (with an explicit assessment of significant development uncertainty), and clarifying that PP&E-style disclosures apply to capitalized internal-use software; it also incorporates website development guidance into Subtopic 350-40. The standard is effective for annual periods beginning after December 15, 2027, including interim periods within those years, with early adoption permitted and prospective, modified, or retrospective transition options available. The Company has not adopted ASU 2025-06 and, as it does not develop or capitalize internal-use software, does not expect the guidance to have a material impact on its intangible assets or goodwill.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's combined balance sheets, statements of operations and cash flows.

---

| | |
|:---|:---|
| **3** | **Accounts receivable, net** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Accounts receivable | 1760591 | 2801362 | 2083653 |
| Less: allowance for credit losses | (60996) | (61198) | (45519) |
| Total accounts receivable, net | 1699595 | 2740164 | 2038134 |

---

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **3** | **Accounts receivable, net (continued)** |

---

Movement of allowance for credit losses are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Allowance for credit losses, beginning balance | 55369 | 60996 | 45369 |
| Addition | 5627 | 10280 | 7646 |
| Written off | - | (10078) | (7496) |
| Allowance for credit losses, ending balance | 60996 | 61198 | 45519 |

---

---

| | |
|:---|:---|
| **4** | **Contract assets** |

---

Contract assets:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Balance - beginning of the year | 61304 | 34837 | 25912 |
| Revenue recognized during the year | 34837 | 152653 | 113543 |
| Decrease resulting from billing during the year | (61304) | (170464) | (126791) |
|  | 34837 | 17026 | 12664 |

---

---

| | |
|:---|:---|
| **5** | **Property and equipment, net** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Computers | 65871 | 72203 | 53705 |
| Furniture and fittings | 170430 | 170430 | 126766 |
| Medical equipment | 147820 | 195088 | 145106 |
| Office equipment | 160445 | 167493 | 124581 |
| Renovation | 674444 | 723644 | 538246 |
| Sub-total | 1219010 | 1328858 | 988404 |
| Less: accumulated depreciation | (572559) | (681365) | (506799) |
| Carrying amount | 646451 | 647493 | 481605 |

---

Depreciation expense for the years ended March 31, 2024 and 2025 was S$126,745 and S$108,804 (US$80,928).

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **6** | **Goodwill** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Balance – beginning and end of the year | 11786037 | 11786037 | 8766454 |

---

Goodwill arose from the acquisition of T&T and HCOS, which operate in the clinic and specialist services. The goodwill of S$11,786,037 (US$8,766,454) is attributable to business synergies expected to arise for the Company.

The carrying amount of goodwill had been allocated as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Clinical and specialist services: |  |  |  |
| - T&T | 5413074 | 5413074 | 4026244 |
| - HCOS | 6372963 | 6372963 | 4740210 |
|  | 11786037 | 11786037 | 8766454 |

---

Goodwill is assessed at each reporting date regardless of any indication of impairment by comparing the carrying amount with the recoverable amount of subsidiaries.

The recoverable amount has been determined based on value-in-use calculations using cash flows projection from financial budgets and forecasts approved by management covering a five-year period. Cash flows beyond five-year period are extrapolated.

Based on the annual impairment testing undertaken by the Company, no impairment losses were required for the carrying amount of the goodwill assessed as their recoverable amounts were in excess of their carrying amounts.

---

| | |
|:---|:---|
| **7** | **Accrued expenses and other current liabilities** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Accruals for staff related costs | 178078 | 598424 | 445108 |
| Accrued operating expenses | 255839 | 358831 | 266898 |
| Provision for unutilized leave | 73795 | 169443 | 126032 |
| Other payables | 28009 | 50261 | 37385 |
| Total | 535721 | 1176959 | 875423 |

---

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **8** | **Right-of-use assets and lease liabilities** |

---

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Company has six clinic lease agreements with lease terms ranging from two to ten years, respectively, which are operating leases and leases of MRI machine and vehicle from third party which are finance leases. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term of one year or less.

As of March 31, 2025, the Company had the following non-cancellable operating lease contracts.

---

| | |
|:---|:---|
| **Description of lease** | **Lease term** |
| 6 Napier Road #09-16, Gleneagles Medical Centre, Singapore 258499. | 3.8 years |
| 3 Mount Elizabeth #15-14, Room 1, Mount Elizabeth Medical Centre, Singapore 228510. | 2 years |
| 38 Irrawaddy Rd #06-37, Singapore 329563 | 3 years |
| 319 Joo Chiat Place #04-07 Parkway East Medical Centre Singapore 427989 | 3 years |
| 181 Kitchener Rd #01-01, #01-02, #01-03 Singapore 208533 | 5 years |
| 181 Kitchener Rd #01-14, #01-15, #01-16, #01-17, #01-18, #01-19 #01-20 Singapore 208533 | 5 years |

---

As of March 31, 2025, the Company had the following non-cancellable finance lease contracts.

---

| | |
|:---|:---|
| **Description of lease** | **Lease term** |
| MRI and CT machine | 5 years |
| Mercedes-Benz GLC 200. | 7 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 recognized in the combined balance sheet:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| <u>Finance lease</u> |  |  |  |
| Right-of-use assets, net | 2414296 | 2123503 | 1579462 |
| Lease liabilities |  |  |  |
| Current | 502763 | 525241 | 390674 |
| Non-current | 1263694 | 738453 | 549261 |
|  | 1766457 | 1263694 | 939935 |

---

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **8** | **Right-of-use assets and lease liabilities (continued)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| <u>Operating lease</u> |  |  |  |
| Right-of-use assets, net | 3542363 | 6125839 | 4556399 |
| Lease liabilities |  |  |  |
| Current | 1071495 | 1490026 | 1108281 |
| Non-current | 3327471 | 4597261 | 3419443 |
|  | 4398966 | 6087287 | 4527724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 summary of lease expenses recognized in the Company's combined statements of operations
 and comprehensive income is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| <u>Finance lease expenses</u> |  |  |  |
| Amortization of right-of-use assets | 294513 | 290793 | 216292 |
| Interest of lease liabilities | 91732 | 70249 | 52251 |
| Total finance lease expenses | 386245 | 361042 | 268543 |
| <u>Operating lease expenses</u> |  |  |  |
| Amortization of right-of-use assets | 887753 | 1189850 | 885011 |
| Interest of lease liabilities | 251912 | 232884 | 158290 |
| Total operating lease expenses | 1139665 | 1422734 | 1043301 |

---

Future minimum lease payments under non-cancellable finance lease agreements as of March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Minimum lease payment** | **Minimum lease payment** |
| **Twelve months ending March 31,** | **S$** | **US$** |
| 2026 | 573012 | 426206 |
| 2027 | 573012 | 426206 |
| 2028 | 192630 | 143278 |
| Total future minimum lease payments | 1338654 | 995690 |
| Less imputed interest | (74960) | (55755) |
| Present value of finance lease liabilities | 1263694 | 939935 |
| Less: current portion | (525241) | (390674) |
| Long-term portion | 738453 | 549261 |

---

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **8** | **Right-of-use assets and lease liabilities (continued)** |

---

The following summarizes other supplemental information about the Company's finance lease as of March 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| Weighted average discount rate | 2.39% | 2.39% |
| Weighted average remaining lease term | 40.5 months | 25.5 months |

---

Future minimum lease payments under non-cancellable operating lease agreements as of March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Minimum lease payment** | **Minimum lease payment** |
| **Twelve months ending March 31,** | **S$** | **US$** |
| 2026 | 1778769 | 1323047 |
| 2027 | 1631711 | 1213667 |
| 2028 | 1539653 | 1145194 |
| 2029 | 1308653 | 973376 |
| 2030 | 545270 | 405573 |
| Total future minimum lease payments | 6804056 | 5060857 |
| Less imputed interest | (716769) | (533133) |
| Present value of operating lease liabilities | 6087287 | 4527724 |
| Less: current portion | (1490026) | (1108281) |
| Long-term portion | 4597261 | 3419443 |

---

The following summarizes other supplemental information about the Company's operating lease as of March 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| Weighted average discount rate | 5.25% | 5.25% |
| Weighted average remaining lease term | 34 months | 26 months |

---

---

| | |
|:---|:---|
| **9** | **Equity** |

---

*Ordinary shares*

The Company was incorporated under the laws of the Cayman Islands on October 18, 2024. Our authorized share capital is US$50,000 divided into 100,000,000 shares consisting of 70,000,000 Class A Shares and 30,000,000 Class B Shares, par value US$0.0005 per share. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting rights. Each holder of our Class A Ordinary Share is entitled to 1 vote per share. Each holder of our Class B Ordinary Share is entitled to 10 votes per share.

Prior to completion of the reorganization described in Note 1, two subsidiaries declared and paid a final exempt (one tier) cash dividend amounting to S$7,440,001 on 10 December, 2024, to its then-existing shareholder, LYC Medicare Singapore Limited ("LYCMS"). In these financial statements, the distribution is presented as a distribution to owners within equity (i.e., a reduction of retained earnings/additional paid-in capital), consistent with common-control accounting.

The cash dividend amounting to S$7,440,001 has been offset against the outstanding advances to the existing shareholders.

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **10** | **Related party transactions and balances** |

---

The table below sets forth the material transactions with related-parties and their relationships with the Company for the financial years ended March 31, 2024, and 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of related parties** | &nbsp;&nbsp;**Relationship with the Company** |
| LYC Medicare Singapore Limited | &nbsp;&nbsp;Company related by common shareholder |
| Chan Ying Ho | &nbsp;&nbsp;Director |

---

The Company incurred marketing fee to LYC Medicare Singapore Limited amounting to S$1,008,000 and S$599,550 (US$445,945), and management fee of S$30,000 and S$30,000 (US$22,314) for the year ended March 31, 2024 and 2025, respectively. The Company provided loans to LYC Medicare Singapore Limited amounted to S$7,440,001 and S$2,009,111 (US$1,494,377) as of March 31, 2024 and 2025, respectively. The loans are unsecure, non-interest bearing and repayable on demand. The Company received advances from LYC Medicare Singapore Limited amounted to S$767,722 (US$571,032) as of March 31, 2025. The amount payable is unsecure, non-interest bearing and repayable on demand.

The director, Dr. Chan Ying Ho provided advances to the Company amounting to S$32,431 and S$63,637 (US$47,333) for the years ended March 31, 2024, and 2025, respectively. The advances are unsecure, non-interest bearing and repayable on demand.

The amount due from shareholder amounted to S$2 (US$1) as of March 31, 2025.

The amount due to shareholders amounted to S$11,786,037 for the years ended March 31, 2024 and 2025, respectively.

---

| | |
|:---|:---|
| **11** | **Income taxes** |

---

*<u>Caymans Island</u>*

The Company, LYC Healthcare (Cayman) Ltd, is domiciled in the Cayman Island. The locality currently enjoys permanent income tax holidays; accordingly, the Company do not accrue for income taxes.

*<u>Singapore</u>*

The subsidiaries, LYC Medicare International Pte Ltd, HC Orthopaedic Surgery Pte Ltd and T & T Medical Group Pte Ltd are incorporated in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

Significant components of the provision for income taxes are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Income tax expense is comprised of the following:** |  |  |  |
| Current | 281324 | 474519 | 352947 |
| Deferred | 12732 | (7251) | (5393) |
| Total income tax expense | 294056 | 467268 | 347554 |

---

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **11** | **Income taxes (continued)** |

---

A reconciliation between of the statutory tax rate to the effective tax rate are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Income before tax | 1973542 | 2945832 | 2191109 |
| Singapore income tax rate | 17.0% | 17.0% | 17.0% |
| Reconciling items: |  |  |  |
| - Tax effect on expense not deductible for tax purposes | 0.6% | 1.3% | 1.3% |
| - Tax effect on income not taxable for tax purposes | -% | (0.1%) | (0.1%) |
| - Corporate tax rebate | (1.8%) | (3.8%) | (3.8%) |
| - Overprovision of current taxation in respect of prior year | (0.7%) | (0.3%) | (0.3%) |
| - Others | (0.2%) | 1.8% | 1.8% |
| Effective tax rate | 14.9% | 15.9% | 15.9% |

---

<u>Deferred tax</u>

Significant components of deferred tax were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Plant and equipment | (458953) | (537940) | (400120) |
| Leases | 95163 | 276851 | 205922 |
| Provision | 128902 | 366704 | 272754 |
| Deferred tax assets, gross | (234888) | 105615 | 78556 |
| Valuation allowance | 297846 | - | - |
| Deferred tax assets, net of valuation allowance | 62958 | 105615 | 78556 |
| At Singapore tax rate of 17% | 10703 | 17954 | 13354 |

---

Deferred tax assets are recognized in the combined financial statements only to the extent that it is probable that future taxable profits will be available against which the Company can utilize the benefits.

**LYC HEALTHCARE (CAYMAN) LTD**

**NOTES TO COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **12** | **Other income** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Government grants | 19037 | 15064 | 11205 |
| Gain on disposal |  | 31000 | 23058 |
| Gain on lease modification |  | 820331 | 610162 |
| Rental income<sup>1</sup> | 99368 | 136416 | 101466 |
| Miscellaneous income | 56034 | 17680 | 13150 |
|  | 174439 | 1020491 | 759041 |

---

<sup>1</sup> The Company is the lessor in a non-cancellable operating lease agreement for a commercial premise. Please refer to Note 13 (Commitments and Contingencies).

---

| | |
|:---|:---|
| **13** | **Commitments and Contingencies** |

---

As of March 31, 2024 and 2025, the Company had operating lease commitments for clinic premises that include a fixed management service charge. The undiscounted maturities of these lease payments are presented in Note 8 (Right-of-use assets and lease liabilities).

The Company sub-leases a unit of commercial space to a lessee under a non-cancellable operating lease. The lease commenced on September 1, 2024 and expires on August 31, 2029. As of the balance sheet date, lease commitments under non-cancellable operating leases where the Company is the lessor is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Lease income receivable** |  |  |  |
| Within 1 year | 89376 | 153216 | 113962 |
| After 1 year but not later than 5 years | 612864 | 395808 | 294412 |
|  | 702240 | 549024 | 408378 |

---

The above operating lease does not provide for contingent rent.

Other than these lease commitments, the Company had no material capital commitments or contingencies as of March 31, 2024 and 2025.

---

| | |
|:---|:---|
| **14** | **Subsequent events** |

---

On [●] [●], 2025, the Company completed the reorganization as disclosed in Note 1 and issued [●] shares to the Acquiring Shareholders.

The Company has assessed all subsequent events through December [●], 2025 which is the date that these combined financial statements are available to be issued and other than the above, there are no further material subsequent events that require disclosure in these combined financial statements.

**Class A Shares**

**LYC HEALTHCARE (CAYMAN) LTD**

**PROSPECTUS**

**AC SUNSHINE SECURITIES LLC**

[●] [●], 2025

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS**

Cayman Islands' laws do not prohibit or restrict a company from indemnifying its directors and officers against personal liability for any loss they may incur arising out of the Company's business, except to the extent such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. The indemnity extends only to liability for their own negligence and breach of duty other than breaches of fiduciary duty and not where there is evidence of dishonesty, willful default, or fraud.

Our Memorandum and Articles of Association permits, to the fullest extent permissible under Cayman Islands law, indemnification of our officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by them, other than by reason of their own dishonesty, willful default or fraud, in connection with the execution or discharge of their duties, powers, authorities or discretion as directors or officers of our Company, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by them in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in the Cayman Islands or elsewhere.

We intend to enter into indemnification agreements with each of our directors and officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Cayman Islands law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified, subject to our Company reserving its rights to recover the full amount of such advances in the event that he or she is subsequently found to have been negligent or otherwise have breached his or her trust or fiduciary duties to our Company or to be in default thereof, or where the Cayman Islands courts have declined to grant relief.

The form of underwriting agreement to be filed as Exhibit 1.1 to this registration statement will also provide for indemnification of us and our officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES**

During the past three years, we have issued and sold the following securities without registering such securities under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering. No underwriters were involved in these issuances of securities.

● Upon incorporation of the Company on October 18, 2024, the Company issued one ordinary share of par value of US$0.0005 in the Company to Harneys Fiduciary (Cayman) Limited and Harneys Fiduciary (Cayman) Limited transferred one ordinary share of par value of US$0.0005 to Dr. Chan Ying Ho (Henry) on the same day.

● On December 30, 2024, the Company redesignated (a) the 1 issued ordinary share of a par value of US$0.0005 held by Dr. Chan Ying Ho (Henry) to 1 Class A Share, and (b) the 99,999,999 authorized but unissued ordinary shares of par value of US$0.0005 each to 69,999,999 Class A Shares and 30,000,000 Class B Shares.

● On [●] [●], 2025, in connection with the Company's reorganization, the Company issued 22,582,000 Class A Shares and 5,418,000 Class B Shares to the shareholders of HC Orthopaedic Surgery Pte. Ltd. and T&T Medical Group Pte. Ltd. in consideration of them agreeing to sell and the Company agreeing to purchase all of the outstanding shares of HC Orthopaedic Surgery Pte. Ltd. and T&T Medical Group Pte. Ltd.

**ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

(a) Exhibits

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of document** |
| 1.1\*\*<br>| Form of Underwriting Agreement |
| 2.1\* | [Form of Share Swap Agreement between the Registrant and the Shareholders of HC Orthopaedic Surgery Pte. Ltd. and T&T Medical Group Pte. Ltd.](ex2-1.htm) |
| 3.1\* | [Amended and Restated Memorandum and Articles of Association dated December 30, 2024](ex3-1.htm) |
| 5.1\*\* | Opinion of Harney Westwood & Riegels Singapore LLP regarding the validity of securities being registered |
| 10.1\* | [Form of Directors' Agreement](ex10-1.htm) |
| 10.2\* | [Form of Indemnification Agreement](ex10-2.htm) |
| 10.3\* | [Lease Agreement – Registrant – Singapore](ex10-3.htm) |
| 10.4\* | [Lease Agreement – HCOS – Mount Elizabeth Medical Centre, Singapore](ex10-4.htm) |
| 10.5\* | [Lease Agreement – HCOS – Parkway East Medical Centre, Singapore](ex10-5.htm) |
| 10.6\* | [Lease Agreement - HCOS - Mount Elizabeth Novena Specialist Centre, Singapore (1st TA)](ex10-6.htm) |
| 10.7\* | [Lease Agreement - HCOS - Mount Elizabeth Novena Specialist Centre, Singapore (2nd TA)](ex10-7.htm) |
| 10.8\* | [Lease Agreement – HCOS – Gleneagles Medical Centre, Singapore](ex10-8.htm) |
| 10.9\* | [Lease Agreement - T&T - Letter from NSK Hotel Pte Ltd to T&T on Landlord Change](ex10-9.htm) |
| 10.10\* | [Lease Agreement - T&T - Novatel Singapore (1st TA)](ex10-10.htm) |
| 10.11\* | [Lease Agreement - T&T - Novatel Singapore (2nd TA)](ex10-11.htm) |
| 10.12\*+ | [Executive Service Agreement with Dr. Chan Ying Ho (Henry)](ex10-12.htm) |
| 10.13\*+ | [Executive Service Agreement with Sui Diong Hoe (David)](ex10-13.htm) |
| 10.14\* | [Employment Agreement with Ting Choon Meng](ex10-14.htm) |
| 10.15\* | [Employment Agreement with Toon Dong Hao](ex10-15.htm) |
| 10.16\* | [Employment Agreement with Yeoh Ching Sing (Nicholas)](ex10-16.htm) |
| 10.17\* | [Letter of Employment with Tan Winnie.](ex10-17.htm) |
| 10.18\* | [Egeiro Physio](ex10-18.htm) |
| 10.19\* | [Radiological Services Agreement](ex10-19.htm) |
| 10.20\* | [Letter of Appointment with Lee Ai Vi – Interim CFO](ex10-20.htm) |
| 10.21\* | [Share Swap Agreement](ex10-21.htm) |
| 10.22\* | [Engagement Letter with Cheung Kam Fai](ex10-22.htm) |
| 14.1\* | [Code of Ethics of the Registrant](ex14-1.htm) |
| 21.1\* | [List of Subsidiaries of the Registrant](ex21-1.htm) |
| 23.1\* | [Consent of Enrome LLP](ex23-1.htm) |
| 23.2\*\*<br>| Consent of Harney Westwood & Riegels Singapore LLP (included in Exhibit 5.1)<br>|
| 23.3\* | [Consent of Converging Knowledge](ex23-3.htm) |
| 24.1\*\* | Power of Attorney (included on signature pages) |
| 99.1\* | [Audit Committee Charter](ex99-1.htm) |
| 99.2\* | [Compensation Committee Charter](ex99-2.htm) |
| 99.3\* | [Nomination and Corporate Governance Committee Charter](ex99-3.htm) |
| 99.4\* | [Insider Trading Policy](ex99-4.htm) |
| 99.5\* | [Consent of Ai Sze Yin](ex99-5.htm) |
| 99.6\* | [Consent of Law Yew Foo (Brian)](ex99-6.htm) |
| 99.7\* | [Consent of Justin Kong Heen Zee](ex99-7.htm) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

+ Denotes management compensatory agreement.

\* Submitted herewith

\*\* To be submitted by amendment

\*\*\* Previously submitted

(b) Financial
 Statement Schedules – None.

**ITEM 9. UNDERTAKINGS**

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes:

1) To file, during any period in which offers, or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To
 include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

(ii) To
 reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
 post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
 forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
 the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
 of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
 if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set
 forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable,
 in the effective registration statement; and

(iii) To
 include any material information with respect to the plan of distribution not previously disclosed in the registration statement
 or any material change to such information in the registration statement.

2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F (17 CFR § 249.220f) at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act (15 U.S.C. 77j(a)(3)) need not be furnished, *provided* that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

---

| |
|:---|
| (i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
| (ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
| (iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
| (iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |

---

6) That for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

7) That for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on December 8, 2025

---

| | |
|:---|:---|
| LYC HEALTHCARE (CAYMAN) LTD | LYC HEALTHCARE (CAYMAN) LTD |
| By: | */s/ Chan Ying Ho*  |
| Name: | Chan Ying Ho (Henry) |
| Title: | Principal Executive Officer/Chief Executive Officer and Executive Director<br>|
| By: | */s/ Sui Diong Hoe* |
| Name: | Sui Diong Hoe (David) |
| Title: | Executive Director |

---

We, the undersigned directors and executive officers of LYC HEALTHCARE (CAYMAN) LTD and its subsidiaries hereby severally constitute and appoint Dr. Chan Ying Ho (Henry), singly (with full power to act alone), our true and lawful attorney-in-fact and agent with full power of substitution and resubstitution in him for him and in his name, place and stead, and in any and all capacities, to sign this Registration Statement on Form F-1 and any and all amendments (including post-effective amendments) to this Registration Statement (or any other Registration Statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and him, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| Date: December 8, 2025 | */s/ Chan Ying Ho* |
|  | Chan Ying Ho (Henry),<br>|
|  | Principal Executive Officer/Chief Executive Officer, Executive Director |
| Date: December 8, 2025 | */s/ Lee Ai Vi*  |
|  | Lee Ai Vi<br>|
|  | Principal Accounting Officer/Chief Financial Officer |
| Date: December 8, 2025 | */s/ Sui Diong Hoe*  |
|  | Sui Diong Hoe (David),<br>|
|  | Executive Director |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT IN THE UNITED STATES**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of America has signed this Registration Statement or amendment thereto in New York, United States on December 8, 2025.

---

| | |
|:---|:---|
| SCHLUETER & ASSOCIATES,P.C. | SCHLUETER & ASSOCIATES,P.C. |
| By: | */s/ Henry F. Schlueter*  |
| Name: | Henry F. Schlueter |
| Title: | Managing Director |

---

## Exhibit 2.1

**Exhibit 2.1**

**SHARE SWAP AGREEMENT**

AMONG

**LYC MEDICARE SINGAPORE LIMITED**

AND

**LYC MEDICARE SDN BHD**

AND

**MAYBANK NOMINEE (TEMPATAN) SDN BHD) FOR KENANGA INVESTORS BHD (CLIENTS') ACCOUNT**

AND

**CHAN YING HO**

AND

**TING CHOON MENG**

**DATED THE DAY OF** 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **CLAUSE** |  | **PAGE** |
| **1.** | **INTERPRETATION** | **3** |
| **2.** | **SALE AND PURCHASE** | **5** |
| **3.** | **CONDITIONS PRECEDENT** | **6** |
| **4.** | **COMPLETION** | **6** |
| **5.** | **WARRANTIES** | **6** |
| **6.** | **CONFIDENTIALITY** | **9** |
| **7.** | **MISCELLANEOUS** | **9** |

---

**SHARE SWAP AGREEMENT**

**THIS AGREEMENT** is made on the day of 202

**BETWEEN:**

(1) **LYC Medicare Singapore Limited** (Company Registration No. 202012376W), a company limited by shares incorporated under the laws of
 Singapore, with its registered office at 435 Orchard Road, #21-05 Wisma Atria, Singapore 238877 **("LYC Singapore"** or **"Vendor");** 

(2) **LYC Medicare Sdn Bhd** (Company Registration No. 680188-M), a private company limited by shares incorporated under the laws of Malaysia,
 with its registered office at 12<sup>th</sup> Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling
 Jaya, Selangor **("LYC Malaysia");** 

(3) **Maybank Nominee (Tempatan) Sdn Bhd) for Kenanga Investors Bhd (Clients') Account** (Company registration number T15UF6347H), a company
 incorporated in Malaysia and having its office address at Level 14, Kenanga Tower 237, Jalan Tun Razak 50400, Kuala Lumpurm Malaysia
 (in its capacity as bare trustee for Kenanga Investors Bhd) **("KIB");** 

(4) **Chan Ying Ho** (Singapore NRIC No. S7971788F), an individual residing at 38 Crowhurst Drive, Serangoon Garden Estate, Singapore 557917 **("Chan Ying Ho");** and

(5) **Ting Choon Meng** (Singapore NRIC No. S1345465E), an individual residing at 83A Namly Drive, Singapore 267486 **("Ting Choon Meng",** together with LYC Malaysia, KIB and Chan Ying Ho, the **"Purchasers"** and each a **"Purchaser"),** 

(collectively, the **"Parties"** and each, a **"Party").**

**WHEREAS:**

(A) The
 Vendor is the sole legal and beneficial owner, free from all Encumbrances, of all the issued and paid-up share capital of each of
 the Target Companies (as defined below) as at the date of this Agreement.

(B) The
 Vendor has agreed to sell, and the Purchasers have agreed to purchase, the Vendor's entire shareholding interests in each of
 the Target Companies, representing 100% of the entire issued share capital of each of the Target Companies, upon the terms and subject
 to the conditions set out in this Agreement.

**IT IS AGREED** as follows:

**1.** **INTERPRETATION** 

**1.1** **Definitions** 

In this Agreement, unless the context otherwise requires:

**"Agreement"** means this Agreement as it may be amended, modified or supplemented from time to time by the Parties in writing.

**"Companies Act"** means the Companies Act 1967 of Singapore.

**"Completion"** means the completion of the sale and purchase of the Sale Shares by performance by the Parties of the obligations assumed by them, respectively, under **Clause 4.**

**"Completion Date"** has the meaning ascribed to it in **Clause 4.1.**

**"Consideration"** has the meaning ascribed to it in **Clause 2.3.**

**"Encumbrances"** means any pledge, assignment, interest, claim, charge, mortgage, lien, option, equity, power of sale, hypothecation, retention of title, right of pre-emption, right of first refusal or other third party right or security interest of any kind.

**"HCOS Sale Shares"** means 100,000 issued and paid-up ordinary shares, representing 100% of the issued share capital of HC Orthopaedic Surgery Pte. Ltd. as at the date hereof and at Completion, details of which are set out in **Part A** of **Schedule 1.**

**"Sale Shares"** means the HCOS Sale Shares and the T&T Sale Shares.

**"Surviving Provisions" means Clause 6.**

**"Target Companies"** means T&T Medical Group Pte Ltd (Company No. 198901436H) and HC Orthopaedic Surgery Pte. Ltd. (Company Registration Number: 201725626E), details of which are set out in **Part B** of **Schedule 1,** and **"Target Company"** shall mean either one of them.

**"T&T Sale Shares"** means 1,000 issued and paid-up ordinary shares, representing 100% of the issued share capital of T & T Medical Group Pte Ltd as at the date hereof and at Completion, details of which are set out in **Part A** of **Schedule 1.**

**"Singapore dollars"** or **"S$"** or "$" means the lawful currency for the time being of Singapore.

**1.2** **Miscellaneous** 

In this Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular include the plural and vice versa, words importing any gender include every gender and references to time
 shall mean Singapore time;

(b) references
 to a **"person"** include any company, limited liability partnership, partnership, business trust or unincorporated
 association (whether or not having separate legal personality) and references to a **"company"** include any company,
 corporation or other body corporate, wherever and however incorporated or established;

(c) the
 words **"subsidiary"** and **"related corporation"** shall have the meanings ascribed to them in Sections
 5 and 6 respectively of the Companies Act;

(d) references
 to clauses and schedules are to the clauses and schedules of this agreement; references to paragraphs are to paragraphs of the relevant
 schedule;

(e) any
 reference in this Agreement to a statute or statutory provision shall include that statute or provision and any regulations made
 in pursuance thereof as from time to time modified, supplemented, consolidated or re-enacted, whether before or after the date of
 this Agreement, so far as such modification, supplementation, consolidation or re-enactment applies or is capable of applying to
 any transactions entered into after the date hereof and (so far as liability thereunder may exist or can arise) shall include also
 any past statute or statutory provision or regulation (as from time to time modified or re-enacted) which such provision or regulation
 has directly or indirectly replaced. References to sections of consolidating legislation shall wherever necessary or appropriate
 in the context be construed as including references to the sections of the previous legislation from which the consolidating legislation
 has been prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 a period of time is specified as being from a given day or from the date of an act or event, it shall be calculated exclusive of
 that day and inclusive of the relevant last day of such period of time;

(g) references
 to time are reference to time in Singapore;

(h) any
 reference to **"procure"** shall mean an absolute obligation (and not a reasonable obligation) to cause or bring about;

(i) references
 to this agreement include this agreement as amended or varied in accordance with its terms;

(j) documents
 in agreed form are documents in the form agreed by the parties or on their behalf and initialled by them or on their behalf for identification;

(k) clause
 headings are for convenience of reference only and shall not affect the interpretation of this Agreement;

(l) the
 words **"written"** and **"in writing"** include any means of visible reproduction; and

(m) unless
 otherwise specified, all warranties, representations, covenants, agreements and obligations given or entered into by each of the
 Purchasers are given or entered into severally and not jointly and severally.

**2.** **SALE AND PURCHASE** 

**2.1** The
 Vendor shall, in accordance with the terms and conditions of this Agreement, on Completion sell to the Purchasers, and the Purchasers
 shall purchase, the legal and beneficial title to the Sale Shares, free from all Encumbrances and with the benefit of all rights,
 benefits and entitlements attaching thereto as at the Completion Date and thereafter.

**2.2** The
 sale and purchase of the Sale Shares of the Target Companies shall be completed simultaneously and none of the Parties hereto shall
 be obliged to complete the sale or purchase of only part of the Sale Shares unless the sale and purchase of all the Sale Shares (but
 not part thereof) are completed simultaneously.

**2.3** The
 aggregate consideration for the transfer of the Sale Shares from the Vendor to the Purchasers shall be S$10,000.00 **("Consideration"),** being the sum of the consideration for the HCOS Sale Shares and T&T Sale Shares as set out in **Part A** of **Schedule 1** hereto, which shall be paid on Completion by the Purchasers to the Vendor in the proportions as set out in **Part A** of **Schedule 1** hereto.

**2.4** All
 payments to be made under this Agreement shall be (a) by way of bank transfer including by way of telegraphic transfer credited for
 same day value to such bank account as the receiving Party shall notify the paying Party in writing no later than ten (10) Business
 Days prior to the Completion Date (or other due date for payment), and in such case, a SWIFT MT103 advice or equivalent irrevocable
 payment instruction provided by the paying Party to the receiving Party shall be sufficient to evidence any such payment; or (b)
 in such other manner as may be agreed in writing between the Vendor and the Purchasers.

**3.** **CONDITIONS PRECEDENT** 

**3.1** Completion
 shall be conditional upon the following occurring on or before the Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 necessary governmental, regulatory and third party consents, approvals and waivers, including by banks, financial institutions and/or
 creditors of the Target Company, where required for the transactions contemplated hereunder, having been obtained, and such consents,
 approvals and waivers not having been amended or revoked before the Completion Date, and if any such consents, approvals or waivers
 are subject to conditions, such conditions being reasonably acceptable to the Parties; and

(b) there
 being no breach of any warranty under this Agreement.

**3.2** If
 any of the conditions set out in **Clause 3.1** is not fulfilled on or before the Completion Date and such non-fulfilment is not
 waived by all of the Parties (as the case may be), this Agreement shall *ipso facto* cease and determine and in that event,
 the Parties shall be released and discharged from their respective obligations under this Agreement, and no Party shall have any
 claim against any other Party(ies) under this Agreement, save in respect of any antecedent breach of this Agreement. Each Party undertakes
 to use its best endeavours to ensure the satisfaction of the conditions set out **in Clause 3.1.** 

**4.** **COMPLETION** 

**4.1** **Date** 

Subject to the terms and conditions set out in this Agreement, Completion shall take place on the date falling two (2) Business Days after the last of the Conditions Precedents have been satisfied or waived in accordance with **Clause 3,** or such other date as may be agreed in writing between the parties **("Completion Date").**

**4.2** **Obligations on Completion** 

On Completion, each of the Parties shall procure that their respective obligations specified in **Schedule 2** are fulfilled.

**5.** **WARRANTIES** 

**5.1** Each
 Party represents and warrants to, and for the benefit of, the other Party as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (if
 a person) he has not been declared (by any appropriate court or other authority) to be incompetent or of an unsound mind, and is
 of sound mind;

(b) (if
 a person) he is able to pay his or her debts when due and has not been declared (by any appropriate court or other authority) to
 be bankrupt and has not entered into any arrangement or compromise with any creditors;

(c) he/it
 has the capacity to enter into, perform and deliver this Agreement and has taken all necessary action (including the obtaining of
 any necessary Approvals, if any) to authorise his/its entry into, performance and delivery of the this Agreement;

(d) he/it
 has full power and authority to enter into, exercise his/its rights and perform and comply with his/its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon
 execution of this Agreement, his/its obligations hereunder shall be legally valid, binding and enforceable on and against him/it
 in accordance with the terms hereof;

(f) his/its
 entry into, exercise of his/its rights and/or performance of or compliance with his/its obligations under this Agreement do not and
 will not violate or exceed any power or restriction granted or imposed by (i) any law, regulation, authorisation, directive or order
 (whether or not having the force of law) to which he/it is subject; (ii) (in the case of the Purchaser only) its constitutive documents
 or (iii) any agreement or arrangement to which he/it is a party or which is binding on him/it or his/its assets;

(g) no
 litigation, arbitration or administrative proceeding is currently pending or so far as he/it is aware, threatened to restrain his/its
 entry into, exercise of his/its rights under or performance or enforcement of or compliance with his/its obligations under this Agreement;

(h) no
 resolution has been passed or order made against him/it for liquidation or bankruptcy (as the case may be) or for the appointment
 of a receiver, trustee or similar officer of his/its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (in
 the case of the Vendor only):

(i) it
 is the legal owner of all the Sale Shares free from all Encumbrances and it shall on Completion transfer the Sale Shares to the Purchaser
 free from all Encumbrances;

(ii) each
 Target Company is a company duly incorporated and validly existing under the law of Signapore and has all the requisite corporate
 power and authority necessary to carry on its business as it is now being conducted;

(iii) the
 shares of each Target Company have been properly and validly allotted . and issued and are each fully paid;

(iv) no
 person has the right (whether exercisable now or in the future and whether contingent or not) to call for the allotment, conversion,
 issue, sale or transfer of any share or loan capital or any other security giving rise to a right over the capital of each Target
 Company under any option or other agreement;

(v) the
 particulars contained in **Part B** of **Schedule 1** are true, accurate and not misleading and no information, the omission
 of which would make the particulars in **Part B** of **Schedule 1** misleading and incorrect in any material respect;

(vi) all
 governmental approvals which were necessary in connection with the incorporation of each Target Company and the allotment or transfer
 of shares in each Target Company to the present and former holders thereof were duly obtained;

(vii) all
 licences, consents, permits, certificates, approvals, registrations and authorities necessary for the carrying on of the businesses
 of the each of the Target Companies (the **"Licences")** have been obtained by the relevant Target Company. Each of
 the Licences is in full force and effect, and has been and is being complied with. None of the Vendors or the relevant Target Company
 is aware of any fact or circumstances which would prejudice the continuance or renewal of any such Licences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) there
 is no investigation, enquiry or proceeding, outstanding or anticipated, which is likely to result in the suspension, cancellation,
 modification (such modification being materially detrimental to the interests of each of the Target Companies) or revocation of any
 Licence;

(ix) each
 Target Company has carried on and is carrying on its business and operations in compliance with applicable laws, bye-laws and regulations
 in all respects and there is no investigation, disciplinary proceeding or enquiry by, or order, decree, decision or judgment of,
 any court, tribunal, arbitrator, governmental agency or regulatory body having jurisdiction over any of the Target Companies that
 is outstanding or, to the knowledge of each of the Vendor, anticipated against any of the Target Companies or any person for whose
 acts or defaults such Target Company(ies) may be vicariously liable, and there have been no material breaches by any of the Target
 Companies of applicable laws, regulations and by-laws in Singapore;

(x) each
 Target Company is not involved as claimant or defendant in any legal action, proceeding, suit, litigation, prosecution, investigation,
 mediation or arbitration (other than frivolous or vexatious claims or as claimant in the collection of debts arising in the ordinary
 course of its business) and there is no legal action, proceeding, suit, litigation, prosecution, investigation, mediation or arbitration
 of material importance pending against each Target Company;

(xi) no
 order has been made, petition presented, resolution passed or meeting convened for the winding up (or other process whereby the business
 is terminated and the assets of the company concerned are distributed among the creditors and/or shareholders or other contributories)
 of each Target Company;

(xii) no
 petition has been presented or other proceedings commenced for an administration or judicial management order to be made (or any
 other order to be made by which during the period it is in force, the affairs, business and assets of the company concerned are managed
 by a person appointed for the purpose by a court, governmental agency or similar body) in relation to each Target Company, nor has
 any such order been made;

(xiii) no
 approvals and consents (including with limitation any governmental, regulatory, third party, corporate and/or internal approvals
 and consent) are required to be obtained for the transactions contemplated under this Agreement, or if applicable, if such approvals
 and consents are required to be obtained and have been granted subject to conditions, such conditions being fulfilled on or satisfied
 before Completion, and such approvals and consents remaining in full force and effect;

(xiv) no
 transactions contemplated under this Agreement are being prohibited by any statute, order, rule, regulation or directive promulgated
 or issued after the date of this Agreement by any legislative, executive or regulatory body or authority of Singapore which is applicable
 to any Party; and

(xv) no
 receiver (including an administrative receiver), liquidator, judicial manager, trustee, administrator, custodian or similar official
 has been appointed in any jurisdiction in respect of the whole or any part of the business or assets of each Target Company; and

(xvi) (in
 the case of the Purchaser only) the Purchaser Consideration Shares shall, on allotment and issue, be validly issued and fully paid,
 free from all Encumbrances and shall rank *pari passu* with other existing shares of the Purchaser.

**5.2** **No Warranty** 

Each Party hereby acknowledges, agrees and confirms that save for the representations and warranties made by the other Party contained in **Clause 5.1,** the other Parties make no other representations and warranties.

**6.** **CONFIDENTIALITY** 

**6.1** **Confidential Information to be Kept Confidential** 

Subject always to **Clause 6.2,** each Party agrees that it shall and shall procure that its advisers and other authorised persons **("Authorised Persons")** shall treat as strictly confidential and not disclose or use any information received or obtained as a result of entering into this Agreement (or any agreement entered into pursuant to this Agreement) which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 existence of and the provisions of this Agreement and of any agreement entered into pursuant to this Agreement; and

(b) the
 negotiations relating to this Agreement (and any such other agreements).

**6.2** **Clause 6.1** shall not apply in respect of any information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 now or shall hereafter come into the public domain (otherwise than as a consequence of any unauthorised disclosure by the relevant
 Party or any of its Authorised Persons);

(b) was
 lawfully in the possession of the relevant Party receiving the same prior to disclosure to the relevant Party in connection with
 this Agreement;

(c) was
 lawfully furnished to the relevant Party receiving the same by a third party;

(d) is
 required to be disclosed by law or regulations or by a court of competent jurisdiction or by any governmental or regulatory authority
 or the rules of any relevant securities exchange(s) applicable to itself or (in the case of a Party which is a corporation) its parent
 company or pursuant to any litigation. In this regard, the Parties hereby acknowledge, agree and authorise the disclosure of this
 Agreement and its contents by the Purchaser or its group company to any relevant stock exchange or regulatory body and accordingly,
 acknowledge, agree and authorise the disclosure of this Agreement and its contents to the public domain in connection therewith;
 or

(e) is
 disclosed to professional advisers of the disclosing Party on terms that such professional advisers accept such information under
 a duty of confidentiality.

**7.** **MISCELLANEOUS** 

**7.1** This
 Agreement embodies all the terms and conditions agreed upon between the Parties as to the subject matter of this Agreement and supersedes
 and cancels in all respects all previous agreements and undertakings, representations, warranties, assurances, and arrangements of
 any nature, if any, between the Parties with respect to the subject matter hereof, whether such be written or oral.

**7.2** Any
 liability to any Party under this Agreement may in whole or in part be released, compounded or compromised, or time or indulgence
 given, by such Party in its absolute discretion without in any way prejudicing or affecting its rights against the other Party in
 respect of the same.

**7.3** The
 failure by any Party to exercise any right (including the right of rescission) or to require performance by the other Party or to
 claim a breach of any term of this Agreement shall not be deemed to be a waiver of such or any other rights or remedies available
 to it. Completion shall not constitute a waiver by the Purchaser or the Vendor (as the case may be) of their rights in relation to
 any breach of any provision of this Agreement whether or not known to it at the Completion Date. No failure on the part of any Party
 to exercise and no delay on the part of any Party in exercising any right hereunder will operate as a release or waiver thereof,
 nor will any single or partial exercise of any right under this Agreement preclude any other or further exercise of it or any other
 right or remedy.

**7.4** All
 provisions of this Agreement, in so far as the same shall not have been performed at Completion, shall remain in full force and effect
 notwithstanding Completion. This Clause and all the Surviving Provisions shall remain binding on the Parties notwithstanding Completion
 and/or any. rescission or termination of this Agreement by any Party and any rights or obligations of the Parties in respect of any
 breach of this Agreement accruing prior to, on or as a result of such termination or rescission shall continue to subsist notwithstanding
 such termination or rescission.

**7.5** Neither
 party shall (nor shall it purport to) assign, transfer, charge or otherwise deal with all or any of its rights under this Agreement
 nor grant, declare, create or dispose of any right or interest in it without the prior written consent of the other Party.

**7.6** At
 any time after the date of this Agreement, each Party shall, and shall use its best endeavours to procure that any necessary third
 party shall, execute such documents and do such acts and things as the other Party may reasonably require for the purpose of giving
 to such other Party the full benefit of all the provisions of this Agreement.

**7.7** The
 Purchaser shall bear all stamp duty payable in connection with the transfer of the Sale Shares. Save as otherwise provided herein,
 each Party shall bear and be responsible for its professional and other costs and expenses incurred in the preparation, negotiation
 and execution of this Agreement and all other documents in connection with this Agreement, including all other professional and other
 costs and expenses incurred in relation to the performance of its obligations under this Agreement.

**7.8** If
 any provision of this Agreement is held to be illegal, invalid or unenforceable in whole or in part in any jurisdiction, this Agreement
 shall, as to such jurisdiction, continue to be valid as to its other provisions and the remainder of the affected provision, and
 the legality, validity and enforceability of such provision in any other jurisdiction shall be unaffected.

**7.9** Any
 time, date or period mentioned in any provision of this Agreement may be extended by mutual agreement between the Parties in accordance
 with this Agreement or by agreement in writing but as regards any time, date or period originally fixed or any time, date or period
 so extended as aforesaid time shall be of the essence.

**7.10** All
 notices, demands or other communications required or permitted to be given or made hereunder shall be in writing and delivered personally
 or sent by prepaid registered post with recorded delivery, or by electronic mail transmission addressed to the intended recipient
 thereof at its address or at its email address, and marked for the attention of such person (if any), designated by it to the other
 Party for the purposes of this Agreement or to such other address or email address, and marked for the attention of such person,
 as a Party may from time to time duly notify the other in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The.
 addresses and email addresses of the Parties for the purpose of this Agreement are specified below:

---

| | | |
|:---|:---|:---|
| **<u>Vendor</u>** |  |  |
| Address | : | 435 Orchard Road, #21-05 Wisma Atria, Singapore 238877<br>|
| Attention | : | Sui Diong Hoe<br>|
| Email Address | : | david.sui@lychealth.com<br>|
| Telephone | : | 603-7733 9222 |
| **<u>Purchasers</u>** |  |  |
| **LYC Malaysia** |  |  |
| Address | : | 12<sup>th</sup> Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor<br>|
| Attention<br>| : | Sui Diong Hoe<br>|
| Email Address | : | david.sui@lychealth.com<br>|
| Telephone | : | 603-7733 9222<br>|
| **KIB** |  |  |
| Address | : | Level 14, Kenanga Tower 237, Jalan Tun Razak 50400 Kuala Lumpur, Malaysia<br>|
| Attention | : | [●]<br>|
| Email Address | : | [●]<br>|
| Telephone | : | 603 2172 3000<br>|
| **Chan Ying Ho** |  |  |
| Address | : | 38 Crowhurst Drive, Serangoon Garden Estate, Singapore 557917<br>|
| Attention | : | Chan Ying Ho<br>|
| Email Address | : | drhenry@hcortho.sg<br>|
| Telephone | : | 65-8126-3647<br>|
| **Ting Choon Meng** |  |  |
| Address | : | 83A Namly Drive, Singapore 267486 |
| Attention | : | Ting Choon Meng<br>|
| Email Address | : | tingcm1@gmail.com<br>|
| Telephone | : | 65-8811-6678<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 notice, demand or communication so served by hand, email or post shall be deemed to have been duly given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of delivery by hand, when delivered;

(ii) in
 the case of email, at the time of transmission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the case of post, on the second Business Day after the date of posting (if sent by local mail) and on the seventh Business Day after
 the date of posting (if sent by air mail),

provided that in each case where delivery by hand occurs after 6pm on a Business Day or on a day which is not a Business Day, service shall be deemed to occur at 9am on the next following Business Day.

References to time in this clause are to local time in the country of the addressee.

**7.11** This
 Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original. All counterparts
 together will be taken to constitute one instrument. Any Party may enter into this Agreement by signing any such counterpart (which
 may include counterparts delivered by facsimile and/or electronic transmission, with originals to follow) and each counterpart shall
 be as valid and effectual as if executed as an original.

**7.12** A
 person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore
 to enforce any of its terms.

**7.13** This
 Agreement shall be governed by, and construed in accordance with, the laws of Singapore.

**7.14** Each
 Party agrees that any dispute arising out of or in connection with this Agreement or any document or transaction in connection with
 this Agreement (including any dispute or claim relating to any non-contractual obligations arising out of or in connection with this
 Agreement) shall be referred to and finally resolved by arbitration in Singapore to the exclusion of the ordinary courts, in accordance
 with the Arbitration Rules of the Singapore International Arbitration Centre **("SIAC")** for the time being in force
 which rules are deemed to be incorporated by reference in this Clause. The place of arbitration shall be in Singapore and the language
 of the arbitration shall be English. The arbitration tribunal shall consist of one arbitrator to be appointed by the President of
 the Court of Arbitration for the time being of the SIAC. The arbitral award made and granted by the arbitrators shall be final, binding
 and incontestable, may be enforced by the Parties against the assets of the other Party wherever those assets are located or may
 be found and may be used as a basis for judgement thereon in Singapore or elsewhere.

**SCHEDULE 1**

**PART A - PARTICULARS OF SALE SHARES**

**1.** **HC Orthopaedic Surgery Pte. Ltd.** 

---

| | | | |
|:---|:---|:---|:---|
| **S/N** | **Name of Purchaser** | **Number of Sale Shares to be<br> purchased from the Vendor** | **Consideration for the respective<br> Sale Shares for purchased<br> from the Vendor** |
| 1. | LYC Malaysia | 64,500 ordinary shares | S$3,225.00 |
| 2. | KIB | 21,500 ordinary shares | S$1,075.00 |
| 3. | Chan Ying Ho | 8,620 ordinary shares | S$431.00 |
| 4. | Ting Choon Meng | 5,380 ordinary shares | S$269.00 |
| **Total** | **Total** | **100,000 ordinary shares** | **S$5,000.00** |

---

**2.** **T & T Medical Group Pte Ltd** 

---

| | | | |
|:---|:---|:---|:---|
| **S/N** | **Name of Purchaser** | **Number of Sale Shares to be<br> purchased from the Vendor** | **Consideration for the respective<br> Sale Shares for purchased<br> from the Vendor** |
| 1. | LYC Malaysia | 645 ordinary shares | S$3,225.00 |
| 2. | KIB | 215 ordinary shares | S$1,075.00 |
| 3. | Chan Ying Ho | 86 ordinary shares | S$431.00 |
| 4. | Ting Choon Meng | 54 ordinary shares | S$269.00 |
| **Total** | **Total** | **1,000 ordinary shares** | **S$5,000.00** |

---

**PART B - PARTICULARS OF TARGET COMPANIES**

1. HC Orthopaedic Surgery Pte. Ltd.

(1) Registered
 Office : 3
 Mount Elizabeth, #15-14 Mount Elizabeth
 Hospital, Singapore 228510

(2) Date
 of Incorporation : 8
 September 2017

(3) Place
 of Incorporation : Singapore

(4) Type
 of company : Private
 Company Limited by Shares

(5) Issued
 and Fully Paid-up Share Capital : SS100,000
 comprising 100,000 ordinary shares

(6) Registered
 Shareholder(s) and Number of Shares (Percentage shareholding) : LYC
 Medicare Sdn Bhd - 64,500 ordinary
 shares (64.50%) Kenanga
 Investors Berhad - 21,500 ordinary shares (21.50%) Chan
 Ying Ho - 8,620 ordinary shares (8.62%) Ting
 Choon Meng - 5,380 ordinary shares (5.38%)

(7) Directors : (i)
 Chan Ying Ho (ii)
 Sui Diong Hoe

(8) Secretary : Lai
 Chwen Woei

(9) Financial
 Year End : 31
 March

2. T & T Medical Group Pte Ltd

---

| | | |
|:---|:---|:---|
| (1) | Registered Office | 181 Kitchener Road, #01-14,Parkroyal on Kitchener Road, Singapore 208533 |
| (2) | Date of Incorporation | 12 April 1989 |
| (3) | Place of Incorporation | Singapore |
| (4) | Type of company | Private Company Limited by Shares |
| (5) | Issued and Fully Paid-up Share Capital | S$1,000 comprising 1,000 ordinary shares |
| (6) | Registered Shareholder(s) and Number of Shares (Percentage shareholding) | LYC Medicare Sdn Bhd - 645 ordinary shares (64.5%)<br>Kenanga Investors Berhad - 215 ordinary shares (21.5%)<br>Chan Ying Ho - 86 ordinary shares (8.6%)<br>Ting Choon Meng - 54 ordinary shares (5.4%) |
| (7) | Directors | (i) Ting Choon Meng |
|  |  | (ii)Chan Ying Ho<br>(iii) Siu Diong Hoe |
| (8) | Secretary | Lai Chwen Woei |
| (9) | Financial Year End | 31 March |

---

**SCHEDULE 2**

**COMPLETION OBLIGATIONS**

**1.** **Vendor's Obligations on Completion** 

1.1 On
 or before Completion, the Vendor shall deliver to the Purchasers in respect of the Sale Shares held by the Vendor in each of the
 Target Companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly
 executed instrument of transfers in respect of such number of T&T Sale Shares and HCOS Sale Shares to be transferred to the relevant
 Purchaser in favour of such Purchaser, together with the original share certificate(s) in respect of the relevant Sale Shares;

(b) a
 certified true copy of the written resolutions of the directors and shareholders of the Vendor approving the disposal of all the
 Sale Shares held by it;

(c) a
 certified true copy of the written resolutions of the directors of LYC Healthcare Berhad (Registration No. 200401009170 (647673-A))
 approving the disposal of all the Sale Shares; and

(d) a
 certified true copy of the written resolutions of the directors of each Target Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving
 the transfer of the T&T Sale Shares or the HCOS Sale Shares (as the case may be) from the Vendor to the Purchasers, the cancellation
 of the existing share certificate(s) and issue of the new share certificates in respect of the T&T Sale Shares or the HCOS Sale
 Shares (as the case may be) in favour of the Purchasers; and

(ii) approving
 the entry into the register of members of such Target Company the names of the Purchasers as the holders of the releavnt number of
 T&T Sale Shares or the HCOS Sale Shares (as the case may be) (subject to the stamping of the instrument of transfer).

**2.** **Purchasers' Obligations on Completion** 

2.1 On
 Completion, each of the Purchasers shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay
 the proportion of the Consideration as set out against his/its name in **Part A** of **Schedule 1** to the Vendor;

(b) (in
 respect of LYC Malysia and KIB only) deliver to the Vendor a certified true copy of the written resolutions of the board of directors
 of LYC Malaysia or KIB (as the case may be) approving its acquisition of the relevant Sale Shares; and

(c) (in
 respect of LYC Malaysia only) a certified true copy of the written resolutions of the directors of LYC Healthcare Berhad (Registration
 No. 200401009170 (647673-A)) approving its acquisition of the relevant Sale Shares.

**IN WITNESS WHEREOF** this Agreement has been entered into on the date stated at the beginning.

---

| |
|:---|
| ![](ex2-1_001.jpg) |
| ![](ex2-1_001.jpg) |
| ![](ex2-1_001.jpg) |
| ![](ex2-1_001.jpg) |
| ![](ex2-1_001.jpg) |
| ![](ex2-1_001.jpg) |
| ![](ex2-1_001.jpg) |
| ![](ex2-1_001.jpg) |

---

---

| | |
|:---|:---|
| /s/ Yeoh You Jie | /s/ Yeoh You Jie |
| Witness's signature | Witness's signature |
| Name: | Yeoh You Jie |
| Address: | 435 Orchard Road |
|  | #21-05 Wisma Atria |
|  | Singapore 238877 |

---

---

| |
|:---|
| ![](ex2-1_002.jpg) |
| ![](ex2-1_002.jpg) |
| ![](ex2-1_002.jpg) |
| ![](ex2-1_002.jpg) |
| ![](ex2-1_002.jpg) |
| ![](ex2-1_002.jpg) |
| ![](ex2-1_002.jpg) |
| ![](ex2-1_002.jpg) |

---

---

| |
|:---|
| ![](ex2-1_003.jpg) |
| Witness's signature |
| Name: ![](ex2-1_004.jpg) |
| Address: |

---

---

| |
|:---|
| ![](ex2-1_005.jpg) |
| ![](ex2-1_005.jpg) |
| ![](ex2-1_005.jpg) |
| ![](ex2-1_005.jpg) |
| ![](ex2-1_005.jpg) |
| ![](ex2-1_005.jpg) |
| ![](ex2-1_005.jpg) |
| ![](ex2-1_005.jpg) |

---

---

| | |
|:---|:---|
| /s/ Magine Lim | /s/ Magine Lim |
| Witness's signature | Witness's signature |
| Name: | Magine Lim |
| Address: |  |

---

---

| | |
|:---|:---|
| **SIGNED** by) | ![](ex2-1_006.jpg) |
| **CHAN YING HO**) | ![](ex2-1_006.jpg) |
| in the presence of:)<br>| ![](ex2-1_006.jpg) |

---

---

| | |
|:---|:---|
| /s/ Yeoh You Jie | /s/ Yeoh You Jie |
| Witness's signature | Witness's signature |
| Name: | Yeoh You Jie |
| Address: | 435 Orchard Road |
|  | #21-05 Wisma Atria Singapore 238877 |

---

---

| | |
|:---|:---|
| **SIGNED** by) | ![](ex2-1_007.jpg) |
| **TING CHOON MENG**) | ![](ex2-1_007.jpg) |
| in the presence of:) | ![](ex2-1_007.jpg) |

---

---

| | |
|:---|:---|
| /s/ TAN LEE FANG | /s/ TAN LEE FANG |
| Witness's signature | Witness's signature |
| Name: | TAN LEE FANG |
| Address: | 435 Orchard Road |
|  | #21-05 Wisma Atria Singapore 238877 |

---

**SHARE SWAP AGREEMENT**

AMONG

**LYC MEDICARE SDN BHD**

AND

**MAYBANK NOMINEE (TEMPATAN) SDN BHD) FOR KENANGA INVESTORS BHD (CLIENTS') ACCOUNT**

AND

**CHAN YING HO**

AND

**TING CHOON MENG**

AND

**LYC HEALTHCARE (CAYMAN) LTD**

**DATED THE DAY OF**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **CLAUSE** | **CLAUSE** | **PAGE** |
| **1.** | **INTERPRETATION** | **3** |
| **2.** | **SALE AND PURCHASE** | **5** |
| **3.** | **CONDITIONS PRECEDENT** | **6** |
| **4.** | **COMPLETION** | **6** |
| **5.** | **WARRANTIES** | **6** |
| **6.** | **CONFIDENTIALITY** | **9** |
| **7.** | **MISCELLANEOUS** | **10** |

---

**SHARE SWAP AGREEMENT**

**THIS AGREEMENT** is made on the day of 202

**BETWEEN:**

(1) **LYC Medicare Sdn Bhd** (Company Registration No. 680188-M), a private company limited by shares
 incorporated under the laws of Malaysia, with its registered office at 12<sup>th</sup> Floor,
 Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor **("LYC Malaysia");** 

(2) **Maybank Nominee (Tempatan) Sdn Bhd) for Kenanga Investors Bhd (Clients') Account** (Company
 registration number T15UF6347H), a company incorporated in Malaysia and having its office
 address at Level 14, Kenanga Tower 237, Jalan Tun Razak 50400, Kuala Lumpur Malaysia (in
 its capacity as bare trustee for Kenanga Investors Bhd) **("KIB");** 

(3) **Chan Ying Ho** (Singapore NRIC No. S7971788F), an individual residing at 38 Crowhurst Drive,
 Serangoon Garden Estate, Singapore 557917 **("Chan Ying Ho");** 

(4) **Ting Choon Meng** (Singapore NRIC No. S1345465E), an individual residing at 83A Namly Drive,
 Singapore 267486 **("Ting Choon Meng",** together with LYC Malaysia, KIB and
 Chan Ying Ho, the **"Vendors"** and each a **"Vendor");** and

(5) **LYC Healthcare (Cayman) Ltd** (Company Registration No. HS-414997), an exempted company incorporated
 under the laws of the Cayman Islands, with its registered office at 4th Floor, Harbour Place,
 103 South Church Street, Grand Cayman, PO Box 10240, KY1-1002, Cayman Islands **("LYC Cayman"** or **"Purchaser"),** 

(collectively, the **"Parties"** and each, a **"Party").**

**WHEREAS**

(A) The
 Vendors are the registered shareholders, free from all Encumbrances, of all the issued and
 paid-up share capital of each of the Target Companies (as defined below) as at the date of
 this Agreement.

(B) The
 Vendors have agreed to sell, and the Purchaser has agreed to purchase, the Vendors'
 entire shareholding interests in each of the Target Companies, representing 100% of the entire
 issued share capital of each of the Target Companies, upon the terms and subject to the conditions
 set out in this Agreement.

**IT IS AGREED** as follows:

**1.** **INTERPRETATION** 

**1.1** **Definitions** 

In this Agreement, unless the context otherwise requires:

**"Agreement"** means this Agreement as it may be amended, modified or supplemented from time to time by the Parties in writing.

**"Companies Act"** means the Companies Act 1967 of Singapore.

**"Completion"** means the completion of the sale and purchase of the Sale Shares by performance by the Parties of the obligations assumed by them, respectively, under **Clause 4.**

**"Completion Date"** has the meaning ascribed to it in **Clause 4.1.**

**"Consideration"** has the meaning ascribed to it in **Clause 2.3.**

**"Encumbrances"** means any pledge, assignment, interest, claim, charge, mortgage, lien, option, equity, power of sale, hypothecation, retention of title, right of pre-emption, right of first refusal or other third party right or security interest of any kind.

**"HCOS Sale Shares"** means 100,000 issued and paid-up ordinary shares, representing 100% of the issued share capital of HC Orthopaedic Surgery Pte. Ltd. as at the date hereof and at Completion, details of which are set out in **Part A** of **Schedule 1.**

**"Purchaser Consideration Shares"** means the Class A ordinary shares of par value US$0.0005 each and Class B ordinary shares of par value US$0.0005 each of the Purchaser to be issued and allotted and credited as fully paid-up to the Vendors or their respective nominees pursuant to **Clause 2.3.**

**"Sale Shares"** means the HCOS Sale Shares and the T&T Sale Shares.

**"Surviving Provisions" means Clause 6.**

**"Target Companies"** means T&T Medical Group Pte Ltd (Company No. 198901436H) and HC Orthopaedic Surgery Pte. Ltd. (Company Registration Number: 201725626E), details of which are set out in **Part B** of **Schedule 1,** and **"Target Company"** shall mean either one of them.

**"T&T Sale Shares"** means 1,000 issued and paid-up ordinary shares, representing 100% of the issued share capital of T & T Medical Group Pte Ltd as at the date hereof and at Completion, details of which are set out in **Part A** of **Schedule 1.**

**"Singapore dollars"** or **"S$"** or "$" means the lawful currency for the time being of Singapore.

1.2 Miscellaneous

In this Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular include the plural and vice versa, words importing any gender include
 every gender and references to time shall mean Singapore time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references
 to a **"person"** include any company, limited liability partnership, partnership,
 business trust or unincorporated association (whether or not having separate legal personality)
 and references to a **"company"** include any company, corporation or other
 body corporate, wherever and however incorporated or established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 words **"subsidiary"** and **"related corporation"** shall
 have the meanings ascribed to them in Sections 5 and 6 respectively of the Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references
 to clauses and schedules are to the clauses and schedules of this agreement; references to
 paragraphs are to paragraphs of the relevant schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 reference in this Agreement to a statute or statutory provision shall include that statute
 or provision and any regulations made in pursuance thereof as from time to time modified,
 supplemented, consolidated or re-enacted, whether before or after the date of this Agreement,
 so far as such modification, supplementation, consolidation or re-enactment applies or is
 capable of applying to any transactions entered into after the date hereof and (so far as
 liability thereunder may exist or can arise) shall include also any past statute or statutory
 provision or regulation (as from time to time modified or re-enacted) which such provision
 or regulation has directly or indirectly replaced. References to sections of consolidating
 legislation shall wherever necessary or appropriate in the context be construed as including
 references to the sections of the previous legislation from which the consolidating legislation
 has been prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 a period of time is specified as being from a given day or from the date of an act or event,
 it shall be calculated exclusive of that day and inclusive of the relevant last day of such
 period of time;

(g) references
 to time are reference to time in Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 reference to **"procure"** shall mean an absolute obligation (and not a reasonable
 obligation) to cause or bring about;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references
 to this agreement include this agreement as amended or varied in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) documents
 in agreed form are documents in the form agreed by the parties or on their behalf and initialled
 by them or on their behalf for identification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) clause
 headings are for convenience of reference only and shall not affect the interpretation of
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 words **"written"** and **"in writing"** include any means
 of visible reproduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) unless
 otherwise specified, all warranties, representations, covenants, agreements and obligations
 given or entered into by each of the Vendors are given or entered into severally and not
 jointly and severally.

**2.** **SALE AND PURCHASE** 

**2.1** The
 Vendors shall, in accordance with the terms and conditions of this Agreement, on Completion
 sell to the Purchaser, and the Purchaser shall purchase, the legal and beneficial title to
 the Sale Shares, free from all Encumbrances and with the benefit of all rights, benefits
 and entitlements attaching thereto as at the Completion Date and thereafter. The Purchaser
 shall nominate its wholly-owned subsidiary, LYC Medicare International Pte. Ltd. (UEN: 202433056R)
 as the transferee of the Sale Shares.

**2.2** The
 sale and purchase of the Sale Shares of the Target Companies shall be completed simultaneously
 and none of the Parties hereto shall be obliged to complete the sale or purchase of only
 part of the Sale Shares unless the sale and purchase of all the Sale Shares (but not part
 thereof) are completed simultaneously.

**2.3** The
 aggregate consideration for the transfer of the Sale Shares from the Vendors to the Purchaser
 shall be S$31,282,001.00 **("Consideration"),** being the sum of the consideration
 for the HCOS Sale Shares and T&T Sale Shares as set out in **Part A** of **Schedule 1** hereto, which shall be satisfied by the issuance of an aggregate of 22,582,000 Class
 A shares and 5,418,000 Class B shares in LYC Healthcare (Cayman) Limited as Purchaser Consideration
 Shares being the sum of the Purchaser Consideration Shares to be issued by the Purchaser
 to the Vendors in satisfaction of the proportion of the Consideration payable to each such
 Vendor as set out in **Part A** of **Schedule 1** hereto.

**2.4** The
 parties agree that such issuance of **22,582,000 Class A shares and 5,418,000 Class B shares in LYC Healthcare (Cayman) Limited as** Purchaser Consideration Shares by the Purchaser
 to the Vendors shall constitute a full and final discharge of the Purchaser's obligation
 to pay the Consideration in respect of the Sale Shares, and that no share certificates will
 be required to be issued by the Purchaser to the Vendors.

**3.** **CONDITIONS PRECEDENT** 

**3.1** Completion shall be conditional
 upon the following occurring on or before the Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 necessary governmental, regulatory and third party consents, approvals and waivers, including
 by banks, financial institutions and/or creditors of the Target Company, where required for
 the transactions contemplated hereunder, having been obtained, and such consents, approvals
 and waivers not having been amended or revoked before the Completion Date, and if any such
 consents, approvals or waivers are subject to conditions, such conditions being reasonably
 acceptable to the Parties; and

(b) there
 being no breach of any warranty under this Agreement.

**3.2** If
 any of the conditions set out in **Clause 3.1** is not fulfilled on or before the Completion
 Date and such non-fulfilment is not waived by all of the Parties (as the case may be), this
 Agreement shall *ipso facto* cease and determine and in that event, the Parties shall
 be released and discharged from their respective obligations under this Agreement, and no
 Party shall have any claim against any other Party(ies) under this Agreement, save in respect
 of any antecedent breach of this Agreement. Each Party undertakes to use its best endeavours
 to ensure the satisfaction of the conditions set out in **Clause 3.1.** 

**4.** **COMPLETION** 

**4.1** **Date** 

Subject to the terms and conditions set out in this Agreement, Completion shall take place on the date falling two (2) Business Days after the last of the Conditions Precedents have been satisfied or waived in accordance with **Clause 3,** or such other date as may be agreed in writing between the parties **("Completion Date").**

**4.2** **Obligations on Completion** 

On Completion, each of the Parties shall procure that their respective obligations specified in **Schedule 2** are fulfilled.

**5.** **WARRANTIES** 

**5.1** Each Party represents and
 warrants to, and for the benefit of, the other Party as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (if
 a person) he has not been declared (by any appropriate court or other authority) to be incompetent
 or of an unsound mind, and is of sound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if
 a person) he is able to pay his or her debts when due and has not been declared (by any appropriate
 court or other authority) to be bankrupt and has not entered into any arrangement or compromise
 with any creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he/it
 has the capacity to enter into, perform and deliver this Agreement and has taken all necessary
 action (including the obtaining of any necessary Approvals, if any) to authorise his/its
 entry into, performance and delivery of the this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he/it
 has full power and authority to enter into, exercise his/its rights and perform and comply
 with his/its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon
 execution of this Agreement, his/its obligations hereunder shall be legally valid, binding
 and enforceable on and against him/it in accordance with the terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) his/its
 entry into, exercise of his/its rights and/or performance of or compliance with his/its obligations
 under this Agreement do not and will not violate or exceed any power or restriction granted
 or imposed by (i) any law, regulation, authorisation, directive or order (whether or not
 having the force of law) to which he/it is subject; (ii) (in the case of the Purchaser only)
 its constitutive documents or (iii) any agreement or arrangement to which he/it is a party
 or which is binding on him/it or his/its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no
 litigation, arbitration or administrative proceeding is currently pending or so far as he/it
 is aware, threatened to restrain his/its entry into, exercise of his/its rights under or
 performance or enforcement of or compliance with his/its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no
 resolution has been passed or order made against him/it for liquidation or bankruptcy (as
 the case may be) or for the appointment of a receiver, trustee or similar officer of his/its
 assets;

(i) (in
 the case of the Vendors only):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) he/it
 is the legal owner of all the Sale Shares free from all Encumbrances and he/it shall on Completion
 transfer the Sale Shares to the Purchaser free from all Encumbrances;

(ii) each
 Target Company is a company duly incorporated and validly existing under the law of Signapore
 and has all the requisite corporate power and authority necessary to carry on its business
 as it is now being conducted;

(iii) the
 shares of each Target Company have been properly and validly allotted and issued and are
 each fully paid;

(iv) no
 person has the right (whether exercisable now or in the future and whether contingent or
 not) to call for the allotment, conversion, issue, sale or transfer of any share or loan
 capital or any other security giving rise to a right over the capital of each Target Company
 under any option or other agreement;

(v) the
 particulars contained in **Part B** of **Schedule 1** are true, accurate and not misleading
 and no information, the omission of which would make the particulars in **Part B** of **Schedule 1** misleading and incorrect in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all
 governmental approvals which were necessary in connection with the incorporation of each
 Target Company and the allotment or transfer of shares in each Target Company to the present
 and former holders thereof were duly obtained;

(vii) all
 licences, consents, permits, certificates, approvals, registrations and authorities necessary
 for the carrying on of the businesses of the each of the Target Companies (the **"Licences")** have been obtained by the relevant Target Company. Each of the Licences is in full force
 and effect, and has been and is being complied with. None of the Vendors or the relevant
 Target Company is aware of any fact or circumstances which would prejudice the continuance
 or renewal of any such Licences;

(viii) there
 is no investigation, enquiry or proceeding, outstanding or anticipated, which is likely to
 result in the suspension, cancellation, modification (such modification being materially
 detrimental to the interests of each of the Target Companies) or revocation of any Licence;

(ix) each
 Target Company has carried on and is carrying on its business and operations in compliance
 with applicable laws, bye-laws and regulations in all respects and there is no investigation,
 disciplinary proceeding or enquiry by, or order, decree, decision or judgment of, any court,
 tribunal, arbitrator, governmental agency or regulatory body having jurisdiction over any
 of the Target Companies that is outstanding or, to the knowledge of each of the Vendor, anticipated
 against any of the Target Companies or any person for whose acts or defaults such Target
 Company(ies) may be vicariously liable, and there have been no material breaches by any of
 the Target Companies of applicable laws, regulations and by-laws in Singapore;

(x) each
 Target Company is not involved as claimant or defendant in any legal action, proceeding,
 suit, litigation, prosecution, investigation, mediation or arbitration (other than frivolous
 or vexatious claims or as claimant in the collection of debts arising in the ordinary course
 of its business) and there is no legal action, proceeding, suit, litigation, prosecution,
 investigation, mediation or arbitration of material importance pending against each Target
 Company;

(xi) no
 order has been made, petition presented, resolution passed or meeting convened for the winding
 up (or other process whereby the business is terminated and the assets of the company concerned
 are distributed among the creditors and/or shareholders or other contributories) of each
 Target Company;

(xii) no
 petition has been presented or other proceedings commenced for an administration or judicial
 management order to be made (or any other order to be made by which during the period it
 is in force, the affairs, business and assets of the company concerned are managed by a person
 appointed for the purpose by a court, governmental agency or similar body) in relation to
 each Target Company, nor has any such order been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) no
 approvals and consents (including with limitation any governmental, regulatory, third party,
 corporate and/or internal approvals and consent) are required to be obtained for the transactions
 contemplated under this Agreement, or if applicable, if such approvals and consents are required
 to be obtained and have been granted subject to conditions, such conditions being fulfilled
 on or satisfied before Completion, and such approvals and consents remaining in full force
 and effect;

(xiv) no
 transactions contemplated under this Agreement are being prohibited by any statute, order,
 rule, regulation or directive promulgated or issued after the date of this Agreement by any
 legislative, executive or regulatory body or authority of Singapore which is applicable to
 any Party; and

(xv) no
 receiver (including an administrative receiver), liquidator, judicial manager, trustee, administrator,
 custodian or similar official has been appointed in any jurisdiction in respect of the whole
 or any part of the business or assets of each Target Company; 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;(xvi) (in
 the case of the Purchaser only) the Purchaser Consideration Shares shall, on allotment and
 issue, be validly issued and fully paid, free from all Encumbrances and shall rank *pari passu* with other existing shares of the Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (in
 the case of the Purchaser only) the Purchaser Consideration Shares shall, on allotment and
 issue, be validly issued and fully paid, free from all Encumbrances and shall rank *pari passu* with other existing shares of the Purchaser.

5.2 No Warranty

Each Party hereby acknowledges, agrees and confirms that save for the representations and warranties made by the other Party contained in **Clause 5.1,** the other Parties make no other representations and warranties.

**6.** **CONFIDENTIALITY** 

6.1 Confidential Information
 to be Kept Confidential

Subject always to **Clause 6.2,** each Party agrees that it shall and shall procure that its advisers and other authorised persons **("Authorised Persons")** shall treat as strictly confidential and not disclose or use any information received or obtained as a result of entering into this Agreement (or any agreement entered into pursuant to this Agreement) which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 existence of and the provisions of this Agreement and of any agreement entered into pursuant
 to this Agreement; and

(b) the
 negotiations relating to this Agreement (and any such other agreements).

**6.2** **Clause 6.1** shall not
 apply in respect of any information which:

(a) is
 now or shall hereafter come into the public domain (otherwise than as a consequence of any
 unauthorised disclosure by the relevant Party or any of its Authorised Persons);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was
 lawfully in the possession of the relevant Party receiving the same prior to disclosure to
 the relevant Party in connection with this Agreement;

(c) was
 lawfully furnished to the relevant Party receiving the same by a third party;

(d) is
 required to be disclosed by law or regulations or by a court of competent jurisdiction or
 by any governmental or regulatory authority or the rules of any relevant securities exchange(s)
 applicable to itself or (in the case of a Party which is a corporation) its parent company
 or pursuant to any litigation. In this regard, the Parties hereby acknowledge, agree and
 authorise the disclosure of this Agreement and its contents by the Purchaser or its group
 company to any relevant stock exchange or regulatory body and accordingly, acknowledge, agree
 and authorise the disclosure of this Agreement and its contents to the public domain in connection
 therewith; or

(e) is
 disclosed to professional advisers of the disclosing Party on terms that such professional
 advisers accept such information under a duty of confidentiality.

7. MISCELLANEOUS

**7.1** This
 Agreement embodies all the terms and conditions agreed upon between the Parties as to the
 subject matter of this Agreement and supersedes and cancels in all respects all previous
 agreements and undertakings, representations, warranties, assurances, and arrangements of
 any nature, if any, between the Parties with respect to the subject matter hereof, whether
 such be written or oral.

**7.2** Any
 liability to any Party under this Agreement may in whole or in part be released, compounded
 or compromised, or time or indulgence given, by such Party in its absolute discretion without
 in any way prejudicing or affecting its rights against the other Party in respect of the
 same.

**7.3** The
 failure by any Party to exercise any right (including the right of rescission) or to require
 performance by the other Party or to claim *a* breach of any term of this Agreement
 shall not be deemed to be a waiver of such or any other rights or remedies available to it.
 Completion shall not constitute a waiver by the Purchaser or the Vendor (as the case may
 be) of their rights in relation to any breach of any provision of this Agreement whether
 or not known to it at the Completion Date. No failure on the part of any Party to exercise
 and no delay on the part of any Party in exercising any right hereunder will operate as a
 release or waiver thereof, nor will any single or partial exercise of any right under this
 Agreement preclude any other or further exercise of it or any other right or remedy.

**7.4** All
 provisions of this Agreement, in so far as the same shall not have been performed at Completion,
 shall remain in full force and effect notwithstanding Completion. This Clause and all the
 Surviving Provisions shall remain binding on the Parties notwithstanding Completion and/or
 any rescission or termination of this Agreement by any Party and any rights or obligations
 of the Parties in respect of any breach of this Agreement accruing prior to, on or as a result
 of such termination or rescission shall continue to subsist notwithstanding such termination
 or rescission.

**7.5** Neither
 party shall (nor shall it purport to) assign, transfer, charge or otherwise deal with all
 or any of its rights under this Agreement nor grant, declare, create or dispose of any right
 or interest in it without the prior written consent of the other Party.

**7.6** At
 any time after the date of this Agreement, each Party shall, and shall use its best endeavours
 to procure that any necessary third party shall, execute such documents and do such acts
 and things as the other Party may reasonably require for the purpose of giving to such other
 Party the full benefit of all the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7** The
 Purchaser shall bear all stamp duty payable in connection with the transfer of the Sale Shares.
 Save as otherwise provided herein, each Party shall bear and be responsible for its professional
 and other costs and expenses incurred in the preparation, negotiation and execution of this
 Agreement and all other documents in connection with this Agreement, including all other
 professional and other costs and expenses incurred in relation to the performance of its
 obligations under this Agreement.

**7.8** If
 any provision of this Agreement is held to be illegal, invalid or unenforceable in whole
 or in part in any jurisdiction, this Agreement shall, as to such jurisdiction, continue to
 be valid as to its other provisions and the remainder of the affected provision, and the
 legality, validity and enforceability of such provision in any other jurisdiction shall be
 unaffected.

**7.9** Any
 time, date or period mentioned in any provision of this Agreement may be extended by mutual
 agreement between the Parties in accordance with this Agreement or by agreement in writing
 but as regards any time, date or period originally fixed or any time, date or period so extended
 as aforesaid time shall be of the essence.

**7.10** All
 notices, demands or other communications required or permitted to be given or made hereunder
 shall be in writing and delivered personally or sent by prepaid registered post with recorded
 delivery, or by electronic mail transmission addressed to the intended recipient thereof
 at its address or at its email address, and marked for the attention of such person (if any),
 designated by it to the other Party for the purposes of this Agreement or to such other address
 or email address, and marked for the attention of such person, as a Party may from time to
 time duly notify the other in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 addresses and email addresses of the Parties for the purpose of this Agreement are specified
 below:

---

| | |
|:---|:---|
| **<u>Vendors</u>** |  |
| **LYC Malaysia** |  |
| Address | 12<sup>th</sup> Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor<br>2<sup>nd</sup> and 3<sup>rd</sup> Floor, Podium Block, Plaza Vads, No.1, Jalan Tun Mohd Fuad, Taman Tun Ismail, 60000 Kuala Lumpur |
| Attention | Sui Diong Hoe |
| Email Address | david.sui@lychealth.com |
| Telephone | 603-7733 9222 |
| **KIB** |  |
| Address | Level 14, Kenanga Tower 237, Jalan Tun<br> Razak 50400 Kuala Lumpur, Malaysia |
| Attention |  |
| Email Address |  |
| Telephone | 603 2172 3000 |

---

---

| | | |
|:---|:---|:---|
| **Chan Ying Ho** |  |  |
| Address | : | 38 Crowhurst Drive, Serangoon Garden Estate, Singapore 557917 |
| Attention | : | Chan Ying Ho |
| Email Address | : | drhenry@hcortho.sg |
| Telephone | : | 65-8126-3647 |
| **Ting Choon Meng** |  |  |
| Address | : | 83A Namly Drive Singapore 267486 |
| Attention | : | Ting Choon Meng |
| Email Address | : | tingcm1@gmail.com |
| Telephone | : | 65-8811-6678 |
| **<u>Purchaser</u>** | **<u>Purchaser</u>** | **<u>Purchaser</u>** |
| Address | : | 12<sup>th</sup> Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor |
| Attention | : | Sui Diong Hoe |
| Email Address | : | david.sui@lychealth.com |
| Telephone | : | 603-7733 9222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 notice, demand or communication so served by hand, email or post shall be deemed to have
 been duly given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of delivery by hand, when delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of email, at the time of transmission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the case of post, on the second Business Day after the date of posting (if sent by local
 mail) and on the seventh Business Day after the date of posting (if sent by air mail),

provided that in each case where delivery by hand occurs after 6pm on a Business Day or on a day which is not a Business Day, service shall be deemed to occur at 9am on the next following Business Day.

References to time in this clause are to local time in the country of the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11** This
 Agreement may be executed in any number of counterparts, each of which when so executed and
 delivered shall be an original. All counterparts together will be taken to constitute one
 instrument. Any Party may enter into this Agreement by signing any such counterpart (which
 may include counterparts delivered by facsimile and/or electronic transmission, with originals
 to follow) and each counterpart shall be as valid and effectual as if executed as an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12** A
 person who is not a party to this Agreement shall have no rights under the Contracts (Rights
 of Third Parties) Act 2001 of Singapore to enforce any of its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13** This
 Agreement shall be governed by, and construed in accordance with, the laws of Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14** Each
 Party agrees that any dispute arising out of or in connection with this Agreement or any
 document or transaction in connection with this Agreement (including any dispute or claim
 relating to any non-contractual obligations arising out of or in connection with this Agreement)
 shall be referred to and finally resolved by arbitration in Singapore to the exclusion of
 the ordinary courts, in accordance with the Arbitration Rules of the Singapore International
 Arbitration Centre **("SIAC")** for the time being in force which rules are
 deemed to be incorporated by reference in this Clause. The place of arbitration shall be
 in Singapore and the language of the arbitration shall be English. The arbitration tribunal
 shall consist of one arbitrator to be appointed by the President of the Court of Arbitration
 for the time being of the SIAC. The arbitral award made and granted by the arbitrators shall
 be final, binding and incontestable, may be enforced by the Parties against the assets of
 the other Party wherever those assets are located or may be found and may be used as a basis
 for judgement thereon in Singapore or elsewhere.

**SCHEDULE 1**

**PART A - PARTICULARS OF SALE SHARES**

**HC Orthopaedic Surgery Pte. Ltd.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **S/N** | **Name of Vendor** | **Number of Sale Shares to be purchased from the Vendor** | **Consideration for the respective**<br> **Sale Shares for purchased from the Vendor** | **Number and class of Purchaser**<br> **Consideration Shares to be Issued in**<br> **Satisfaction of the Consideration** |
| **1.** | LYC Malaysia | 64,500 ordinary shares | S$10,383,855.00 | 6,506,091 Class A ordinary shares and 2,788,325 Class B ordinary shares |
| **2.** | KIB | 21,500 ordinary shares | S$3,461,285.00 | 3,098,139 Class A ordinary shares |
| **3.** | Chan Ying Ho | 8,620 ordinary shares | S$1,387,733.80 | 1,242,138 Class A ordinary shares |
| **4.** | Ting Choon Meng | 5,380 ordinary shares | S$866,126.20 | 775,255 Class A ordinary shares |
| **Total** | **Total** | **100,000 ordinary shares** | **S$16,099,000.00** | 11,621,623 Class A ordinary shares and 2,788,325 Class B ordinary shares |

---

**T & T Medical Group Pte Ltd**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **S/N** | **Name of Vendor** | **Number of Sale Shares to be purchased from the Vendor** | **Consideration for the respective**<br> **Sale Shares for purchased from the Vendor** | **Number and class of Purchaser**<br> **Consideration Shares to be Issued in Satisfaction of the Consideration** |
| 1. | LYC Malaysia | 645 ordinary shares | S$9,793,035.65 | 6,135,909 Class A ordinary shares and 2,629,675 Class B ordinary shares |
| 2. | KIB | 215 ordinary shares | S$3,264,345.20 | 2,921,861 Class A ordinary shares |
| 3. | Chan Ying Ho | 86 ordinary shares | S$1,308,774.70 | 1,171,462 Class A ordinary shares |
| **4.** | Ting Choon<br> Meng | 54 ordinary shares | S$816,845.45 | 731,145 Class A ordinary shares |
| **Total** | **Total** | **1,000 ordinary shares** | S$15,183,001.00 | 10,960,377 Class A ordinary shares and 2,629,675 Class B ordinary shares |

---

**PART B - PARTICULARS OF TARGET COMPANIES**

**1. HC Orthopaedic Surgery Pte. Ltd.**

(1) Registered
 Office : 3
 Mount Elizabeth, #15-14 Mount Elizabeth Hospital, Singapore 228510

(2) Date
 of Incorporation : 8
 September 2017

(3) Place
 of Incorporation : Singapore

(4) Type
 of company : Private
 Company Limited by Shares

(5) Issued
 and Fully Paid-up Share Capital : S$100,000
 comprising 100,000 ordinary shares

(6) Registered
 Shareholder(s) and Number of Shares (Percentage shareholding) : LYC
 Medicare Sdn Bhd - 64,500 ordinary
 shares (64.50%) Maybank
 Nominee (Tempatan) Sdn Bhd) for Kenanga Investors Bhd (Clients') Account - 21,500 ordinary shares (21.50%) Chan
 Ying Ho - 8,620 ordinary shares (8.62%) " Ting
 Choon Meng - 5,380 ordinary shares (5.38%)

(7) Directors : (i)
 Chan Ying Ho (ii)
 Sui Diong Hoe

(8) Secretary : Lai
 Chwen Woei

(9) Financial
 Year End : 31
 March

2. T & T Medical Group Pte Ltd

---

| | | |
|:---|:---|:---|
| (1) | Registered Office | 181 Kitchener Road, #01-14, Parkroyal on Kitchener Road, Singapore 208533 |
| (2) | Date of Incorporation | 12 April 1989 |
| (3) | Place of Incorporation | Singapore |
| (4) | Type of company | Private Company Limited by Shares |
| (5) | Issued and Fully Paid-up Share Capital | S$1,000 comprising 1,000 ordinary<br> shares |
| (6) | Registered Shareholder(s) and Number of Shares (Percentage shareholding) | LYC Medicare Sdn Bhd - 645 ordinary shares (64.5%)<br> Maybank Nominee (Tempatan) Sdn Bhd) for Kenanga Investors Bhd (Clients') Account - 215 ordinary shares (21.5%)<br> Chan Ying Ho - 86 ordinary shares (8.6%) |
|  |  | Ting Choon Meng - [54 ordinary shares (5.4%) |
| (7) | Directors | (i) Ting Choon Meng<br> (ii) Chan Ying Ho<br> (iii) Sui Diong Hoe |
| (8) | Secretary | Lai Chwen Woei |
| (9) | Financial Year End | 31 March |

---

**SCHEDULE 2**

**COMPLETION OBLIGATIONS**

1. Vendors' Obligations on Completion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 On
 or before Completion, each of the Vendors shall deliver to the Purchaser in respect of the
 Sale Shares held by that Vendor in each of the Target Companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly
 executed instrument of transfers in respect of all of the T&T Sale Shares and all of
 the HCOS Sale Shares held by such Vendor in favour of LYC Medicare International Pte. Ltd.,
 together with the original share certificate(s) in respect of the relevant Sale Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (in
 respect of LYC Malaysia and KIB only) a certified true copy of the written resolutions of
 the directors of LYC Malaysia and KIB approving the disposal of all the Sale Shares held
 by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in
 respect of LYC Malaysia only) a certified true copy of the written resolutions of the directors
 of LYC Healthcare Berhad (Registration No. 200401009170 (647673-A)) approving the disposal
 of all the Sale Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 certified true copy of the written resolutions of the directors of each Target 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;(i) approving
 the transfer of the T&T Sale Shares or the HCOS Sale Shares (as the case may be) from
 the Vendors to LYC Medicare International Pte. Ltd., the cancellation of the existing share
 certificate(s) and issue of the new share certificate(s) in respect of the T&T Sale Shares
 or the HCOS Sale Shares (as the case may be) in favour of LYC Medicare International Pte.
 Ltd.; 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;(ii) approving
 the entry into the register of members of such Target Company the name of **LYC Medicare International Pte. Ltd.** as the holder of the T&T Sale Shares or the HCOS Sale Shares
 (as the case may be) (subject to the stamping of the instrument of transfer).

2. Purchaser's Obligations on Completion

2.1 On Completion, the Purchaser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) allot
 and issue an aggregate of 22,582,000 Class A shares and 5,418,000 Class B shares in LYC Healthcare
 (Cayman) Limited as Purchaser Consideration Shares to the Vendors in accordance with the
 provisions of Clause 2.3 of the Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deliver
 to the Vendors a copy of the written resolutions of the board of directors of the Purchaser
 approving:

&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
 allotment and issue of an aggregate of 22,582,000 Class A shares and 5,418,000 Class B shares
 in LYC Healthcare (Cayman) Limited as Purchaser Consideration Shares to the Vendors credited
 as fully paid;

&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
 update of the register of members of the Purchaser in respect of the allotment and issuance
 of an aggregate of 22,582,000 Class A shares and 5,418,000 Class B shares in LYC Healthcare
 (Cayman) Limited as Purchaser Consideration Shares to the Vendors; 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) the
 making of such other entries into other corporate records of the Purchaser as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Within
 10 business days after Completion, the Purchaser shall deliver to the Vendors a copy of the
 updated register of members of the Company in respect of the allotment and issuance of an
 aggregate of 22,582,000 Class A shares and 5,418,000 Class B shares in LYC Healthcare (Cayman)
 Limited as Purchaser Consideration Shares to the Vendors.

**IN WITNESS WHEREOF** this Agreement has been entered into on the date stated at the beginning.

---

| | |
|:---|:---|
| <u>VENDORS</u> | ![](ex2-1_002.jpg) |
|  | ![](ex2-1_002.jpg) |
| **SIGNED** by | ![](ex2-1_002.jpg) |
|  | ![](ex2-1_002.jpg) |
|  | ![](ex2-1_002.jpg) |
| for and on behalf of | ![](ex2-1_002.jpg) |
| **LYC MEDICARE SDN BHD** | ![](ex2-1_002.jpg) |
| in the presence of: | ![](ex2-1_002.jpg) |

---

---

| |
|:---|
| ![](ex2-1_003.jpg) |
| Witness's signature |
| Name: ![](ex2-1_004.jpg) |
| Address: |

---

---

| | |
|:---|:---|
| **SIGNED** by | ![](ex2-1_005.jpg) |
|  | ![](ex2-1_005.jpg) |
|  | ![](ex2-1_005.jpg) |
| for and on behalf of | ![](ex2-1_005.jpg) |
| **MAYBANK NOMINEE (TEMPATAN) SDN** | ![](ex2-1_005.jpg) |
| **BHD) FOR KENANGA INVESTORS BHD** | ![](ex2-1_005.jpg) |
| **(CLIENTS') ACCOUNT** | ![](ex2-1_005.jpg) |
| in the presence of: | ![](ex2-1_005.jpg) |

---

---

| | |
|:---|:---|
| /s/ Magine Lim | /s/ Magine Lim |
| Witness's signature | Witness's signature |
| Name: | Magine Lim |
| Address: |  |

---

---

| | |
|:---|:---|
| **SIGNED** by) | ![](ex2-1_006.jpg) |
| **CHAN YING HO**) | ![](ex2-1_006.jpg) |
| in the presence of:)<br>| ![](ex2-1_006.jpg) |

---

---

| | |
|:---|:---|
| /s/ Yeoh You Jie | /s/ Yeoh You Jie |
| Witness's signature | Witness's signature |
| Name: | Yeoh You Jie |
| Address: | 435 Orchard Road |
|  | Wisma Atria #21-05<br> Singapore 238877 |

---

---

| | |
|:---|:---|
| **SIGNED** by) | ![](ex2-1_007.jpg) |
| **TING CHOON MENG**) | ![](ex2-1_007.jpg) |
| in the presence of:)<br>| ![](ex2-1_007.jpg) |

---

---

| | |
|:---|:---|
| /s/ TAN LEE FANG | /s/ TAN LEE FANG |
| Witness's signature | Witness's signature |
| Name: | TAN LEE FANG |
| Address: | 435 Orchard Road |
|  | Wisma Atria #21-05<br> Singapore 238877 |

---

---

| | |
|:---|:---|
| <u>PURCHASER</u> | ![](ex2-1_001.jpg) |
|  | ![](ex2-1_001.jpg) |
| **SIGNED** by | ![](ex2-1_001.jpg) |
|  | ![](ex2-1_001.jpg) |
|  | ![](ex2-1_001.jpg) |
| for and on behalf of | ![](ex2-1_001.jpg) |
| **LYC HEALTHCARE (CAYMAN) LTD** | ![](ex2-1_001.jpg) |
| in the presence of: | ![](ex2-1_001.jpg) |

---

---

| | |
|:---|:---|
| /s/ Yeoh You Jie | /s/ Yeoh You Jie |
| Witness's signature | Witness's signature |
| Name: | Yeoh You Jie |
| Address: | 435 Orchard Road |
|  | Wisma Atria #21-05 |
|  | Singapore 238877 |

---

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (REVISED)**

**OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**LYC HEALTHCARE (CAYMAN) LTD**

(adopted by a Special Resolution passed on 30 December 2024)

---

| | |
|:---|:---|
| **1** | **NAME** |

---

1.1 The
 name of the Company is LYC HEALTHCARE (CAYMAN) LTD.

---

| | |
|:---|:---|
| **2** | **REGISTERED OFFICE** |

---

2.1 The
 Registered Office of the Company shall be at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street,
 P.O. Box 10240, Grand Cayman KY1- 1002, Cayman Islands, or at such other location as the Directors may from time to time determine.

---

| | |
|:---|:---|
| **3** | **OBJECTS** |

---

3.1 The
 objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any
 object not prohibited by the Companies Act or any other law of the Cayman Islands.

---

| | |
|:---|:---|
| **4** | **CAPACITY** |

---

4.1 Subject
 to paragraph 5 of this Memorandum of Association, the Company shall have and be capable of exercising all the functions of a natural
 person of full capacity irrespective of any question of corporate benefit as provided by the Companies Act.

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 414997* | *Filed: 14-Jan-2025 10:48 ESFT*<br> *Auth Code: J05987610310T* |

---

---

| | |
|:---|:---|
| **5** | **EXEMPTED COMPANY** |

---

5.1 The
 Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the Company
 carried on outside the Cayman Islands; provided that nothing in this section shall be construed as to prevent the Company effecting
 and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary for the carrying
 on of its business outside the Cayman Islands.

---

| | |
|:---|:---|
| **6** | **LIABILITY OF SHAREHOLDERS** |

---

6.1 The
 liability of each Shareholder is limited to the amount, if any, unpaid on the Shares held by such Shareholder.

---

| | |
|:---|:---|
| **7** | **SHARE CAPITAL** |

---

7.1 The
 authorised share capital of the Company is US$50,000 divided into 100,000,000 Ordinary Shares of nominal or par value US$0.0005 each,
 comprising (a) 70,000,000 Class A Shares of nominal or par value US$0.0005 each, and (b) 30,000,000 Class B Shares of nominal or
 par value of US$0.0005 each. Subject to the Companies Act, the Articles and, where applicable, the Designated Stock Exchange Rules,
 the Company shall have power to redeem or purchase any of its Shares and to increase or reduce its authorised share capital and to
 sub-divide or consolidate the said Shares or any of them and to issue all or any part of its capital whether original, redeemed,
 increased or reduced with or without any preference, priority, special privilege or other rights or subject to any postponement of
 rights or to any conditions or restrictions whatsoever and so that unless the conditions of issue shall otherwise expressly provide
 every issue of Shares whether stated to be ordinary, preference or otherwise shall be subject to the powers on the part of the Company
 hereinbefore provided.

---

| | |
|:---|:---|
| **8** | **CONTINUATION** |

---

8.1 The
 Company has the power contained in the Companies Act to deregister in the Cayman Islands and be registered by way of continuation
 in some other jurisdiction.

---

| | |
|:---|:---|
| **9** | **DEFINITIONS** |

---

9.1 Capitalised
 terms that are not defined in this Memorandum of Association bear the same meanings as those given in the Articles of Association
 of the Company.

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 414997* | *Filed: 14-Jan-2025 10:48 ESFT*<br> *Auth Code: J05987610310T* |

---

**THE COMPANIES ACT (REVISED)** 

**OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES** 

**AMENDED AND RESTATED** 

**ARTICLES OF ASSOCIATION**

**OF**

**LYC HEALTHCARE (CAYMAN) LTD**

(adopted by a Special Resolution passed on 30 December 2024)

**TABLE A**

The regulations contained or incorporated in Table 'A' in the First Schedule of the Companies Act shall not apply to the Company and the following Articles shall comprise the Articles of Association of the Company.

---

| | |
|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION** |

---

1.1 In
 these Articles the following defined terms will have the meanings ascribed to them, if not inconsistent with the subject or context:

---

| | |
|:---|:---|
| **"ADS"** | means an American Depositary Share representing the Company's Class A Shares; |
| **"Affiliate"** | means in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law and father-in-law and brothers-in-law and sisters-in-law, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" shall mean the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, or the partnership or other entity (other than, in the case of corporation, shares having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity; |

---

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 414997* | *Filed: 14-Jan-2025 10:48 ESFT*<br> *Auth Code: J05987610310T* |

---

---

| | |
|:---|:---|
| **"Articles"** | means these articles of association of the Company, as amended or substituted from time to time; |
| **"Audit Committee"** | means the audit committee of the Board of Directors established; |
| **"Board" and "Board of Directors" and "Directors"** | **means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof;** |
| **"Chairman"** | means the chairman of the Board of Directors; |
| **"Class" or "Classes"** | means any class or classes of Shares as may from time to time be issued by the Company; |
| **"Class A Shares"** | means the Class A Ordinary Shares in the capital of the Company of nominal or par value of US$0.0005 each designated as Class A Shares, and having the rights provided for in these Articles |
| **"Class B Shares"** | means the Class B Ordinary Shares in the capital of the Company of nominal or par value of US$0.0005 each designated as Class B Shares, and having the rights provided for in these Articles; |

---

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 414997* | *Filed: 14-Jan-2025 10:48 ESFT*<br> *Auth Code: J05987610310T* |

---

---

| | |
|:---|:---|
| **"Commission"** | means the Securities and Exchange Commission of the United States or any other federal agency for the time being administering the Securities Act; |
| **"Companies Act"** | means the Companies Act (Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Company"** | means LYC HEALTHCARE (CAYMAN) LTD, a Cayman Islands exempted company; |
| **"Company's Website"** | means the website of the Company, the address or domain name of which has been notified to Shareholders; |
| **"Compensation Committee"** | means the compensation committee of the Board of Directors established; |
| **"Designated Stock Exchange"** | means the stock exchange in the United States that the Shares or ADSs are listed for trading; |
| **"Designated Stock Exchange Rules"** | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares or ADSs on the Designated Stock Exchange; |
| **"electronic"** | means the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"electronic communication"** | means electronic posting to the Company's Website, transmission to any number, address or internet website or other electronic delivery methods as otherwise decided and approved by not less than two-thirds of the vote of the Board; |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Independent Director"** | means a Director who is an independent director as defined in the Designated Stock Exchange Rules; |

---

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 414997* | *Filed: 14-Jan-2025 10:48 ESFT*<br> *Auth Code: J05987610310T* |

---

---

| | |
|:---|:---|
| **"Interested Director"** | means a Director who has a direct or indirect interest in any contract, business or arrangement in which the Company or its Affiliates is a party or becomes a party to; |
| **"Law"** | means the Companies Act and every other law and regulation of the Cayman Islands for the time being in force concerning companies and affecting the Company; |
| **"Memorandum of Association"** | means the memorandum of association of the Company, as amended or substituted from time to time; |
| **"month"** | means a calendar month; |
| **"Nominations Committee"** | means the nominations committee of the Board of Directors established; |
| **"Officer"** | means any person appointed by the Directors to hold an office in the Company; |
| **"Ordinary Resolution"** | means a resolution: |
|  | (a) passed by a simple majority of the votes of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company held in accordance with these Articles; or |
|  | (b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed; |
| **"Ordinary Shares"** | means the Class A Shares and the Class B Shares; |
| **"paid up"** | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; |

---

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 414997* | *Filed: 14-Jan-2025 10:48 ESFT*<br> *Auth Code: J05987610310T* |

---

---

| | |
|:---|:---|
| **"Person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires; |
| **"Register"** | means the principal register and any branch register of Shareholders of the Company maintained in accordance with the Companies Act; |
| **"Registered Office"** | means the registered office of the Company as required by the Companies Act; |
| **"Seal"** | means the common seal of the Company (if adopted) including any facsimile thereof; |
| **"Secretary"** | means any Person appointed by the Directors to perform any of the duties of the secretary of the Company; |
| **"Securities Act"** | means the Securities Act of 1933 of the United States, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; |
| **"Share"** | means a share in the capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share; |
| **"Shareholder"** | means a Person who is registered as the holder of Shares in the Register; |
| **"Share Premium Account"** | means the share premium account established in accordance with these Articles and the Companies Act; |
| **"signed"** | means bearing a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a person with the intent to sign the electronic communication; |

---

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 414997* | *Filed: 14-Jan-2025 10:48 ESFT*<br> *Auth Code: J05987610310T* |

---

---

| | |
|:---|:---|
| **"Special Resolution"** | means a special resolution: |
|  | (a) passed in accordance with the Law, being a resolution passed by a majority of not less than two-thirds (2/3) of the votes of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given; or |
|  | (b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed; |
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act; |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction; and |
| "**Year**" | means a calendar year. |

---

1.2 In
 these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number shall include the plural number and vice versa;

(b) words
 importing the masculine gender only shall include the feminine gender and any Person as the context may require;

(c) the
 word "may" shall be construed as permissive and the word "shall" shall be construed as imperative;

(d) reference
 to a dollar or dollars (or US$) and to a cent or cents is reference to dollars and cents of the United States;

(e) reference
 to a statutory enactment shall include reference to any amendment or re- enactment thereof for the time being in force;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference
 to any determination by the Directors shall be construed as a determination by the Directors in their sole and absolute discretion
 and shall be applicable either generally or in any particular case;

(g) any
 phrase introduced by the terms "including", "include" or "in particular" or similar expression
 shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

(h) reference
 to "in writing" shall be construed as written or represented by any means reproducible in writing, including any form
 of print, lithograph, email, facsimile, photograph or telex or represented by any other substitute or format for storage or transmission
 for writing or partly one and partly another;

(i) any
 requirements as to delivery under the Articles include delivery in the form of an electronic record or an electronic communication;

(j) any
 requirements as to execution or signature under the Articles, including the execution of the Articles themselves, can be satisfied
 in the form of an electronic signature as defined in the Electronic Transactions Act; and

(k) Sections
 8 and 19(3) of the Electronic Transactions Act shall not apply.

1.3 Subject
 to the preceding Articles, any words defined in the Companies Act shall, if not inconsistent with the subject or context, bear the
 same meaning in these Articles.

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| **2** | **PRELIMINARY** |

---

2.1 **Commencement of Business**. The business of the Company may be conducted as the Directors see fit.

2.2 **Registered Office.** The registered office shall be at such address in the Cayman Islands as the Directors may from time to time determine.
 The Company may in addition establish and maintain such other offices and places of business and agencies in such places as the Directors
 may from time to time determine.

2.3 **Commencement Costs and Expenses**. The expenses incurred in the formation of the Company and in connection with the offer for subscription and
 issue of shares shall be paid by the Company. Such expenses may be amortised over such period as the Directors may determine and
 the amount so paid shall be charged against income and/or capital in the accounts of the Company as the Directors shall determine.

2.4 **Register of Members**. The Directors shall keep, or cause to be kept, the register at such place as the Directors may from time to time
 determine and, in the absence of any such determination, the register shall be kept at the registered office.

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| **3** | **SHARES** |

---

3.1 **Issue**.
 Subject to these Articles and, where applicable, the Designated Stock Exchange rules, all shares for the time being unissued shall
 be under the control of the Directors who may, in their absolute discretion and without the approval of the Shareholders, cause the
 Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) allot,
 issue and dispose of Shares (including, without limitation, preferred shares) (whether in certificated form or non-certificated form)
 to such Persons, in such manner, on such terms and having such rights and being subject to such restrictions as they may from time
 to time determine;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant
 rights over existing Shares or issue other securities in one or more classes or series as they deem necessary or appropriate and
 determine the designations, powers, preferences, privileges and other rights attaching to such Shares or securities, including dividend
 rights, voting rights, conversion rights, terms of redemption and liquidation preferences, any or all of which may be greater than
 the powers, preferences, privileges and rights associated with the then issued and outstanding Shares, at such times and on such
 other terms as they think proper; and

(c) grant
 options with respect to Shares and issue warrants or similar instruments with respect thereto, at such times and on such terms and
 having such rights and being subject to such restrictions as they may from time to time determine.

3.2 **Class Variation**. The Directors may authorise the division of Shares into any number of Classes and the different Classes shall be authorised,
 established and designated (or re- designated as the case may be) and the variations in the relative rights (including, without limitation,
 voting, dividend and redemption rights), restrictions, preferences, privileges and payment obligations as between the different Classes
 (if any) may be fixed and determined by the Directors or by a Special Resolution. The Directors may issue Shares with such preferred
 or other rights, all or any of which may be greater than the rights of Ordinary Shares, at such time and on such terms as they may
 think appropriate. The Directors may issue from time to time, out of the authorised share capital of the Company (other than the
 authorised but unissued Ordinary Shares), series of preferred shares which may carry rights more preferential than the rights of
 Ordinary Shares, at such time and on such terms as they may think appropriate in their absolute discretion and without approval of
 the Shareholders; provided, however, before any preferred shares of any such series are issued, the Directors shall by resolution
 of Directors determine, with respect to any series of preferred shares, the terms and rights of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 designation of such series, the number of preferred shares to constitute such series and the subscription price thereof if different
 from the par value thereof;

(b) whether
 the preferred shares of such series shall have voting rights, in addition to any voting rights provided by law, and, if so, the terms
 of such voting rights, which may be general or limited;

(c) the
 dividends, if any, payable on such series, whether any such dividends shall be cumulative, and, if so, from what dates, the conditions
 and dates upon which such dividends shall be payable, and the preference or relation which such dividends shall bear to the dividends
 payable on any shares of any other class or any other series of shares;

(d) whether
 the preferred shares of such series shall be subject to redemption by the Company, and, if so, the times, prices and other conditions
 of such redemption;

(e) whether
 the preferred shares of such series shall have any rights to receive any part of the assets available for distribution amongst the
 Shareholders upon the liquidation of the Company, and, if so, the terms of such liquidation preference, and the relation which such
 liquidation preference shall bear to the entitlements of the holders of shares of any other class or any other series of shares;

(f) whether
 the preferred shares of such series shall be subject to the operation of a retirement or sinking fund and, if so, the extent to and
 manner in which any such retirement or sinking fund shall be applied to the purchase or redemption of the preferred shares of such
 series for retirement or other corporate purposes and the terms and provisions relative to the operation thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether
 the preferred shares of such series shall be convertible into, or exchangeable for, shares of any other class or any other series
 of preferred shares or any other securities and, if so, the price or prices or the rate or rates of conversion or exchange and the
 method, if any, of adjusting the same, and any other terms and conditions of conversion or exchange;

(h) the
 limitations and restrictions, if any, to be effective while any preferred shares of such series are outstanding upon the payment
 of dividends or the making of other distributions on, and upon the purchase, redemption or other acquisition by the Company of, the
 existing shares or shares of any other class of shares or any other series of preferred shares;

(i) the
 conditions or restrictions, if any, upon the creation of indebtedness of the Company or upon the issue of any additional shares,
 including additional shares of such series or of any other class of shares or any other series of preferred shares; and

(j) any
 other powers, preferences and relative, participating, optional and other special rights, and any qualifications, limitations and
 restrictions thereof; and, for such purposes, the Directors may reserve an appropriate number of Shares for the time being unissued.

3.3 **No Bearer Shares.** The Company shall not issue Shares to bearer.

3.4 **Commission.** The Company may insofar as may be permitted by law, pay a commission to any Person in consideration of his subscribing or agreeing
 to subscribe whether absolutely or conditionally for any Shares. Such commissions may be satisfied by the payment of cash or the
 lodgement of fully or partly paid-up shares or partly in one way and partly in the other. The Company may also pay such brokerage
 as may be lawful on any issue of Shares.

3.5 **Directors' Consent.** The Directors may refuse to accept any application for Shares, and may accept any application in whole or in part, for
 any reason or for no reason.

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| **4** | **MODIFICATION OF RIGHTS** |

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4.1 **Class Variation.** Whenever the capital of the Company is divided into different Classes the rights attached to any such Class may, subject
 to any rights or restrictions for the time being attached to any Class, only be materially adversely varied with the consent in writing
 of the holders of at least two-thirds (2/3) of the issued Shares of that Class or with the approval of a resolution passed by at
 least two-thirds (2/3) of the votes cast by the holders of the Shares of that Class present and voting in person or by proxy at a
 separate meeting of such holders. To every such separate meeting all the provisions of these Articles relating to general meetings
 of the Company or to the proceedings thereat shall, *mutatis mutandis*, apply, except that the necessary quorum shall be two
 persons at least holding or representing by proxy one-third (1/3) of the issued Shares of the relevant class and that, subject to
 any rights or restrictions for the time being attached to the Shares of that Class, every Shareholder of the Class shall on a poll
 have one (1) vote for each Share of the Class held by him. For the purposes of this article the Directors may treat all the Classes
 or any two or more Classes as forming one Class if they consider that all such Classes would be affected in the same way by the proposals
 under consideration, but in any other case shall treat them as separate Classes.

4.2 **No Variation on Further issue.** The rights conferred upon the holders of the Shares of any Class issued with preferred or other rights
 shall not, subject to any rights or restrictions for the time being attached to the Shares of that Class, be deemed to be materially
 adversely varied by, *inter alia*, the creation, allotment or issue of further shares ranking *pari passu* with or subsequent
 to them or the redemption or purchase of any shares of any Class by the Company. The rights of the holders of Shares shall not be
 deemed to be materially adversely varied by the creation or issue of Shares with preferred or other rights including, without limitation,
 the creation of Shares with enhanced or weighted voting rights.

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| **5** | **CERTIFICATES** |

---

5.1 **Share Certificates.** Unless and until the Directors resolve to issue share certificates, no share certificate shall be issued, and the
 records of the shareholdings of each Shareholder shall be in uncertified book entry form. If the Directors do resolve to issue share
 certificates in respect of any one or more classes of Shares, then every Shareholder holding such shares shall be entitled, upon
 written request only, to a certificate signed by a Director or Secretary, or any other person authorised by a resolution of the Directors,
 or under the seal specifying the number of Shares held by him and the signature of the Director, Secretary or authorised person and
 the seal may be facsimiles or affixed by electronic means pursuant to the electronic transactions act. Any Shareholder receiving
 a certificate shall indemnify and hold the Company and its Directors and Officers harmless from any loss or liability which it or
 they may incur by reason of any wrongful or fraudulent use or representation made by any person by virtue of the possession thereof.

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5.2 **Certificate Legends.** Every share certificate of the Company shall bear legends required under the applicable laws, including the Securities
 Act.

5.3 **Multiple Shares.** Any two or more certificates representing Shares of any one Class held by any Shareholder may at the Shareholder's
 request be cancelled and a single new certificate for such Shares issued in lieu on payment (if the Directors shall so require) of
 US$1.00 or such smaller sum as the Directors shall determine.

5.4 **Replacement.** If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed, a new certificate representing
 the same Shares may be issued to the relevant Shareholder upon request subject to delivery up of the old certificate or (if alleged
 to have been lost, stolen or destroyed) compliance with such conditions as to evidence and indemnity and the payment of out-of-pocket
 expenses of the Company in connection with the request as the Directors may think fit.

5.5 **Joint Holders.** In the event that Shares are held jointly by several Persons, any request may be made by any one of the joint holders
 and if so made shall be binding on all of the joint holders.

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| **6** | **FRACTIONAL SHARES** |

---

6.1 The
 Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be subject to and carry the corresponding
 fraction of liabilities (whether with respect to nominal or par value, premium, contributions, calls or otherwise), limitations,
 preferences, privileges, qualifications, restrictions, rights (including, without prejudice to the generality of the foregoing, voting
 and participation rights) and other attributes of a whole share. If more than one fraction of a share of the same class is issued
 to or acquired by the same Shareholder such fractions shall be accumulated.

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| **7** | **LIEN** |

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7.1 **All Monies Payable**. The Company has a first and paramount lien on every Share (whether or not fully paid) for all amounts (whether
 presently payable or not) payable at a fixed time or called in respect of that Share. The Company also has a first and paramount
 lien on every Share registered in the name of a Person indebted or under liability to the Company (whether he is the sole registered
 holder of a share or one of two or more joint holders) for all amounts owing by him or his estate to the Company (whether or not
 presently payable). The Directors may at any time declare a share to be wholly or in part exempt from the provisions of this Article.
 The Company's lien on a Share extends to any amount payable in respect of it, including but not limited to dividends.

7.2 **Sale**.
 The Company may sell, in such manner as the Directors in their absolute discretion think fit, any Share on which the Company has
 a lien, but no sale shall be made unless an amount in respect of which the lien exists is presently payable nor until the expiration
 of fourteen (14) calendar days after a notice in writing, demanding payment of such part of the amount in respect of which the lien
 exists as is presently payable, has been given to the registered holder for the time being of the Share, or the Persons entitled
 thereto by reason of his death or bankruptcy.

7.3 **Registration of Purchase.** For giving effect to any such sale the Directors may authorise a Person to transfer the Shares sold to the purchaser
 thereof. The purchaser shall be registered as the holder of the Shares comprised in any such transfer and he shall not be bound to
 see to the application of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity in
 the proceedings in reference to the sale.

7.4 **Application of Proceeds.** The proceeds of the sale after deduction of expenses, fees and commissions incurred by the Company shall be received
 by the Company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable, and
 the residue shall (subject to a like lien for sums not presently payable as existed upon the Shares prior to the sale) be paid to
 the Person entitled to the Shares immediately prior to the sale.

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| **8** | **CALLS ON SHARES** |

---

8.1 **Calls.** Subject to the terms of the allotment, the Directors may from time to time make calls upon the Shareholders in respect of any moneys
 unpaid on their Shares, and each Shareholder shall (subject to receiving at least fourteen (14) calendar days' notice specifying
 the time and place of payment) pay to the Company at the time so specified the amount called on such Shares. A call shall be deemed
 to have been made at the time when the resolution of the Directors authorising such call was passed.

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8.2 **Joint Holders.** The joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof.

8.3 **Interest on Calls.** If a sum called in respect of a Share is not paid before or on the day appointed for payment thereof, the Person from
 whom the sum is due shall pay interest upon the sum at such rate not exceeding twenty per cent (20%) per annum from the day appointed
 for the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment of that interest
 wholly or in part.

8.4 **Fixed Payment Dates.** The provisions of these Articles as to the liability of joint holders and as to payment of interest shall apply
 in the case of non-payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account
 of the amount of the Share, or by way of premium, as if the same had become payable by virtue of a call duly made and notified.

8.5 **Partly Paid Shares.** The Directors may make arrangements with respect to the issue of partly paid Shares for a difference between the
 Shareholders, or the particular Shares, in the amount of calls to be paid and in the times of payment.

8.6 **Advancement.** The Directors may, if they think fit, receive from any Shareholder willing to advance the same all or any part of the moneys
 uncalled and unpaid upon any partly paid Shares held by him, and upon all or any of the moneys so advanced may (until the same would,
 but for such advance, become presently payable) pay interest at such rate (not exceeding without the sanction of an Ordinary Resolution,
 six per cent (6%) per annum) as may be agreed upon between the Shareholder paying the sum in advance and the Directors. No such sum
 paid in advance of calls shall entitle the Shareholder paying such sum to any portion of a dividend declared in respect of any period
 prior to the date upon which such sum would, but for such payment, become presently payable.

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| **9** | **FORFEITURE OF SHARES** |

---

9.1 **Failure to pay Call.** If a Shareholder fails to pay any call or instalment of a call in respect of partly paid Shares on the day appointed
 for payment, the Directors may, at any time thereafter during such time as any part of such call or instalment remains unpaid, serve
 not less than fourteen (14) days' notice on him requiring payment of so much of the call or instalment as is unpaid, together
 with any interest which may have accrued and which may still accrue up to the date of the actual payment.

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9.2 **Forfeiture Notice.** The notice shall name a further day (not earlier than the expiration of fourteen (14) calendar days from the date of
 the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment
 at or before the time appointed the Shares in respect of which the call was made will be liable to be forfeited.

9.3 **Forfeiture.** If the requirements of any such notice as aforesaid are not complied with, any Share in respect of which the notice has been
 given may at any time thereafter, before the payment required by notice has been made, be forfeited by a resolution of the Directors
 to that effect.

9.4 **Sale of Forfeited Share.** A forfeited Share may be sold or otherwise disposed of on such terms and in such manner as the Directors
 think fit, and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors think fit.

9.5 **Outstanding Liability.** A Person whose Shares have been forfeited shall cease to be a Shareholder in respect of the forfeited Shares, but
 shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were payable by him to the
 Company in respect of the Shares forfeited, but his liability shall cease if and when the Company receives payment in full of the
 amount unpaid on the Shares forfeited.

9.6 **Certificate of Forfeiture.** A certificate in writing under the hand of a Director of the Company that a Share has been duly forfeited on a
 date stated in the certificate, shall be conclusive evidence of the facts in the declaration as against all Persons claiming to be
 entitled to the Share.

9.7 **Consideration of Sale of Forfeited Share.** The Company may receive the consideration, if any, given for a Share on any sale or disposition thereof
 pursuant to the provisions of these Articles as to forfeiture and may execute a transfer of the Share in favour of the Person to
 whom the Share is sold or disposed of and that Person shall be registered as the holder of the Share, and shall not be bound to see
 to the application of the purchase money, if any, nor shall his title to the Shares be affected by any irregularity or invalidity
 in the proceedings in reference to the disposition or sale.

9.8 **Fixed Payment Dates.** The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which by the
 terms of issue of a Share becomes due and payable, whether on account of the amount of the Share, or by way of premium, as if the
 same had been payable by virtue of a call duly made and notified.

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| **10** | **TRANSFER OF SHARES** |

---

10.1 **Instrument of Transfer.** The instrument of transfer of any Share shall be in writing and in any usual or common form or such other form as
 the Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor (or otherwise as prescribed
 by the rules and regulations of the Designated Stock Exchange) and if in respect of a nil or partly paid up Share, or if so required
 by the Directors, shall also be executed on behalf of the transferee and shall be accompanied by the certificate (if any) of the
 Shares to which it relates and such other evidence as the Directors may reasonably require to show the right of the transferor to
 make the transfer. The transferor shall be deemed to remain a Shareholder until the name of the transferee is entered in the Register
 in respect of the relevant Shares.

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**10.2** **Directors' Consent.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms of issue thereof and the rules or regulations of the Designated Stock Exchange or any relevant rules of the Commission
 or securities laws, the Directors may in their absolute discretion decline to register any transfer of Shares which is not fully
 paid up or on which the Company has a lien.

(b) The
 Directors may also decline to register any transfer of any Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 instrument of transfer is lodged with the Company, accompanied by the certificate for the Shares to which it relates and such other
 evidence as the Board may reasonably require to show the right of the transferor to make the transfer;

(ii) the
 instrument of transfer is in respect of only one Class of Shares;

(iii) the
 instrument of transfer is properly stamped, if required;

(iv) in
 the case of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred does not exceed four;

(v) the
 Shares transferred are free of any lien in favour of the Company; and

(vi) a
 fee of such maximum sum as the Designated Stock Exchange may determine to be payable, or such lesser sum as the Board of Directors
 may from time to time require, is paid to the Company in respect thereof.

10.3 **Suspension of Registration of Transfers.** The registration of transfers may, after compliance with any notice required of the Designated
 Stock Exchange Rules, be suspended and the Register closed at such times and for such periods as the Directors may, in their absolute
 discretion, from time to time determine, provided always that such registration of transfer shall not be suspended nor the Register
 closed for more than thirty (30) calendar days in any year.

10.4 **Notification of Refusal.** All instruments of transfer that are registered shall be retained by the Company, but any instrument of transfer
 that the Directors decline to register shall (except in any case of fraud) be returned to the Person depositing the same. If the
 Directors refuse to register a transfer of any Shares, they shall within three (3) calendar months after the date on which the transfer
 was lodged with the Company send to each of the transferor and the transferee notice of the refusal.

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| **11** | **TRANSMISSION OF SHARES** |

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11.1 **Legal Personal Representative.** The legal personal representative of a deceased sole holder of a Share shall be the only Person recognised
 by the Company as having any title to the Share. In the case of a Share registered in the name of two or more holders, the survivors
 or survivor, or the legal personal representatives of the deceased survivor, shall be the only Person recognised by the Company as
 having any title to the Share.

11.2 **Transmission.** Any Person becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder shall upon such evidence being
 produced as may from time to time be required by the Directors, have the right either to be registered as a Shareholder in respect
 of the Share or, instead of being registered himself, to make such transfer of the Share as the deceased or bankrupt Person could
 have made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had
 in the case of a transfer of the Share by the deceased or bankrupt Person before the death or bankruptcy.

11.3 **Pre-Registration Status.** A Person becoming entitled to a Share by reason of the death or bankruptcy of a Shareholder shall be entitled to the
 same dividends and other advantages to which he would be entitled if he were the registered Shareholder, except that he shall not,
 before being registered as a Shareholder in respect of the Share, be entitled in respect of it to exercise any right conferred by
 membership in relation to meetings of the Company, provided however, that the Directors may at any time give notice requiring any
 such person to elect either to be registered himself or to transfer the Share, and if the notice is not complied with within ninety
 (90) calendar days, the Directors may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of
 the Share until the requirements of the notice have been complied with.

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| **12** | **CONVERSION OF SHARES** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Class B Share is convertible into one (1) fully paid Class A Share at any time by the holder thereof. The right to convert shall
 be exercisable by the holder of the Class B Share delivering a written notice to the Company that such holder elects to convert a
 specified number of Class B Shares into Class A Shares. In no event shall Class A Shares be convertible into Class B Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 any sale, transfer, assignment or disposition of Class B Shares by a holder thereof to any Person which is not an Affiliate of such
 holder, or upon a change of beneficial ownership of any Class B Shares as a result of which any Person who is not an Affiliate of
 the holders of such Ordinary Shares becomes a beneficial owner of such Ordinary Shares, such Class B Shares shall be automatically
 and immediately converted into an equal number of Class A Shares. In the event that a beneficial owner of Class B Shares is a Director,
 an executive officer of the Company and/or an employee of the Company or a subsidiary or consolidated affiliated entity of the Company,
 where such Person ceases to be a Director, an executive officer of the Company or an employee of the Company or a subsidiary or consolidated
 affiliated entity of the Company, all such Class B Shares as beneficially owned by such Person shall be automatically and immediately
 converted into an equal number of Class A Shares. For the avoidance of doubt, (i) a sale, transfer, assignment or disposition shall
 be effective upon the Company's registration of such sale, transfer, assignment or disposition in the Register; (ii) the creation
 of any pledge, charge, encumbrance or other third-party right of whatever description on any Class B Shares to secure any contractual
 or legal obligations shall not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge, charge,
 encumbrance or other third-party right is enforced and results in the third party who is not an Affiliate of the relevant Shareholder
 becoming a beneficial owner of the relevant Class B Shares in which case all the related Class B Shares shall be automatically and
 immediately converted into the same number of Class A Shares, and (iii) any sale, transfer, assignment or disposition of any Class
 B Shares by a holder thereof to any Person which is a beneficial owner of Class B Shares shall not trigger the automatic conversion
 of such Class B Shares into Class A Shares as contemplated under this Article.

(c) Any
 conversion of Class B Shares into Class A Shares pursuant to this Article shall be effected by means of the re-designation and re-classification
 of the relevant Class B Share as a Class A Share together with such rights and restrictions and which shall rank pari passu is all
 respects with the Class A Shares then in issue. Such conversion shall become effective forthwith upon entries being made in the Register
 to record the re-designation and re-classification of the relevant Class B Shares as Class A Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 conversion, the Company shall allot and issue the relevant Class A Shares to the converting Shareholder, enter or procure the entry
 of the name of the relevant holder of Class B Shares as the holder of the relevant number of Class A Shares resulting from the conversion
 of the Class B Ordinary Shares in, and make any other necessary and consequential changes to, the Register and shall procure that
 certificates in respect of the relevant Class A Shares, together with a new certificate for any unconverted Class B Shares comprised
 in the certificate(s) surrendered by the holder of the Class B Shares are issued to the holders of the Class A Shares and Class B
 Shares.

(e) Any
 and all taxes and stamp, issue and registration duties (if any) arising on conversion shall be borne by the holder of Class B Shares
 requesting conversion.

(f) Save
 and except for voting rights and conversion rights as set out in this Article, Class A Shares and Class B Shares shall rank pari
 passu and shall have the same rights, preferences, privileges and restrictions.

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| **13** | **REGISTRATION OF EMPOWERING INSTRUMENTS** |

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13.1 The
 Company shall be entitled to charge a fee not exceeding one dollar (US$1.00) on the registration of every probate, letters of administration,
 certificate of death or marriage, power of attorney, notice in lieu of distringas, or other instrument.

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| **14** | **ALTERATION OF SHARE CAPITAL** |

---

14.1 **Increase.** The Company may from time to time by Ordinary Resolution increase the share capital by such sum, to be divided into Shares of
 such Classes and amount, as the resolution shall prescribe.

14.2 **Amendment.** The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consolidate
 and divide all or any of its share capital into Shares of a larger amount than its existing Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) convert
 all or any of its paid up Shares into stock and reconvert that stock into paid up Shares of any denomination;

(c) subdivide
 its existing Shares, or any of them into Shares of a smaller amount provided that in the subdivision the proportion between the amount
 paid and the amount, if any, unpaid on each reduced Share shall be the same as it was in case of the Share from which the reduced
 Share is derived; and

(d) cancel
 any Shares that, at the date of the passing of the resolution, have not been taken or agreed to be taken by any Person and diminish
 the amount of its share capital by the amount of the Shares so cancelled.

14.3 **Reduction.** The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any manner authorised by Law.

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| **15** | **REDEMPTION, PURCHASE AND SURRENDER OF SHARES** |

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15.1 **Reduction.** Subject to the provisions of the Law and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares that are to be redeemed or are liable to be redeemed at the option of the Shareholder or the Company. The redemption of Shares
 shall be effected in such manner and upon such terms as may be determined, before the issue of such Shares, by either the Board or
 by the Shareholders by Special Resolution;

(b) purchase
 its own Shares (including any redeemable Shares) on such terms and in such manner and terms as have been approved by the Board or
 by the Shareholders by Ordinary Resolution, or are otherwise authorised by these Articles; and

(c) make
 a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the Companies Act, including out
 of capital.

15.2 **No other Redemption.** The purchase of any Share shall not oblige the Company to purchase any other Share other than as may be required
 pursuant to applicable law and any other contractual obligations of the Company.

15.3 **Condition for Redemption.** The holder of the Shares being purchased shall be bound to deliver up to the Company the certificate(s) (if any)
 thereof for cancellation and thereupon the Company shall pay to him the purchase or redemption monies or consideration in respect
 thereof.

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15.4 **Surrender.** The Directors may accept the surrender for no consideration of any fully paid Share.

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| **16** | **TREASURY SHARES** |

---

16.1 **Treasury Share.** The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share shall be held
 as a Treasury Share.

16.2 **Cancellation of Treasury Share.** The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
 think proper (including, without limitation, for nil consideration).

16.3 **No Distribution in relation to Treasury Share.** No dividend may be declared or paid, and no other distribution (whether in cash or
 otherwise) of the Company's assets (including any distribution of assets to Shareholders on a winding up) may be declared or
 paid in respect of a Treasury Share.

16.4 **Register – Treasury Share.** The Company shall be entered in the Register as the holder of the Treasury Shares provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a Shareholder for any purpose and shall not exercise any right in respect of the Treasury Shares,
 and any purported exercise of such a right shall be void;

(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not be counted in determining
 the total number of issued shares at any given time, whether for the purposes of these Articles or the Law, save that an allotment
 of Shares as fully paid bonus shares in respect of a Treasury Share is permitted and Shares allotted as fully paid bonus shares in
 respect of a Treasury Share shall be treated as Treasury Shares.

16.5 **Disposal of Treasury Shares.** Treasury Shares may be disposed of by the Company on such terms and conditions as determined by the Directors.

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| **17** | **GENERAL MEETINGS** |

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17.1 **Meetings.** All general meetings other than annual general meetings shall be called extraordinary general meetings.

**17.2** **Annual General Meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may (but is not obliged to) in each financial year hold a general meeting as its annual general meeting and shall specify
 the meeting as such in the notices calling it, and such annual general meeting shall be held within six months after the end of the
 Company's financial year. The annual general meeting shall be held at such time and place as may be determined by the Directors.

(b) At
 these meetings a report of the Directors (if any) may be presented.

17.3 **Directors Convene.** A majority of the Directors may call general meetings, and they shall on a Shareholders' requisition forthwith
 proceed to convene an extraordinary general meeting of the Company.

17.4 **Shareholders Convene.** A Shareholders' requisition is a request of one or more Shareholders holding as at the date of deposit of the
 request in aggregate not less than one- third (1/3) of the voting rights (on a one vote per share basis) in the share capital of
 the Company. Such Shareholders may also add resolutions to the agenda of a general meeting.

17.5 **Requisition.** Subject to Article 17.2, the requisition must state the objects of the meeting and must be signed by the Shareholders that made
 the request (the "**Requisitionists**") and deposited at the Registered Office, and may consist of several documents
 in like form each signed by one or more Requisitionists.

17.6 **Directors Convene General Meeting.** If the Directors do not within twenty- one (21) calendar days from the date of the deposit of the requisition
 duly proceed to convene a general meeting to be held within a further twenty-one (21) calendar days, the Requisitionists, or any
 of them representing more than one-half of the total voting rights of all of them, may themselves convene a general meeting, but
 any meeting so convened shall not be held after the expiration of three (3) months after the expiration of the said twenty- one (21)
 calendar days.

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17.7 **Requisitionists Convene General Meeting.** A general meeting convened as aforesaid by Requisitionists shall be convened in the same manner as nearly
 as possible as that in which general meetings are to be convened by Directors.

17.8 **Shareholder Participation.** Shareholders seeking to bring business before the annual general meeting or to nominate candidates for election
 as Directors at the annual general meeting must deliver notice to the Registered Office not later than the close of business on the
 90<sup>th</sup> day nor earlier than the close of business on the 120<sup>th</sup> day prior to the scheduled date of the annual
 general meeting.

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| **18** | **NOTICE OF GENERAL MEETINGS** |

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18.1 **Notice of Meeting.** An annual general meeting of the Company shall be called by at least 7 days' notice in writing, and a general
 meeting of the Company (other than an annual general meeting) shall be called by at least 7 days' notice in writing. Every
 notice shall be exclusive of the day on which it is served or deemed to be served but inclusive of the day for which it is given
 and shall specify the place, the day and the hour of the meeting and the general nature of the business and shall be given in the
 manner hereinafter mentioned or in such other manner if any as may be prescribed by the Company, provided that a general meeting
 of the Company shall, whether or not the notice specified in this Article has been given and whether or not the provisions of these
 Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an annual general meeting by all the Shareholders (or their proxies) entitled to attend and vote thereat; and

(b) in
 the case of an extraordinary general meeting by a majority in number of the Shareholders (or their proxies) having a right to attend
 and vote at the meeting, being a majority together holding not less than ninety-five per cent (95%) in par value of the Shares giving
 that right.

18.2 **Failure to Give Notice.** The accidental omission to give notice of a meeting to or the non- receipt of a notice of a meeting by any Shareholder
 shall not invalidate the proceedings at any meeting.

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| **19** | **PROCEEDINGS AT GENERAL MEETINGS** |

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| 19.1 | **Due Constitution of Meeting.** No business except for the appointment of a chairman for the meeting shall be transacted at any general meeting unless a quorum of Shareholders is present at the time when the meeting proceeds to business. |
| 19.2 | **Quorum.** At least one or more holder(s) of Shares holding not less than an aggregate of one-third (1/3) of all votes attaching to all Shares in issue and entitled to vote present in person or by proxy or, if a corporation or other non-natural person, by its duly authorised representative, shall be a quorum for all purposes. |
| 19.3 | **No Quorum.** If within half an hour from the time appointed for the meeting a quorum is not present, the meeting shall be dissolved. |
| 19.4 | **Electronic Communication.** If the Directors wish to make this facility available for a specific general meeting or all general meetings of the Company, participation in any general meeting of the Company may be by means of a telephone or similar communication equipment by way of which all Persons participating in such meeting can communicate with each other and such participation shall be deemed to constitute presence in person at the meeting. |
| 19.5 | **Chairman of Shareholder Meeting.** The Chairman (if any) shall preside as chairman at every general meeting of the Company. |
| 19.6 | **No Chairman.** If there is no Chairman, or if at any general meeting he is not present within fifteen (15) minutes after the time appointed for holding the meeting or is unwilling to act as Chairman, any Director or Person nominated by the Directors shall preside as chairman of that meeting, failing which the Shareholders present in person or by proxy shall choose any Person present to be chairman of that meeting. |
| 19.7 | **Adjournment.** The chairman may with the consent of any general meeting at which a quorum is present (and shall if so directed by the meeting) adjourn a meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting, or adjourned meeting, is adjourned for fourteen (14) calendar days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. |
|  | Save as aforesaid it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting. |

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19.8 **Cancellation or Postponement of Meeting.** The Directors may cancel or postpone any duly convened general meeting at any time prior to such
 meeting, except for general meetings requisitioned by Requisitionists in accordance with these Articles, for any reason or for no
 reason, upon notice in writing to Shareholders. A postponement may be for a stated period of any length or indefinitely as the Directors
 may determine.

19.9 **Casting of Votes.** At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands, unless a poll
 is (before or on the declaration of the result of the show of hands) demanded by the chairman or any one or more Shareholders who
 together hold not less than 10% of the votes attaching to the total shares that are present in person or by proxy, and unless a poll
 is so demanded, a declaration by the chairman that a resolution has, on a show of hands, been carried, or carried unanimously, or
 by a particular majority, or lost, and an entry to that effect in the book of the proceedings of the Company, shall be conclusive
 evidence of the fact, without proof of the number or proportion of the votes recorded in favour of, or against, that resolution.

19.10 **Polls.** If a poll is duly demanded it shall be taken in such manner as the chairman directs, and the result of the poll shall be deemed
 to be the resolution of the meeting at which the poll was demanded.

19.11 **Equality of Votes.** All questions submitted to a meeting shall be decided by a simple majority of votes except where a greater majority
 is required by these Articles or by the Law. In the case of an equality of votes, whether on a show of hands or on a poll, the chairman
 of the meeting at which the show of hands takes place or at which the poll is demanded, shall be entitled to a second or casting
 vote.

19.12 **Specific Polls.** A poll demanded on the election of a chairman of the meeting or on a question of adjournment shall be taken forthwith.
 A poll demanded on any other question shall be taken at such time as the chairman of the meeting directs.

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| **20** | **VOTES OF SHAREHOLDERS** |
| 20.1 | **Voting Rights.** Subject to any rights and restrictions for the time being attached to any Share, on a show of hands every Shareholder present in person and every Person representing a Shareholder by proxy shall, at a general meeting of the Company, have one (1) vote for each Class A Share and ten (10) votes for each Class B Share, in each case of which he is the holder and on a poll every Shareholder and every Person representing a Shareholder by proxy shall have one (1) vote for each Class A Share and ten (10) votes for each Class B Share of which he or the Person represented by proxy is the holder. Holders of Class A Shares and Class B Shares shall, at all times, vote together as one class on all matters submitted to a vote by the Shareholders. |
| 20.2 | **Class Consent.** Class consents from the holders of Class A Shares and Class B Shares, as applicable, shall be required for any variation to the rights attached to their respective class of shares, however, the Directors may treat the two classes of shares as forming one class if they consider that both such classes would be affected in the same way by the proposal. |
| 20.3 | **No Variation.** The rights attaching to the Class A Shares and the Class B Shares shall not be deemed to be varied by the creation or issue of shares with preferred or other rights, including, without limitation, shares with enhanced or weighted voting rights. |
| 20.4 | **Change in authorised share capital.** The holders of Class A Shares and Class B Shares, respectively, do not have the right to vote separately if the number of authorised shares of such class is increased or decreased. Rather, the number of authorised Class A Shares and Class B Shares may be increased or decreased (but not below the number of shares of such class then outstanding) by both classes voting together by way of an Ordinary Resolution. |
| 20.5 | **Joint Holders.** In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names stand in the Register. |
| 20.6 | **Shareholder Capacity.** A Shareholder of unsound mind, or in respect of whom an order has been made by any court having jurisdiction in lunacy, may vote in respect of Shares carrying the right to vote held by him, whether on a show of hands or on a poll, by his committee, or other Person in the nature of a committee appointed by that court, and any such committee or other Person, may vote in respect of such Shares by proxy. |
| 20.7 | **Unpaid Shares.** No Shareholder shall be entitled to vote at any general meeting of the Company unless all calls, if any, or other sums presently payable by him in respect of Shares carrying the right to vote held by him have been paid. |

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20.8 **Poll Votes.** On a poll, votes may be given either personally or by proxy.

20.9 **Proxies.** Any Shareholder (including a Shareholder which is a clearing house (or its nominee(s))) entitled to attend and vote at a meeting
 of the Company shall be entitled to appoint another person (being a natural person) as his proxy to attend and vote in his place.
 A Shareholder who is the holder of two or more Shares may appoint more than one proxy to represent him and vote on his behalf at
 a general meeting of the Company or at a Class meeting. A proxy need not be a Shareholder, and shall be entitled to exercise the
 same powers on behalf of a Shareholder who is a natural person and for whom he acts as proxy as such Shareholder could exercise.
 In addition, a proxy shall be entitled to exercise the same powers on behalf of a Shareholder which is a corporation and for which
 he acts as proxy as such Shareholder could exercise as if it were a natural person Shareholder present in person at any general meeting.
 On a poll or a show of hands votes may be given either personally (or, in the case of a Shareholder being a corporation, by its duly
 authorised representative) or by proxy. The instrument appointing a proxy shall be in writing under the hand of the appointor or
 of his attorney duly authorised in writing or, if the appointor is a corporation, either under Seal or under the hand of an officer
 or attorney duly authorised. A proxy need not be a Shareholder.

20.10 **Form of Proxy.** An instrument appointing a proxy may be in any usual or common form or such other form as the Directors may approve.

20.11 **Deposit of Proxy Appointment Instrument.** The instrument appointing a proxy shall be deposited at the Registered Office or at such other
 place as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 less than 48 hours before the time for holding the meeting or adjourned meeting at which the Person named in the instrument proposes
 to vote; or

(b) in
 the case of a poll taken more than 48 hours after it is demanded, be deposited as aforesaid after the poll has been demanded and
 not less than 24 hours before the time appointed for the taking of the poll; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 the poll is not taken forthwith but is taken not more than 48 hours after it was demanded be delivered at the meeting at which the
 poll was demanded to the Chairman or to the secretary or to any Director, provided that the Directors may in the notice convening
 the meeting, or in an instrument of proxy sent out by the Company, direct that the instrument appointing a proxy may be deposited
 (no later than the time for holding the meeting or adjourned meeting) at the Registered Office or at such other place as is specified
 for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company. The Chairman may in
 any event at his discretion direct that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy
 that is not deposited in the manner permitted shall be invalid.

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| 20.12 | **Proxy Instrument.** The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll. |
| 20.13 | **No Action.** No action shall be taken by the Shareholders except at an annual or extraordinary general meeting called in accordance with these Articles and no action shall be taken by the Shareholders by written consent or electronic transmission, unless otherwise as permitted by these Articles. |
| 20.14 | **Written Resolutions.** A resolution in writing signed by all the Shareholders for the time being entitled to receive notice of and to attend and vote at general meetings of the Company (or being corporations by their duly authorised representatives) shall be as valid and effective as if the same had been passed at a general meeting of the Company duly convened and held. |
| **21** | **CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS** |
| 21.1 | Any corporation which is a Shareholder or a Director may by resolution of its Directors or other governing body authorise such Person as it thinks fit to act as its representative at any meeting of the Company or of any meeting of holders of a Class or of the Directors or of a committee of Directors, and the Person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could exercise as if it were an individual Shareholder or Director. |

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| **22** | **DEPOSITARY AND CLEARING HOUSES** |
| 22.1 | If a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) is a Shareholder of the Company it may, by resolution of its Directors or other governing body or by power of attorney, authorise such Person(s) as it thinks fit to act as its representative(s), who enjoy rights equivalent to the rights of other Shareholders, at any meeting of the Company (including but not limited to any general meeting or creditors' meeting) or of any Class of Shareholders provided that, if more than one (1) Person is so authorised, the authorisation shall specify the number and Class of Shares in respect of which each such Person is so authorised. A Person so authorised pursuant to this Article shall be entitled to exercise the same powers on behalf of the recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) could exercise as if it were an individual Shareholder holding the number and Class of Shares specified in such authorisation, including the right to speak and vote individually on a show of hands or on a poll. |
| **23** | **DIRECTORS** |
| 23.1 | **Number of directors.** Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less than one Director, the exact number of Directors to be determined exclusively by resolutions adopted by a majority of the authorized number of Directors constituting the Board from time to time. There shall be no maximum number of Directors unless otherwise determined from time to time by the members in general meeting. For so long as Shares are listed on the Designated Stock Exchange, the Directors shall include such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange Rules require for a foreign private issuer under the United States securities laws, so long as the Company is a foreign private issuer*.*** |
| 23.2 | **Vacancy.** The Directors by the affirmative vote of a simple majority of the remaining Directors present and voting at a meeting of the Directors, even if less than a quorum, shall have the power from time to time and at any time to appoint any person as a Director to fill a casual vacancy (resulting from death, resignation, disqualification, removal or other causes) on the board of Directors or as an addition to the existing board of Directors, subject to these Articles (including the maximum number (if any) imposed by the Directors), and the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or otherwise under applicable law, provided that any vacancy not filled by the Directors may be filled by the Shareholders by Ordinary Resolution at the next annual general meeting or extraordinary general meeting called for that purpose; provided further, that whenever the holders of any class or classes of stock or series thereof are entitled to elect one or more Directors by the provisions of these Articles, vacancies and newly created directorships of such class or classes or series may be filled by a majority of the Directors elected by such class or classes or series thereof then in office, or by a sole remaining Director so elected or by the Shareholders holding such class or classes of shares or series thereof in accordance with these Articles. Any Director so appointed shall hold office only until the first annual general meeting of the Company after his appointment and shall then be subject to re-election at such meeting. |

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23.3 **Chairman of the Board.** The Board of Directors shall have a Chairman (who shall be a Director) elected and appointed by a majority of the
 Directors then in office. The period for which the Chairman will hold office will also be determined by a majority of all of the
 Directors then in office. The Chairman shall preside as chairman at every meeting of the Board of Directors. To the extent the Chairman
 is not present at a meeting of the Board of Directors within fifteen (15) minutes after the time appointed for holding the same,
 the attending Directors may choose one of their number to be the chairman of the meeting.

23.4 **Appointment of Directors.** The Company may appoint any person to be a Director by Ordinary Resolution or by resolutions adopted by a majority
 of the authorized number of Directors constituting the Board from time to time, subject to the maximum number of Directors as may
 be determined by the Shareholders in general meeting.

23.5 **Term.** Each Director holds office for the term, if any, fixed by the terms of his appointment or until his office is vacated pursuant to
 these Articles. No person, shall, unless recommended by the Board for election, be eligible for election to the office of Director
 at any general meeting, unless notice in writing of the intention to propose that person for election as a Director and notice in
 writing by that person of his willingness to be elected has been lodged at the head office or at the registration office of the Company.
 The period for lodgement of such notices shall commence no earlier than the day after despatch of the notice of the relevant meeting
 and end no later than seven days before the date of such meeting and the minimum length of the period during which such notices may
 be lodged must be at least seven (7) days.

23.6 **Removal of Directors.** A Director may be removed from office by Ordinary Resolution of the Company, notwithstanding anything in these
 Articles or in any agreement between the Company and such Director (but without prejudice to any claim for damages under such agreement).
 The notice of any meeting at which a resolution to remove a Director shall be proposed or voted upon must contain a statement of
 the intention to remove that Director and such notice must be served on that Director not less than ten (10) calendar days before
 the meeting. Such Director is entitled to attend the meeting and be heard on the motion for his removal.

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| 23.7 | **Company Policies.** The Board may, from time to time, and except as required by applicable law or the Designated Stock Exchange Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives, which shall be intended to set forth the policies of the Company and the Board on various corporate governance related matters as the Board shall determine by resolution from time to time. |
| 23.8 | **No Minimum Shareholding.** A Director shall not be required to hold any Shares in the Company by way of qualification nor is there any specified upper or lower age limit for the Directors either for accession to or retirement from the Board. A Director who is not a Shareholder of the Company shall nevertheless be entitled to attend and speak at general meetings. |
| 23.9 | **Remuneration of Directors.** The remuneration of the Directors may be determined by the Directors or by Ordinary Resolution. |
| 23.10 | **Office Remuneration.** The Directors shall be entitled to be paid their travelling, hotel and other expenses properly incurred by them in going to, attending and returning from meetings of the Directors, or any committee of the Directors, or general meetings of the Company, or otherwise in connection with the business of the Company, or to receive such fixed allowance in respect thereof as may be determined by the Directors from time to time, or a combination partly of one such method and partly the other. |
| **24** | **ALTERNATE DIRECTOR OR PROXY** |
| 24.1 | **Alternate Appointment.** Any Director may in writing appoint another Person to be his alternate and, save to the extent provided otherwise in the form of appointment, such alternate shall have authority to sign written resolutions on behalf of the appointing Director, but shall not be required to sign such written resolutions where they have been signed by the appointing director, and to act in such Director's place at any meeting of the Directors at which the appointing Director is unable to be present. Every such alternate shall be entitled to attend and vote at meetings of the Directors as a Director when the Director appointing him is not personally present and where he is a Director to have a separate vote on behalf of the Director he is representing in addition to his own vote. A Director may at any time in writing revoke the appointment of an alternate appointed by him. Such alternate shall be deemed for all purposes to be a Director of the Company and shall not be deemed to be the agent of the Director appointing him. |
| 24.2 | **Director Proxy.** Any Director may appoint any Person, whether or not a Director, to be the proxy of that Director to attend and vote on his behalf, in accordance with instructions given by that Director, or in the absence of such instructions at the discretion of the proxy, at a meeting or meetings of the Directors which that Director is unable to attend personally. The instrument appointing the proxy shall be in writing under the hand of the appointing Director and shall be in any usual or common form or such other form as the Directors may approve, and must be lodged with the chairman of the meeting of the Directors at which such proxy is to be used, or first used, prior to the commencement of the meeting. A proxy who attends such a meeting shall be counted in the quorum. Every such proxy shall be entitled to attend and vote in such appointing Director's place when the appointing Director is not personally present at such meeting; provided, that, prior to each meeting of the Board at which the proxy is to vote, the Director shall instruct the proxy as to the manner in which he is to cast the vote and shall inform the Board accordingly and the proxy shall be entitled to cast a vote on behalf of the Director only in accordance with such instructions. Where the proxy is a Director he shall be entitled to have such separate vote on behalf of the Director for which he is acting as proxy in addition to his own vote. The remuneration of such proxy shall be payable out of the remuneration of the Director appointing him–and the proportion thereof shall be agreed between them. The signature of a proxy to any resolution in writing of the Directors or a committee thereof shall, unless the terms of the appointment provides to the contrary, be as effective as the signature of the Director appointing him as proxy. For the avoidance of doubt, any Director that has the right to attend any meeting of a committee established by the Board may appoint a proxy to act in his place at such meeting. Where the Director appointing a proxy is an Interested Director in respect of a matter to be considered at a meeting of the Board, the Interested Director shall procure that the proxy declares the nature of his interest at such meeting and the proxy may be counted in the quorum and may also be entitled to vote on behalf of the Interested Director in respect of any contract or proposed contract or arrangement in which such Interested Director is interested. For the avoidance of doubt, a person who is appointed a proxy shall not in consequence thereof become an Indemnified Person. |

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| **25** | **POWERS AND DUTIES OF DIRECTORS** |
| 25.1 | **Management by Directors**. Subject to the Companies Act, these Articles and to any resolutions passed in a general meeting, the business of the Company shall be managed by the Directors, who may pay all expenses incurred in setting up and registering the Company and may exercise all powers of the Company. No resolution passed by the Company in general meeting shall invalidate any prior act of the Directors that would have been valid if that resolution had not been passed. The Directors may from time to time provide for the management of the affairs of the Company in such manner as they shall think fit and the provisions contained in the three next following Articles shall not limit the general powers conferred by this Article. |
| 25.2 | **Officers.** Subject to these Articles, the Directors may from time to time appoint any natural person or corporation, whether or not a Director to hold such office in the Company as the Directors may think necessary for the administration of the Company, including but not limited to, the office of president, one or more vice-presidents, treasurer, assistant treasurer, manager or controller, and for such term and at such remuneration (whether by way of salary or commission or participation in profits or partly in one way and partly in another), and with such powers and duties as the Directors may think fit. Any natural person or corporation so appointed by the Directors may be removed by the Directors. The Directors may also appoint one or more of their number to the office of managing director upon like terms, but any such appointment shall ipso facto terminate if any managing director ceases for any cause to be a Director, or if the Company by Ordinary Resolution resolves that his tenure of office be terminated. |
| 25.3 | **Appointment of Secretary.** The Directors may appoint any natural person or corporation to be a Secretary (and if need be an assistant Secretary or assistant Secretaries) who shall hold office for such term, at such remuneration and upon such conditions and with such powers as they think fit. Any Secretary or assistant Secretary so appointed by the Directors may be removed by the Directors or by the Company by Ordinary Resolution. |
| 25.4 | **Delegation.** The Directors may delegate any of their powers to committees consisting of such member or members of their body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on it by the Directors. The Directors from time to time and at any time may establish any committees, local boards or agencies for managing any of the affairs of the Company and may appoint any natural person or corporation to be a member of such committees or local boards and may appoint any managers or agents of the Company and may fix the remuneration of any such natural person or corporation. Subject to any such conditions, the proceedings of any such committee, local board or agency shall be governed by the Articles regulating the proceedings of Directors, so far as they are capable of applying. |

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25.5 **Third Party Delegation**. The Directors may from time to time and at any time by power of attorney (whether under Seal or under hand)
 or otherwise appoint any company, firm or Person or body of Persons, whether nominated directly or indirectly by the Directors, to
 be the attorney or attorneys or authorised signatory (any such person being an "Attorney" or "Authorised Signatory",
 respectively) of the Company for such purposes and with such powers, authorities and discretion (not exceeding those vested in or
 exercisable by the Directors under these Articles) and for such period and subject to such conditions as they may think fit, and
 any such power of attorney or other appointment may contain such provisions for the protection and convenience of Persons dealing
 with any such Attorney or Authorised Signatory as the Directors may think fit, and may also authorise any such Attorney or Authorised
 Signatory to delegate all or any of the powers, authorities and discretion vested in him.

25.6 **Delegation to Committees.** The Directors from time to time and at any time may delegate to any such committee (including, without limitation,
 the Audit Committee, the Compensation Committee and the Nominations Committee), local board, manager or agent any of the powers,
 authorities and discretions for the time being vested in the Directors and may authorise the members for the time being of any such
 local board, or any of them to fill any vacancies therein and to act notwithstanding vacancies and any such appointment or delegation
 may be made on such terms and subject to such conditions as the Directors may think fit and the Directors may at any time remove
 any natural person or corporation so appointed and may annul or vary any such delegation, but no Person dealing in good faith and
 without notice of any such annulment or variation shall be affected thereby.

25.7 **Sub-delegation.** Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any of the powers, authorities, and discretion
 for the time being vested in them.

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| 25.8 | **Committee Charter.** The Directors may adopt formal written charters for committees and, if so adopted, shall review and assess the adequacy of such formal written charters on an annual basis. Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in the Articles and shall have such powers as the Directors may delegate pursuant to the Articles and as required by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under applicable law. |
| **26** | **BORROWING POWERS OF DIRECTORS** |
| 26.1 | The Directors may from time to time at their discretion exercise all the powers of the Company to raise or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof, to issue debentures, debenture stock, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party. |
| **27** | **THE SEAL** |
| 27.1 | **Use of Seal**. The Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors provided always that such authority may be given prior to or after the affixing of the Seal and if given after may be in general form confirming a number of affixings of the Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or an assistant Secretary) or in the presence of any one or more Persons as the Directors may appoint for the purpose and every Person as aforesaid shall sign every instrument to which the Seal is so affixed in their presence. |
| 27.2 | **Duplicate Seal**. The Company may maintain a facsimile of the Seal in such countries or places as the Directors may appoint and such facsimile Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors provided always that such authority may be given prior to or after the affixing of such facsimile Seal and if given after may be in general form confirming a number of affixings of such facsimile Seal. The facsimile Seal shall be affixed in the presence of such Person or Persons as the Directors shall for this purpose appoint and such Person or Persons as aforesaid shall sign every instrument to which the facsimile Seal is so affixed in their presence and such affixing of the facsimile Seal and signing as aforesaid shall have the same meaning and effect as if the Seal had been affixed in the presence of and the instrument signed by a Director or a Secretary (or an assistant Secretary) or in the presence of any one or more Persons as the Directors may appoint for the purpose. |

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| 27.3 | **Authentication and Filing**. Notwithstanding the foregoing, a Secretary or any assistant Secretary shall have the authority to affix the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity of the matter contained therein but which does not create any obligation binding on the Company. |
| **28** | **DISQUALIFICATION OF DIRECTORS** |
| 28.1 | The office of Director shall be vacated, if the Director: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resigns;

(b) dies;

(c) is
 declared to be of unsound mind and the Board resolves that his office be vacated;

(d) becomes
 bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors generally;

(e) is
 prohibited from being or ceases to be a director by operation of law;

(f) without
 special leave, is absent from meetings of the Board for three (3) consecutive meetings, and the Board resolves that his office is
 vacated;

(g) has
 been required by the Designated Stock Exchange to cease to be a Director; or

(h) is
 removed from office by the requisite majority of the Directors or otherwise pursuant to these Articles.

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| **29** | **PROCEEDINGS OF DIRECTORS** |
| 29.1 | **Voting.** The Directors may meet together (either within or without the Cayman Islands) for the despatch of business, adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting shall be decided by a majority of votes. At any meeting of the Directors, each Director present in person or represented by his proxy or alternate shall be entitled to one (1) vote. In case of an equality of votes the Chairman shall have a second or casting vote. A Director may, and a Secretary or assistant Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors. |

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| 29.2 | **Conference Call.** A Director may participate in any meeting of the Directors, or of any committee appointed by the Directors of which such Director is a member, by means of telephone or similar communication equipment by way of which all Persons participating in such meeting can communicate with each other and such participation shall be deemed to constitute presence in person at the meeting. |
| 29.3 | **Quorum.** The quorum necessary for the transaction of the business of the Directors may be fixed by the Directors, and unless so fixed, the quorum shall be at least two Directors then in office. A Director represented by proxy or by an alternate Director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum is present. |
| **30** | **DIRECTORS' INTERESTS** |
| 30.1 | **General Notice of Interests**. A Director who is in any way, whether directly or indirectly, interested in a contract or transaction or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made or transaction so consummated. A Director may vote in respect of any contract or transaction or proposed contract or transaction that he or she may be interested therein, and he or she may also be counted in the quorum of any meeting of the Directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration. |
| 30.2 | **Other Office**. A Director may hold any other office or place of profit under the Company (other than the office of auditor) in conjunction with his office of Director for such period and on such terms (as to remuneration and otherwise) as the Directors may determine and no Director or intending Director shall be disqualified by his office from contracting with the Company either with regard to his tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered into by or on behalf of the Company in which any Director is in any way interested, be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relation thereby established. A Director, notwithstanding his or her interest, may be counted in the quorum present at any meeting of the Directors whereat he or she or any other Director is appointed to hold any such office or place of profit under the Company or whereat the terms of any such appointment are arranged, and he or she may also vote on any such appointment or arrangement provided his or her interests have been disclosed. |

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30.3 **Disclosure of Interests**. Any Director may act by himself or through his firm in a professional capacity for the Company, and he or his firm
 shall be entitled to remuneration for professional services as if he were not a Director; provided that nothing herein contained
 shall authorise a Director or his firm to act as auditor to the Company. A Director may be counted in the quorum present for the
 portion of any meeting of the Directors whereat he or she is appointed to act by himself or herself or through his or her firm in
 a professional capacity for the Company or whereat the terms of any such appointment are arranged, and he or she may also vote on
 any such appointment or arrangement.

30.4 **Minutes.** The Directors shall cause minutes to be made for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of Officers made by the Directors;

(b) the
 names of the Directors present at each meeting of the Directors and of any committee of the Directors; and

(c) all
 resolutions and proceedings at all meetings of the Company, and of the Directors and of committees of Directors.

30.5 **Signed Minutes.** When the Chairman of a meeting of the Directors signs the minutes of such meeting the same shall be deemed to have been
 duly held notwithstanding the absence of a Director or Directors (so long as a quorum was present) or that there may have been a
 technical defect in the proceedings.

30.6 **Written Resolution.** A resolution in writing signed by all the Directors or all the members of a committee of Directors entitled to receive
 notice of a meeting of Directors or committee of Directors, as the case may be (an alternate Director, subject as provided otherwise
 in the terms of appointment of the alternate Director, being entitled to sign such a resolution on behalf of his appointer), shall
 be as valid and effectual as if it had been passed at a duly called and constituted meeting of Directors or committee of Directors,
 as the case may be. When signed a resolution may consist of several documents each signed by one or more of the Directors or his
 duly appointed alternate.

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30.7 **Notice of Meetings**. A Director may, or another Officer on the requisition of a Director shall,
 call a meeting of the Directors by at least two days' notice in writing to every Director
 which notice shall set forth the general nature of the business to be considered unless notice
 is waived by all the Directors either at, before or after the meeting is held.

30.8 **Acting in Vacancy.** The continuing Directors may act notwithstanding any vacancy in their body
 but if and for so long as their number is reduced below the number fixed by or pursuant to
 these Articles as the necessary quorum of Directors, the continuing Directors may act for
 the purpose of increasing the number, or of summoning a general meeting of the Company, but
 for no other purpose.

30.9 **Chairman of the Committee.** Subject to any regulations imposed on it by the Directors, a committee
 appointed by the Directors may elect a chairman of its meetings. If no such chairman is elected,
 or if at any meeting the chairman is not present within fifteen (15) minutes after the time
 appointed for holding the meeting, the committee members present may choose one of their
 number to be chairman of the meeting.

30.10 **Adjournment of the Committee Meeting.** A committee appointed by the Directors may meet and adjourn
 as it thinks proper. Subject to any regulations imposed on it by the Directors, questions
 arising at any meeting shall be determined by a majority of votes of the committee members
 present and in case of an equality of votes the chairman shall have a second or casting vote.

30.11 **Defects.** All acts done by any meeting of the Directors or of a committee of Directors, or by any
 Person acting as a Director, shall notwithstanding that it be afterwards discovered that
 there was some defect in the appointment of any such Director or Person acting as aforesaid,
 or that they or any of them were disqualified, be as valid as if every such Person had been
 duly appointed and was qualified to be a Director.

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| **31** | **PRESUMPTION OF ASSENT** |
| 31.1 | A Director of the Company who is present at a meeting of the Board of Directors at which an action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof or shall forward such dissent by personal delivery, registered post, recognized overnight courier, or by electronic means with confirmation of receipt, to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action. |
| **32** | **DIVIDENDS** |
| 32.1 | **Payment of Dividends.** Subject to any rights and restrictions for the time being attached to any Shares, the Directors may from time to time declare dividends (including interim dividends) and other distributions on Shares in issue and authorise payment of the same out of the funds of the Company lawfully available therefor. |
| 32.2 | **Declaration of Dividends.** Subject to any rights and restrictions for the time being attached to any Shares, the Company by Ordinary Resolution may declare dividends, but no dividend shall exceed the amount recommended by the Directors. |
| 32.3 | **Setting aside of Funds.** The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the Directors be applicable for meeting contingencies, or for equalising dividends or for any other purpose to which those funds may be properly applied and pending such application may in the absolute discretion of the Directors, either be employed in the business of the Company or be invested in such investments (other than Shares of the Company) as the Directors may from time to time think fit. |
| 32.4 | **Payment.** Any dividend payable in cash to the holder of Shares may be paid in any manner determined by the Directors. If paid by cheque it will be sent by mail addressed to the holder at his address in the Register, or addressed to such person and at such addresses as the holder may direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands first on the Register in respect of such Shares, and shall be sent at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to the Company. |

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| 32.5 | **Distribution in Kind.** The Directors may recommend to Shareholders that a dividend shall be paid wholly or partly by the distribution of specific assets (which may consist of the shares or securities of any other company) and may settle all questions concerning such distribution. Without limiting the generality of the foregoing, subject to the approval of Shareholders by an Ordinary Resolution, the Directors may fix the value of such specific assets, may determine that cash payment shall be made to some Shareholders in lieu of specific assets and may vest any such specific assets in trustees on such terms as the Directors think fit. |
| 32.6 | **Dividend Amounts.** Subject to any rights and restrictions for the time being attached to any Shares, all dividends shall be declared and paid according to the amounts paid up on the Shares, but if and for so long as nothing is paid up on any of the Shares dividends may be declared and paid according to the par value of the Shares. No amount paid on a Share in advance of calls shall, while carrying interest, be treated for the purposes of this Article as paid on the Share. |
| 32.7 | **Joint Holders.** If several Persons are registered as joint holders of any Share, any of them may give effective receipts for any dividend or other moneys payable on or in respect of the Share. |
| 32.8 | **No Interest.** No dividend shall bear interest against the Company. |
| 32.9 | **Unclaimed payments.** Any dividend unclaimed after a period of six (6) years from the date of declaration of such dividend may be forfeited by the Board of Directors and, if so forfeited, shall revert to the Company. |
| **33** | **ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION** |
| 33.1 | **Accounts.** The books of account relating to the Company's affairs shall be kept in such manner as may be determined from time to time by the Directors. |
| 33.2 | **Inspection.** The books of account shall be kept at the Registered Office, or at such other place or places as the Directors think fit, and shall always be open to the inspection of the Directors. |
| 33.3 | **Financial Information**. The Directors may from time to time determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Shareholders not being Directors, and no Shareholder (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by law or authorised by the Directors or by Ordinary Resolution. |

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| 33.4 | **Audit.** The accounts relating to the Company's affairs shall be audited in such manner and with such financial year end as may be determined from time to time by the Directors or failing any determination as aforesaid shall not be audited. |
| **34** | **Auditor.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Shareholders shall at each annual general meeting by Ordinary Resolution appoint one or more firms of auditors to hold office until
 the conclusion of the next annual general meeting on such terms and which such duties as may be agreed with the Board, but if an
 appointment is not made, the auditors in office shall continue in office until a successor is appointed. Subject to compliance with
 the Designated Stock Exchange Rules, the Board may fill any casual vacancy in the office of auditors, but while any such vacancy
 continues the surviving or continuing auditors (if any) may act. Subject to the approval of the Audit Committee, the remuneration
 of the auditors shall be fixed by or on the authority of the Shareholders in the annual general meeting by Ordinary Resolution except
 that in any particular year the Shareholders in general meeting may by Ordinary Resolution delegate the fixing of such remuneration
 to the Board and, subject to compliance with the Designated Stock Exchange Rules, the remuneration of any Auditors appointed to fill
 any casual vacancy may be fixed by the Board.

(b) The
 Shareholders may, at any general meeting convened and held in accordance with these Articles, remove the auditors by Ordinary Resolution
 at any time before the expiration of the term of office and shall, by Ordinary Resolution, at that meeting appoint new auditors in
 their place for the remainder of the term.

34.2 **Access Right**. Every auditor of the Company shall have a right of access at all times to the books and accounts and vouchers of the Company
 and shall be entitled to require from the Directors and Officers of the Company such information and explanation as may be necessary
 for the performance of the duties of the auditors.

34.3 **Auditor Reports**. The auditors shall, if so required by the Directors, make a report on the accounts of the Company during their tenure
 of office at the next annual general meeting following their appointment, and at any time during their term of office, upon request
 of the Directors or any general meeting of the Shareholders.

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| 34.4 | **Annual Returns.** The Directors in each year shall prepare, or cause to be prepared, an annual return and declaration setting forth the particulars required by the Companies Act and deliver a copy thereof to the Registrar of Companies in the Cayman Islands. |
| **35** | **CAPITALISATION OF RESERVES** |
| 35.1 | Subject to the Companies Act, the Directors may, with the authority of an Ordinary Resolution: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve
 to capitalise an amount standing to the credit of reserves (including a Share Premium Account, capital redemption reserve and profit
 and loss account), whether or not available for distribution;

(b) appropriate
 the sum resolved to be capitalised to the Shareholders in proportion to the nominal amount of Shares (whether or not fully paid)
 held by them respectively and apply that sum on their behalf in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying
 up the amounts (if any) for the time being unpaid on Shares held by them respectively, or

(ii) paying
 up the amounts (if any) for the time being unpaid on Shares held by them respectively, or

(iii) allot
 the Shares or debentures, credited as fully paid, to the Shareholders (or as they may direct) in those proportions, or partly in
 one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits which are not available
 for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Shareholders
 credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 any arrangements they think fit to resolve a difficulty arising in the distribution of a capitalised reserve and in particular, without
 limitation, where Shares or debentures become distributable in fractions the Directors may deal with the fractions as they think
 fit;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorise
 a Person to enter (on behalf of all the Shareholders concerned) into an agreement with the Company providing for either:

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|:---|:---|
| (i) | the allotment to the Shareholders respectively, credited as fully paid, of Shares or debentures to which they may be entitled on the capitalisation, or |
| (ii) | the payment by the Company on behalf of the Shareholders (by the application of their respective proportions of the reserves resolved to be capitalised) of the amounts or part of the amounts remaining unpaid on their existing Shares, |
|  | and any such agreement made under this authority being effective and binding on all those Shareholders; and |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally
 do all acts and things required to give effect to the resolution.

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|:---|:---|
| **36** | **SHARE PREMIUM ACCOUNT** |
| 36.1 | The Directors shall in accordance with the Companies Act establish a Share Premium Account and shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any Share. |
| 36.2 | There shall be debited to any Share Premium Account on the redemption or purchase of a Share the difference between the nominal value of such Share and the redemption or purchase price provided always that at the discretion of the Directors such sum may be paid out of the profits of the Company or, if permitted by the Companies Act, out of capital. |
| **37** | **NOTICES** |
| 37.1 | **Delivery of Notices**. Except as otherwise provided in these Articles, any notice or document may be served by the Company or by the Person entitled to give notice to any Shareholder either personally, or by posting it by airmail or air courier service in a prepaid letter addressed to such Shareholder at his address as appearing in the Register, or by electronic mail to any electronic mail address such Shareholder may have specified in writing for the purpose of such service of notices, or by facsimile or by placing it on the Company's Website should the Directors deem it appropriate provided that the Company has obtained the Shareholder's prior express positive confirmation in writing to receive notices in such manner. In the case of joint holders of a Share, all notices shall be given to that one of the joint holders whose name stands first in the Register in respect of the joint holding, and notice so given shall be sufficient notice to all the joint holders. |

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37.2 **Outside Delivery.** Notices posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail.

37.3 **Deemed Receipt of Notice.** Any Shareholder present, either personally or by proxy, at any meeting of the Company shall for all purposes
 be deemed to have received due notice of such meeting and, where requisite, of the purposes for which such meeting was convened.

37.4 **Notice Provisions.** Any notice or other document, if served by:

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| | |
|:---|:---|
| (a) | post, shall be deemed to have been served five calendar days after the time when the letter containing the same is posted; |
| (b) | facsimile, shall be deemed to have been served upon production by the transmitting facsimile machine of a report confirming transmission of the facsimile in full to the facsimile number of the recipient; |
| (c) | recognised courier service, shall be deemed to have been served 48 hours after the time when the letter containing the same is delivered to the courier service; or |
| (d) | electronic mail, shall be deemed to have been served immediately upon the time of the transmission by electronic mail. |
| In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service. | In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service. |

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37.5 **Deemed Service.** Any notice or document delivered or sent by post to or left at the registered address of any Shareholder in accordance
 with the terms of these Articles shall notwithstanding that such Shareholder be then dead or bankrupt, and whether or not the Company
 has notice of his death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name of such
 Shareholder as sole or joint holder, unless his name shall at the time of the service of the notice or document, have been removed
 from the Register as the holder of the Share, and such service shall for all purposes be deemed a sufficient service of such notice
 or document on all Persons interested (whether jointly with or as claiming through or under him) in the Share.

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37.6 **Notices of General Meeting**. Notice of every general meeting of the Company shall be given to:

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| | |
|:---|:---|
| (a) | all Shareholders holding Shares with the right to receive notice and who have supplied to the Company an address for the giving of notices to them; and |
| (b) | every Person entitled to a Share in consequence of the death or bankruptcy of a Shareholder, who but for his death or bankruptcy would be entitled to receive notice of the meeting. |
| No other Person shall be entitled to receive notices of general meetings. | No other Person shall be entitled to receive notices of general meetings. |

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|:---|:---|
| **38** | **INFORMATION** |
| 38.1 | No Shareholder shall be entitled to require discovery of any information in respect of any detail of the Company's trading or any information which is or may be in the nature of a trade secret or secret process which may relate to the conduct of the business of the Company and which in the opinion of the Board would not be in the interests of the Shareholders of the Company to communicate to the public. |
| 38.2 | The Board shall be entitled to release or disclose any information in its possession, custody or control regarding the Company or its affairs to any of its Shareholders including, without limitation, information contained in the Register and transfer books of the Company. |
| **39** | **INDEMNITY** |
| 39.1 | Every Director, Secretary, assistant Secretary, or other Officer for the time being and from time to time of the Company (but not including the Company's auditors) (each an "**Indemnified Person**") shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, wilful default or fraud, in or about the conduct of the Company's business or affairs or in the execution or discharge of his duties, powers, authorities or discretions (including as a result of any mistake of judgment), including without prejudice to the generality of the foregoing, any costs, expenses (including reasonable attorneys' fees), losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere (the "**Indemnified Matters**"). |

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39.2 Without
 prejudice to the generality of the foregoing, the Indemnified Matters include:

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|:---|:---|
| (a) | for the acts, receipts, neglects, defaults or omissions of any other Director or Officer or agent of the Company; or |
| (b) | for any loss on account of defect of title to any property of the Company; or |
| (c) | on account of the insufficiency of any security in or upon which any money of the Company shall be invested; or |
| (d) | for any loss incurred through any bank, broker or other similar Person; or |
| (e) | for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or oversight on such Indemnified Person's part; or |
| (f) | for any loss, damage or misfortune whatsoever which may happen in or arise from the execution or discharge of the duties, powers, authorities, or discretions of such Indemnified Person's office or in relation thereto; |
| unless the same shall happen through such Indemnified Person's own dishonesty, wilful default or fraud. | unless the same shall happen through such Indemnified Person's own dishonesty, wilful default or fraud. |

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|:---|:---|
| **40** | **FINANCIAL YEAR** |
| 40.1 | Unless the Directors otherwise prescribe, the financial year of the Company shall end on March 31<sup>st</sup> in each year and shall begin on April 1<sup>st</sup> in each year. |
| **41** | **NON-RECOGNITION OF TRUSTS** |
| 41.1 | No Person shall be recognised by the Company as holding any Share upon any trust and the Company shall not, unless required by law, be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any Share or (except only as otherwise provided by these Articles or as the Companies Act requires) any other right in respect of any Share except an absolute right to the entirety thereof in each Shareholder registered in the Register. |

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|:---|:---|
| **42** | **WINDING UP** |
| 42.1 | If the Company shall be wound up the liquidator may, with the sanction of a Special Resolution of the Company and any other sanction required by the Companies Act, divide amongst the Shareholders in species or in kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose value any assets and determine how the division shall be carried out as between the Shareholders or different classes of Shareholders. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Shareholders as the liquidator, with the like sanction, shall think fit, but so that no Shareholder shall be compelled to accept any asset upon which there is a liability. |
| 42.2 | If the Company shall be wound up, and the assets available for distribution amongst the Shareholders shall be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the Shareholders in proportion to the par value of the Shares held by them. If in a winding up the assets available for distribution amongst the Shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst the Shareholders in proportion to the par value of the Shares held by them at the commencement of the winding up subject to a deduction from those Shares in respect of which there are monies due, of all monies payable to the Company for unpaid calls or otherwise. This Article is without prejudice to the rights of the holders of Shares issued upon special terms and conditions. |
| **43** | **AMENDMENT OF MEMORANDUM AND ARTICLES OF ASSOCIATION** |
| 43.1 | Subject to the Companies Act, the Company may at any time and from time to time by Special Resolution alter or amend the Memorandum and/or these Articles in whole or in part. |
| **44** | **CLOSING OF REGISTER OR FIXING RECORD DATE** |
| 44.1 | **Closing of Register**. For the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote at any meeting of Shareholders or any adjournment thereof, or those Shareholders that are entitled to receive payment of any dividend, or in order to make a determination as to who is a Shareholder for any other purpose, the Directors may, by any means in accordance with the requirements of any Designated Stock Exchange, provide that the Register shall be closed for transfers for a stated period which shall not exceed in any case forty (40) calendar days. If the Register shall be so closed for the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote at a meeting of Shareholders the Register shall be so closed for at least ten (10) calendar days immediately preceding such meeting and the record date for such determination shall be the date of the closure of the Register. |

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|:---|:---|
| 44.2 | **Record Date Determination**. In lieu of or apart from closing the Register, the Directors may fix in advance a date as the record date for any such determination of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of the Shareholders and for the purpose of determining those Shareholders that are entitled to receive payment of any dividend the Directors may, at or within ninety (90) calendar days prior to the date of declaration of such dividend, fix a subsequent date as the record date for such determination. |
| 44.3 | **No Record Date Chosen**. If the Register is not so closed and no record date is fixed for the determination of those Shareholders entitled to receive notice of, attend or vote at a meeting of Shareholders or those Shareholders that are entitled to receive payment of a dividend, the date on which notice of the meeting is posted or the date on which the resolution of the Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of Shareholders. When a determination of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of Shareholders has been made as provided in this Article, such determination shall apply to any adjournment thereof. |
| **45** | **REGISTRATION BY WAY OF CONTINUATION** |
| 45.1 | The Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing. In furtherance of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of Companies to deregister the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and may cause all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company. |
| **46** | **DISCLOSURE** |
| 46.1 | The Directors, or any service providers (including the Officers, the Secretary and the registered office provider of the Company) specifically authorised by the Directors, shall be entitled to disclose to any regulatory or judicial authority any information regarding the affairs of the Company including without limitation information contained in the Register and books of the Company. |

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| *www.verify.gov.ky File#: 414997* | *Filed: 14-Jan-2025 10:48 ESFT*<br> *Auth Code: J05987610310T* |

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## Exhibit 10.1

**Exhibit 10.1**

**LYC HEALTHCARE (CAYMAN) LTD .**

**435 Orchard Road**

**#21-05**

**Wisma Atria**

**Singapore 238877**

**+65 6962 2517**

[●] [●], 2025

______________________

______________________

______________________

______________________

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|:---|:---|
| **Re:** | **<u>Director</u>**<u>'**s Agreement**</u> |

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Dear _______,

LYC HEALTHCARE (CAYMAN) LTD (the "<u>Company</u>") is pleased to offer you a position as a director on its Board of Directors and as the Chair of the [●], and a member of the Audit Committee and the Compensation Committee that we intend to form (collectively the "<u>Board</u>"). This letter shall constitute an agreement (the "<u>Agreement</u>") between you and the Company and contains all the terms and conditions relating to the services you are to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** The effective date of this Agreement and your service as a Director shall commence on the date that the Company's Registration Statement on Form F-1 that is being filed for its Initial Public Offering is declared effective by the United States Securities and Exchange Commission (the "Effective Date") and continue for the ensuing year. Your term as director shall continue subject to the provisions in Section 8 below or until your successor is duly elected and qualified. The position shall be up for re-election each year at the annual stockholders' meeting and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render services as a member of the Board. You shall be required to attend all meetings of the Board called from time to time either in-person or by telephone or video conference. You shall be required to attend all meetings of the Audit Committee, the Nomination and Corporate Governance Committee, and the Compensation Committee either in person or by telephone or video conference. As an independent director, you may also be required to attend at least one (1) meeting with the other independent directors without the presence of the Company's officers and non-independent directors and to perform such other duties required of the independent directors, including but not limited to submitting relevant documents required of directors by the SEC or Nasdaq. The services described in this Section 2 shall hereinafter be referred to as your "<u>Duties</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement. You agree, however, that you do not presently perform and do not intend to perform, during the term of this Agreement, similar Duties, consulting, or other services for companies whose businesses are or would be, in any way, competitive with the Company (except for companies previously disclosed by you to the Company in writing). Should you propose to perform similar Duties, consulting, or other services for any such company, you agree to notify the Company in writing in advance (specifying the name of the organization for whom you propose to perform such services) and to provide information to the Company sufficient to allow it to determine if the performance of such services would conflict with areas of interest to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</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;**4.1 <u>Cash Compensation</u>**. You will be paid a director's fee of USD$________ per year on an annual basis ("Director's Fee") for performing your Duties. The Director's Fee will be fully earned at the beginning of each year in which you serve as a director, and the Company's obligation to pay the full amount of the Director's Fee shall be absolute and unconditional at the beginning of each year, notwithstanding the fact that payment is being made on an installment basis. The Director's Fee shall be payable in monthly installments of USD$______. The first installment will be transferred to your account on the first day of your service as a Director, and subsequent installments on last business day of each calendar month thereafter. It is anticipated that the Directors fee will continue for so long as you are a Director and will continue to be paid in monthly increments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2. <u>Cash Reimbursement</u>.** You shall be reimbursed for reasonable expenses documented and incurred by you in connection with the performance of your Duties (including travel expenses for meetings you attend in-person).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3. <u>Service on Board Committee(s)</u>.** You will not receive additional compensation (other than the Director's Fee) for your services on any of the Committees on which you serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy with coverage determined annually by the Company and the Board. The Company agrees to maintain such insurance during the term that you serve as a Director and for two years after you cease to be a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to the premises of the Company and/or you access to certain Confidential Information of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1. <u>Definitions</u>.** For purposes of this Agreement, the term "<u>Confidential Information</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 information that the Company possesses that has been created, discovered, or developed by or for the Company, and that has or could have commercial value or utility in the business in which the Company is engaged; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Any information that is related to the business of the Company and is generally not known by non-Company personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 way of illustration, but not limitation, Confidential Information includes trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics, and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 information that becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** Information received from a third party in rightful possession of such information who is not restricted from disclosing such information; 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;**c.** Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3. <u>Documents</u>.** You agree that, without the express prior written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines, or any other documents or items that in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. In the event you receive any such documents or items by personal delivery from any duly designated or authorized personnel of the Company, you shall be deemed to have received the express written consent of the Company. In the event that you receive any such documents or items, other than through personal delivery as described in the preceding sentence, you agree to inform the Company promptly of your possession of such documents or items. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation, as defined in Section 8 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;**7.4. <u>No Disclosure</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this Section 7.4 shall survive termination of this Agreement for twelve-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Termination and Resignation</u>.** Your membership on the Company's Board may be terminated for any or no reason at a meeting called expressly for that purpose by a vote of the stockholders holding more than fifty percent (50%) of the shares of the Company's issued and outstanding shares entitled to vote. You may also terminate your membership on the Board for any or no reason by delivering your written notice of resignation to the Company ("<u>Resignation</u>"), and such Resignation shall be effective upon its acceptance by the Board, provided, however, that if the Board has not acted on such written notice within ten days from its date of delivery, then your Resignation shall upon the tenth day be deemed accepted by the Board. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any cash compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation; provided that the Company's obligation to pay you the Director's Fee in accordance with Section 4.1 above for the first year in which you have agreed to serve as a director shall not be changed or adjusted and the Company shall remain obligated to pay the full amount of the Director's Fee without regard to the period that you serve as a Director.

**9**. **<u>Indemnification</u>**. Concurrent with the execution of this Agreement we shall enter into the Director's Indemnification Agreement attached hereto as Exhibit A and incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the laws of the Caymen Islands without regard to any conflicts of law principles that would result in the application of the laws of another jurisdiction.

**11**. **<u>Arbitration.</u>** 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 it shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (SIAC) under the UNCITRAL Arbitration Rules in force when the Notice of Arbitration is submitted, as modified by the SIAC Procedures for the Administration of Arbitration under the UNCITRAL Arbitration Rules.

The Parties agree as follows:

● The law of this arbitration clause shall be Singapore.

● The place of arbitration shall be Singapore.

● The number of arbitrators shall be one.

● The arbitration proceedings shall be conducted in the English language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

This Agreement has been executed and delivered by the undersigned and is made effective as of the date first set forth above.

By: 

 [●]

 Chairman and Chief Executive Officer

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|:---|
| AGREED AND ACCEPTED BY: |
| DATE: |

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## Exhibit 10.2

**Exhibit 10.2**

**<u>INDEMNIFICATION AGREEMENT</u>**

This INDEMNIFICATION AGREEMENT (this "Agreement") is made and entered into this<u> </u> day of<u> </u> 2025 (the "Effective Date") by and between LYC HEALTHCARE (CAYMAN) LTD, a Caymen Islands exempted company the "Company"), and<u> </u> (the "Indemnitee").

WHEREAS, the Company believes it is essential to retain and attract qualified directors and officers;

WHEREAS, the Indemnitee is a director and/or officer of the Company;

WHEREAS, both the Company and the Indemnitee recognize the increased risk of litigation and other claims that may be asserted against directors and officers of public companies, as well as the possibility that in certain situations a threat of litigation may be employed to deter them from exercising their judgment in the best interests of the Company, and the consequent need to allocate the risk of personal liability through indemnification and insurance;

WHEREAS, the Company's Memorandum and Articles of Association, as amended from time to time (the "Memorandum and Articles of Association"), provide for the Company to indemnify its directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by him in connection with the execution or discharge of his duties, powers, authorities or discretions as a Director or officer of the Company, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by him in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere.

WHEREAS, in recognition of the Indemnitee's need for (i) substantial protection against personal liability and (ii) an inducement to continue to provide effective services to the Company as a director and/or officer thereof, the Company wishes to provide for the indemnification of the Indemnitee and to advance expenses to the Indemnitee to the fullest extent permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained by the Company, to provide for the continued coverage of the Indemnitee under the Company's directors' and officers' liability insurance policies.

NOW, THEREFORE, in consideration of the premises contained herein and of the Indemnitee continuing to serve the Company directly or, at its request, with another enterprise, and intending to be legally bound hereby, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Certain Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A "<u>Change in Control</u>" shall be deemed to have occurred if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "person," as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the "<u>Exchange Act</u>"), other than (a) a trustee or other fiduciary holding securities under an employee benefit plan of the Company; (b) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company; or (c) any current beneficial shareholder or group, as defined by Rule 13d-5 of the Exchange Act, including the heirs, assigns and successors thereof, of beneficial ownership, within the meaning of Rule 13d-3 of the Exchange Act, of securities possessing more than 50% of the total combined voting power of the Company's outstanding securities; hereafter becomes the "beneficial owner," as defined in Rule 13d-3 of the Exchange Act, directly or indirectly, of securities of the Company representing 20% or more of the total combined voting power represented by the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director whose election by the Board or nomination for election by the Company's shareholders was approved by a vote of at least two-thirds of the directors then in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the shareholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company, in one transaction or a series of transactions, of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Expense</u>" shall mean attorneys' fees and all other costs, expenses and obligations paid or incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing for any of the foregoing, any Proceeding relating to any Indemnifiable Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Indemnifiable Event</u>" shall mean any event or occurrence that takes place either prior to or after the execution of this Agreement, related to 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 a director, officer, employee, or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, or by reason of anything done or not done by the Indemnitee in any such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Proceeding</u>" shall mean any threatened, pending or completed action, suit, investigation or proceeding, and any appeal thereof, whether civil, criminal, administrative or investigative and/or any inquiry or investigation, whether conducted by the Company or any other party, that the Indemnitee in good faith believes might lead to the institution of any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Reviewing Party</u>" shall mean any appropriate person or body consisting of a member or members of the Company's Board or any other person or body appointed by the Board (including the special independent counsel referred to in Section 6) who is not a party to the particular Proceeding with respect to which the Indemnitee is seeking indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Voting Securities</u>" shall mean any securities of the Company which vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Indemnification.** Subject to Section 4 below, in the event the Indemnitee was or is a party to or is involved (as a party, witness, or otherwise) in any Proceeding by reason of (or arising in part out of) an Indemnifiable Event, whether the basis of the Proceeding is the Indemnitee's alleged action in an official capacity as a director or officer or in any other capacity while serving as a director or officer, the Company shall indemnify the Indemnitee to the fullest extent permitted by the laws of the Caymen Islands and the Memorandum and Articles of Association against any and all Expenses, liability, and loss (including judgments, fines, penalties and amounts paid or to be paid in settlement, and any interest, assessments, or other charges imposed thereon, and any taxes imposed on any director or officer as a result of the actual or deemed receipt of any payments under this Agreement) (collectively, "<u>Liabilities</u>") actually incurred or suffered by such person in connection with such Proceeding. The Company shall provide indemnification pursuant to this Section 2 as soon as practicable, but in no event later than 30 days after it receives written demand from the Indemnitee. Notwithstanding anything in this Agreement to the contrary and except as provided in Section 5 below, the Indemnitee shall not be entitled to indemnification pursuant to this Agreement in connection with any Proceeding initiated by the Indemnitee against the Company or any director or officer of the Company unless the Company has joined in or consented to the initiation of such Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Advancement of Expenses.** Subject to Section 4 below, the Company shall advance Expenses to the Indemnitee within 30 business days of such request (an "<u>Expense Advance</u>"); provided, however, that if required by applicable laws such Expenses shall be advanced only upon delivery to the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it is ultimately determined that the Indemnitee is not entitled to be indemnified by the Company; and provided further, that the Company shall make such advances only to the extent permitted by law. Expenses incurred by the Indemnitee while not acting in his/her capacity as a director or officer, including service with respect to employee benefit plans, may be advanced upon such terms and conditions as the Board, in its sole discretion, deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Review Procedure for Indemnification.** Notwithstanding the foregoing, (i) the obligations of the Company under Sections 2 and 3 above shall be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any case in which the special independent counsel referred to in Section 6 hereof is involved) that the Indemnitee would not be permitted to be indemnified under applicable law or the Memorandum and Articles of Association, and (ii) the obligation of the Company to make an Expense Advance pursuant to Section 3 above shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines that the Indemnitee would not be permitted to be so indemnified under applicable law or the Memorandum and Articles of Association, the Company shall be entitled to be reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if the Indemnitee has commenced legal proceedings in a court of competent jurisdiction pursuant to Section 5 below to secure a determination that the Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that the Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and the Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or have lapsed). The Indemnitee's obligation to reimburse the Company for Expense Advances pursuant to this Section 4 shall be unsecured and no interest shall be charged thereon. If there has not been a Change in Control, the Reviewing Party shall be selected by the Board, and if there has been such a Change in Control, other than a Change in Control which has been approved by a majority of the Company's Board who were directors immediately prior to such Change in Control, the Reviewing Party shall be the special independent counsel referred to in Section 6 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Enforcement of Indemnification Rights.** If the Reviewing Party determines that the Indemnitee would not be permitted to be indemnified in whole or in part under applicable law, or if the Indemnitee has not otherwise been paid in full pursuant to Sections 2 and 3 above within 30 days after a written demand has been received by the Company, the Indemnitee shall have the right to commence litigation in any court having subject matter jurisdiction thereof and in which venue is proper to recover the unpaid amount of the demand (an "<u>Enforcement Proceeding</u>") and, if successful in whole or in part, the Indemnitee shall be entitled to be paid any and all Expenses in connection with such Enforcement Proceeding. The Company hereby consents to service of process for such Enforcement Proceeding and to appear in any such Enforcement Proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Change in Control**. The Company agrees that if there is a Change in Control of the Company, other than a Change in Control which has been approved by a majority of the Company's Board who were directors immediately prior to such Change in Control, then with respect to all matters thereafter arising concerning the rights of the Indemnitee to indemnity payments and Expense Advances under this Agreement or any other agreement or under applicable law or the Memorandum and Articles of Association now or hereafter in effect relating to indemnification for Indemnifiable Events, the Company shall seek legal advice only from special independent counsel selected by the Indemnitee and approved by the Company, which approval shall not be unreasonably withheld. Such special independent counsel shall not have otherwise performed services for the Company or the Indemnitee, other than in connection with such matters, within the last five years. Such independent counsel shall not include any person who, under the 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 rights under this Agreement. Such counsel, among other things, shall render its written opinion to the Company and the Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees of the special independent counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys' fees), claims, liabilities and damages arising out of or relating to this Agreement or the engagement of special independent counsel pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Partial Indemnity**. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses and Liabilities, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that the Indemnitee has been successful on the merits or otherwise in defence of any or all Proceedings relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee shall be indemnified against all Expenses incurred in connection therewith. In connection with any determination by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof shall be on the Company to establish that the Indemnitee is not so entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Non-exclusivity**. The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under any statute, provision of the Memorandum and Articles of Association, vote of shareholders or disinterested directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office. In the event of any change, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Cayman Islands company to indemnify a member of its board of directors, such changes shall be, *ipso facto*, within the purview of the Indemnitee's rights and the Company's obligations, under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Cayman Islands company to indemnify a member of its board of directors, such changes, to the extent not otherwise required by such law, statute, or rule to be applied to this Agreement shall have no effect on this Agreement or the parties' rights and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Liability Insurance**. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any director or officer of the Company. If at the time a claim for indemnification arises hereunder in connection with a Proceeding the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Settlement of Claims**. The Company shall not be liable to indemnify the Indemnitee under this Agreement (a) for any amounts paid in settlement of any action or claim effected without the Company's written consent, which consent shall not be unreasonably withheld; or (b) for any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **No Presumption**. For purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action, suit or claim, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Consent and Waiver by Third Parties**. The Indemnitee hereby represents and warrants that he or she has obtained all waivers and/or consents from third parties which are necessary for his or her employment with the Company on the terms and conditions set forth herein and to execute and perform this Agreement without being in conflict with any other agreement, obligation or understanding with any such third party. The Indemnitee represents that he or she is not bound by any agreement or any other existing or previous business relationship which conflicts with, or may conflict with, the performance of his or her obligations hereunder or prevent the full performance of his or her duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Amendment of this Agreement**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Subrogation**. 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 papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment in connection with any claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, vote, agreement or otherwise) of the amounts otherwise indemnifiable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Binding Effect**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a director or officer of the Company or of any other enterprise at the Company's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph, or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable, that is not itself invalid, void, or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal, or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the Cayman Islands applicable to contracts made and to be performed in such jurisdiction without giving effect to the principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Notices**. All notices, demands, and other communications required or permitted hereunder shall be made in writing and shall be deemed to have been duly given (a) if delivered by hand, when received (b) if transmitted by facsimile, on receipt of an error-free confirmation, or (c) if by international courier service, on the fourth (4th) business day following the date of deposit with such courier service, or such earlier delivery date as may be confirmed in writing to the sender by the courier service. All such notices, demands and other communications shall be addressed as follows:

*If to the Company*:

435 Orchard Road,

#21-05,

Wisma Atria

Singapore 238877

+

Telephone: +65 6962 2517

*If to the Indemnitee*:

Notice of change of address shall be effective only when done in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Specific Performance**. The failure of the Company to perform any of its obligations hereunder shall entitle the Indemnitee, as a matter of course, to request an injunction from any court of competent jurisdiction to enforce such obligations. Such right to request specific performance shall be cumulative and in addition to any other rights and remedies to which the Indemnitee shall be entitled.

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the day first set forth above.

---

| | |
|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| LYC HEALTHCARE (CAYMAN) LTD | LYC HEALTHCARE (CAYMAN) LTD |
| By: |  |
| Name: |  |
| Title: | Chairman, and Chief Executive Officer |

---

---

| |
|:---|
| **<u>INDEMNITEE:</u>** |
| Signature |
| Print Name: |

---

## Exhibit 10.3

**Exhibit 10.3**

DATED THIS **7th** DAY OF **APRIL** 2025

Between

**HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED**

**(in its capacity as trustee of Starhill Global Real Estate Investment Trust)**

of the first part

AND

**LYC MEDICARE INTERNATIONAL PTE. LTD.**

of the second part

**LEASE**

Wisma Atria Office Unit #21-05

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| **NO.** | **CLAUSE** | **CLAUSE** | **PAGE** |
|  | Schedule 1 | Schedule 1 | 3 |
|  | Special Provisions | Special Provisions |  |
| 1. | INTERPRETATION | INTERPRETATION | 4 |
|  | 1.1 | Definitions | 5 |
|  | 1.2 | Interpretation of restrictions on the Tenant | 6 |
|  | 1.3 | Schedules and Annexures | 6 |
|  | 1.4 | Clauses and clause headings | 6 |
|  | 1.5 | Singular and plural meanings | 7 |
|  | 1.6 | Statutes and statutory instruments | 7 |
|  | 1.7 | Gender | 7 |
|  | 1.8 | Joint and several obligations | 7 |
|  | 1.9 | Contracts (Rights of Third Parties) Act 2001 | 7 |
|  | 1.10 | Special Provisions | 7 |
| 2. | DEMISE, POSSESSION AND FITTING-OUT PERIOD | DEMISE, POSSESSION AND FITTING-OUT PERIOD | 7 |
|  | 2.1 | Demise | 7 |
|  | 2.2 | Determination of Floor Area . | 8 |
|  | 2.3 | Possession | 9 |
|  | 2.4 | Fitting-out Period | 9 |
|  | 2.5 | Tenant's Works | 9 |
| 3. | TENANTS COVENANTS | TENANTS COVENANTS | 12 |
|  | 3.1.1 | Rent and Service Charge | 12 |
|  | 3.1.2 | Date for Payment | 12 |
|  | 3.1.3 | Interest on Late Payment. | 12 |
|  | 3.1.4 | Paid-up Capita! & Additional Security Deposit | 12 |
|  | 3.1.5 | Taxes. | 12 |
|  | 3.1.6 | Security Deposit | 13 |
|  | 3.1.7 | Service Charge | 14 |
|  | 3.1.8 | Property Tax | 15 |
|  | 3.1.9 | Covenants relating to alterations, etc to Demised Premises | 16 |
|  | 3.1.10 | No hacking | 17 |
|  | 3.1.11 | Use | 17 |
|  | 3.1.12 | Assignment or other dealing | 17 |
|  | 3.1.13 | Conduct of Business | 17 |
|  | 3.1.14 | Signs | 18 |
|  | 3.1.15 | Restrictions on use of name of Building „ | 18 |
|  | 3.1.16 | Radio, television aerials | 18 |
|  | 3.1.17 | Parking of delivery vehicles | 18 |
|  | 3.1.18 | Loading dock | 18 |
|  | 3.1.19 | Common Areas | 19 |

---

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

---

| | | | |
|:---|:---|:---|:---|
|  | 3.1.20 | Rules and Regulations of Building | 19 |
|  | 3.1.21 | No representations on suitability | 19 |
|  | 3.1.22 | Utilities | 19 |
|  | 3.1.23 | No auctions | 20 |
|  | 3.1.24 | Restrictions on advertising | 20 |
|  | 3.1.25 | Air-conditioning | 20 |
|  | 3.1.26 | Infectious Illness | 21 |
|  | 3.1.27 | Notice of Defects | 21 |
|  | 3.1.28 | Access for Power Supply | 21 |
|  | 3.1.29 | No looting | 21 |
|  | 3.1.29A | Business Methods | 21 |
|  | 3.1.30 | No inflammables on premises | 21 |
|  | 3.1.31 | No "pay-telephones" | 21 |
|  | 3.1.32 | No Smoking | 21 |
|  | 3.1.33 | Legal Costs | 22 |
|  | 3.1.34 | Lodgment Of Caveat, Registration Of Lease And Subdivision | 22 |
|  | 3.1.35 | Maintenance, Repair, Etc | 22 |
|  | 3.1.36 | Repairs to improvements | 23 |
|  | 3.1.37 | Damage to property/Injury to any person | 23 |
|  | 3.1.38 | Equipment and appliances | 24 |
|  | 3.1.39 | Heavy machinery, etc | 24 |
|  | 3.1.40 | Landlord's right to inspect | 24 |
|  | 3.1.41 | Landlord's right of entry for repairs, etc | 25 |
|  | 3.1.42 | Requirements of Public Authorities | 26 |
|  | 3.1 43 | Premises to be kept free of pests | 26 |
|  | 3.1.44 | Use of toilets etc | 26 |
|  | 3.1.45 | Entrances | 26 |
|  | 3.1.40 | Cleaners | 26 |
|  | 3.1.47 | Illegal Immigrants | 26 |
|  | 3.1.48 | Confidentiality | 26 |
|  | 3.1.49 | Environmental, Social and Governance and Sustainability | 28 |
| 4. | INSURANCES | INSURANCES | 28 |
|  | 4.1 | Tenant to insure | 28 |
|  | 4.2 | Public liability insurance | 28 |
|  | 4.3 | Plate glass insurance | 28 |
|  | 4.4 | Tenant not to void insurance | 28 |
|  | 4.5 | Waiver of Subrogation | 28 |
|  | 4.6 | Landlord to be co-assured | 29 |
|  | 4.7 | Tenant to produce insurance policies and receipts | 29 |
| 5. | INDEMNITIES ETC | INDEMNITIES ETC | 29 |
|  | 5.1 | Release of Landlord | 29 |
|  | 5.2 | Indemnity by Tenant | 29 |
| 6. | LANDLORD'S COVENANTS | LANDLORD'S COVENANTS | 30 |
|  | 6.1.1 | Payment of rent | 30 |
|  | 6.1.2 | Quiet enjoyment of premises | 30 |
|  | 6.1.3 | Environmental Sustainability | 30 |
| 7. | MANAGEMENT AND OPERATION OF THE BUILDING | MANAGEMENT AND OPERATION OF THE BUILDING | 30 |
|  | 7.1 | By Management Corporation | 30 |
|  | 7.2 | Maintenance of Common Area by Management Corporation | 30 |
|  | 7.3 | Alterations to Building by Landlord or Management Corporation | 30 |
|  | 7 4 | Lighting of Common Area by Management Corporation | 30 |
|  | 7.5 | Parking Facilities | 30 |
|  | 7.6 | Right to Close the Building | 31 |
| 8. | NO CLAIM BY TENANT | NO CLAIM BY TENANT | 31 |
| 9. | ACCIDENTS | ACCIDENTS | 31 |
| 10. | DEFAULT. TERMINATION, ETC | DEFAULT. TERMINATION, ETC | 32 |
|  | 10.1 | By Tenant | 32 |
|  | 10.2 | Right of Landlord la remedy Tenant's default | 32 |
|  | 10.3 | Landlord's Right against Tenant's goods | 33 |
| 11. | DAMAGE OR DESTRUCTION OF PREMISES | DAMAGE OR DESTRUCTION OF PREMISES | 34 |
| 12. | POWER FOR LANDLORD TO DEAL WITH ADJOINING PROPERTY | POWER FOR LANDLORD TO DEAL WITH ADJOINING PROPERTY | 35 |
| 13. | DUTIES ON EXPIRATION/DETERMINATION | DUTIES ON EXPIRATION/DETERMINATION | 34 |
|  | 13.1 | Yield up Demised Premises | 34 |
|  | 13.2 | Reinstatement | 34 |
|  | 13.3 | Holding Over | 34 |
| 14 | NOTIFICATION TO LANDLORD | NOTIFICATION TO LANDLORD | 35 |
| 15 | RELOCATION OF TENANT | RELOCATION OF TENANT | 35 |
| 16 | REDEVELOPMENT OF THE BUILDING | REDEVELOPMENT OF THE BUILDING | 35 |
| 17 | INSPECTION | INSPECTION | 36 |
|  | 17.1 | By prospective tenants | 36 |
|  | 17.2 | By prospective purchasers | 36 |
| 18. | GENERAL | GENERAL | 36 |
|  | 18.1 | Waiver | 36 |
|  | 18.2 | Use of Common Area | 36 |
|  | 18.3 | Public Address System | 36 |
|  | 18.4 | Notices | 36 |
|  | 18.5 | Rules and Regulations of Building | 37 |
|  | 18.6 | Consent or Approval of Landlord | 37 |
|  | 18.7 | Exclusion of implied terms, etc | 37 |
|  | 18.8 | Right to refuse access | 37 |
|  | 18.9 | Severance | 37 |
|  | 18.10 | Governing law and submission to jurisdiction | 37 |
|  | 18.11 | Trustee Limitation of Liability | 37 |
|  | SCHEDULE 2 | SCHEDULE 2 | 38 |
|  | SCHEDULE 3 | SCHEDULE 3 | 40 |
|  | ANNEXURE A | ANNEXURE A | 45 |
|  | ANNEXURE B | ANNEXURE B | 46 |

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HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

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| | | |
|:---|:---|:---|
|  |  | **<u>SCHEDULE 1</u>** |
| 1 | Landlord | HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED (in its capacity as trustee of Starhill Global Real Estate Investment Trust). |
| 2 | Tenant's Name | LYC Medicare International Pte Ltd. (Company Registration No. 202433056R) a company incorporated in Singapore and having its registered office at 435 Orchard Road, #21-05 Wisma Atria, Singapore 233877. |
| 3 | Demised Premises | All of the premises known as unit #21-05 on level twenty-one of Wisma Atria. 435 Orchard Road, Singapore 238877 and being the area edged in red and numbered on the plan annexed hereto and containing a total area of 87.00 square metres (936 47 square feet). <sup>1</sup> |
| 4 | Nature of Business | Other holding companies, clinics and other general medical services (western). |
| 5 | Term of Lease | Period of three (3) years commencing on 1 August 2025 and expiring on 31 July 2028 |
| 6A | Option to Renew *(clause 14)* | Nil. |
| 6B | Renewal Rent Condition (clause *14)* | Not applicable. |
| 7 | Monthly Rent *(clause 3 1.1*) | <u>Year 1</u> |
|  |  | S$9,926.58 (excluding GST and Service Charge) calculated at S$10.60 per square foot per month (excluding GST and Service Charge) |
|  |  | <u>Year 2</u> |
|  |  | S$10,207.52 (excluding GST and Service Charge) calculated at S$10.90 per square foot per month (excluding GST and Service Charge) |
|  |  | <u>Year 3</u> |
|  |  | S$10,488.46 (excluding GST and Service Charge) calculated at S$11.20 per square foot per month (excluding GST and Service Charge) |
| 8 | Monthly Service Charge *(clause 3.1.1)* | S$1,311.06 (excluding GST) calculated at S$1.40 per square foot per month (excluding GST) |
| 9 | Administrative Fee (*clause 3.1.33*) | S$500.00 (excluding GST) |
| 10 | Security Deposit *(clause 3.1.6)* | S$35,398.56 equivalent to three (3) months' Rent and Service Charge and comprising in cash. |

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<sup>1</sup> At the conversion rate of 1 sq m = 10.764 sq ft

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

---

| | | |
|:---|:---|:---|
| 11 | Paid-up Capital & Additional Security Deposit *(clause 3.1.4)* | Where the Tenant is a company incorporated in Singapore, the Tenant shall have a paid up capital equivalent to at least six (6) times the monthly Rent arid Service Charge payable by the Tenant. Where the paid up capital of the Tenant is less than six (6) times the monthly Rent and Service Charge payable by the Tenant, the Tenant shall provide an Additional Security Deposit, in the form of either cash or bankers' guarantee by a bank acceptable to the Landlord, for a sum equivalent to three (3) months' Rent and Service Charge; and |
|  |  | Where the Tenant is a foreign company registered as a branch in Singapore or a representative office, the Tenant shall be required to furnish Additional Security Deposit in the form of cash or bankers' guarantee by a bank acceptable to the Landlord for a sum equivalent to three (3) months' Rent and Service Charge. |
| 12 | Possession Date *(clause 2.3)* | Not applicable. |
| 13 | Fitting-out Period *(clause 2.4)* | Nil. |
| 14 | Use of Demised Premises | Office |
| 15 | Public Liability Insurance Amount *(clause 4.2)* | S$1,000,000 00 |
| 16 | Manager | YTL Starhill Global Property Management Pte Ltd |
| 17 | Interest for Late Payment *(clause 3.1.3)* | 14% per annum and computed on the basis of a 365-day year |
| 18 | Air-con Hours *(clause 3 1.25)* | Monday to Friday: 8.00 a.m. to 6.00 p.m.<br> Saturday: 8.00 a.m. to 1.00 p.m. |
| 19 | Addresses for Notices |  |
|  | <u>To Landlord:</u> | <u>To Tenant:</u> |
|  | **HSBC Institutional Trust Services (Singapore) Limited as trustee of Starhill Global Real Estate Investment Trust**<br> c/o 391B Orchard Road<br> #24-03 Ngee Ann City Tower B<br> Singapore 238874 | **LYC Medicare International Pte. Ltd.**<br> 435 Orchard Road<br> #21-05 Wisma Atria<br> Singapore 238877 |
|  |  | **Special Provision (Clause 1.10)** |
|  | Nil. |  |

---

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

**THIS LEASE** is made on the **7th** day of **April** Two Thousand and Twenty-Five 12025) Between **HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED (in its capacity as trustee of Starhill Global Real Estate Investment Trust),** a company incorporated in the Republic of Singapore and having its principal place of business al No. 10 Marina Boulevard, Marina Bay Financial Centre Tower 2, #45-01, Singapore 018983 (the "Landlord") of the one part And the Tenant named in item 2 of Schedule 1 (the 'Tenant") of the otter part.

**NOW THIS LEASE WITNESSETH** as follows:-

**1.** **INTERPRETATION** 

1.1 <u>Definitions</u> 

In this Lease the following words and expressions shall where the context so admits have the following meanings:-

**"BMSMA"** means The Building Maintenance and Strata Management Act 2004;

**"Building"** means the building known as Wisma Atria and situated at No. 435 Orchard Road, Singapore 238877 of which the Demised Premises form part and refers to each and every part of the Building and the carparks, service, loading and any other areas the use and enjoyment of which is appurtenant to the Building;

**"Commencement Date"** means the date commencing immediately after the expiry of the Fitting-out Period, provided always that the Parties acknowledge and agree that the Landlord's written notice to the Tenant of the Commencement Date shall be final and binding on the Parties, and deemed to be incorporated into this Lease without the need for a further letter or supplemental agreement to be prepared and executed as between the Parties;

**"Common Area"** means those parts, areas, premises and facilities of and in the Building which are now or hereafter provided by the Management Corporation for the common use by tenants of the premises in the Building and their respective customers employees, Invitees and licensees in common with the Landlord and all other persons having the like night to use the same (including but without limiting the generality of the foregoing all road, walls walkways pavements, passages, entrances, carparks, courts, courtyards, vestibules, halls, toilets, stairways, escalators, elevators and gardens and such other areas, amenities, grounds and conveniences from time to time provided, prescribed or made available by the Landlord for the common or general use or benefit of the tenants, customers, employees, invitees and licensees as aforesaid and all other persons having the like right);

**"Conducting Media"** means drains, sewers, conduits, flues, gutters, gullies, channels, ducts, shafts, watercourses, pipes, cables, wires and mains or any of them;

**"Demised Premises"** means the premises described in item 3 of Schedule 1 the boundaries and location of which are shown in the attached plan marked Annexure A, including the floor and ceiling finishes of the floor and ceiling slabs that bound the Demised Premises, the inner half severed medially of the internal non-load bearing walls that divide the premises from the adjoining units in the Building or from the Common Area, doors, windows and door and window frames at the premises, all additions and improvements to the premises, all the Landlord's fixtures and fittings of every kind which shall from time to time be in or upon the premises (whether originally fixed or fastened to or upon the premises or Otherwise) except any fixtures installed by the Tenant which may be removed from the premises without defacing the premises, all pipes that are in or on and that exclusively serve the premises and any equipment or apparatus (for air ventilation, extraction or otherwise) that is in or on and that exclusively serves the premises excluding the exterior faces of external walls, the exterior faces of boundary walls and the roof;

**"Fitting-out Period"** means the period specified in item 13 of Schedule 1;

**"GST"** means Goods and Services Tax charged under the Goods and Services Tax Act 1993:

**"Interest"** means interest at the rate per annum of fourteen percent (14%) (as well after as before judgment);

**"Landlord"** includes its successors, assigns and all persons entitled to the reversion immediately expectant upon the determination of this Lease;

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

**"Lease"** includes any instruments supplemental to it;

**"LTSA"** means Land Titles (Strata) Act 1967;

**"Management Corporation"** means the Management Corporation Strata Title Plan No. 1471 established for the Building under the LTSA;

**"Starhill Global REIT"** means Starhill Global Real Estate Investment Trust, constituted pursuant to a deed of trust dated 8 August 2005:

**"Parties"** means the Landlord and the Tenant and "Party" means any one of them;

**"Payment Date"** means the date(s) as defined in clause 3.1.1;

**"Property Manager"** means the property manager of the Building and the Demised Premises, being YTL Starhill Global Property Management Pte Ltd or such other person as may be appointed by the Landlord from time to time to be its property manager to manage, operate, market and maintain all the strata units owned by the Landlord in the Building;

**"Rent"** means the monthly rent payable by the Tenant to the Landlord under this Lease in accordance with clause 3.1.1 and Schedule 1;

**"Requisite Consents"** means those permissions, consents, approvals, licences, certificates and permits in legally effectual form as may be necessary lawfully to commence, carry out and complete the Tenant's Works;

**"Security Deposit"** means the sum deposited by the Tenant with the Landlord pursuant to clause 3.1.6;

**"Service Charge"** means the charges payable by the Tenant to the Landlord under this Lease in accordance with Clause 3.1.1 and Schedule 1;

**"Tenant"** includes, if the Tenant is an individual, his personal representatives or if the Tenant is a company, its successors in title;

**"Tenant's Works"** means such fitting-out or other works as the Tenant may require to carry out in connection with the use and enjoyment of the Demised Premises as office premises, and includes the works referred to in clause 2.5;

**"Term"** means the term of years granted by this Lease.

1.2<u> </u> <u>Interpretation of restrictions on the Tenant</u>

In any case where the Tenant is placed under a restriction by reason of the covenants and conditions contained in this Lease, the restriction shall be deemed to include the obligation on the Tenant not to permit or allow the infringement of the restriction by any person claiming rights to use, enjoy or visit the Demised Premises through, under or in trust for the Tenant.

1.3 <u>Schedules and Annexures</u> 

The Schedules and Annexures hereto shall be taken, read and construed as parts of this Lease and the provisions thereof shall have the same force and effect as if expressly sei out in the body of this Lease.

1.4 <u>Clauses and clause headings</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 The
 clause and paragraph headings in this Lease are for ease of reference only and shall not
 be taken into account in the construction or interpretation of any covenant, condition or
 proviso to which they refer.

1.4.2 References
in this Lease to a clause or Schedule are references where the context so admits to a clause or Schedule in this Lease. References in
a clause to a paragraph are (unless the context otherwise requires) references to a paragraph of that clause, and references in a Schedule
to a paragraph are (unless the context otherwise requires) references to a paragraph of that Schedule.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment I rust

1.5 <u>Singular and plural meanings</u> 

Words in this Lease importing the singular meaning shall where the context so admits include the plural meaning and vice versa.

1.6 <u>Statutes and statutory instruments</u> 

References in this Lease to any statutes or statutory instruments shall include and refer to any statute or statutory instrument amending, consolidating or replacing them respectively from time to time and for the time being in force.

1.7 <u>Gender</u> 

Words in this Lease for the masculine gender shall include the feminine and neuter genders and vice versa and words denoting natural persons shall include corporations and firms and all such words Shall be construed interchangeably in trial manner

1.8 <u>Joint and several obligations</u> 

Where two or more persons are included in the term "Tenant" all covenants, agreements, terms, conditions and restrictions shall be binding on and applicable to them jointly and each of them severally, and shall also be binding on and applicable to their personal representatives jointly and severally.

1.9 <u>Contracts (Rights of "bird Parties") Act 2001</u> 

The Parties do not intend that any term of this Lease shall be enforceable solely under or by virtue of The Contracts (Rights of Third Parties) Ad 2001 by arty person who is not a party to this Lease, save for the Property Manager, the Landlord's and the Property Manager's respective agents, independent contractors, invitees and employees. The Landlord may vary this Lease while the Tenant may not vary this Lease unless With the prior written approval of the Landlord, "he Landlord may assign, transfer, novate or otherwise dispose of all or any of its rights or obligations under this Lease, without the consent of the Tenant and any person who is not party to it.

1.10 <u>Special Provisions</u> 

The covenants in the Special Provisions vary this Lease. If there shall be any inconsistency between the Special Provisions and the terms and conditions of this Lease, the Special Provisions shall prevail and have full force and effect.

**2.** **DEMISE, POSSESSION AND FITTING-OUT PERIOD** 

2.1 <u>Demise</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 in
 consideration of the Rent, Service Charge and the Tenant's covenants hereinafter reserved
 and contained, the Landlord **HEREBY DEMISES** to the Tenant ALL the Demised Premises
 more particularly described in Hem 3 of Schedule 1 together with (but to the exclusion of
 all other liberties, easements, rights or advantages):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
right for the Tenant and others duly authorised by the Tenant but only so far as necessary and as the Landlord can lawfully grant the
same of ingress to and egress from the Demised Premises in aver and along all the usual entrances, landings, passenger lifts and passage-ways
leading thereto in common with the Landlord and all others so authorised by the Landlord and all other persons entitled thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 right for the Tenant and others duly authorised by the Tenant to the use of such sufficient
 toilet facilities in the Building as shall be designated from time to time in writing by
 the Landlord but such use shall be in common with the Landlord and all Others so authorised
 by the Landlord and all other persons so entitled thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 right for the Tenant and all others authorised by The Tenant to the use and benefit of the
 air-conditioning system installed in the Building in common with the Landlord and all others
 so authorised by the Landlord and all other persons entitled thereto.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

Excepting and Reserving unto the Landlord the free and uninterrupted use of all gas. water, sewerage, electricity, air-conditioning services, telephone and other services or supplies from and to other parts of the Building in and through the Conducting Media and ancillary apparatus which now are or may during the Term be in, on, under, through or over die Demised Premises and all rights of entry upon the Demised Premises referred to in clause 3 of this Lease **TO HOLD** the Demised Premises unto the Tenant for the Term stated in item 5 of Schedule **1 YIELDING AND PAYING** THEREFOR unto the Landlord during the Term the Rent and by way of further and additional rent, the Service Charge, subject to the Landlord's right to increase the Service Charge in accordance with the provisions hereinafter contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 The
 Tenant shall deliver the following to the Landlord upon the execution of this Lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 cashier's order or business cheque for **S$4,450.51** issued in favour of **"HTSG A/C - STARHILL GBL REIT"** being the aggregate payment of 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;(i) the
 top-up of Security Deposit: S$2.247.51 :

&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
 administration fee including goods and services tax thereon: S$545 00: 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;(iii) the
 stamp duty on this Lease S$1,658.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 cashiers order or business cheque for **S$35,398.56** issued in favour of **"HTSG A/C - STARHILL GBL REIT"** being payment of three (3) months' Additional Security
 Deposit for the Demised Premises if paid up capital is not fulfilled by 31 May 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 certified true extract of the Tenant's directors' resolutions authorising
 the signatory to execute this Lease for and on behalf O<sup>f</sup> the Tenant in the form
 attached as Annexure B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) duly
 completed tenant contact form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) duly
 completed GIRO form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) duly
 completed direct credit authorisation form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 other payment(s) that may be due from the Tenant in accordance with this Lease and for any
 other document(s) that may be required by the Landlord in connection to this Lease.

2.2 <u>Determination of Floor Area</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 Where
 the floor area of The Demised Premises specified in item 3 of Schedule 1 above **("Initial Floor Area")** is expressed to be subject to survey, upon survey by the Landlord's
 surveyor, the Rent and Service Charge, the Security Deposit and other charges calculated
 on the floor area of the Demised Premises shall be adjusted accordingly. Such adjustment
 shall apply retrospectively from the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 Where
 the surveyed floor area of the Demised Premises **("Surveyed Floor Area")** is
 larger than the Initial Floor Area, the Tenant shall pay the shortfall in the amount of Rent
 and Service Charge (as calculated retrospectively from the Commencement Date), the shortfall
 in the amount of the Security Deposit, Die further stamp duty payable in respect of the revised
 Rent and Service Charge and other charges (collectively, **''Costs")** due
 within seven (7) days of the date of the Landlord's written notice of the Surveyed
 Floor Area and the Costs to the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 Where
 the Surveyed Floor Area is smaller than the Initial Floor Area, the excess Rent, Service
 Charge, Security Deposit (if paid in cash) and other charges shall be credited into the Tenant's account with the Landlord and applied towards payment of the Rent and Service
 Charge next payable and other outstanding charges payable to the Landlord (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 The
 Parties acknowledge and agree that Landlord's written notice to the Tenant of the Surveyed
 Floor Area and tie Costs (if any), and the determination of the Surveyed Floor Area by the
 Landlord's surveyor, shall be final and binding on the Parties and deemed to be incorporated
 into this Lease without the need for a further letter or supplemental agreement to be prepared
 and executed as between the Parties: and all references to the floor area of the Demised
 Premises to this Lease shall refer to the Surveyed Floor Area.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

2.3 <u>Possession</u> 

The Tenant shall take possession of the Demised Premises on the Possession Date mentioned in item 12 of Schedule 1 or such date as the Landlord may specify in a written notice to the Tenant,

If, for any reason whatsoever, the Tenant is unable or fails to take possession of the Demised Premises by the Possession Date, the Landlord shall have the option to rescind this Lease. Upon rescission, this Lease shall be null and void and of no effect, All monies paid by the Tenant under this lease shall be refunded to the Tenant without interest, and neither party shall have any claim or demand against the other for costs, damages, compensation or otherwise in connection with the rescission of the Lease. For the avoidance of doubt, the Landlord shall not be required to refund or compensate the Tenant any stamp duty. GST, administration fee, legal and other fees and expenses paid by the Tenant in respect of this Lease.

2.4 <u>Fitting-out Period</u> 

A Fitting-out Period of the duration mentioned in item 13 of Schedule 1 will be granted to the Tenant to carry out the Tenant's Works which shall be completed by the Tenant within the Fitting-out Period. The Landlord or the Property Manager shall give the Tenant written notice specifying the date upon which possession of the Demised Premises will be given to the Tenant. The Tenant may thereafter but subject to compliance by the Tenant with Clause 2.5 carry out the Tenant's Works at its own expense in accordance with the provisions of Clause 2.5 hereof.

2.5 <u>Tenant's Works</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1 The
 tenant shall carry out at its own costs and expense all works required by the Tenant for
 the purpose of fitting-out the Demised Premises including all or any of the following works
 as the Tenant may consider necessary:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Partitioning
 within the Demised Premises and any variation to the standard corridor or inter-tenancy partitions
 for the subdivided suites supplied arid erected by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 mechanical and electrical engineering works including:-

&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) installation
 of all necessary electrical wiring, conduits, etc. for additional power points, light fittings
 and all other fixtures and fillings and any upgrading of electrical supply.

&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
 alteration works relating to the ceilings, air-conditioning and fire protection devices etc.;

&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) where
 water or gas is to be supplied to the Demised Premises, installation of water and other pipes,
 apparatus, fittings, fixtures and all necessary plumbing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provision
 of approved floor and/or wall covering or finishes within the Demised Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Provision
 of window blinds of the type, quality and colour to be approved by the Landlord or the Properly
 Manager for the purpose of maintaining uniformity to the window facade Of the Building, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 installation of all telephones, teleprinters and facsimile machines as the Tenant may require

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2 The
 Tenant shall immediately prior to die commencement of the Tenant's 'Works deposit
 with the Landlord the sum of Singapore Dollars Four Thousand (S$4,000,00) as security for
 the due performance by the Tenant of the following obligations;-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Tenant shall keep the Demised Premises and the Common Area clean and tidy and on completion
 of the Tenant's Works, the Tenant shall remove all waste materials and debris to such
 places within the grounds of the Building as the Landlord or the Property Manager shall designate
 or from the Building in a manner satisfactory to the Landlord or the Property Manager; and

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Tenant shall make good to the satisfaction of the Landlord or the Property Manager all damage
 to the Demised Premises and the Building resulting from the execution of the Tenant's
 Works.

If the Tenant fails to comply with the provisions of paragraph (a) and/or (b) above, the Landlord may effect the works, and apply the renovation deposit in meeting the costs and expenses so incurred by the Landlord, and the renovation deposit subject to any deductions to be made by the Landlord pursuant to the provisions herein, shall he repaid to the Tenant, without interest, within one (1) month after the satisfactory completion of the Tenant's Works If the renovation deposit shall be insufficient, the Tenant shall pay to the Landlord on demand all expenses so incurred with Interest from the date of expenditure until the date they are paid by the Tenant io the Landlord (such expenses and Interest to be recoverable as if they were rent in arrears).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.3 Prior
 to the commencement of the Tenant's Works, the Tenant shall at Its own costs and expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint
 consultants approved by the Landlord, to advise the Tenant on the layout and specifications
 for the Tenant's works and to assist the Tenant in the submission of plans and the
 supervision of aft works to be carried out by the Tenant. The fees and expenses of such consultants
 shall be borne try the Tenant and forthwith paid by the Tenant when they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) submit
 to the Landlord or the Property Manager for approval, all plans, layouts, designs, drawings
 and specifications for the Tenant's Works (including details of proposed materials
 to be used for the Tenant's Works) before the Tenant Submits the same to any relevant
 government authority for the approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) effect
 and maintain comprehensive all risks insurance policies, workmen's compensation and
 public liability policies, covering the period from the date Of commencement of the Fitting-out Period io the date of completion of the Tenant's Works for insurable amounts acceptable
 to the Landlord, with an insurance company approved by the Landlord, naming the Landlord
 and the tenant's fitting-out contractor as the co-insured parties for their respective
 rights and interests. The Tenant shall produce the insurance policies for Lie inspection
 of the Landlord or the Property Manager prior to the commencement of the Tenant's Works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.4 The
 Tenant shall apply for and obtain the Requisite Consents in relation to the Tenant's
 Walks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.5 Following
 the approval of the Landlord or the Property Manager and the obtaining of the Requisite Consents,
 the Tenant shall proceed to carry out and complete the Tenant's Works to the Landlord's
 reasonable satisfaction:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 accordance with the plans, layouts, designs, drawings, specifications and other details approved
 by the Landlord or the Property Manager and in accordance with the Relevant Consents in relation
 to the Tenant's Works:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 good and suitable materials of a type, quality, colour and standard approved by the Landlord
 or the Property Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) under
 the supervision of an architect or engineer appointed by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 a good and workmanlike manner in accordance with good building practice and in compliance
 with the requirements of the Landlord's or the Property Manager's architect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) so
 as not to cause any Obstruction or interference with the works of the other tenants or occupiers
 of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in
 compliance with all statutes, orders and regulations made under codes of practice of local
 authorities and competent authonties affecting the Tenant's Works and for the Demised
 Premises; and

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

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|:---|:---|
| (g) | with due diligence. |
| 2.5.6 | For the purpose of the Tenant's Works :- |
| (a) | the Tenant and its contractors shall co-ordinate their activities with the Landlord or the Property Manager and their respective agents and employees and strictly comply with the requirements and specifications issued by the Landlord or the Property Manager from time to time; |
| (b) | the Tenant shall carry out the Tenant's Works during between the hours of 9 a.m and 6 p.m unless the Landlord or the Property Manager in its absolute discretion allows access at other times; |
| (c) | the Tenant may use electric power and water available on site subject to the approval of and co-ordination with the Landlord or the Property Manager and their respective agents and employees; and |
| (d) | until the Commencement Date, use and occupation by the Tenant of the Demised Premises shall be by way of licence only and shall be solely for the purpose of carrying out the Tenant's Works and shall be at the Tenant's own risk in all respects. |
| 2.5.7 | The Tenant's Works shall only be carried out by a contractor appointed by the Tenant and approved by the Landlord or the Property Manager. Without limiting the foregoing, all fire sprinkler works must be carried out by such firm as approved by the Landlord or the Property Manager. |
| 2.5.7A | A contractor approved by the Landlord or the Property Manager pursuant to clause 2.5.7 above shall not be deemed to be an agent or employee of the Landlord or the Property Manager and the Tenant shall not have any claim whatsoever against the Landlord or the Property Manager in respect of any act, omission, default, misconduct or negligence of any such contractor. |
| 2.5.8 | In the event that the Tenant's Works or any part thereof requires the appointment of a structural engineer, the Tenant shall appoint the Landlord's nominated structural engineer for the Building and the fees and expenses of such engineer shall be paid by the Tenant directly to the engineer. |
| 2.5.9 | The Tenant shall permit the Landlord, or the Property Manager and their respective employees or agents at all reasonable times to enter, inspect and view the Demised Premises to ascertain if the Tenant's Works are or have been carried out in accordance with the provisions of this clause 2.5. If any breach of the provisions of this clause 2.5 shall be found upon such inspection, the Tenant shall upon notice by the Landlord or the Property Manager take all necessary steps for the rectification of such breach. |
| 2.5.10 | Completion of the Tenant's Works shall be subject to approval by the Landlord, or the Property Manager and their respective architects or engineers and the Tenant shall not make any additions, alterations or renovations to the said installations, partitions and other works except with the prior written approval of the Landlord or the Property Manager. The fees of any architect, engineer or other consultant employed by the Landlord for the purpose of considering, approving and supervising the plans, specifications, materials and all works carried out by the Tenant and all other costs, charges and expenses incurred by the Landlord in connection therewith shall be bome by the Tenant and paid by the Tenant to the Landlord on demand. |
| 2.5.11 | The Tenant shall indemnify and keep the Landlord indemnified against :- |
| (a) | the breach, non-observance or non-performance of any Requisite Consents in relation to the Tenant's Works; and |
| (b) | any claims, demands or proceedings brought by any adjoining owner, tenant, occupier or member of the public arising out of or incidental to the execution of the Tenant's Works. |
| 2.5.12 | Any delay in carrying out or completing the Tenant's Works shall not be a ground for postponing the commencement of the Term or payment of Rent, Service Charge and other moneys reserved by this Lease, or relieve in any way the Tenant from the performance and observance of the obligations, covenants, conditions and provisions on the Tenant's part to be performed and observed. |

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HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

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| | | |
|:---|:---|:---|
| **3.** | **TENANT'S COVENANTS** | **TENANT'S COVENANTS** |
| 3.1 | The Tenant hereby covenants with the Landlord as follows :- | The Tenant hereby covenants with the Landlord as follows :- |
|  | 3.1.1 | <u>Rent and Service Charge</u> |
|  |  | To pay to the Landlord without demand during the Term, the Rent and Service Charge as stated in items 7 and 8 of Schedule 1 respectively, monthly in advance on the first day of every calendar month (each a "Payment Date") clear of all deductions and the Tenant must not exercise or seek to exercise any right or claim to withhold Rent or Service Charge or any right or claim to legal or equitable set-off. |
|  | 3.1.2 | <u>Date for Payment</u> |
|  |  | The first payment of Rent and Service Charge payable in advance shall be made in full on the execution of this Lease by the Tenant and subsequent payments of the monthly Rent and Service Charge in advance shall be made on the first day of every subsequent month without demand and without deductions whatsoever. |
|  | 3.1.3 | <u>Interest on Late Payment</u> |
|  |  | If the whole or any part of the Rent, Service Charge and other monies due under this Lease shall remain unpaid ten (10) days after they shall have become due (whether such Rent Service Charge or other monies be formally demanded or not) or if the Landlord shall refuse to accept the tender of Rent, Service Charge or other monies because of a breach of covenant on the part of the Tenant, then to pay Interest on such Rent (or part thereof), Service Charge (or part thereof) and other monies, such Interest to be computed on the basis of a 365 day year from the due date until they are paid to (or accepted by) the Landlord and such Interest shall be recoverable from the Tenant as if they were rent in arrears PROVIDED THAT the said rate of interest shall apply both before as well as after judgment. Nothing in this clause shall entitle the Tenant to withhold or delay any payment of the Rent, Service Charge or any other sum due under this Lease after the date upon which they fall due or in any way prejudice, affect or derogate from the rights of the Landlord in relation to such non-payment including (but without prejudice to the generality of the above) under the proviso for re-entry contained in this Lease. |
|  | 3.1.4 | <u>Paid-up Capital & Additional Security Deposit</u> |
|  | (a) | Where the Tenant is a company incorporated in Singapore, the Tenant shall have a paid up capital equivalent to at least six (6) times the monthly Rent and Service Charge payable by the Tenant. Where the paid up capital of the Tenant is less than six (6) times the monthly Rent and Service Charge payable by the Tenant, the Tenant shall provide an additional security deposit, in the form of either cash or bankers' guarantee by a bank acceptable to the Landlord, for a sum equivalent to three (3) months' Rent and Service Charge; and |
|  | (b) | Where the Tenant is a foreign company registered as a branch in Singapore or a representative office, the Tenant shall be required to furnish additional security deposit in the form of cash or bankers' guarantee by a bank acceptable to the Landlord for a sum equivalent to three (3) months' Rent and Service Charge. |
|  |  | (Each an "Additional Security Deposit") |
|  | 3.1.5 | <u>Taxes</u> |
|  | (a) | It is hereby agreed that the Rent, Service Charge and other sums payable by the Tenant under this Lease (hereinafter collectively called the "Agreed Sum") shall, as between the Landlord and the Tenant, be exclusive of any applicable GST, consumption tax, value added tax or other imposition, duty and levy whatsoever (hereinafter collectively called "Taxes") which may from time to time be imposed or charged before, on or after the commencement of this Lease (including any subsequent revisions thereto and increases in the rates of such Taxes and whether or not such Taxes shall have been imposed or levied at the commencement of this Lease) by any government, quasi-government, statutory or tax authority (hereinafter called the "Authorities") on or calculated by reference to the amount of the Agreed Sum (or any part thereof) and the Tenant shall pay all such Taxes or reimburse the Landlord for the payment of such Taxes, as the case may be, in such manner and within such period as to comply or enable the Landlord to comply with any applicable orders or directives of the Authorities and the relevant laws and regulations. |

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HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

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| | | |
|:---|:---|:---|
| (b) | If the Landlord or the Tenant (or any person on their behalf) is required by law to make any deduction or withholding or to make any payment, on account of such Taxes, from or calculated by reference to the Agreed Sum (or any part thereof) :- | If the Landlord or the Tenant (or any person on their behalf) is required by law to make any deduction or withholding or to make any payment, on account of such Taxes, from or calculated by reference to the Agreed Sum (or any part thereof) :- |
|  | (i) | The Tenant shall pay, without requiring any notice from the Landlord all such Taxes for its own account (if the liability to pay is imposed on the Tenant), or on behalf of and in the name of the Landlord (if the liability to pay is imposed on the Landlord) on receipt of written notice from the Landlord, and without prejudice to the foregoing, if the law requires the Landlord to collect and to account for such Taxes, the Tenant shall pay such Taxes to the Landlord (which shall be in addition to the Tenant's liability to pay the Agreed Sum) on receipt of written notice from the Landlord; and |
|  | (ii) | the sum payable by the Tenant in respect of which the relevant deduction, withholding or payment is required on account of such Taxes, shall be increased to the extent necessary to ensure that after the making of the aforesaid deduction, withholding or payment, the Landlord or any person or persons to whom such sum is to be paid, receives on due date and retains (free from any liability in respect of any such deduction, withholding or Taxes) a net sum equal to what would have been received and retained had no such deduction, withholding or payment been required or made. |
| (c) | The rights of the Landlord under this clause shall be in addition and without prejudice to any other rights or powers of the Landlord under any applicable order or directive of the Authorities or any relevant law or regulation, to recover from the Tenant the amount of such Taxes which may be or is to be paid or borne by the Landlord. | The rights of the Landlord under this clause shall be in addition and without prejudice to any other rights or powers of the Landlord under any applicable order or directive of the Authorities or any relevant law or regulation, to recover from the Tenant the amount of such Taxes which may be or is to be paid or borne by the Landlord. |
| (d) | The Tenant shall indemnify and hold harmless the Landlord from any losses, damages, claims, demands, proceedings, actions, costs, expenses, interests and penalties suffered or incurred by the Landlord arising from any claim, demands, proceedings or actions that may be made or instituted by the Authorities in respect of such Taxes and resulting from any failure or delay on the part of the Tenant in the payment and discharge of any such Taxes. | The Tenant shall indemnify and hold harmless the Landlord from any losses, damages, claims, demands, proceedings, actions, costs, expenses, interests and penalties suffered or incurred by the Landlord arising from any claim, demands, proceedings or actions that may be made or instituted by the Authorities in respect of such Taxes and resulting from any failure or delay on the part of the Tenant in the payment and discharge of any such Taxes. |
| 3.1.6 | <u>Security Deposit</u> | <u>Security Deposit</u> |
| (a) | On or before the execution of this Lease, to pay to the Landlord the Security Deposit in the amount as mentioned in item 10 of Schedule 1 being a sum equivalent to the aggregate of three (3) months' Rent and three (3) months' Service Charge, which Security Deposit shall be maintained at that amount during the Term | On or before the execution of this Lease, to pay to the Landlord the Security Deposit in the amount as mentioned in item 10 of Schedule 1 being a sum equivalent to the aggregate of three (3) months' Rent and three (3) months' Service Charge, which Security Deposit shall be maintained at that amount during the Term |
| (b) | The Security Deposit shall be held by the Landlord as security for the due performance and observance by the Tenant of all the covenants and provisions contained in this Lease and subject to any deductions to be made by the Landlord pursuant to the provisions of this Lease, shall be repaid to the Tenant without interest after the expiration of the Term. | The Security Deposit shall be held by the Landlord as security for the due performance and observance by the Tenant of all the covenants and provisions contained in this Lease and subject to any deductions to be made by the Landlord pursuant to the provisions of this Lease, shall be repaid to the Tenant without interest after the expiration of the Term. |
| (c) | If the Tenant shall commit a breach of any of the provisions of this Lease, the Landlord shall be entitled but not obliged to apply the Security Deposit or any part thereof in or towards payment of moneys outstanding or making good any breach by the Tenant or to deduct from the Security Deposit the loss or expense to the Landlord occasioned by such breach but without prejudice to any other remedy which the Landlord may be entitled. If any part of the Security Deposit shall be applied by the Landlord in | If the Tenant shall commit a breach of any of the provisions of this Lease, the Landlord shall be entitled but not obliged to apply the Security Deposit or any part thereof in or towards payment of moneys outstanding or making good any breach by the Tenant or to deduct from the Security Deposit the loss or expense to the Landlord occasioned by such breach but without prejudice to any other remedy which the Landlord may be entitled. If any part of the Security Deposit shall be applied by the Landlord in |

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HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

(d) If
 from time to time during the Term, the Rent or Service Charge is increased, the Security Deposit paid by the Tenant to the Landlord
 shall likewise be increased and the difference shall be paid within fourteen (14) days of the Landlord's notice requiring payment.

(e) During
 the continuance of this Lease, the Tenant shall not be entitled in any manner to use the Security Deposit or any part thereof to
 set off against the Rent, Service Charge or any part thereof.

3.1.7 <u>Service Charge</u>

(a) <u>Revision of Service Charge</u>: The Landlord shall be entitled at any time and from time to time to revise the Service Charge by serving
 a notice on the Tenant of such intention;

(b) <u>Payment of revised service charge</u>: If there is any increase in the cost of the services supplied by the Landlord or any increase in
 the contributions (and any revisions thereof) as may from time to time be levied in respect of the Demised Premises by the Management
 Corporation for the purpose of the Management Corporation meeting actual or expected liabilities referred to in section 39 of the
 BMSMA and for the establishment of the management fund and sinking fund referred to in section 38 of the BMSMA, including any Taxes
 payable in respect of the cost of such services and contributions, the Tenant shall pay an increased portion in the Service Charge
 in each and every month representing the extra costs as is attributable to the Demised Premises at the same time and in the same
 manner as hereinbefore mentioned with regard to the Service Charge and such increase shall take effect as from the date specified
 in the said notice (whether retrospective or prospective). The Landlord's or the Property Manager's written notice of
 the said increase to be borne by the Tenant shall be accepted by and be binding on the Tenant as final and conclusive. The provisions
 of this clause shall continue to apply notwithstanding the expiry or sooner determination of this Lease.

(c) <u>Services</u>.: The term "cost of the services supplied by the Landlord" where used in this Lease shall mean the total sum of all
 outgoings, costs and expenses of the Landlord assessed or assessable, charged or chargeable, paid or payable or otherwise incurred
 in respect of the Building (including in such term for the purposes of this clause the curtilage of the Building and all levels thereof
 including, but without limiting the generality of the foregoing, those levels below ground level whether used for the parking of
 motor vehicles or otherwise) and in the control, management, maintenance of the Building and in particular but without limiting the
 generality of the foregoing shall include :-

(i) all
 charges for and costs in relation to the supply of water and removal of all sewerage, waste and other garbage from the Building and
 the land on which the Building is erected;

(ii) all
 amounts payable in respect of insurance relating to the Building and the equipment and appliances therein including but without limiting
 the generality of the foregoing, public liability insurance; all costs of management, control and administration of and security
 for the Building including the wages, bonuses and other benefits of all staff including administration, accounting and all support
 staff;

(iv) all
 rates, taxes, charges, assessments, duties and fees of any public, governmental or semi-governmental body, authority or department
 levied, assessed or charged in respect of the Building and not by this Lease being the responsibility of any tenant;

(v) all
 fees payable to the auditors, accountants and other professional consultants of the Landlord in respect of the Building;

(vi) all
 cost incurred in the lease, hire, repair, maintenance and operation of all loudspeakers, public address and music broadcasting systems
 in the Common Area (if applicable);

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&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) all
 fees and costs incurred by the Landlord in complying with the requirements from time to time of any governmental, semi-governmental,
 health, licensing or other authority having jurisdiction or authority in respect of the Building excluding any of such requirements
 which are the responsibility of a particular tenant or occupier of the Building;

(viii) the
 management fees payable by the Landlord to the Landlord's property manager of the Building;

(ix) all
 sums in each year as the Landlord may decide to set aside as a fund to cover repairs, renovations, painting, replacements and maintenance
 of a substantial but infrequent or irregular nature of the Building and the plant, machinery and electrical and other apparatus therein
 and depreciation of the same and any replacements thereof; and

(x) all
 items of expenditure incurred by the Landlord in carrying out all other works, acts, matters or things or in providing all such other
 services or amenities of any kind whatsoever in relation to the common areas in the Building.

(d) <u>Landlord's protection provisions</u>: The Tenant shall not be entitled to object to the cost of the services supplied by the Landlord (or
 any item comprised in it) or otherwise on any of the following grounds :-

(i) the
 inclusion in a subsequent Service Charge period of any item of expenditure or liability omitted from the cost of the services supplied
 by the Landlord for any preceding Service Charge period; or

(ii) an
 item of charge included at a proper cost might have been provided or performed at a lower cost; or

(iii) disagreement
 with any estimate of future expenditure for which the Landlord requires to make provision so long as the Landlord has acted in good
 faith and in the absence of manifest error; or

(iv) the
 manner in which the Landlord exercises its discretion in providing services so long as the Landlord acts in good faith and in accordance
 with the principles of good estate management; or

(v) the
 employment of Property Managers to carry out and provide on the Landlord's behalf the services referred to in clause 3.1.7(c).

3.1.8 <u>Property Tax</u>

(a) The
 Tenant shall pay as and when required by the Landlord the additional sum in respect of property tax or other imposition of a like
 nature by whatever name called that may be levied and imposed (from time to time whether retrospective or otherwise) upon or in respect
 of or apportioned or attributable to the Demised Premises over and above the amount of such property tax or other imposition of a
 like nature by whatever name called, levied and imposed as at the Commencement Date.

(b) Where the property tax actually paid by the Landlord to the
government apportioned or attributable to the Demised Premises exceeds the property tax that would have been payable by the Landlord
to the Government had the annual value assessed by the government been the same as the annual base rental paid by the Tenant to the Landlord
under this lease, the Tenant shall pay as and when required by the Landlord the excess property tax.

(c) The provisions of this clause 3.1.8 shall continue to apply
notwithstanding the expiry or sooner determination of this Lease.

(d) Objection to any assessment of annual value or imposition of
property tax on the Demised Premises during the Term may be made only by the Landlord in its sole discretion. The Landlord may (but shall
not be under any obligation to do so) take into account any of the Tenant's objections to the annual value or imposition of property
tax on the Demised Premises.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

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| | |
|:---|:---|
| 3.1.9 | <u>Covenants relating to alterations, etc to Demised Premises</u> |
| (a) | The Tenant shall not make or permit to be made any alterations in or additions to the Demised Premises or any part thereof or the Landlord's fixtures, fittings and decorations therein and in particular not to make or permit to be made any such alterations or additions that will prevent the full and unrestricted use and benefit of the air-conditioning system to portions of the Building adjoining the Demised Premises without having first obtained the written consent of the Landlord or the Property Manager. |
| (b) | For the purpose of seeking the Landlord's or the Property Manager's consent herein, the Tenant shall submit to the Landlord or the Property Manager all plans, layouts, designs, drawings, specifications and details of proposed materials to be used for any proposed alterations and additions. Alterations and additions for the purpose of this clause shall include but shall not be limited to work relating to: |
| (i) | internal partitions, floors and ceilings within the Demised Premises; |
| (ii) | electrical wiring, conduits, light fittings and fixtures; |
| (iii) | air-conditioning installations, ducts and vents; |
| (iv) | fire protection devices; |
| (v) | all plumbing and gas installations, pipes, apparatus, fittings and fixtures; |
| (vi) | all mechanical and electrical engineering works. |
|  | The Landlord may in its discretion permit such alterations or additions where they are in keeping with the Landlord's standards that the Building be kept and maintained as a first rate office building on Orchard Road, Singapore. |
| (c) | The Landlord shall be entitled to engage its architect, engineer or other consultant(s) for the purpose of considering the plans, specifications and materials relating to the proposed alterations or additions and for the purpose of supervising all works carried out by the Tenant, the fees and expenses of such architect, engineer and consultant(s) incurred in connection therewith shall be borne by the Tenant and forthwith paid by the Tenant to the Landlord on demand. If the Tenant fails to make payment on demand, the Landlord may effect payment of the same and all expenses so incurred by the Landlord together with Interest from the date of expenditure until the date they are paid by the Tenant to the Landlord, shall be recoverable from the Tenant as if they were rent in arrears. |
| (d) | All alterations and additions to the Demised Premises shall only be carried out by a contractor appointed by the Tenant and approved by the Landlord or the Property Manager. A contractor approved by the Landlord or the Property Manager pursuant to this sub-clause (d) shall not be deemed to be an agent or employee of the Landlord or the Property Manager and the Tenant shall not have any claim whatsoever against the Landlord or the Property Manager in respect of any act, omission, default, misconduct or negligence of any such contractor |
| (e) | All planning and other consents necessary or required pursuant to the provisions of any statute, rule, order, regulation or by-law for any alteration or addition to the Demised Premises or any part thereof, shall be applied for and obtained by the Tenant at its own costs and expense. |
| (f) | The Tenant shall carry out and complete all alterations and additions to the Demised Premises in accordance with plans, layouts, designs, drawings, specifications and using materials approved by the Landlord or the Property Manager, in a good and workmanlike manner in accordance with all planning and other consents referred to in architect. clause 3.1.9(e), and in compliance with the reasonable requirements of the Landlord's |

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HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Tenant shall not install or erect any exterior lighting, shade, canopy or awning or other
 structure in front of or elsewhere outside the Demised Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Upon
 the determination of the Term, if requested by the Landlord or the Properly Manager, the
 Tenant shall remove all such alterations n or additions to the Demised Premises whether constructed
 by the Tenant or by any previous tenants so as to restore the Demised Premises to its original
 state and condition at the expense of the Tenant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.10 <u>No hacking</u> 

That the Tenant shall not whether in the course of its fitting-out works or ancillary thereto or at any time for any purpose whatsoever, execute or permit to be executed any works involving the hacking of the floors of the Demised Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11 <u>Use</u> 

The Tenant will not use or permit to be used the Demised Premises or any part thereof:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) otherwise
 than for the purpose specified in item 14 of Schedule 1 and will not permit or suffer the
 use of the same or any part thereof for arty other purpose whether temporary or permanent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any noxious, noisy or offensive trade or business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any gambling, betting or any illegal or immoral act or
purpose,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for the sale by wholesale of tobacco in any form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for
 any purpose which would be a nuisance, annoyance, disturbance, Inconvenience or damage to
 the Landlord or its other tenants or occupiers of the Building or to the owners, tenants
 and occupiers of adjoining and neighbouring units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for the manufacture, storage, distribution or sale by wholesale
of liquor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for
 the storage, sale distribution or use of obnoxious goods or dangerous or illegal drugs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for cooking or residential purposes or for sleeping in.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 <u>Assignment or other dealing</u> 

The Tenant will no! during the continuance of this Lease assign, sublet, part with possession or otherwise deal with or dispose of the Demised Premises or any part thereof. For the purposes hereof any change in the principal shareholding Of the Tenant altering (he effective control of the Tenant shall be deemed an assignment of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13 <u>Conduct of Business</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 conduct its business at the Demised Premises as specified in item 14 of Schedule 1 or such
 business as shall have received the Landlord's prior consent at all times in good faith
 and Ina reputable manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 refer to the Building by its proper name wherever the Tenant designates or refers to the
 Building in any newspaper or other advertising stationary or other printed material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be responsible for Obtaining and keeping in force all governmental
approvals, licences and permits necessary for the concoct of its business al the Demised Premises and for ensuring that the terms and
conditions of such approvals, licences and permits are Strictly adhered to and shall indemnify the Landlord against any consequences
or proceedings arising from the Tenant's default in complying with the provisions of this clause.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14 <u>Signs</u> 

The Tenant shall not without the prior approval in writing of the Landlord or the Property Manager (such approval not to be unreasonably withheld) erect, display, affix or exhibit on or to the exterior of the Demised Premises any Signs, lights, embellishments, advertisements, name or notice which do not conform to the reasonable requirements and standard of the Landlord or the Property Manager as to location, design, quality, size and appearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.15 <u>Restrictions on use of name of Building</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Tenant shall not without the Landlord's prior written consent use the name of the Building
 or any derivative name sounding similar thereto or any picture or likeness of the Building
 or the Demised Premises in its registered or trade name or trade mark or service mark or
 for any advertising or purpose other than as the address and place of business of the Tenant
 Provided That the Tenant shall he entitled to incorporate references to and illustrations
 and sketches of the Building in any dockets, vouchers, catalogues and advertisements or sales
 promotion material relating to the business carried on by it in the Building. If the Tenant's
 registered name or trade name or trade mark or service mark shall include the name or title
 of the Building or any derivative name sounding similar thereto, the Tenant will upon the
 expiration of sooner determination of the Term, lodge with the Registrar of Businesses, Notice
 of Cessation of the use of such name if it is registered under the Business Names Registration
 Act 2014 or if the Tenant is a company and the name of the company includes the said name
 or title, shall lake an steps necessary to remove such name or title from the name of the
 company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event that the Landlord gives its consent for such use, the Landlord may impose such
 terms and conditions as it may deem fit including payment by the Tenant of a fee and all
 costs and expenses incurred by the Landlord in giving its consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If. for whatever reason, the Landlord decides to change the
name of the building or if the competent authority refuses permission to use the name "Wisma Atria', the Landlord reserves
the right to provide an alternative name and the Tenant shall accept such alternative name and shall not raise any objections in connection
therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.16 <u>Radio, television aerials</u> 

The Tenant shall not without the consent in writing of the Landlord or the Property Manager erect or place upon, within or outside the Demised Premises any radio or television aerial or antenna or any loudspeakers, screens or similar devices or equipment and will rot without the like consent use or permit to be used any radio, gramophone, television or other like media or equipment likely to be heard or seen from outside the Demised Premises. Provided however that any consent so given as aforesaid may at any time be withdrawn where the Landlord or the Property Manager so determines having regard to the interests of the Building as a whole and/or the rights or interests of other tenants, occupiers or persons lawfully therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.17 <u>Parking of delivery vehicles</u> 

The Tenant shall not permit hade vehicles white being used for delivery and pick up of merchandise to or from the Demised Premises to be driven, parked Or stopped at any place of time within the Building except within the loading dock of the Building or at such other place or places and at such time or times as the Landlord or the Management Corporation may specifically allow and the Tenant shall prohb.t its employees, service suppliers and others over whom it may have control from parking their delivery vehicles during loading or unload-ng in any place Other than the said loading dock or such other places which the Landlord may from time to time allot for such purposes and from obstructing in any manner howsoever the entrances, exits and driveways in and to the common parking area and also the pedestrian footways in or to the Common Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.18 <u>Loading dock</u> 

The Tenant shall rot use or permit to be used the said loading dock for the storage of goods or for any other' purpose other than for the prompt loading and unloading of goods.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.19 <u>Common Areas</u> 

The Tenant shall not by its employees or agents solicit business in the parking or other common areas nor distribute pamphlets or Other advertising matter in motor or other vehicles parked in the parking area or In any other common areas nor display advertising malarial and shall at all times comply with any by-laws from time to time laid down by the Management Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.20 <u>Rules and Regulations of Building</u> 

The Tenant shall at all times observe and comply with the rules and regulations of the Building set out in Schedule 2 and the by-laws of the Management Corporation (and as from time to time varied or amended as hereinafter provided) relating to the management and care of the Building and the conduct of tenants Provided That no amendment or variation of such rules, regulations or by-laws or any variation thereof shall be inconsistent with the rights of the Tenant as expressed in this Lease And the Tenant agrees that failure of the Tenant to comply with any of such rules, regulations or by-laws as may from time to time be in force shall constitute a breach of the terms of this Lease in the same manner as if the rules, regulations or by-laws were contained herein as covenants with the Landlord. And Provided Always that the Landlord shall not be liable to the Tenant in any way for violation of the rules, regulations or by-laws by any persons including other tenants of the Building or the employees, independent contractors, agents, visitors, invitees or licensees thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.21 <u>No representations on suitability</u> 

The Tenant acknowledges and declares that no promise, representation, warranty or undertaking has been given by or on behalf of the Landlord in respect of the suitability or adequacy of the Demised Premises or the Building for any business to be carried on therein or to the fittings, finishes, facilities and amenities of the Demised Premises or the Building or as to other businesses to be carried on in the Building otherwise than in the Lease contained and all warranties (if any) as to suitability and adequacy of the Demised Premises implied by law are hereby expressly negatived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.22 <u>Utilities</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Tenant will pay all charges (including any taxes thereon) for electricity, water and gas
 (if any) separately metered and consumed in or on the Demised Premises directly to SP Services
 Ltd (formerly known as Power Supply Ltd) or other relevant corporate entity or authority
 and will also pay all charges in respect of any telephone services connected to the Demised
 Premises and all other charges (including hire charges for any equipment or appliances supplied
 to the Tenant) and impositions imposed by any relevant corporate entity or authority for
 the supply of any service separately supplied to the Demised Premises. In the event of such
 water, electricity gas and any other services not being supplied and metered separately to
 the Demised Premises, the Tenant will pay to the Landlord a proportionate part of the cost
 thereof, such cost to be calculated by the Landlord and notified to the Tenant in writing
 and such notification shall be conclusive as to the amount thereof and in the event of SP
 Services Ltd or other relevant corporate entity or authority responsible for the supply of
 the water, electricity gas and any other services supplied and used in the Building increasing
 the charges therefor the Tenant shall pay to the Landlord a proportionate part of such increased
 cost as calculated by the Landlord and notified to the Tenant in writing, which notification
 shall be conclusive as to the amount thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to Clause 3.1.22(a) above, in the event that,
during the Term>

&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 Landlord intends to purchase in bulk electricity for the
Building or any part thereof from a specific retail electricity licensee for the supply of electricity or to change such retail electricity
licensee, the Landlord will notify the Tenant of the same in writing and the Tenant shall agree to the Landlord's appointed retail
electricity licensee (the "Retailer") and shall join the Landlord in its application for such purchase and the Tenant shall
enter into such electricity supply agreement with the Landlord and/or such other party or parties as the Landlord may determine and on
such terms as may be prescribed or approved by the Landlord; and

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&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
 Landlord agrees with the Retailer to furnish a lump sum utilities deposit for the entire
 Building, the Landlord will notify the Tenant of the same in writing and the Tenant shall
 pay to the Landlord such amount as stated in the Landlord's notification being the Tenant's
 share of the utilities deposit (the "Tenant's Utilities Deposit"), such notification
 shall be conclusive as to the amount thereto. The Tenant's Utilities Deposit shall be paid
 to the Landlord within seven (7) days' receipt of the Landlord's notification and shall be
 held by the Landlord as security for payment of the utilities charges (including any taxes
 thereon) by the Tenant in respect of the Demised Premises. The Landlord shall be entitled
 to deduct from or apply the Tenant's Utilities Deposit or part thereof towards payment of
 any outstanding utilities charges incurred by the Tenant. The Tenant's Utilities Deposit
 (less any deductions) will be refunded without interest to the Tenant after the expiration
 or sooner determination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.23 <u>No auctions</u> 

The Tenant shall not conduct or permit to be conducted in a! or from the Demised Premises the sale of any of the Tenant's plant, equipment, machinery, furniture, fittings or other goods or any items whatsoever by way of auction.

3 1.24 <u>Restrictions OP advertising</u>

The Tenant shall not use the Common Area or any part thereof for any business or commercial purposes or the display or advertisement of any goods or services except with the consent in writing of the Landlord or the Property Manager and in accordance with any conditions imposed by the Landlord or the Property Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.25 <u>Air-conditioning</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Tenant shall not without the prior written consent of the Landlord or the Property
 Manager install or use its own air-conditioning or cooling units or other methods of cooling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 any plant, machinery or equipment for cooling or circulating air is installed in or about
 the Demised Premises the Tenant will al alt times use and regulate the same so that it is
 in reasonable balance with conditions in the public areas and shall at the Tenant's
 expense keep such plant in good repair and condition and regularly serviced at least four
 times à Calendar year .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 requested by the Tenant, the Landlord may (but shall De under no obligation so to do) at
 the cost of the Tenant install additional tan coil units in the Demised Premises and the
 Tenant shall pay to the Landlord Singapore Dollars One Thousand Five Hundred (S$1,500.00)
 (hereinafter called "additional fan coil levy") per month per additional fan
 coil unit in advance on the first day of every calendar month and clear of all deductions
 Provided Always trial the Landlord shall be entitled upon giving 50 days' written notice
 to the Tenant to increase the additional fan coil levy. If the Tenant does not agree to pay
 such increase, the Landlord shall remove all additional fan coil units at the cost of the
 Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) If requested by the Tenant the Landlord may (but shall not be under any obligation so to do) provide
air-conditioning services to the Demised Premises before or after the normal office hours of 8 a.m. to 6 p.m. (Mondays to Fridays) and
8 am to 1 pm on Saturdays. The Tenant shall pay for such air-conditioning services at the rate of Singapore Dollars One Hundred (S$100.00)
per hour from 10 a.m. to 10 p.m. and Singapore Dollars One Hundred and Twenty (S$120.00) per hour from 10 p.m. to 10 a.m. (Mondays to
Sundays). The Landlord shall be entitled at any time and from time to time to revise the charges for such air-conditioning services by
giving the Tenant one (1) week's written 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;(ii) In the event the Tenant opens its for office either before
or after normal office hours and air conditioning services are provided during this time by the Landlord, the Tenant she I pay for such
services at the rate set out above.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Landlord Shall not be under any liability to the Tenant or to any persons arising from any
 inability or failure on the part of the Landlord to operate or maintain any air- conditioning
 plant at any time or times for any reason whatsoever and to the extent to which the Landlord
 has control over the same the use and operation of such plant shall at all times be at the
 discretion of the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.26 <u>Infectious Illness</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Tenant will in the event of any infectious illness set out in the First and Second Schedules
 of the Infectious Diseases Act 1976 occurring in the Demised Premises forthwith give notice
 thereof to the Landlord, the Property Manager and to the proper public authorities and will
 at its expense thoroughly fumigate and disinfect the Demised Premises to the satisfaction
 of the Landlord, the Property Manager or such public authorities and otherwise comply with
 their lawful requirements in regard to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Tenant Shall comply with all statutory provisions and all rules and regulations made under
 any statutes, subsidiary legislation or bylaws in respect of the sanitary arrangements, hygiene
 health or cleanliness of the Demised Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.27 <u>Notice of Defects</u> 

The Tenant Will give to the Landlord or the Property Manager prompt notice in writing of defects or want of repair in any services to or fillings in the Demised Premises and of any circumstances likely to be a or cause danger, risk or hazard to the Demised Premises or to the Building or any person therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.28 <u>Access for Power Supply</u> 

The Tenant shall give SP Services Ltd and/or Other relevant corporate entity or authority and their respective employees the right of access to and from the electrical substation(s) located in the Building at all times and shall not do or permit to be done any act or thing which might impede the right of access granted hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.29 <u>No Touting</u> 

The Tenant shall not by itself, its employees or agents carry out any touting activities in the Common Area or in any other part of the Building.

3.1.29A <u>Business Methods</u>

The Tenant shall not practise undesirable or inappropriate business methods whether as regards advertising, selling or otherwise including money laundering which in the opinion of the Landlord or the Property Manager would affect the reputation of the Landlord and/or the Building or would confuse, mislead or deceive the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.30 <u>No inflammables on premises</u> 

The Tenant will not (other than in accordance with the Specified use of the Demised Premises approved by the Landlord) store chemicals, inflammable liquids, acetylene gas or alcohol volatile or explosive oil compounds or substances upon the Demised Premises and will not use any of such substances or fluids in the Demised Premises for any purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.31 <u>No "pay-telephones"</u> 

The Tenant shall not install in or at the Demised Premises any "pay-telephones" or telephones operated by coins, cash cards, credit cards or any other forms of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.32 <u>No Smoking</u> 

The Tenant shall ensure that its employees, invitees, licensees or contractors do not smoke cigarettes, cigars or other similar substances in the Demised Premises or in any part of the Building. The Landlord or the Property Manager shall be entitled to conduct random inspections without prior notice.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.33 <u>Legal Costs</u> 

The Tenant shall pay all legal fees (including the Landlord's solicitors' charges on a full indemnity basis), stamp duty and all other disbursements and out-of-pocket expenses incurred in the preparation and completion of this Lease, incurred in connection with any assignment, sub-letting or surrender or other termination thereof otherwise than by effluxion of time and incurred in connection with demanding and enforcing payment of the moneys due hereunder or otherwise howsoever in enforcing any of the terms, conditions and covenants herein contained. All monies paid by the Tenant hereunder shall not be refunded to the Tenant notwithstanding the fact that this Lease may, for whatever reason, be rescinded, aborted or terminated or that such assignment, subletting or surrender may be rescinded or aborted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.34 <u>Lodgment Of Caveat Registration Of Lease And Subdivision</u> 

The Tenant shall not register or require the Landlord to register this Lease or lodge a caveat in respect of this Lease (or in respect of any option to renew pursuant to this Lease) at the Singapore Land Registry whether before, during or after the Term. The Tenant shall not be entitled to require the Landlord to subdivide the Building or any part thereof or to do any act or thing which could result in the Landlord being required to subdivide the Building or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.35 <u>Maintenance, Repair, Etc</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Repair</u> 

At all times, the Tenant will maintain, repair and keep the whole of the Demised Premises in good and substantial repair, working order and condition and particularly all machinery, plant, fixtures and things thereto belonging or which at any time and from time to time during the Term shall be erected either by the Landlord or the Tenant therein or thereon or be part thereof and to make good to the satisfaction of the Landlord or the Property Manager any damage or breakage caused to any part of the Demised Premises or to the Landlord's fixtures and fittings therein by the bringing in or removal of the Tenant's goods or effects or resulting from any action or omission of the Tenant, its employees, independent contractors, agents, invitees or licensees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Specific obligations</u> 

The Tenant will without affecting the generality of sub-clause 3.1.35 (a) above at the Tenant's expense:-

&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>Cleaning</u>: keep
 the Demised Premises (including external surfaces of the windows and doors but excluding
 the exterior faces of the exterior walls of the Building) and every part thereof clean and
 in the fullest possible hygienic condition and to keep all pipes, drains, basins, sinks and
 water-closets (where applicable) in the Demised Premises clean and unblocked and particularly
 shall store and keep all trade waste, trash and garbage in proper receptacles and arrange
 for the regular removal thereof from the Demised Premises;

&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>Damage to Common Area</u>: make good any breakage, defect or damage to the Common Area or any fixtures and/or
 fittings thereof or to any adjoining premises or any facility or appurtenances thereof occasioned
 by want of care, misuse or abuse on the part of the Tenant or the Tenant's employees, agents,
 contractors, sub-contractors or invitees or otherwise occasioned by any breach or default
 of the Tenant hereunder or under any rules and regulations of the Landlord made pursuant
 hereto or by-laws of the Management Corporation;

&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>Replace breakages</u>:
 immediately repair and replace all broken glass including glass panelled walls forming the
 boundaries of the Demised Premises (where relevant) with glass of the same or similar quality
 and all damaged or broken lighting, electrical equipment (including light bulbs and fluorescent
 tubes) and plumbing installed upon the Demised Premises (where applicable);

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&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>Comply with statutes</u>: forthwith comply with all statutes,
directives, ordinances, proclamations, orders or regulations present or future affecting or relating to the Demised Premises or anything
done in or upon the Demised Premises by the Tenant and with all requirements which may be made or notices or orders which may be given
by any governmental, semi- governmental, health, licensing, civic or any other authority having jurisdiction or authority over or in
respect of the Demised Premises or the user thereof and will keep the Landlord indemnified in respect of all such matters in this paragraph
referred to;

&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) In particular but without prejudice to the generality of sub-clause
3.1.35(b)(iv):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) to comply with all requirements under any present or future
Act of Parliament, order, by-law or regulation as to the use or occupation of or otherwise concerning the Demised Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) to execute with all due diligence all works to the Demised Premises
for which the Tenant is liable in accordance with sub-clauses 3.1.35(b)(iv) and 3.1.35(b)(v) and of which the Landlord or the Property
Manager has given notice to the Tenant;

&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) if the Tenant shall not comply with sub-clause 3.1.35(v) (bb),
to permit the Landlord or the Property Manager to enter the Demised Premises to carry out such works and to pay to the Landlord on demand
the expense of so doing (including surveyors' and other professional advisers' fees) together with Interest from the date of expenditure
until payment by the Tenant to the Landlord (such monies to be recoverable as if they were rent in arrears).

&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>Remove signs</u>: upon vacating the Demised Premises or immediately
prior thereto or at the request of the Landlord or the Property Manager remove any signs, names, advertisements or notices erected, painted,
displayed, affixed or exhibited upon to or within the Demised Premises and make good any damage or disfigurement caused by reason of
such erection, painting, display, affixing, exhibiting or removal thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Tenant shall not do in or upon the Demised Premises anything
which may interfere with the electronic or electrical systems in the Building. In the event of such interference, the Tenant shall upon
receipt of written notice from the Landlord and/or the Property Manager forthwith do whatever is necessary to stop such interference
(including without limitation the installation of harmonic filter to the Tenant's electronic and electrical systems in the Demised Premises),
failing which the Landlord and/or the Property Manager shall be entitled to do whatever it seems fit to stop such interference. The Tenant
shall pay to the Landlord and/or the Property Manager all costs and expenses so incurred by the Landlord and/or the Property Manager
together with Interest thereon from the date the costs and expenses were so incurred by the Landlord and/or the Property Manager until
the date they are paid by the Tenant (such costs and expenses and Interest shall be recoverable from the Tenant as if they were rent
in arrears).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.36 <u>Repairs to improvements</u> 

The obligations in clause 3.1.35 extend to all improvements and additions to the Demised Premises whether by the Tenant or the Landlord and to all the Landlord's fixtures, fittings and appurtenances of whatever nature affixed or fastened to the Demised Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.37 <u>Damage to property/Injury to any person</u> 

If any damage or injury is caused to the Landlord, the Property Manager or to any person whomsoever directly or indirectly on account of the condition of any part of the interior of the Demised Premises (including flooring, walls, ceiling, doors, windows and other fixtures), the Tenant shall be wholly responsible therefor and shall fully indemnify the Landlord against all claims, demands, actions and legal proceedings whatsoever made upon the Landlord by any person in respect thereof. In the interpretation and application of the provisions of this sub-clause, the decision of the surveyor or architect of the Landlord shall be final and binding upon the Tenant.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.38 <u>Equipment and appliances</u> 

Without affecting the generality of the preceding paragraphs hereof, the Tenant particularly will not, without the consent of the Landlord or the Property Manager, install any water, gas or electrical fixtures, equipment or appliances or any apparatus for illuminating the Demised Premises and the Tenant shall be responsible for any damage to and shall repair any system of water, gas, electricity or any like services to or at the Demised Premises and shall undertake all remedial measures immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.39 <u>Heavy machinery, etc</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Tenant will not bring upon the Demised Premises any heavy
machinery or other plant, equipment or goods with an imposed load in excess of 5 KN/m2 or such other weight as may be prescribed by the
Landlord and/or the Property Manager (as being applicable to the Demised Premises) and, without the written consent of the Landlord or
the Property Manager and in no event shall any such machinery, plant, equipment or goods be of such nature or size as to cause or in
the opinion of the Landlord or the Property Manager be likely to cause any structural or other damage to the floor, walls or any other
parts of the Demised Premises or the Common Area. Before bringing any such machinery, plant, equipment or goods upon the Demised Premises
or the Common Area, the Tenant shall inform the Landlord or the Property Manager of the Tenant's intention so to do and the Landlord
or the Property Manager may direct the routing, installation and location of all such machinery, plant, equipment and goods (including,
if so required, the distribution of the load on any part of the floor of the Demised Premises) and the Tenant shall observe and comply
with all such directions. The Tenant shall make good and indemnify the Landlord in respect of any damage to any part of the Demised Premises,
Common Property and/or the Building caused by the bringing in of such machinery, plant, equipment or goods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Tenant will not load or use the floors, walls, ceilings
or structure of the Demised Premises in any manner which will cause strain, damage or interference with the structural parts, loadbearing
framework, roof, foundations, joists and external walls of the Demised Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.40 <u>Landlord's right to insect</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Landlord, the Property Manager and their respective agents
may at all reasonable times, upon giving to the Tenant reasonable notice (except in cases of emergency, where no notice shall be required)
enter upon the Demised Premises, inspect and view the state of repair thereof and also to take a schedule of fixtures in the Demised
Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any breach of covenant, defects, disrepair, removal of fixtures
or unauthorised alterations or additions shall be found upon such inspection for which the Tenant is liable, then upon notice by the
Landlord or the Property Manager to the Tenant, the Tenant shall execute all repairs, works, replacements or removals required within
one (1) month (or sooner, if required by the Landlord or the Property Manager) after the receipt of such notice, to the reasonable satisfaction
of the Landlord, the Property Manager or their respective surveyors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case of default by the Tenant, it shall be lawful for the
Landlord or the Property Manager to execute the required repairs, works, replacements or removals and for that purpose the Landlord,
the Property Manager or their respective architects, contractors, workmen and agents may enter upon the whole or part of the Demised
Premises and there remain for the purpose of doing erecting or effecting any such thing and the expenses and costs of carrying out such
work shall be treated as a debt and payable by the Tenant to the Landlord on demand (such expenses and costs to be recoverable as if
they were rent in arrears).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To pay to the Landlord or the Property Manager (as the case
may be) on demand all expenses so incurred with Interest from the date of the Landlord's or the Property Manager's demand until the date
they are paid by the Tenant to the Landlord or the Property Manager, as the case may be (such expenses and Interest to
be recoverable as if they were rent in arrears).

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.41 <u>Landlord's right of entry for repairs etc</u> 

To permit the Landlord, Property Manager, Management Corporation and their respective agents, workmen and others employed by them or by the other tenants or occupiers of the Building at all reasonable times on weekdays and Saturdays, after giving to the Tenant prior notice (but at anytime in any case which the Landlord, Property Manager or Management Corporation considers an emergency) to enter upon the Demised Premises:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to inspect, cleanse, repair, remove, replace, alter or execute
any works whatsoever to or in connection with the Conducting Media and ancillary apparatus, easements or services referred to in clause
2.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to effect or carry out any maintenance, repairs, alterations
or additions or other works which the Landlord, Property Manager or the Management Corporation may consider necessary or desirable to
any part of the Building or the water, electrical, air- conditioning and other facilities and services of the Building; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the purpose of exercising any of the powers and authorities
of the Landlord under this Lease or otherwise deemed necessary or desirable by the Landlord; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to comply with an obligation of repair, maintenance or renewal
affecting the Demised Premises or the Building; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to construct, alter, maintain, repair or fix anything serving
the Building or the adjoining premises or property of the Landlord, and running through, under or on the Demised Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in connection with the development of the remainder of the Building
or any adjoining or neighbouring land or premises, including the right to build on or onto or in prolongation of any boundary wall of
the Demised Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to shore the foundations, footings and walls of the Demised
Premises, and to erect scaffolding and protective barricades around and about the Demised Premises (but not so as to preclude entry thereto)
and to do any act or thing necessary for the safety) or preservation of the Demised Premises, the Common Property and/or Building if
any excavation or other building construction shall be about to be made or shall be made on any part of the Building and/or Common Property,
on any property adjoining the Demised Premises or by any government or relevant authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to carry out capital upgrades
 to the Building for the purposes of improving the energy efficiency and environmental sustainability
 of the Building ()"**Capital Upgrades** "),

without any rebate or abatement of the Rent or Service Charge or payment of compensation for any nuisance, annoyance, inconvenience or damage caused to the Tenant, subject to the Landlord (or other person so entering) exercising such right in a reasonable manner and making good any damage caused to the Demised Premises without unreasonable delay. The Landlord shall have no liability to the Tenant for any loss of occupation or quiet enjoyment of the Demised Premises thereby occasioned.

The Tenant shall furnish to the Landlord or its Property Manager the names, addresses and telephone numbers of at least two (2) of its employees (the "Employees") who would have possession of the keys to the Demised Premises on a twenty-four (24) hour basis, to enable the Landlord or its Property Manager to contact the Employees at any time in case of emergency where the Landlord, the Property Manager, the Management Corporation or their respective employees, agents, contractors or workmen require entry upon or access through the Demised Premises. The Tenant shall immediately inform the Landlord or its Property Manager of any change in the address or telephone number of any Employee or should any Employee leave Singapore for any period of time or cease to be employed by the Tenant during the Term. In the event that the Landlord or its Property Manager is unable to contact any of the Employees, the Landlord and its Property Manager are hereby authorized to use all necessary means to force an entry into the Demised Premises. The Landlord and the Property Manager shall not be liable to the Tenant or any other person for any losses (direct, indirect or consequential), costs, expenses, damages, inconvenience, disruption of business operations, loss of business, claims, demands, actions or proceedings incurred or suffered by the Tenant or such other person as a result of the forced entry.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.42 <u>Requirements of Public Authorities</u> 

If at any time during the Term any authority having jurisdiction over or in respect of the Demised Premises or the user thereof requires, notifies or orders any structural alterations, re-alterations, additions, conversions, improvements or other works to be made to the Demised Premises, the Tenant will at all times permit the Landlord or the Property Manager with their respective contractors, agents and consultants to enter the Demised Premises or any part thereof for the purpose of making any such structural alterations, additions, conversions, improvements or other works or any of them as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.43 <u>Premises to be kept free of pests</u> 

The Tenant will take all reasonable precautions to keep the Demised Premises free of rodents, vermin, insects, pests, birds and animals and in the event of failing so to do will if so required by the Landlord but at the cost of the Tenant employ from time to time or periodically, pest exterminators approved by the Landlord or the Property Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.44 <u>Use of toilets etc</u> 

The Tenant shall not use or permit nor suffer to be used the toilets, sinks and drainage and other plumbing facilities in the Demised Premises or the Common Area for any purposes other than those for which they were constructed or provided and shall not deposit or permit to be deposited therein any sweepings, rubbish or other matter and any damage thereto caused by misuse shall be made good by the Tenant forthwith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.45 <u>Entrances</u> 

The Tenant shall not change or otherwise alter the type, size or location of the entrances of the Demised Premises except with the prior written consent of the Landlord or the Property Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.46 <u>Cleaners</u> 

The Tenant shall not employ or continue to employ in or about the Demised Premises any cleaners other than the cleaning contractor or contractors authorised by the Landlord or the Property Manager to carry out the cleaning work in the Building. PROVIDED ALWAYS that neither the Landlord nor the Property Manager shall be liable for any misconduct or negligent acts or defaults of the said cleaning contractors. Any cleaners so employed by the Tenant for the purpose of cleaning the Demised Premises shall be employed at the sole expense and responsibility of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.47 <u>Illegal Immigrants</u> 

The Tenant shall not bring onto or permit to be brought onto, or employ or to permit to otherwise enter onto the Demised Premises or any part thereof, any person in contravention of the Immigration Act 1959 and shall indemnify the Landlord against all costs, claims, liabilities, fines or expenses whatsoever which may fall upon the Landlord by reason of any non- compliance hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.48 <u>Confidentiality</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Clause 3.1.48(c) below and save as otherwise expressly provided in this Lease, the Tenant
 shall not, during the Term or thereafter, disclose to any person or use for any purpose any
 and all terms of this Lease, and any information obtained by the Tenant in connection with
 this Lease, including but not limited to information obtained during negotiations or discussions
 or agreement for a renewal of this Lease or any matter whatsoever in relation to this Lease
 and all correspondence or communication between the Landlord the Landlord's Property
 Manager and the Tenant (the **"Confidential Information"**). But the Tenant
 may, to the extent required or necessary:

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&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) disclose
 Confidential Information to such of its staff or its professional advisers (which shall include lawyers, accountants and auditors)
 who require such disclosure where bona fide necessary for the proper performance of their duties provided that the Tenant complies
 with Clause 3.1.48(e) below;

(ii) disclose
 Confidential Information if such disclosure is required by applicable laws, subsidiary legislation or regulations issued by any regulatory
 agencies/authorities provided that the Tenant has promptly notified the Landlord in writing of such requirement and allowed the Landlord
 a reasonable time to oppose such requirement;

(iii) use
 (where the term "use" for the purpose of this Clause excludes any disclosure of such Confidential Information) Confidential
 Information in the proper exercise of its rights and the performance of its obligations under this Lease

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 prejudice to the generality of Clause 3.1.48(a) above, the Tenant shall use its best endeavours to minimise the risk of unauthorised
 disclosure or use and undertakes to take proper care and all reasonable measures to protect the confidentiality of the Confidential
 Information using not less than the standard of care as it applies to its own Confidential Information and in no event less than
 a reasonable standard of care.

(c) The
 restrictions on use and disclosure of Confidential Information under Clause 3.1.48(a) above shall not apply to any Confidential Information
 which the Tenant can prove:

&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) was
 already known to it prior to its receipt thereof from the Landlord; or

(ii) was
 subsequently disclosed to it lawfully by a third party who did not obtain the same (whether directly or indirectly) from the Landlord;
 or

(iii) was
 in the public domain at the time of receipt by the Tenant or has subsequently entered into the public domain other than by reason
 of the breach of the provisions of this Clause or any obligations of confidence owed by the Tenant to the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Confidential
 Information shall be subject to the obligations of confidence in this Clause, irrespective of whether communicated orally or in writing
 by the Landlord or its representatives.

(e) The
 Tenant shall, before any permitted disclosures are 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;(i) give
 prior written instructions concerning the restrictions on use and disclosure contained in this Lease to those of its staff and/or
 its professional advisors to whom any Confidential Information of the Landlord is to be disclosed or who may in any way obtain access
 to any such Confidential Information; and

(ii) obtain
 from such staff and/or professional advisors enforceable undertakings in terms at least as binding upon the said staff and/or professional
 advisors as the Tenant is bound to the Landlord hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Tenant acknowledges and agrees with the Landlord that, in the event of a breach of this Clause, the Tenant shall pay to the Landlord
 compensation for all loss and damages suffered by the Landlord howsoever arising resulting from such breach and all other expenses
 and costs incurred by the Landlord consequential upon the Tenant's breach including all costs and expenses.

(h) This
 Clause shall survive earlier termination of expiry of this Lease.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

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| | |
|:---|:---|
| 3.1.49 | <u>Environmental. Social and Governance and Sustainability</u> |
|  | The Tenant agrees that the Landlord shall be entitled to but is not legally obliged to operate. manage and maintain the Building so as to retain or achieve (where applicable) the relevant Building and Construction Authority ("BCA") Green Mark certification standard as determined by the Landlord from time to time. |
|  | The Tenant shall at its own costs observe and comply with the provisions and will implement the items set out in Parts A and B of Schedule 3 of this Lease in its occupation of the Demised Premises pursuant to this Lease. The Tenant shall also at its own costs observe and comply with the Landlord's and the relevant Authorities' requirements and guidelines for occupants, on energy consumption, other "green movement" efforts, and any environmental, social and governance ("ESG") related efforts, including to achieve the GRESB rating the Landlord desires or any similar ESG rating the Landlord desires, at the Demised Premises and within the Building as made known from time to time to the Tenant. Without prejudice to any provision in this Lease, the Tenant shall also cooperate with the Landlord and the relevant Authorities if and when asked to review its energy consumption in connection with its operations at the Building. |

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| | |
|:---|:---|
| **4.** | **INSURANCES** |
| 4.1 | <u>Tenant to insure</u> |
|  | The Tenant shall insure all the Tenant's property in the Demised Premises for their full insurable value against all risks commonly insured against in respect of property of a similar nature including, but not limited to public liability and fire risks. In particular, the Tenant shall effect an insurance policy in the joint names of the Landlord and the Tenant (which shall include a provision for waiver of subrogation against the Landlord) against all risks and damage to the duct works, wiring and piping above the false ceiling and below the raised flooring and light fittings, in such amounts as may from time to time be specified by the Landlord. Additionally, whilst carrying out any renovation works pursuant to clauses 2.4 and 13.2 hereof the Tenant will take out appropriate public liability and contractors all risks policies. All such policies shall include a provision for waiver of subrogation against the Landlord. |
| 4.2 | <u>Public liability insurance</u> |
|  | During the Term the Tenant shall effect and maintain public liability insurance for the Demised Premises in terms acceptable to the Landlord in an amount of not less than Dollars One Million (S$1,000,000.00). All policies of insurance taken out in compliance with this sub-clause shall include a provision for waiver of subrogation against the Landlord. |
| 4.3 | <u>Plate glass insurance</u> |
|  | During the Term the Tenant shall effect and maintain insurance in respect of all plate glass in the Demised Premises and the glass window forming part of the boundary lines of the Demised Premises (whether installed prior to or after the Commencement Date). |
| 4.4 | <u>Tenant not to void insurance</u> |
|  | The Tenant will not at any time during the Term do or permit or suffer to be done any act, matter or thing upon the Demised Premises whereby any insurances in respect thereof may be vitiated or rendered void or voidable. |
| 4.5 | <u>Waiver of Subrogation</u> |
|  | The Landlord and the Tenant each hereby waives any and all rights of recovery against the other, and against any other tenant or occupant of the Building and against the employees, agents, contractors and invitees of such other party and of such other tenant or occupant of the Building, for loss of or damage to such waiving party or its property or property of others under its control, arising from any cause insured against under any policy of insurance required to be carried by such waiving party pursuant to the provisions of this Lease (or any other policy of insurance carried by such waiving party in lieu thereof) at the time of such loss or damage. The foregoing waiver shall be effective whether or not a waiving party actually obtains and maintains the insurance which such waiving party is required to obtain and maintain pursuant to this Lease. The Landlord and the Tenant shall, upon obtaining the policies of insurance which they are required to maintain hereunder, give notice to their respective insurers that the foregoing mutual waiver of subrogation is contained in this Lease. The Landlord's notice hereunder may be a general notice with respect to all leases, including this Lease, then or thereafter in effect in respect of the Building. |

---

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

---

| | |
|:---|:---|
| 4.6 | <u>Landlord to be co-assured</u> |
|  | The Tenant shall cause the Landlord to be named as co-assured on all policies of insurance required in this Lease. |
| 4.7 | <u>Tenant to produce insurance policies and receipts</u> |
|  | The Tenant shall forward to the Landlord for its perusal, copies of all: - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.1 cover
 notes within seven (7) days of the date of issue of the cover notes (including cover notes for renewed insurance policies);

4.7.2 insurance
 policies (including renewed insurance policies) within fifteen (15) days of the issuance of the insurance policies.

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| | |
|:---|:---|
| 4.8 | <u>Correctness or Adequacy of insurance policies</u> |
|  | Nothing in this Clause 4 shall render the Landlord liable for the correctness or adequacy of any such insurance policies or for ensuring that they comply with all relevant legislation pertaining to such insurance. |
| **5.** | **INDEMNITIES ETC** |
| 5.1 | <u>Release of Landlord</u> |
|  | The Tenant agrees to occupy, use and keep the Demised Premises at the risk of the Tenant and hereby releases the Landlord, the Property Manager and their respective agents, contractors, Invitees and employees from all claims, demands, writs, summonses, actions, suits, proceedings, judgments, orders, decrees, damages, costs, losses and expenses of any nature whatsoever which the Landlord or the Property Manager may suffer or incur in connection with loss of life, personal injury and/or damage to property arising from or out of any occurrences in, upon or at the Demised Premises or the use of the Demised Premises or any part thereof by the Tenant or by any of the Tenant's employees, customers, independent contractors, agents, invitees or licensees. |
| 5.2 | <u>Indemnity by Tenant</u> |
|  | The Tenant will and does hereby indemnify and hold harmless the Landlord from and against all actions, claims, demands, losses, damages, costs and expenses for which the Landlord shall or may be or become liable in respect of and to the extent that they arise from :- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 the
 negligent use, misuse, waste or abuse by the Tenant or any employee, agent, customer or invitee of or any other person claiming through
 or under the Tenant of the water, gas, electricity, lighting and other services and facilities and appurtenances of the Demised Premises;

5.2.2 overflow
 or leakage of water (including rain water) in or from the Demised Premises or any equipment or fixtures therein or caused or contributed
 to by any act or omission on the part of the Tenant its employees, customers, agents, contractors, sub-contractors, sub-tenants,
 invitees or other persons as aforesaid;

5.2.3 loss,
 damage or injury from any cause whatsoever to property or person caused or contributed to by the use of the Demised Premises by the
 Tenant or any employee, agent, sub-tenant, customer, invitee or other person as aforesaid;

5.2.4 loss,
 damage or injury from any cause whatsoever to property or person occasioned or contributed to by any act, omission, neglect, breach
 or default of the Tenant or any employee, agent, contractor, sub-contractor, sub-tenant, customer, invitee or other person as aforesaid.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

**6.** **LANDLORD'S COVENANTS** 

6.1 The
 Landlord hereby covenants with the Tenant as follows :-

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| | |
|:---|:---|
| 6.1.1 | <u>Payment of rent</u> |
|  | To pay the rent reserved by the Indenture of Lease dated the 27th day of March 1962 in respect of the land on which the Building stands. |
| 6.1.2 | <u>Quiet enjoyment of premises</u> |
|  | To permit the Tenant duly paying the Rent, Service Charge and any other sums payable hereunder and observing and performing its several covenants and stipulations herein contained to have quiet possession and enjoyment of the Demised Premises during the Term without any interruption by the Landlord or anyone claiming under or through or in trust for the Landlord save as specifically herein provided. |
| 6.1.3 | <u>Environmental Sustainability</u> |
|  | The Landlord will endeavor to but is not legally obliged to operate, manage and maintain the Building so as to retain or achieve (where applicable) the relevant BCA Green Mark certification standard as determined by the Landlord from time to time. When achieved, the Landlord will endeavour to but is not legally obliged to maintain the relevant level of certification. |

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| | |
|:---|:---|
| **7.** | **MANAGEMENT AND OPERATION OF THE BUILDING** |
| 7.1 | <u>By Management Corporation</u> |
|  | The Landlord shall pay any and all charges and fees payable to the Management Corporation in connection with the management and operation of the Building and so long as the Landlord pays these charges or fees punctually and regularly, the Landlord shall not be liable to the Tenant for any matters which are the responsibility of the Management Corporation or for any service(s) provided by the Management Corporation, which shall include the services set out in sub-clauses 7.2 and 7.4. |
| 7.2 | <u>Maintenance of Common Area by Management Corporation</u> |
|  | The Management Corporation will maintain and keep in repair the Common Area during the Term inclusive of the exterior walls (other than office fronts) and all parking spaces, roads, pavement, gardens, water, drainage, lighting and other common facilities and services Provided That the manner in which such areas and facilities shall be maintained and the expenditure thereon shall be at the absolute discretion of the Management Corporation. |
| 7.3 | <u>Alterations to Building by Landlord or Management Corporation</u> |
|  | The Landlord or the Management Corporation shall have the right, from time to time, to renovate, redevelop, refurbish, refit, replace, improve, extend, vary or alter the structure, facade, layout and design of the Building or any part thereof or change the use of or deal with the Building or any part thereof. |
| 7.4 | <u>Lighting of Common Area by Management Corporation</u> |
|  | The Management Corporation shall furnish reasonable illumination to the Common Area during the Term (except when the Building shall be closed). |
| 7.5 | <u>Parking Facilities</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 customers and invitees of the Tenant shall have the right, subject to availability, to use for parking the part or parts of the Building
 set aside from time to time by the Management Corporation for the parking of motor vehicles in common with the Landlord and all others
 to whom the Landlord has granted or may hereafter grant such right but the Tenant, its agents and employees shall not without the
 previous consent of the Landlord and/or the Management Corporation so use such part or parts of the Building except for transporting
 goods to or from the Demised Premises in the ordinary course of the Tenant's business and then always subject to the control
 of the Landlord and/or the Management Corporation and to such rules, regulations, by-laws and restrictions as the Landlord and/or
 the Management Corporation may from time to time impose including particularly the designation of specific areas in which such vehicles
 may be parked.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Tenant agrees after notice thereof to abide by such rules, regulations, by-laws and restrictions and use its best efforts to cause
 its invitees, agents and employees to conform thereto. The Tenant and its agents and employees shall park their private vehicles
 only at such lots on such levels of the Building as the Landlord and/or the Management Corporation shall designate.

(c) The
 Tenant shall upon request furnish to the Landlord and/or the Management Corporation the licence numbers of the vehicles used by the
 Tenant, its agents and employees. The Tenant acknowledges that the Management Corporation has the right to charge a fee at such rate
 or rates as may from time to time be fixed by the Management Corporation in respect of such parking facilities.

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| | |
|:---|:---|
| 7.6 | <u>Right to Close the Building</u> |
|  | The Tenant acknowledges that the Management Corporation shall have the right to close the Building or any part thereof whenever public celebrations or festivals such as "Swing Singapore" or events of a similar nature are held along Orchard Road in front of the Building or in the immediate vicinity of the Building if the Management Corporation is of the opinion that the large crowds attracted by such events would be likely to pose a danger to the safety of the Building or any part thereof, the Landlord's property or the tenants or other occupiers, licensees and invitees of the Building. The right of the Management Corporation under this clause may be exercised by the Management Corporation as often as it shall in its absolute discretion deem necessary **PROVIDED ALWAYS** that the Landlord or the Management Corporation shall give the Tenant advance notice of any closures whenever possible. |

---

**8.** **NO CLAIM BY TENANT** 

8. Notwithstanding
 anything herein contained the Landlord shall not be liable to the Tenant, nor shall the Tenant have any claim against the Landlord
 in respect of :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 any
 failure or inability of or delay by the Landlord in fulfilling any of its obligations under this Lease or any interruption in any
 of the services mentioned in clause 3.1.7(c) by reason of necessary repair or maintenance of any installations or apparatus or damage
 thereto or destruction thereof or by reason of mechanical or other defect or breakdown or by reason of any circumstances beyond the
 Landlord's control (including but not limited to fire, flood, act of God, escape of water, riot, civil commotion, curfew, emergency,
 labour disputes or shortage of manpower, fuel, materials, electricity or water);

8.1.2 any
 act, omission, default, misconduct or negligence of any porter, attendant or other employee, independent contractor or agent of the
 Landlord or the Property Manager in or about the performance or purported performance of any duty relating to the provision of the
 services or any of them as mentioned in clause 3.1.7(c);

8.1.3 any
 act, omission, default, misconduct or negligence of any consultant, engineer or contractor approved by the Landlord pursuant to clauses
 2.4 and 3.1.9, and any such consultant, engineer or contractor appointed by the Tenant shall not be deemed to be an agent or employee
 of the Landlord;

8.1.4 any
 damage, injury or loss arising out of the leakage or defect of the Conducting Media, wiring and sprinkler system in the Building
 and/or the structure of the Building;

8.1.5 any
 damage, injury or loss caused by other tenants or persons in the Building;

8.1.6 any
 damage, injury or loss arising from or in connection with the use of the carparks in the Building

**9.** **ACCIDENTS** 

9.1 The
 Landlord shall not be responsible to the Tenant or to the Tenant's employees, customers, independent contractors, agents, invitees,
 licensees nor to any other persons for any:-

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 accident,
 happening or injury suffered in the Demised Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 damage
 to or loss of any goods or properly sustained in the Building (whether or not due to the
 negligence or misconduct of any security guards or the failure of any security system for
 which the Landlord, the Property Manager or the Management Corporation is in any way responsible);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 act
 omission or negligence of any employee or properly manager of the Landlord **in** respect
 of the Building howsoever occurring

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| | |
|:---|:---|
| **10** | **DEFAULT, TERMINATION. ETC** |

---

10.1 <u>Bv Tenant</u> 

If and whenever during the Term:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 the
 Rent, Service Charge or any other payments hereby reserved or any pari thereof shall be unpaid
 for ten (10) days after any of the days on which the same ought to have been paid (although
 in any of the foregoing cases no formal demand shall have been made therefor); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 the
 Tenant commits, permits or suffers to occur any breach or default in the due and punctual
 observance and performance of any of the covenants, obligations and provisions of this Lease
 or any rules made hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3 if
 the Tenant faits to provide the Additional Security Deposit and should the paid-up share
 capital of the Tenant fall below six (6) times the monthly Rent and Service Charge; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4 the
 Tenant becomes insolvent, or (in the Landlord's reasonable opinion) is unable to pay
 its debts, or an order is made or a resolution is effectively passed for the winding up of
 the Tenant (except for the purpose of reconstruction or amalgamation with the written consent
 of the Landlord) or the Tenant goes into liquidation or is made a bankrupt or makes an assignment
 for the benefit of or enters into an arrangement or composition with its creditors or stops
 payment of its debts or *a* moratorium is agreed or declared in respect of or affecting
 all or a material part of its indebtedness, or the Tenant is placed under judicial management;
 or a receiver and/or manager is appointed in respect of any income, properties or assets
 of the Tenant or a writ of distress or execution is levied or enforced upon or sued against
 any part of the properties or assets of the Tenant and shall not be paid off or discharged
 within seven (7) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5 a
 proposal or notice Of compulsory acquisition or notice of intended compulsory acquisition
 is made or issued by the relevant authorities in respect of the Demised Premises or the Building
 or any part of the same;

then and in any one or more of such events the Landlord at any time or times thereafter shall have the right to forfeit the Security Deposit paid hereunder (except in the case of termination pursuant to sub- clause 10.1.5) and to re-enter into and upon the Demised Premises (or any part thereof in the name of the whole) at any time (and even if any previous right of re-entry has been waived) and to repossess the Demised Premises and the Term hereby created and this Lease shall absolutely cease and determine. Re-entry in exercise of the rights contained in this clause shall be without prejudice to any rights of action and any other rights and remedies of the Landlord in respect of any breach of any of the covenants by the Tenant contained in this Lease (including the breach in respect of which the re-entry is made). The Tenant shall pay to the Landlord compensation for all loss and damages suffered by the Landlord resulting from such termination and/or the occurrence of any of the events above including but not limited to (i) loss of Rent and Service Charge and all other sums or monies payable by the Tenant had the Term been completed and (ii) all other expenses and costs incurred by the Landlord consequential upon the Landlord exercising its rights of re-entry including all costs and expenses to secure another lease.

10.2 <u>Right of Landlord to remedy Tenant's default</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 On each and every occasion
 on which the Tenant omits or neglects to pay any money or to do or effect anything which the Tenant is obliged hereunder to pay. do
 or effect then it shall be lawful for but not obligatory upon the Landlord (and without prejudice to any rights and powers arising
 from such default) to pay such money or to do or effect such thing by themselves, their architects, contractors, workmen and agents
 as if they were the Tenant and for that purpose, the Landlord, the Property Manager and their architects contractors, workmen and agents
 may enter upon the whole or any part of the Demised Premises and there remain for the purpose of doing or effecting any such thing
 and the Landlord may recover the amount paid or the expenses and costs of such action forthwith from the Tenant as a debt.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 Anything done by the Landlord
 pursuant to tire provisions of this clause shall be without prejudice to any other right, remedy or power of the Landlord and shall
 not constitute a waiver or release of the Tenant from its obligations, covenants and undertakings.

10.3 <u>Landlord's Right against Tenant's goods</u> 

Upon the Landlord becoming entitled to re-enter the Demised Premises pursuant to any provisions of this Lease, the Landlord shall give three (3) days' notice to the Tenant to remove all goods and at the expiration of the said period the Tenant shall remove from the Demised Premises all goods (which expression where hereinafter used shall include personal property of every description) which may be thereon or therein. In default of the Tenant effecting such removal the goods shall be deemed to be abandoned by the Tenant and the Landlord upon entering into possession of the Demised Premises may retain or dispose of the same as the Landlord sees fit without claim by the Tenant thereto or to the proceeds thereof. For the avoidance of doubt, the Landlord shall be deemed to have the full authority of the Tenant to deal with the Tenant's goods in the manner as the Landlord deems fit including but not limited to the sale of the goods and the Landlord may apply the proceeds thereof towards payment of any Rent or Service Charge in arrears or any part thereof or towards the Landlord's cost for the said sale whatsoever without having to account to the Tenant for the same. If the Landlord is unable to lease or otherwise deal with, the Demised Premise for any period of time due to the Tenant's failure to remove such goods, the Tenant shall be deemed to be holding over during such period for the purpose of clause 13.3. The Tenant shall indemnify the Landlord against any liability incurred by it to any third party whose property shall have been sold by the Landlord in the bona fide mistaken belief (which shall be presumed unless the contrary be proved) that such property belonged to the Tenant and was liable to be dealt with as such pursuant to this clause.

**11.** **DAMAGE OR DESTRUCTION OF PREMISES** 

11.1 If
 during the Term the whole or any part of the Building shall be destroyed or damaged by fire,
 water, riot, civil commotion, acts of terrorism, Act of God or other acts beyond the control
 of the Landlord so as to render the Demised Premises substantially unfit for the use and
 occupation of the Tenant or so as to deprive the Tenant of substantial use of the same or
 so as to render the rebuilding or reconstruction of the Building in its previous form impracticable
 or undesirable in the opinion of the Landlord but so long as such damage or destruction shall
 not be attributable to the Tenant then upon the happening of any such damage or destruction
 as aforesaid the monthly Rent hereby reserved or a proportionate part thereof according to
 the nature and extent of the damage sustained shall abate and all or any remedies for the
 recovery of such Rent or such proportionate part thereof shall be suspended until the Demised
 Premises shall have been rebuilt or reinstated or made fit for the occupation and use of
 the Tenant Provided Always that nothing herein contained or implied shall be deemed to impose
 any obligation upon the Landlord to rebuild or reinstate or make fit for occupation the Demised
 Premises and any money expended by the Landlord in so doing shall not form any part of the
 Service Charge. Provided Always that in the event that the Demised Premises, or any part
 thereof, are not rendered fit for occupation and use within three (3) months from the date
 of such destruction or damage, the Tenant shall be entitled to give to the Landlord notice
 in writing terminating this Lease forthwith and thereupon this Lease shall terminate and
 the Tenant shall vacate the Demised Premises without compensation from the Landlord but without
 prejudice to any right or remedy of the Landlord against the Tenant for any antecedent breach
 of this Lease.

**12.** **POWER FOR LANDLORD TO DEAL WITH ADJOINING PROPERTY** 

12.1 The Landlord may deal as it may think fit with other property
belonging to the Landlord adjoining or nearby and to erect or suffer to be erected on such property any buildings whatsoever whether
or net such buildings shall affect or diminish the light or air which may now or at any time be enjoyed by the Tenant in respect of the
Demised Premises.

12.2 The
 Landlord shall have the right al all times without obtaining any consent from or making any
 arrangement with the Tenant to alter, reconstruct or modify in any way whatsoever or change
 the use of the parts of the Building, the use of which is granted in common with others so
 long as proper means of access to and egress from the Demised Premises are afforded and essential
 services are maintained at all times.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate investment Trust

12.3 Nothing
 contained in this Lease shall confer on the Tenant any right to enforce any covenant or agreement
 relating to other parts of the Building demised by the Landlord to others, or limit or affect
 the right of the Landlord in respect of any such other premises to deal with the same and
 impose and vary such terms and conditions in respect thereof in any manner as the Landlord
 may think fit.

12.4 <u>Landlord's Rightto Transfer or Assign</u> 

The Tenant hereby expressly acknowledges and undertakes to the Landlord (hat where the Landlord transfers or assigns its rights and interest in under or arising out of this Lease (including the transfer of the Security Deposit and the Tenant's Utilities Security Deposit (if any)), the Tenant shall be deemed to have consented to such transfer or assignment (as the case may be) and shall upon the request of the Landlord forthwith release the Landlord from all its obligations under the provisions of this lease and in particular the obligation of the Landlord to refund the Security Deposit and the Tenant's Utilities Deposit (if any). The Tenant shall not have any claim or action against the Landlord for any losses, costs, expenses or compensation whatsoever. Where required by the Landlord, the Tenant shall execute any novation agreement or other deed or document entered or to be entered into between the Landlord and the new landlord.

**13.** **DUTIES ON EXPIRATION/DETERMINATION** 

1 3.1 <u>Yield up Demised Premises</u>

At the expiration or sooner determination of the Term the Tenant shall yield up the Demised Premises with the fixtures thereto (other than such Tenant's trade fixtures as shall belong to the Tenant), unless required by the Landlord or the Property Manager to be removed, in good and tenantable repair and condition (fair wear and tear excepted) to the Landlord together with the keys to the Demised Premises and all doors therein, and if so required by the Landlord or the Property Manager shall remove all lettering, internal partitions, fixtures and installations of the Tenant or any part thereof, as are specified by the Landlord or the Property Manager, from the Demised Premises and reinstate all air-conditioning installations or other electrical installations to their original state to the satisfaction of the Landlord, the Property Manager and their respective architects, engineers or consultants. Such removal and/or reinstatement shall be carried out by a contractor appointed by the Tenant and approved by the Landlord or the Property Manager under the supervision of the Landlord's or the Property Manager's architect, engineer or consultant and the Tenant shall pay for all fees and expenses of such architect, engineer or consultant. All damage done to the Demised Premises by such removal shall be made good by the Tenant on or prior to the expiration of the term and if the Tenant fails to do so the Landlord may make good all such damage. All costs incurred by the Landlord in such removal or disposal or in making good such damage shall be paid by the Tenant to the Landlord within seven (7) days of the Landlord notifying the Tenant of the amount thereof.

13.2 <u>Reinstatement</u> 

Upon the expiration or sooner determination of the Term (unless renewed pursuant to clause 14), the Tenant shall reinstate the Demised Premises to the satisfaction of the Landlord's or the Property Manager's architect, engineer or consultant for the time being and if the Tenant shall fail to reinstate the Demised Premises by the expiry of or sooner determination of the Term, the Landlord or the Property Manager may reinstate the Demised Premises and recover from the Tenant on demand the costs of such reinstatement together with an administrative fee equal to thirty (30%) percent of such costs of reinstatement and such rents, service charges and other amounts which the Landlord would have been entitled to receive from the Tenant had the period within which such reinstatement is effected by the Landlord been added to the term of this tenancy. For the purposes hereof the term "reinstate" shall include the washing of the whole of the interior of the Demised Premises, the painting with two coats of enamel paint or emulsion paint or other appropriate treatment of all of the internal parts of the Demised Premises previously so treated respectively, and also the replacing of all ceilings and floor tiles which in the opinion of the Landlord's or the Property Manager's respective architects, engineers or consultants for the time being are worn out or damaged and in need of replacement.

13.3 <u>Holding Over</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If without any express agreement between the Landlord and the
Tenant, the Tenant fails to deliver vacant possession of, or continues to occupy, the Demised Premises after the expiration or sooner
determination of the Term, the Tenant shall be deemed to be holding over and, without prejudice to any right or remedy of the Landlord,
shall pay to the Landlord for every day of such holding over double the amount of Rent or prevailing market rent (whichever is higher)
and double the amount of the Service Charge otherwise payable under this Lease and there shall be no renewal of this Lease by operation
of law or pursuant to the provisions of this Lease. The provisions herein shall not be construed as the Landlord's consent for the Tenant
to hold over after the expiration or sooner determination of the Term. The Tenant shall also be liable to compensate the Landlord for
all other loss and damage sustained by the Landlord by reason of the Tenant's failure or refusal to yield up the Demised Premises in
accordance with this Lease. All sums under this clause shall be payable by the Tenant to the Landlord within seven (7) days of demand.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period of holding over, all provisions of this Lease
shall be and remain in full force and effect. The inclusion of this sub clause shall not be construed as the Landlord consent for the
Tenant to hold over.

14. NOTIFICATION TO LANDLORD

The Tenant shall, not less than twelve (12) months before the expiration of the Term, Inform the Landlord in writing if it wishes to enter into a new lease with the Landlord in respect of the Demised Premises or any other units in the Building. Upon receipt of such written notification, the Landlord may, but is under no obligation whatsoever to do so. enter into negotiations with the Tenant in respect of the new lease.

15. RELOCATION OF TENANT

15.1 The
 Landlord on serving the Tenant three (3) months' prior notice at any time during the Term
 may require the Tenant to move from the Demised Premises to another unit/units of comparable
 size within the Building (the "Alternative Unit(s)"). Provided, however, that in the event
 of receipt of any such notice, the Tenant by written notice to the Landlord may elect not
 to move to the Alternative Unit(s) and in lieu thereof terminate this Lease, to be effective
 two (2) months after the date of the original notice of relocation by the Landlord. In the
 event of any such relocation, the Tenant shall pay all expenses (if any) of preparing, decorating
 and renovating the Alternative Unit(s) and shall at all times comply with the provisions
 of clauses 2.4 and 3.1.9 hereof. The Tenant shall also pay the expense of moving the Tenant's
 trade fixtures and equipment to the Alternative Unit(s). In such an event, this Lease shall
 forthwith terminate and the parties shall enter into a fresh lease for the remainder of the
 Term based on the same terms and conditions of this Lease (insofar as they are applicable
 to the Alterative Unit) save that there shall be no abatement of the Rent and Service Charge
 payable hereunder. The Landlord shall not be liable for any losses (direct, indirect or consequential),
 costs, expenses, damages, inconvenience, disruption of business operations, loss of business,
 claims, demands, actions or proceedings incurred or suffered by the Tenant as a result of
 the relocation.

16. REDEVELOPMENT OF THE BUILDING

16.1 Notwithstanding
 any other provision in this Lease and notwithstanding that the Tenant has given notice to
 exercise the option to renew and the Landlord has granted the same or the Parties have agreed
 to a renewal of the tenancy, as the case may be, the Landlord may al any time without liability
 to the Tenant, and without prejudice to the Landlord's rights against the Tenant for any
 antecedent breaches, terminate this Lease and the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by giving to the Tenant one (1) month's notice in writing in
the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any approval from government authorities for the use of the
Demised Premises as provided for in this Lease is not granted or withdrawn; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any notice is received by the Landlord from the relevant authorities
for the acquisition of the Demised Premises or Building or any part thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by giving to the Tenant three (3) months' notice in writing
in the event the Landlord determines in its absolute discretion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Building is to be demolished for re-development;

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Building or any part thereof is to be renovated, retrofitted, refurbished and/or altered
 and the Landlord at its sole discretion determines that it requires possession of the Demised
 Premises for the purpose of or in connection with the renovation, retrofitting, refurbishment
 and/or alteration; and /or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there
 be a change of use for the Building or any part thereof (a) affecting the Demised Premises,
 and/or (b) such that vacant possession of the Demised Premises is required by the Landlord.

17. INSPECTION

17.1 <u>By prospective tenants</u> 

Before the expiration of the Term the Landlord or the Property Manager shall be entitled to exhibit outside the Demised Premises or on the door thereof a notice slating that the Demised Premises are to be vacant and to be let and the Tenant shall permit all prospective tenants of the Demised Premises accompanied by a representative of the Landlord or the Property Manager free ingress to and egress from the Demised Premises for the purposes of viewing the Demised Premises.

17.2 <u>By prospective purchasers</u> 

At any time during the Term, the representative of the Landlord or the Properly Manage' may, by prior appointment, Inspect the Demised Premises accompanied by a prospective purchaser of the Demised Premises and the Tenant shall give such persons free ingress to and egress from the Demised Premises.

18. GENERAL

18.1 <u>Waiver</u> 

Knowledge or acquiescence by the Landlord of any breach by the Tenant of any of the covenants, conditions or obligations herein contained, and any indulgence or extension of time granted by the Landlord to the Tenant and/or oversight by the landlord shall not operate or be deemed to operate as a waiver of any of the Landlord's rights in respect of such breach and any consent or waiver of the Landlord shall only be effective if given in writing. No consent or waiver expressed or implied by the Landlord to or of any breach or any covenant, condition or obligation of the Tenant shall be construed as a consent or waiver to or of any other breach of the same or any other covenant, condition or obligation and shall not prejudice in any way the rights, powers and remedies of the Landlord

18.2 <u>Use of Common Area</u> 

Notwithstanding anything herein contained or implied to the contrary the Landlord may permit any tenant, person or organisation to hold any function or exhibition or display any merchandise or organise any parade in any part or parts of the Common Area or use the Common Area or any part or parts thereof in such manner at such times and upon such terms and conditions as the Landlord may in its absolute discretion think fit but not so as to impede or interfere with access to the Demised Premises. PROVIDED ALWAYS that any consent or permission so given as aforesaid may at any time be withdrawn when the Landlord so determines having regard to the interests of the Building as a whole and/or the rights or interests of other tenants occupiers or persons lawfully therein.

18.3 <u>Public Andress System</u> 

The Landlord may (but shall not be compelled to) provide and install a public address system throughout the Common Area or any part thereof and may play, relay or broadcast or permit any other person to play, relay or broadcast recorded music or public announcements thereon.

18.4 <u>Notices</u> 

Any notice required to be served on the Parties shall be served personally or by sending the same by prepaid registered post addressed to the relevant party at its address specified in item 19 of Schedule 1 and any notice sent by post shall be deemed to be given at the time when it ought to be delivered in the due course of post. In addition any notice required to be served on the Tenant shall be sufficiently served if left addressed to the Tenant on the Demised Premises.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

18.5 <u>Rules</u> <u>and Regulations of Building</u> 

The Landlord shall have the right at any time and from time to time to delete, vary, amend or add to the rules and regulations of the Building for the time being deemed to be included in Schedule 2 whenever the Landlord deems such variation, amendment, deletion or sedition thereto shall be necessary or desirable for regulating the use of the Demised Premises or the Common Area or the Building or any part thereof and/or for the safety, care and cleanliness thereof,

18.6 <u>Consent or Approval of Landlord</u> 

tn any case where pursuant to these presents or to any rule or regulation made hereunder the doing or executing of any act matter or thing by the Tenant is dependent upon the consent or approval of the Landlord or the Property Manager, such consent or approval may be given or withheld by the Landlord or the Property Manager in their absolute discretion or given subject to such terms and conditions as the Landlord or Property Manager deems fit.

18.7 <u>Exclusion of implied terms, etc</u> 

The covenants, provisions, terms and agreements herein and in the letter of offer addressed to the Tenant (and accepted by the Tenant) cover and comprise the whole of the agreement between the Parties and the Parties declare that no further or other covenants, agreements, provisions or terms whether in respect of the Demised Premises or the Building or the other tenants thereof or otherwise shall be deemed to be implied herein or to arise between the Parties by way of collateral or other agreement by reason of any promise, representation, warranty or undertaking given or made by either party hereto to the other on or prior to the execution hereof and the existence of any such implication or collateral or other agreement is hereby negatived.

18.8 <u>Right to refuse access</u> 

Notwithstanding anything herein contained the Landlord shall have the right at all times to refuse access to the Building to any person whose presence in the Building might in the opinion of the Landlord or the Property Manager be prejudicial to the safety, character, reputation and interests of the Building and its occupiers.

18.9 <u>Severance</u> 

The illegality, invalidity or unenforceability of any provision of this Lease under the law of any jurisdiction shall not affect its legality, validity or enforceability under the taw of any other jurisdiction nor the legality, validity or enforceability of any other provision.

18.10 <u>Governing law and submission ~c iurisdict on</u> 

This Lease shall be construed and governed by the laws of Singapore and the Parties irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore. The service of any writ or summons or any legal process or any document requiring personal service in respect of any legal action or proceedings under or in connection with this Lease may be effected on the Tenant by serving a copy of the writ of summons and statement of claim or other originating or legal process or document requiring personal service by registered post on the Tenant at its address set out in Schedule 1 and the Tenant agrees that such service shall be deemed to have taken effect 72 hours after the document being served shall) have been put in the post (regardless of whether it is subsequently returned undelivered though the post). The Tenant hereby agrees that such service shall be deemed good and valid service and to have been served personally on the Tenant in accordance with the requirements of law

18.11 <u>Trustee Limitation of Liability</u> 

Notwithstanding any provision to the contrary in this Agreement, the parties agree and acknowledge that HSBC Institutional Trust Services (Singapore) Limited (**"HSBCITS"**) has entered into this Agreement solely in its capacity as trustee of the REIT and not in its persona capacity and all references to the Trustee in this Ag<sup>r</sup>eement shall be construed accordingly, As such, notwithstanding any provision to the contrary in this Agreement. HSBCITS has assumed all obligations under this Agreement solely in its capacity as trustee of the REIT and not in its personal capacity and any liability of or indemnity, / covenant, undertaking, representation and/or warranty given by the Trustee under this Agreement shall / be given by HSBCITS in its capacity as trustee of the REIT and not in its personal capacity and any power and right conferred on any receiver, attorney, agent and/or delegate is limited to the assets of or held on trust for the REIT over which HSBCITS, in its capacity as trustee of the REIT, has recourse and shall not extend to any personal assets of HSBCITS or any assets held by HSBCITS in its capacity as trustee of any other trust. Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Trustee under this Agreement shall only be in connection with the matters relating to the REIT and shall not extend to '.he obligations of HSBCITS in 'aspect of any other trust or real estate investment trust of which it is trustee. Notwithstanding any provision to the contrary in this Agreement, the parties hereby acknowledge and agree that the obligations of the Trustee under this Agreement will be solely the corporate obligations of HSBCITS and that there shall be no recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses. damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this Agreement. For the avoidance of doubt, any legal action or proceedings commenced against the Trustee whether in Singapore or elsewhere pursuant to this Agreement shall be brought against HSBCITS in its capacity as the trustee of the REIT and not in its personal capacity This clause shall survive the termination or rescission of this Agreement. The provisions of this clause shall apply, mutatis mutandis, to any notice, certificate or other document which the Trustee issues under or pursuant to this Agreement, as if expressly set out in such notice, certificate or document.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

**<u>SCHEDULE 2</u>**

<u>.Rules and Regulations of the Building</u>

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| | |
|:---|:---|
| 1. | The Tenant shall not in any way obstruct or permit the obstruction of any walkways, pavements, entrances, passages, courts, corridors, service-ways, vestibules, halls, roads, docks, stairways, elevators, hoists, escalators, fire or escape doors or other parts of the Common Area of any appurtenances or conveniences thereto. |
| 2. | The Tenant shall riot in any way cover or obstruct or sennit to be covered or obstructed, in any manner or by any other article or thing (other than window blinds approved by the Landlord), the windows, skylights or ventilating shafts or air inlets or outlets which reflect or admit light or enable air to flow into or out of the Demised Premises nr any part of the Building. |
| 3. | The Tenant will use or permit to be used for the receipt delivery or other movement of any goods wares or merchandise or articles of bulk or quantity only such parts of the Demised Premises and the Common Area and at such times as the Landlord may from time to time direct. |
| 4. | The Tenant shall not throw or permit to be thrown or to be dropped or to fall any articles or substance whatsoever from or out of the Demised Premises or the Common Area or any part thereof and shall not place upon any sill ledge or other like part of the Demised Premises or the Common Area any articles or substance. |
| 5. | The Tenant shall not litter such parts of the Common Area or any public footpath or way as immediately adjoin the Demised Premises. |
| 6. | The Tenant shall not erect, install or use in the Demised Premises any machinery or equipment which causes noise, fumes or vibration which can be heard, smelled or felt outside the Demised Premises. The Tenant shall maintain all machines and equipment at the Tenant's own costs and expenses in reasonably good condition. |
| 7. | The Tenant shall not hold in or on the Demised Premises any exhibition, public meeting or public entertainment. |
| 8. | The Tenant shall not overload the lifts, electrical installation or Conducting Media in the Demised Premises and/or the Building. |
| 9. | The Tenant shall not do or omit to do anything which interferes with or which imposes an additional loading on any ventilation, air-conditioning or other plant or machinery serving the Building. |
| 10. | The Tenant shall not do anything whereby any policy of insurance cm including or in any way relating to the Demised Premises taken out by the Landlord or the Management Corporation may became void or voidable whereby the rate of premium thereon or on the remainder of the Building may be increased, but to provide one or more efficient fire extinguishers of a type approved by the Landlord and to take such other precautions against fire as may be deemed necessary by the Landlord or its insurers. |
| 10A. | The Tenant shall install or provide as many sprinklers, fire extinguishers, fire fighting or other fire protection equipment (The Fire Protection Equipment") as may be required by the Landlord, the Property Manager or the relevant authorities for compliance with the current security or fire safety regulations which may be prescribed by the relevant competent authorities from time to time and to take such other precautions against fire as may be deemed necessary by the Landlord, the Property Manager or its insurers. The Tenant shall lest, service or otherwise conduct regular inspection of each item of the Fire Protection Equipment and maintain the same in good working order. The Tenant shall strictly adhere to and comply with any security measures or fire safety regulations which may from time to time be prescribed by the Landlord, the Property Manager or any relevant competent authority. |
| 11. | The Tenant will use its best endeavours to protect and keep safe the Demised Premises and any property contained therein from theft or robbery and shall keep all doors windows and other openings closed and securely fastened when the Demised Premises are not in use. |
| 12. | The Tenant shall not display any merchandise or erect or install any sign, device, furnishing, ornament or object which is visible from the street or from any other building and which, in the opinion of the Landlord or the Property Manager, is incongruous or unsightly or may detract from the general appearance of the Building. |

---

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

13. The
 Tenant shall not place cr take into the passenger lifts or onto the escalators any baggage,
 furniture, parcels, sacks, bags, heavy articles or other goods or other merchandise save
 only such light articles as brief-cases, attaché cases and handbags and to use only
 the service lift prescribed by the Landlord or the Management Corporation for the transportation
 of furniture, goods and other heavy equipment.

14. The
 Tenant shall not permit or allow the contractors, workmen or cleaners (with or without equipment
 and tools) engaged by the Tenant to use the passenger lifts of the Building and to ensure
 that they use only the service lift prescribed by the Landlo<sup>r</sup>d or the Property
 Manager.

15. The
 Tenant shall participate in ail activities relating to fire-safety for the Building or any pari thereof as the Landlord or the
 Management Corporation shall think fit or as the relevant competent authorities may require from time to time including but not
 limited to participation in fire drills, fire-safety awareness talks and sessions on use ot fire extinguishers organised by the Landlord or the Management Corporation.

16. The Landlord will provide keys for locks on doors or other openings of the Demised Premises and the Tenant will return to the Landlord
on the determination of the Lease all such keys and shall not permit the same at any time to come into the possession or control of any
person other than the Tenant, its employees or agents.

17. No rubbish waste or incense or joss paper shall at any time be burnt upon the Demised Premises or the Common Area or any part thereof.

18. All blinds, shades, awnings, windows, ventilators and other similar fittings and fixtures installed by the Tenant with the consent of
the Landlord or the Property Manager in or upon the Demised Premises and visible from outside the Demised Premises shall conform to the
requirements and standards of the Landlord or the Property Manager.

19. The
 Landlord or the Management Corporation shall be entitled to close the Building and the Common
 Area or any part thereof and to prevent and prohibit any person from entering or remaining
 thereon between the hours of midnight and 6 a.m. inclusive. Without affecting the generality
 of the preceding provision of this rule the Landlord or the Management Corporation may close,
 lock-off or otherwise control the Common Area or any part thereof from time to time and may
 take all such actions as the Landlord or the Management Corporation deems necessary for the
 purposes aforesaid and in particular may prohibit the use of the parking areas in the Building
 prier to the hours of 8 a.m. or such earlier hours as the Landlord or the Management Corporation
 may from time to time determine to prevent unauthorised persons not intending to conduct
 business with or become customers of any of the occupants of the Building from using the
 parking areas of the Building for any private or other purpose Provided Always that upon
 obtaining the prior written consent of the Landlord or the Property Manager, the Tenant shall
 be permitted to enter the Building during the aforesaid hours.

20. Notwithstanding
 anything hereinbefore contained the Demised Premises shall not be or remain open for business
 at or during any time or times prohibited by law for that class of premises or the business
 carried on therein.

21. Before
 any machinery, safe or furniture is moved into or out of the Demised Premises due notice
 must be given to the Landlord or Its Property Manager by the Tenant.

22. The
 Tenant shall not bring or permit any person to bring or leave in or about the Building any
 bicycle or similar machine or any animal or play or permit any person to play any musical
 instrument in or about the Demised Premises

23. The
 Tenant shall advise the Landlord or its Property Manager of the private address and telephone
 number of the Tenant or if the Tenant shall be a corporation, of the manager thereat, or
 if there shall be more than one lessee, of any two of them. The Landlord or its Property
 Manager shall be promptly informed of any change in any such address and/or telephone number.

24. The
Tenant shall not allow any accumulation of rubbish and carton boxes in the Demised Premises.

25. All
 doors of the Demised Premises shall be securely fastened on all occasions when the Demised
 Premises are left unoccupied and the Landlord reserves the right by its and its Property
 Manager's agent, caretaker, employees, and workmen to enter and fasten the same if
 left insecurely fastened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. The
 Tenant shall take such steps as may be necessary to prevent excessive infiltration of air
 into the Demised Premises and air leakages and shall not do any act or thing whereby the
 working of the air circulating plant in the Building shall be affected.

27. The
 Landlord or the Property Manager shall be entitled to determine the hours of illumination
 of signs in accordance with the hours of trading prescribed in the Lease.

28. The
 Landlord or the Property Manager shall have the authority to require sale and promotional
 signs to be immediately removed at any time should the Landlord or the Property Manager deem
 such signs are not in the best interest of the Building

29. The
 Tenant shall permit security guards employed by the Landlord or the Property Manager to search
 all incoming and outgoing goods and property whenever they deem it necessary.

30. The
 Tenant shall ensure that the Tenant, its employees, servants visitors or agents who desire
 access to the Demised Premises and/or the Building identify themselves to the security guards
 on duty after business hours as access to the Demised Premises and/or the Building will otherwise be refused.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

**<u>SCHEDULE 3</u>**

<u>Environmental, Social and Governance and Sustainability</u>

**Part A: Preamble**

1. **COOPERATION** 

The Landlord and Tenant are committed to manage, operate and occupy the building to promote environmental, social and governance good practices and sustainability via energy efficiency improvements, positive behavioural changes and healthy practices.

**Part B Tenant's Commitment**

2. **CERTIFICATION** 

The Tenant is to achieve and maintain the BCA Green Mark for Healthier Workplaces Goldplus award within (he lease period.

---

| | |
|:---|:---|
| 3 | **TENANT'S COMMITMENTS** |

---

Without prejudice to any of the provisions in this Lease, the Tenant Shall comply with the following Tenant's Commitments:

---

| | | |
|:---|:---|:---|
|  | **Category** | **Tenant's Commitment** |
| **(a)** | **REPORTING, STANDARDS AND SURVEY** | Provide the Landlord, on a monthly basis, with information regarding ESG and sustainability matters relating to the Tenant, Including but not limited to information relating to Tenant's energy efficiency in the Demised Premises, Tenant's energy consumption in the Building, Tenant's water consumption in the Building, Tenant's production of waste and greenhouse gases, Tenant's recycling rates and information relating to the use of public transport and other modes of transport by Tenant and others duly authorised by the Tenant to be present on the Demised Premises to reach the Demised Premises (the "**Information**"); without prejudice to the foregoing, such Information for the months of: |
|  | (i) | January, February and March of a year shall be submitted in April of that year; |
|  | (ii) | April, May and June of a year shall be submitted in July of that year; |
|  | (iii) | July, August and September of a year shall be submitted in October of that year; and |
|  | (iv) | October, November and December Of a year ("**Year 1**") shall be submitted in January of the year immediately following Year 1. |
|  |  | The Information shall include all plans, documents, maintenance contracts, specifications, maintenance report and maintenance schedules (excluding information that cannot he disclosed by law) that the Tenant has regarding; |
|  | (a) | electricity use; |
|  | (b) | energy use; |
|  | (c) | water consumption: |
|  | (d) | material use; |
|  | (e) | waste generation |
|  | (f) | generation of greenhouse gases; |
|  | (g) | waste management, including recycling; and |
|  | (h) | information relating to the use of public transport and other modes of transport by Tenant and others duly authorized by the Tenant to be present on the Demised Premises to reach the Demised Premises. |
|  |  | Participate in any survey in relation to ESG, sustainability and indoor air quality matters upon Landlord's request. |

---

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

**(b)** **MANAGEMENT OF ENERGY USE** Ensure adoption of energy efficient measures to comply with the applicable requirements for Goldplus found in GM:2021 Energy Efficiency,
Lighting Power Budget, Table 2A, as the same may have been or may be modified, amended, supplemented, released or replaced from time to
time

---

| |
|:---|
| Office |
| Meeting room 6 w/m<sup>2</sup> |
| Retail - Sports Goods 15 w/m<sup>2</sup> |
| Retail - Jewellery 23 w/m<sup>2</sup> |
| Retail Clothing, Accessories and Cosmetics 18 w/m<sup>2</sup> |
| Restaurants 7 w/m<sup>2</sup> |
| Foodcourts 6 w/m<sup>2</sup> |

---

Ensure that the measured indoor lighting levels comply with the recommended illuminance (average lux level) slated in SS530: 2014 or prevailing standards.

Ensure that the lights shall be energy efficient light fittings and refrain from using non-efficient lamps including but not limited to halogen, incandescent or neon lighting.

Use occupancy sensors for lighting control where appropriate. Install dedicated light switches at enclosed spaces that auto switch off when not in use.

**(c)** **SUSTAINABILITY MANAGEMENT** Ensure that interior paints, varnishes, sealants and adhesives are of low Volatile Organic Compounds (VOC) using natural and water based
products certified with at least SGBP 2 ticks or equivalent by the relevant local certification bodies, mth >= 80% (by cost or area)
of the fit-out materials used.

Commit to engage actively in promoting the environmental responsibilities of Tenant's business.

**(d)** **ENERGY INTENSITY AND USAGE** Monitor and report the monthly electricity consumption to Landlord. Tenant shall endeavour to review the electricity consumption from
time to time to improve on it.

---

| | | |
|:---|:---|:---|
| **(e)** | **WATER USAGE** | Display water conservation posters in all water usage areas within the Demised Premises. |
|  |  | Monitor and report water consumption within the Demised Premises to Landlord on a monthly basis; without prejudice to the foregoing, such information for the months of: |
|  | (i) | January, February and March of a year shall be submitted in April of that year; |
|  | (ii) | April, May and June of a year shall be submitted in July of trial year; |
|  | (iii) | July, August and September of a year shall be submitted in October of that year; and |
|  | (iv) | October, November and December of a year shall be submitted in January of the year immediately following Year 1. |

---

Tenant shall endeavour to review the water consumption from time to time to improve on it.

Use water efficient fittings with 3-ticks Water Efficiency Labelling Scheme (WELS) where applicable.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

**(f)** **AIR-CONDITIONING** For areas that require cooling beyond the normal operating hours of the central plant, dedicated supplementary cooling installed are required
to meet the minimum of 5 ticks for split unit aircon models up to 10 kW cooling capacity and tap into building central chilled water air
conditioning system. The system must be regularly serviced and maintained to ensure operational efficiency.

**(g)** **FIT OUT AND RENOVATIONS** Adopt a design approach based on measurable performance outcomes to ensure projects meet their
 design intent and minimise the Performance gap.

Design internal partitions to be modular and reusable (> 70%), where applicable.

Ensure that furnishings, furniture and carpets are of low VOC and certified wth al least SGBP 2 ticks or equivalent by the relevant local certification bodies with 2 80% (by cost or area) of the fitout materials used.

Recycle or reuse or require its contractor to recycle or reuse as much as possible any waste created in the demolition of any alterations and additions made to the Demised Premises so as to minimise the amount of waste ending in landfill.

---

| | | |
|:---|:---|:---|
| **(h)** | **EQUIPMENT** | Adopt an office policy for energy efficient settings to tie enabled on all equipment. |
|  |  | Use energy efficient computers and low energy LED/LCD monitors. |
|  |  | Include Energy Star rating or NEA Energy Efficiency Labelling rating as a minimum requirement for all applicable equipment. |
|  |  | Install water dispensers to reduce the use of bottled water/disposable cups and encourage the use of reusable cups. |
|  |  | Use of Mandatory Energy Labelling Scheme (MELS) regulated appliances with highest tick-rating (i.e 5 ticks for television, 4 ticks for refrigerator, 3 ticks tor lamp). |

---

---

| | | | |
|:---|:---|:---|:---|
| **(i)** | **SOUND CONTROL** | Reverberation Requirements: To reduce as far as practicable for noise control. | Reverberation Requirements: To reduce as far as practicable for noise control. |
|  |  | Sound Transmission Reduction Requirements: Refer to table Health 8 Wellbeing HW 2.3.2:- | Sound Transmission Reduction Requirements: Refer to table Health 8 Wellbeing HW 2.3.2:- |
|  |  | ● | General Office >= 45 (STC) |
|  |  | ● | Meeting rooms, classrooms and conference rooms >= 50 to 60(STC) |

---

---

| | | |
|:---|:---|:---|
| **(j)** | **COMPANY POLICIES AND PROCEDURES** | Adopt an organisational sustainability policy, Corporate Social Responsibility ("CSR") policy and implementation plan to include sustainable marketing and promotions, using recycle collaterals and participate in activities with sustainability or CSR objectives such as Earth Hour. |
|  |  | To implement initiatives that are designed to improve the wellbeing of the Demised Premises' communities including but not limited to provision of healthy food and being committed to ensure gender equity or diversity within the Demised Premises' communities. |
|  |  | Encourage staff accountability, awareness and participation in eco-friendly practices. |

---

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

Display Tenant's certification on *Green Mark Certificate/Other* sustainability certificate (if any) in a prominent location in the Demised Premises.

Consider the environmental impact in the procurement of goods and services.

Without prejudice to any provision in this Lease, conduct annual waste audit to identify and quantify the sources, amount and types of waste generated in the Demised Premises. A waste audit includes but is not limited to: (i) create an audit checklist for all waste types generated from each department, (ii) collect waste samples from all departments, (iii) sort the waste into different types according to the checklist and (iv) weigh the waste types record the data and analyse results to identify opportunities for waste reduction and recycling.

---

| | | |
|:---|:---|:---|
| **(k)** | **CLEANING SERVICES** | Use and require that cleaning contracts stipulate the use of natural, solvent free and hydrocarbon free cleaning products certified with Singapore Green Labelling Scheme (SGLS) and having the green products with at least SGBP 2 ticks or equivalent by the relevant local certification bodies. |
|  |  | Use National Environment Agency (NEA) registered pesticides and vector control products that are suitable for indoor use. |

---

---

| | | | |
|:---|:---|:---|:---|
| **(l)** | **WASTE AND RESOURCE MANAGEMENT** | To adapt good practices far waste minimisation including reducing waste at source, reusing item(s) and recycling waste: examples of such good practices that Tenant may wish to adept includes but is not limited: | To adapt good practices far waste minimisation including reducing waste at source, reusing item(s) and recycling waste: examples of such good practices that Tenant may wish to adept includes but is not limited: |
|  |  | (i) | Working with suppliers to deliver goods without or with less disposable packaging: |
|  |  | (j) | Purchasing and using products with recycled content/less packaging material; |
|  |  | (k) | Purchasing reusables instead of single-use items wherever possible; |
|  |  | (l) | Providing water jugs With reusable cups or water stations for refilling of bottles instead of providing disposable water bottles for meetings; |
|  |  | (m) | Going digital instead of printing and photocopying: |
|  |  | (n) | Using reusable crockery and cutlery when catering. |

---

---

| | |
|:---|:---|
| To adopt a circular economic approach for: | To adopt a circular economic approach for: |
| ● | e-waste disposal |
| ● | Food waste segregation requirements under the Resource Sustainability Act. |

---

For more information on waste and resource management, Tenant may refer to NEA's website for the 3R guidebooks for Offices and shopping mall.

---

| | | |
|:---|:---|:---|
| **(m)** | **INDOOR AIR QUALITY AND INDOOR CONTAMINANTS MANAGEMENT** | To permit the Landlord, Property Manager, Management Corporation and their respective agents, workmen and others employed by them at all reasonable times or weekdays and Saturdays, after giving to the Tenant prior notice to enter upon the Demises Premises to measure the air quality of the Demised Premises without payment of compensation for any nuisance, annoyance, inconvenience or damage caused to the Tenant. |
|  |  | Conduct pre-occupancy flush out after the completion of construction and all fitting-out of interior finishes (including fixed furniture and furnishings) for al occupied spaces to remove the contaminants. |

---

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate investment Trust

Regularly inspect, clean and maintain the Tenant's auxiliary air conditioning systems in accordance with SS553:2016 or prevailing standards, whichever the higher standard.

**Part C: Capital Upgrades**

4. **CAPITAL UPGRADES** 

4.1 The Tenant acknowledges that the Landlord may carry out the Capital Upgrades. In this connection. Clause 3.1.49 of this Lease shall apply.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate investment Trust

**<u>ANNEXURE A</u>**

![](pg46-53_001.jpg)

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

**<u>ANNEXURE B</u>**

**LYC Medicare International Pte. Ltd.**

**(Co Regn. No. 202433056R)**

(Incorporated in the Republic of Singapore)

("Company")

CERTIFIED TRUE EXTRACT OF THE DIRECTORS' RESOLUTION

IN WRITING DATED <u>7 April</u> 2025 PASSED PURSUANT TO

THE ARTICLES OF ASSOCIATION OF THE COMPANY

------

**WHEREAS** HSBC Institutional Trust Services (Singapore) Limited as trustee of Starhill Global Real Estate Investment Trust ("Landlord") has offered and the Company wishes to accept a lease of the premises known as No. 435 Orchard Road Unit No. #21-05 Wisma Atria, Singapore 238877 ("Demised Premises").

**IT WAS NOTED THAT** the Directors have carefully considered the following documents attached to these Resolutions:-

(i) the lease for the Demised Premises ("Lease") to be entered into between the Landlord
and the Company.

**IT IS HEREBY RESOLVED AS FOLLOWS:-**

(1) That the Lease be hereby noted, approved and adopted;

(2) That the Company accepts and enters into the Lease;

(3) That any director of the Company be and is hereby authorized for and on behalf of the Company
to accept and to execute the Lease and sign any notices, communications and other documents as may be necessary and/or to take such other
necessary actions as may be required in relation to the abovementioned lease for and on behalf of the Company:

(4) That any director be authorized in his absolute discretion to approve any amendment, alteration
or variation of the Lease and that the signing or sealing thereof or of a copy thereof shall be conclusive proof of such approval;

(5) That authority be and is hereby given for the common seal of the Company to be affixed in
accordance with the Constitution of the Company onto any documents (including without limitation any deed of variation) as are required
by the Landlord to be executed by the Company under seal, in relation to the abovementioned lease.

(6) That a copy or extract of any resolution of the Board of Directors, which is certified as
a true copy or extract by any director or the company secretary of the Company, shall as between the Landlord and the Company be conclusive
evidence of the passing of the resolution so certified.

---

| | |
|:---|:---|
| **Certified as a true** extract by: | **Certified as a true** extract by: |
| /s/ Sui Diong Hoe | /s/ Sui Diong Hoe |
| Name: | Sui Diong Hoe |
| Director | Director |
| Date: | 7 April 2025 |

---

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

as trustee of Starhill Global Real Estate Investment Trust

AS WITNESS the hands of the parties hereto the day and year first above written.

---

| | |
|:---|:---|
| SIGNED by Brandon Teo) |  |
| for and on behalf of **YTL STARHILL GLOBAL**) |  |
| **PROPERTY MANAGEMENT PTE. LTD.,** attorney of) |  |
| **HSBC INSTITUTIONAL TRUST SERVICES**) |  |
| **(SINGAPORE) LIMITED (trustee of STARHILL** |  |
| **GLOBAL REAL ESTATE INVESTMENT TRUST)** |  |
| acting under Power of Attorney registered in the) |  |
| Registry, Supreme Court as No. HC/PA 110/2024) |  |
| in the presence of:) | /s/ Brandon Teo |

---

---

| | |
|:---|:---|
| /s/ Lu Chen Yiun | /s/ Lu Chen Yiun |
| Witness' Name: | Lu Chen Yiun |
| NRIC/Passport No.: | SXXXX412H |

---

---

| | |
|:---|:---|
| **SIGNED** by) | ![](pg46-53_002.jpg) |
| for and on behalf of) | ![](pg46-53_002.jpg) |
| **LYC MEDICARE INTERNATIONAL PTE. LTD.**) | ![](pg46-53_002.jpg) |
| in the presence of:-) | ![](pg46-53_002.jpg) |

---

---

| | | |
|:---|:---|:---|
| /s/ TAN LEE FANG | /s/ TAN LEE FANG | ![](pg46-53_003.jpg)  |
| Witness' Name: | TAN LEE FANG | ![](pg46-53_003.jpg)  |
| NRIC/Passport No.: | S8983415E<br>| ![](pg46-53_003.jpg)  |

---

## Exhibit 10.4

**Exhibit 10.4**

**TENANCY EXTENSION AGREEMENT Room Rental**

For

**3 Mount Elizabeth #15-14, Room 1, Mount Elizabeth Medical Centre, Singapore 228510**

**Susan Quek Heart Care Private Limited;** Company Registration No: **199408950D** of having its registered office at **3 Mount Elizabeth #15-14 Mount Elizabeth Medical Centre, Singapore 228510** (hereinafter known as "The Landlord") which expression shall where the context so admits include its successors and assigns), of one part,

AND

**HC Orthopaedic Surgery Pte Ltd;** Company Registration No: **201725626E** of having its registered office at **3 Mount Elizabeth #15-14 Mount Elizabeth Medical Centre, Singapore 228510** (hereinafter after known as "The Tenant"), of the other.

This Agreement is an extension to the **Tenancy Agreement dated 22<sup>nd</sup> November 2017 and as extended by the Tenancy Extension Agreement dated 25<sup>th</sup> July 2019 and 1<sup>st</sup> June 2021 between the Landlord and the Tenant.** The Agreement is signed on **1<sup>st</sup> day of June 2023.** Unless otherwise stated, all capitalised terms used herein shall have the meanings ascribed to them in the Tenancy Agreement dated 22<sup>nd</sup> November 2017.

Whereas the Landlord has agreed with the Tenant to extend the said Tenancy for a further period of **Twenty Four (24) months from 1<sup>st</sup> day of December 2023 and expiring on 30<sup>th</sup> day of November 2025. The Landlord and Tenant hereby mutually agree to the following:**

**1.** **Rental:** 

&nbsp;&nbsp;&nbsp;&nbsp;1.1 The
 rental for the extended period from **1<sup>st</sup> day of December 2023 and expiring on 30<sup>th</sup> day of November 2025** shall
 be **Singapore Dollars Ten Thousand Five Hundred (S$10,500.00)** payable monthly in advance without deduction between whatsoever
 by GIRO, on the **First (l<sup>st</sup>)** day of each calendar month.

1.2 The
 Tenant hereby undertakes to pay the Rent and all other sums payable by it hereunder by way of bank transfer or GIRO to the Landlord's
 bank account as shown below. All bank charges shall be for the account of the Tenant.

**Bank: UOB Current**

**Bank Account: 357-301-627-9**

**Name: Susan Quek Heart Care Pte Ltd**

**2.** **Termination of Rental** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 The
 Landlord and the Tenant agree that either party is entitled to terminate the Tenancy at any time by giving to the other party **at least six (6) months' notice in writing in year 1,** i.e. for the rental period between **1<sup>st</sup> day of December 2023 and expiring on 30<sup>th</sup> day of November 2024.** 

2.2 The
 Landlord and the Tenant agree that either party is entitled to terminate the Tenancy at any time by giving to the other party **at least three (3) months' notice in writing in year 2,** i.e. for the rental period between **1<sup>st</sup> day of December 2024 and expiring on 30<sup>th</sup> day of November 2025.** 

**3.** Except
 as amended above, all the other terms and conditions provided in the **Tenancy Agreement dated 22<sup>nd</sup> November 2017 and the Tenancy Extension Agreement dated 25<sup>th</sup> July 2019 and 1<sup>st</sup> June 2021** shall remain applicable and shall
 apply during this extended period of tenancy as though they are expressly incorporated herein.

**4.** **Governing Law** 

The validity, interpretation and enforcement of this Agreement and all rights, remedies, powers, obligations and liabilities hereunder shall be governed by the Laws of the Republic of Singapore. The parties herein submit themselves to the jurisdiction of the Courts of Singapore.

**5.** **Contract (Rights of Third Parties) Act 2001** 

A person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act 2001.

IN WITNESS WHEREOF the parties have hereunto set their hands the <u>1st</u> day of <u>June 2023</u>.

---

| | |
|:---|:---|
| Signed by the following signatory for and on behalf of the Landlord | Signed by the following signatory for and on behalf of the Landlord |
| Company: **Susan Quek Heart are Private Limited** | Company: **Susan Quek Heart are Private Limited** |
| Company Reg No: 19940895 | Company Reg No: 19940895 |
| Authorised Signatory: | ![](ex10-4_001.jpg) |
| Name: | Susan Quek Swee San |
| NRIC: | S0160148B |
| In the presence of: | ![](ex10-4_002.jpg) |
| Witness: | Tan Lay Yen |
| NRIC No: | S713341OD |
| Signed by the following signa or-w for and on behalf of the Tenant | Signed by the following signa or-w for and on behalf of the Tenant |
| Company: | **HC Orthopaedic. Surgery Pte Ltd** |
| Company Reg No: | 201725626E |
| Authorised Signatory | ![](ex10-4_004.jpg) |
| Name: | Henry Chan Ying Ho |
| NRIC: | S7971788F |
| In the presence of | ![](ex10-4_003.jpg) |
| Witness: | ZEMLELIM |
| NRIC No: | S9122888B |

---

![](ex10-4_005.jpg)

**Certificate of Stamp Duty**

---

| | | |
|:---|:---|:---|
| Stamp Certificate Ref No. | **:** | **083197-94LA4-1-427385723** |
| Stamp Certificate Issued Date | **:** | **01 Jun 2023** |
| Document Ref No. | **:** | **2306017176726 ver. 1.0** |
| Document Description | **:** | **Tenancy Agreement** |
| Date of Document | **:** | **01 Jun 2023** |

---

---

| | |
|:---|:---|
| Property | 3 MT ELIZABETH #15-14 SINGAPORE 228510<br>|
| Landlord/ Lessor | SUSAN QUEK HEART CARE PRIVATE LIMITED (UEN-LOCAL CO - 199408950D)<br>|
| Tenant/ Lessee | HC ORTHOPAEDIC SURGERY PTE. LTD. (UEN-LOCAL CO - 201725626E)<br>|
| Stamp Duty | S$1,008.00 |
| Total Amount | S$1,008.00<br>|

---

*Check <u>stamp certificate authenticity</u> at MyTax Portal* - *Stamp Duty.*

---

| | |
|:---|:---|
| **SXXXX829I - 01 Jun 2023** | **083197-94LA4-1-427385723** |
| **2306017176726** |  |
|  | Page 1 of 1 |

---

## Exhibit 10.5

**Exhibit 10.5**

![](ex10-5_001.jpg)

**Certificate of Stamp Duty**

---

| | | |
|:---|:---|:---|
| Stamp Certificate Ref No. | **:** | **083167-03LA4-1-441775823** |
| Stamp Certificate Issued Date | **:** | **06 Oct 2023** |
| Document Ref No. | **:** | **2310062307382 ver. 1.0** |
| Document Description | **:** | **Tenancy Agreement** |
| Date of Document | **:** | **05 Oct 2023** |
| Your File Ref No. | **:** | **PHSPL/PEMC0407** |

---

---

| | |
|:---|:---|
| Property | 319 JOO CHIAT PL #04-07 SINGAPORE 427989 |
| Landlord/ Lessor | PARKWAY HOSPITALS SINGAPORE PTE. LTD. (UEN-LOCAL CO - 200409811Z) |
| Tenant/ Lessee | HC ORTHOPAEDIC SURGERY PTE. LTD. (UEN-LOCAL CO - 201725626E) |
| Stamp Duty | S$389.00 |
| Total Amount | S$389.00 |

---

*Check <u>stamp certificate authenticity</u> at MyTax Portal - Stamp Duty.*

---

| | |
|:---|:---|
| **A90007717I - 06 Oct 2023** | **083167-03LA4-1-441775823** |
| **2310062307382** |  |

---

Page 1 of 1

THIS TENANCY AGREEMENT is made on 5<sup>th</sup> day of October 2023 BETWEEN

**PARKWAY HOSPITALS SINGAPORE PTE LTD**

(Company Registration No: 200409811Z)

1 Harbourfront Place #03-02

Harbourfront Tower One

Singapore 098633

(hereinafter called the **"Landlord"**) of the one part AND

**HC ORTHOPAEDIC SURGERY PTE LTD**

(Company Registration No.: 201725626E)

3 Mount Elizabeth #15-14

Mount Elizabeth Medical Centre

Singapore 228510

(hereinafter called the **"Tenant"**) of the other part.

WHEREBY IT IS AGREED BETWEEN THE PARTIES HERETO as follows:

**1.** <u>**INTERPRETATIONS**</u> 

1.1 In
 this Agreement, the following words and expressions shall where the context so admits have
 the following meanings:

**"Agreed Sum"** shall have the meaning ascribed to it in Clause 11.1.

**"Alterations and Additions"** means the works to be carried out by the Tenant pursuant to Clause 6.

**"Authorities"** shall have the meaning ascribed to it in Clause 11.1.

**"Building"** means the Building known as PARKWAY EAST MEDICAL CENTRE located at 319 Joo Chiat Place Singapore 427989.

**"Commencement Date"** means the commencement date of the Term stated in Clause 2.1.

**"Common Area"** means those parts areas premises and facilities of and in the Building which are not demised or intended to be demised by the Landlord to the tenant or to any other tenant and which are now or hereafter provided by the Landlord or the Management Corporation for the common use by tenants in the Building and their respective customers employees invitees and licensees in common with the Landlord and all other persons having the like right to use the same (including but without limiting the generality of the foregoing all roads walls car parks walkways pavements passages entrances courts vestibules halls toilets stairways escalators elevators and gardens and such other areas amenities grounds and conveniences from time to time provided prescribed or made available by the Landlord for the common or general use or benefit of the tenants customers employees invitees and licensees as aforesaid and all other persons having the like right).

**"Conducting Media"** means drains, sewers, conduits, flues, gutters, gullies, channels, ducts, shafts, watercourses, pipes, cables, wires and mains or any of them.

**"Designated Electricity Supplier"** shall have the meaning ascribed to it in Clause 4.5.1.

**"GIRO account"** shall have the meaning ascribed to it in Clause 13.3.

**"Interest"** shall have the meaning ascribed to it in Clause 13.6

**"Landlord"** includes its successors-in-title, assigns and all persons entitled to the reversion immediately expectant upon the determination the term hereby created.

**"Management Corporation"** means the Management Corporation as shown on the strata title plan of the Premises for the time being (if any).

**"Permitted Occupier"** means any person on the Premises expressly or by implication with the Tenant's authority but subject to the Landlord's prior written permission.

**"Premises"** means all that premises known as 319 Joo Chiat Place #04-07 Parkway East Medical Centre Singapore 427989 comprising a Floor Area of 592 square feet being part of the Building as shown edged in RED (for the purpose of identification only) in Schedule 1.

**"Relevant Consents"** means those permissions, consents, approvals, licences, certificates and permits in legally effectual form as may be necessary lawfully to commence, carry out and complete the Alterations and Additions (as defined hereinabove) to the Premises.

**"Rent"** means the rent payable by the Tenant to the Landlord pursuant to Clause 3.1.

**"Security Deposit"** means the security deposit provided under Clause 3.4.

**"Service Charges"** means the service charges payable by the Tenant to the Landlord pursuant to Clause 3.2.

**"Taxes"** shall have the meaning ascribed to it in Clause 11.1.

**"Tenant"** includes the respective personal representatives and permitted assigns of the Tenant.

**"Term"** means the term of Three (3) years granted by this Agreement.

1.2 In
 any case where the Tenant is placed under a restriction by reason of the covenants and conditions
 contained in this Agreement, the restriction shall be deemed to include the obligation on
 the Tenant not to permit or allow the infringement of the restriction by any person claiming
 rights to use, enjoy or visit the Premises through, under or in trust for the Tenant.

1.3 Words
 in this Agreement importing the singular meaning shall where the context so admits include
 the plural meaning and vice versa.

1.4 References
 in this Agreement to any statutes or statutory instruments shall include and refer to any
 statute or statutory instrument amending, consolidating or replacing them respectively from
 time to time and for the time being in force.

1.5 Words
 in this Agreement for the masculine gender shall include the feminine and neuter gender and
 vice versa and words denoting natural persons shall include corporations and firms and all
 such words shall be construed interchangeably in that manner.

1.6 Where
 two (2) or more persons are included in the expression "Tenant'' all covenants,
 agreements, terms, conditions and restrictions shall be binding on and applicable to them
 jointly and each of them severally, and shall also be binding on and applicable to their
 personal representatives and permitted assigns respectively jointly and severally. In addition,
 the expression "Tenant" shall where the context so admits, include references
 to any one of them.

1.7 The
 headings in this Agreement are for ease of reference only and shall not be taken into account
 in the construction or interpretation of any covenant, condition or proviso to which they
 refer.

1.8 References
 in this Agreement to a clause are references where the context so admits to a clause in this
 Agreement. References in a clause to a paragraph are (unless the context otherwise requires)
 references to a paragraph of that clause.

1.9 Any
 provision in this Agreement referring to the consent or approval of the Landlord shall be
 construed as also requiring the consent or approval of the Management Corporation and any
 relevant authority but nothing in this Agreement shall be construed as implying that any
 obligation is imposed on the Management Corporation or the relevant authority not unreasonably
 to refuse any such consent or approval.

1.10 No
 amendment of, or addition to, the provisions of this Agreement shall be binding or effective
 unless it is in writing and signed by all of the parties.

**2.** <u>**THE LEASE**</u> 

2.1 In
 consideration of the Rents, Service Charges and the Tenant's covenants hereinafter
 reserved and contained the Landlord HEREBY LETS and the Tenant HEREBY TAKES the Premises
 being part of the Building Excepting and Reserving unto the Landlord and all others entitled
 thereto the free and uninterrupted use of the Common Area, and all pipes, electric and other
 wires, drains and air-conditioning ducting or flues in through or under the Premises TO HOLD the Premises unto the Tenant for a term of Three (3) years
 commencing on **1 October 2023 ("Commencement Date") and expiring on 30 September 2026** (both days inclusive) (hereinafter called the **"Term"**), the
 Tenant paying to the Landlord during the Term the Rent in accordance with the provisions
 of Clause 3.1 and the Service Charges in accordance with the provisions of Clause 3.2 and
 the Tenant complying with the terms of this Agreement, particularly under Clauses 4.22 and
 4.23. The Landlord and Tenant acknowledge and agree that contemporaneous with the execution
 of this Agreement, the Landlord has executed/ will be executing separate tenancy agreement(s) **("Additional Tenancy Agreement(s)")** with additional tenant(s) **("Additional Tenant(s)"),** whose identity(ies) will be made known to the Tenant, in respect of
 the Premises for an agreed sharing of occupancy based on the agreed sessions (as defined
 and further elaborated under Clause 4.22(a)), between the Tenant and the Additional Tenant(s).

**3.** <u>**RENT, SERVICE CHARGES, SECURITY DEPOSIT, PROPERTY TAX**</u> 

3.1 The
 Tenant shall pay to the Landlord a monthly rent (hereinafter called the "Rent")
 throughout the Term as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 Singapore
 Dollars **TWO THOUSAND THREE HUNDRED AND SIXTY EIGHT ONLY (S$2,368.00)** (exclusive of
 any goods and service tax payable) per month for the first year of the Term commencing from
 1 October 2023 to 30 September 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 Singapore
 Dollars **TWO THOUSAND FOUR HUNDRED SEVENTY FIVE AND CENTS SIXTY FOUR ONLY (S$2,475.64)** (exclusive of any goods and service tax payable) per month for the first year of the
 Term commencing from 1 October 2024 to 30 September 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 Singapore
 Dollars **TWO THOUSAND FIVE HUNDRED EIGHTY THREE AND CENTS TWENTY SEVEN ONLY (S$2,583.27)** (exclusive of any goods and service tax payable) per month for the first year of the
 Term commencing from 1 October 2025 to 30 September 2026.

The Rent shall be payable monthly in advance without demand or deduction on the first day of every calendar month throughout the Term.

3.2 The
 Tenant shall pay to the Landlord monthly Service Charges of Singapore Dollars **TWO HUNDRED TWENTY SIX AND CENTS FOUR ONLY (S$226.04)** (exclusive of any goods and services tax payable)
 and such increase (if any) in the Service Charges as the Landlord may determine from time
 to time in accordance with Clause 3.3 below. The Service Charges shall be payable monthly
 in advance without demand or deduction on the first day of every calendar month throughout
 the Term.

3.3 In
 the event of any increase in the outgoings of the Building howsoever caused, the Landlord
 shall be entitled at any time and from time to time to increase the Service Charge by a sum
 corresponding to such portion of the increased outgoings of the Building as shall be attributable
 to the Premises by serving a written notice to the Tenant informing the Tenant of such increase
 and the increased Service Charge shall be payable by the Tenant with effect from the date
 specified in the said notice and for the purpose of this clause, the Tenant shall accept
 the Service Charge and any increase thereof as notified by
 the Landlord as final and conclusive.

3.4 To
 furnish to the Landlord on or before the execution of this Agreement and maintain at all
 times during the Term a Security Deposit in the sum of Singapore Dollars **EIGHT THOUSAND FOUR HUNDRED TWENTY SEVEN AND CENTS NINETY THREE ONLY (S$8,427.93)** (hereinafter called
 the **"Security Deposit"**) being the equivalent of Three (3) months'
 Rent, Three (3) months' Service Charges which shall be held by the Landlord as security
 for the Premises during the Term.

3.5 The
 Security Deposit shall be held by the Landlord as security for the due performance and observance
 by the Tenant of all the covenants and provisions contained in this Agreement and as security
 for any claim by the Landlord at any time against the Tenant in relation to any matter in
 connection with the Premises whether this Agreement is subsisting or not, and subject to
 any deductions to be made by the Landlord pursuant to the provisions of this Agreement, shall
 be repaid without interest to the Tenant.

3.6 If
 the Tenant shall commit a breach of any of the provisions of this Agreement, the Landlord
 shall be entitled but not obliged to apply the Security Deposit or any part thereof in or
 towards payment of monies outstanding or making good any breach by the Tenant or to deduct
 from the Security Deposit the loss or expense to the Landlord occasioned by such breach but
 without prejudice to any other rights or remedies to which the Landlord may be entitled.
 If any part of the Security Deposit shall be applied by the Landlord in accordance herewith,
 the Tenant shall on demand by the Landlord forthwith deposit with the Landlord the amount
 set-off by the Landlord from the Security Deposit. Provided Always that no part of the Security
 Deposit shall without the written consent of the Landlord be set-off by the Tenant against
 any Rent, Service Charges or other sums owing to the Landlord.

3.7 If
 from time to time during the Term, the Service Charges are increased, the Security Deposit
 paid by the Tenant to the Landlord shall likewise be increased and the difference shall be
 paid within fourteen (14) days of the Landlord's notice requiring payment.

3.8 The
 Tenant shall pay on demand made by the Landlord, the additional sum in respect of any increase
 in property tax or other imposition of a like nature by whatever name called which may be
 levied or imposed upon or in respect of the Premises on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.1 the
 relevant government authority assessing, attributing or calculating an annual value for the
 Premises (whether on re-assessment by the relevant government authority or as increased from
 time to time whether retrospective or otherwise) which is in excess of the property tax calculated
 on the basis of an annual value equivalent to the annual Rent payable under this Agreement;
 and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.2 the
 property tax payable by the Landlord at the commencement of the Term, being increased for
 any reason whatsoever (including, but without limitation, by reason of the rate of tax payable
 by the Landlord at the commencement of the Term being increased by the relevant government
 authority from time to time or as a result of the imposition of surcharge and whether retrospective
 or otherwise).

whether such increase in property tax or such imposition is levied during the Term or after the expiry of the Term or retrospectively. The additional property tax payable pursuant to Clause 3.8 above shall be calculated from the date upon which the re-assessment or increase in property taxes takes effect.

3.9 The
 Tenant's liability in respect of any additional property tax referable to the Term,
 pursuant to the provisions of this Clause shall not be affected by the expiry or earlier
 determination of the Term.

3.10 Objection
 to any assessment of annual value or imposition of property tax on the Premises during the
 Term may be made only by the Landlord in its sole discretion.

---

| | |
|:---|:---|
| **4** | **TENANT'S COVENANTS** |

---

The Tenant hereby covenants with the Landlord as follows:

4.1 At
 all times to repair and to keep in a clean and good state of tenantable repair and condition
 (fair wear and tear excepted), the Premises including but without limitation, the interior
 thereof, the flooring, interior plaster or other surface material or rendering on walls and
 ceilings, fixtures therein, all doors, windows, glass, locks, fastenings, installations and
 fittings for light and power, installations in or serving the Premises, the Conducting Media
 within and serving the Premises, to make good to the satisfaction of the Landlord any damage
 or breakage caused to any part of the Premises or to the Landlord's and/or the Tenant's
 fixtures and fittings therein by the bringing in or removal of the Tenant's goods or
 effects or resulting from any action or omission of the Tenant, its employees, independent
 contractors, agents or any permitted occupier and without prejudice to the generality of
 the foregoing, to replace at the Tenant's own cost and expense all broken or blown
 light bulbs, globes or tubes installed upon the Premises.

4.2 The
 obligations in Clause 4.1 extend to all improvements and additions to the Premises and all
 the Landlord's and the Tenant's fixtures, fittings and appurtenances of whatever
 nature affixed or fastened to the Premises.

4.3 If
 any damage or injury is caused to the Landlord or to any person whomsoever directly or indirectly
 on account of the condition of any part of the interior of the Premises (including flooring,
 walls, ceiling, doors, windows and other fixtures), to be wholly responsible therefor and
 to fully indemnify the Landlord against all claims, demands, actions and legal proceedings
 whatsoever made upon the Landlord by any person in respect thereof. In the interpretation
 and application of the provisions of this sub-clause, the decision of the surveyor or architect
 of the Landlord shall be final and binding upon the Tenant.

4.4 To
 pay throughout the Term all charges for water gas electricity sewerage telephone (if any)
 and television licence fees (if any) in respect of the Premises and for any appliances and
 equipment hired from Public Utilities Board, Power Supply Ltd, Singapore Telecommunications
 Ltd or other relevant corporations or authorities, including any taxes payable thereon.

4.5 In
 the event that, during the Term, the Landlord and/or the Management Corporation decides to
 purchase in bulk, electricity for the entire Building from a retail electricity supplier
 for consumption by the Landlord and the occupants in the Building or to change the retail
 electricity supplier:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 the
 Landlord will notify the Tenant and the Tenant shall accept the Landlord and/or the Management
 Corporation's choice of retail electricity supplier **("Designated Electricity Supplier")** and, if required by the Landlord, to join the Landlord and/or the Management
 Corporation in its application to the relevant authorities and/or to the Designated Electricity
 Supplier for such purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 the
 Tenant shall enter into an electricity supply agreement with the Landlord or such other party
 or parties as the Landlord may determine on terms prescribed by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.3 the
 Tenant shall at the Landlord's request, take the necessary steps to cease supply from
 the Tenant's current retail electricity supplier at the Tenant's costs.

4.6 The
 Tenant hereby agrees that where the Landlord and/or the Management Corporation purchases
 electricity in bulk for supply to the Building including the Premises, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 the
 Tenant acknowledges agrees and confirms that the Designated Electricity Supplier is the supplier
 of the electricity and the Landlord shall not be responsible and/or liable for any and all
 losses damages and/or liability suffered or incurred by the Tenant including any economic
 loss and/or loss of revenue and/or profits and/or business or custom howsoever occurring
 caused by or as a result of any defect inconsistency failure delay or interruption or any
 reduction surge or variation of the supply and transmission of the electricity supply wherever
 or whenever occurring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 where
 any agreement for bulk purchase of utilities or telecommunications facilities made between
 the Landlord and the Designated Electricity Supplier for supply to the entire Building (including
 the Premises) is terminated for reasons beyond the control of the Landlord and not due to
 the default of the Landlord, the Landlord shall not be required to compensate the Tenant
 for any loss or damage including any economic loss and/or loss of revenue and/or profits
 and/or business or custom howsoever occurring to the Tenant as a result of such termination
 of supply to the Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3 The
 Tenant shall pay to the Landlord such quantum of deposit as security for payment of utilities
 or telecommunications charges as may be determined by the Landlord.

4.7 Not
 to obstruct or cause or suffer to be obstructed the entrance halls, lobbies, staircases or
 landings leading to the Premises.

4.8 Not
 to store any goods or things upon, obstruct, litter or make untidy any parts of the Building
 used in common with the Landlord, the Landlord's tenants and licensees and any others
 authorised by the Landlord as well as any other owners, tenants, licensees or occupiers of
 the Building.

4.9 To
 permit the Landlord and the agents, workmen and others employed by the Landlord or by the
 Management Corporation or by the other tenants or occupiers of the Building at all reasonable
 times during and after normal office hours on weekdays and Saturdays, after giving to the
 Tenant prior notice (but at anytime in any case which the Landlord or Management Corporation
 considers an emergency) to enter upon the Premises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.1 to
 inspect, cleanse, repair, remove, replace, alter or execute any works whatsoever to or in
 connection with the Conducting Media and all ancillary apparatus; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.2 to
 effect or carry out any maintenance, repairs, alterations or additions or other works which
 the Landlord or the Management Corporation may consider necessary or desirable to the Premises
 or any part of the Building or the water, electrical, air conditioning, mechanical, ventilation
 and other facilities and services of the Building.

4.10 At
 all times during the Term and during any period of holding over, the Tenant shall at the
 Tenant's sole cost and expense take out and keep in force the following insurance policies
 with an insurance company or companies nominated or approved by the Landlord:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.1 an
 insurance policy in the joint names of the Landlord and the Tenant (which shall include a
 provision for waiver of subrogation against the Landlord) against all risk and damage to
 the furniture, plate and tempered glass, fixtures and fittings of the Premises and all parts
 thereof which the Tenant is obliged to keep in repair under the provisions of this Agreement,
 in such amounts as may from time to time be specified by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.2 comprehensive
 public liability insurance policy in the joint names of the Landlord and the Tenant (which
 shall include a provision for waiver of subrogation against the Landlord and a provision
 to the effect that the liability of the insurer to pay under such policy should not be vitiated
 by the act, default, omission or negligence of any party to such policy) against claims for
 personal injury death or property damage or loss arising out of all operations of the Tenant
 in or from the Premises of an amount not less than Singapore Dollars One Million (S$1,000,000.00)
 or such higher amount or amounts as may from time to time be specified by the Landlord in
 respect of any one occurrence, such policy shall be extended to include the Tenant's
 legal liability for loss of or damage to the Premises (including all fixtures and fittings
 therein) and in this regard, the Tenant shall ensure that the relevant exclusion in the said
 public liability policy relating to the property in the care, custody or control of the Tenant
 or any servant of the Tenant, be deleted entirely PROVIDED ALWAYS that nothing herein shall
 render the Landlord liable for the correctness or adequacy of any such policy or for ensuring
 that it complies with all relevant legislation pertaining to insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.3 the
 Tenant's own professional Indemnity Policy

and to produce to the Landlord on demand documentary evidence of the policies referred to above as well as the receipts for payment of premium in respect thereof.

4.11 Not
 to do or permit or suffer anything to be done whereby the policy or policies of insurance
 on the Building and/or the Premises against loss or damage by fire for the time being subsisting
 may become void or voidable or whereby the rate of premium thereon may be increased and to
 repay to the Landlord all sums paid by way of increased premium or increased contribution
 therefor in or about the renewal of such policy or policies rendered necessary by a breach
 or non-observance of this covenant.

4.12 To
 permit the Landlord and its servants or agents at all reasonable times to enter into, inspect
 and view the Premises and examine their condition and also to take a schedule of fixtures
 in the Premises.

4.13 If
 any breach of covenant, defects, disrepair, removal of fixtures or unauthorised alterations
 or additions shall be found upon such inspection for which the Tenant is liable then upon
 notice by the Landlord to the Tenant, to execute all repairs, works, replacements or removals
 required within one (1) month (or sooner if required by the Landlord) after the receipt of
 such notice, to the reasonable satisfaction of the Landlord or its surveyor.

4.14 In
 case of default by the Tenant, it shall be lawful for workmen or agents of the Landlord to
 enter into the Premises and execute such repairs, works, replacements or removals and the
 Tenant shall pay to the Landlord on demand all expenses so incurred with Interest from the
 date of expenditure until the date they are paid by the Tenant to the Landlord (such expenses
 and Interest to be recoverable as if they were rent in arrears).

4.15 Not
 to transfer, assign, sublet, licence or part with or share the actual or legal possession
 or occupation of the Premises or any part thereof nor grant to third parties any rights over
 the Premises without first obtaining, in any of the foregoing instances, the prior written
 consent of the Landlord. Provided that for the purposes hereof where the Tenant is a company,
 any amalgamation and/or reconstruction effected by the Tenant or any change in shareholders
 of the Tenant shall be deemed an assignment of this Agreement.

4.16 Not
 to keep or permit to be kept on the Premises or any part thereof any material of a dangerous
 or explosive nature, the keeping of which may contravene or breach any local statute or regulations
 or expose the Landlord to any penalty fine or forfeiture or whereby the rate of insurance
 premium on the Premises and/or the Building may be increased.

4.17 Not,
 at any time during the Term, to use or permit to be used the Premises or any part thereof
 other than as a medical consultation office in connection with and for the purposes of the
 Tenant's sole medical practice of **Orthopaedic Surgery** and such other specialist
 medical practice as may be approved by the Landlord PROVIDED THAT the Tenant shall not, whether
 in connection with or for the purposes of the aforesaid practice or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17.1 install
 in or bring onto or allow to be installed in or brought onto the Premises any X-ray or scanning
 equipment and further, not to carry out any practice, treatment or procedure on the Premises
 involving the use of any of the said equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17.2 set
 up any radiology department or carry out any radiological activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17.3 conduct
 any laboratory work on the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17.4 conduct
 any surgical procedure except minor surgical procedures as defined in the table of surgical
 procedures published by the Ministry of Health and such other revisions thereto from time
 to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17.5 dispense
 any medicine on the Premises except to the Tenant's own patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17.6 conduct
 dialysis treatment in the Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17.7 set
 up any hospital beds within the Premises for any patient's overnight stay.

4.18 At
 all times during the Term conduct the Tenant's medical practice of **Orthopaedic Surgery** through **Dr Henry Chan Ying Ho (Medical Registration No. M11711J)** and **Dr Yeoh Ching Sing (Medical Registration No. M16108Z)** and/or such other specialist doctor (s)
 as may be approved by the Landlord in writing.

 

4.19 To
 admit all of the Tenant's patients who require hospitalization and/or medical services,
 including but not limited to surgical operations, to Parkway East Hospital or any of the
 healthcare facilities owned or controlled, directly or indirectly, by Parkway Holdings Limited.

4.20 To
 refer all of the Tenant's patients who require laboratory investigations, diagnostic
 or therapeutic radiological examinations or treatment, rehabilitation, fertility services
 and any other ancillary medical tests or services to the medical facilities in Parkway East
 Hospital or any of the healthcare facilities owned or controlled, directly or indirectly,
 by Parkway Holdings Limited.

4.21 To
 conduct the Tenant's medicine practice at the Premises in compliance with such Joint
 Commission International (JCI) accreditation requirements as may be required by the Landlord
 from time to time as well as to observe and perform such policies, procedures and/or protocols
 as may be imposed by the Landlord from time to time to enable Parkway East Hospital to meet
 JCI accreditation requirements.

4.22 Save
 and except where the Tenant is unable to be present at the Premises due to medical emergency
 elsewhere, the Tenant shall be personally present at the Premises to carry out the Tenant's
 sole medical practice of **Orthopaedic Surgery** at the Premises which shall remain open
 for business for such number of sessions as set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 session refers to either a 9 am to 1 pm slot ("morning session") or 2 pm to 6
 pm slot ("afternoon session") on weekdays and/or weekends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Tenant agrees to use the Premises for four (4) sessions on either weekdays and/or weekends
 per week ("Permitted sessions").

The Tenant agrees and undertakes to discuss and agree in advance with the Additional Tenant(s) with respect to occupancy for each of the morning session and afternoon session, to ensure there is no overlap and the Landlord shall not be responsible nor liable in this regard. For the avoidance of doubt, the Tenant and the Additional Tenant(s) shall not be permitted to avail of the same session (as defined under Clause 4.22(a)) on any given day.

4.23 For
 the avoidance of doubt, the Tenant shall only be permitted to use the Premises for the purposes
 referred to and for the permitted sessions stated at Clause 4.22 above. The Tenant shall
 not lengthen or otherwise vary the permitted sessions without the prior written consent of
 the Landlord. In the event the Tenant uses the Premises outside of the permitted sessions
 without the prior written consent of the Landlord, the Landlord shall be at liberty to terminate
 this Tenancy Agreement in accordance with the terms herein and the Tenant shall indemnify
 the Landlord for any losses which may be suffered by the Landlord in this regard.

4.24 To
 obtain all necessary approvals, consents, licences (including practising licences and certificates),
 registrations (including trade name, if applicable) and permits from the competent authorities
 and/or professional bodies for the Tenant's sole medical practice and to ensure that
 such approvals, consents, licences, registrations and permits remain valid and subsisting
 throughout the Term hereby created.

4.25 Not
 to make any alterations or additions to the Premises without the prior written consent of
 the Landlord (which may be withheld without giving any reasons whatsoever) and if the Landlord
 shall consent to such alterations or additions the provisions of Clause 5 shall apply in
 respect of such alterations and additions.

4.26 Not
 without the prior written consent of the Landlord to install or use air-conditioning or cooling
 units or other methods of cooling except the air-conditioning system provided by the Landlord.
 The Tenant shall, at its own cost and expense, employ its own service contractor as nominated/approved
 by the Landlord to carry out the maintenance of the air-conditioning unit(s) (which shall
 include the fan coil unit) in the Premises, every month and to carry out all necessary air-conditioning
 works to the air-conditioning unit(s) to such standard and on such terms and conditions as
 may be approved by the Landlord. Any such service contractor so employed by the Tenant shall
 be at the risk and responsibility of the Tenant

4.27 Not
 to cover or obstruct or permit or suffer to be covered or obstructed in any manner or by
 any article or thing (other than blinds approved of by the Landlord) the windows skylights
 or ventilation shafts or air-inlets or outlets which reflect or admit light or enable air
 to flow into or out of the Premises.

4.28 Not
 to affix paint or otherwise exhibit or permit or suffer to be affixed painted or otherwise
 exhibited to or upon any part or on the exterior of the Premises or on windows or doors thereof
 or in or about any part of the Building without the prior written consent of the Landlord
 any sign light embellishment advertisement name notice or banner whatsoever save and except
 the Tenant's nameplate or signboard of a size and form as shall be approved in writing
 by the Landlord, such consent not to be unreasonably withheld. The costs for making such
 nameplate or signboard shall be borne by the Tenant and placed at a spot to be indicated
 by the Landlord.

4.29 To
 keep the windows of the Premises closed at all times except in the event of a breakdown in
 the air conditioning system or when the air conditioning is switched off and not to erect
 or install any sign device furnishing ornament or object which, in the opinion of the Landlord,
 will impair spoil or detract from the architectural form or style or the general appearance
 of the Building or the Common Area generally.

4.30 Not
 to throw, place or allow to fall or cause or permit to be thrown or placed in the lift shafts,
 toilets or other conveniences in the Building any sweepings, rubbish, rags, waste paper or
 other similar substances or anything of an inflammable nature, and on demand to pay to the
 Landlord the costs of cleaning and/or repairing any damage to such lift shafts, toilets or
 other conveniences arising therefrom.

4.31 To
 ensure that the internal fittings, design and decoration of the Premises (including graphic
 display and all materials and finishes) must be of a high standard and quality acceptable
 to the Landlord.

4.32 To
 maintain the decor and design of the interior of the Premises and (where applicable) the
 window displays with the Premises at all times to the satisfaction of the Landlord.

4.33 Not
 to change or in any way vary the front of and the entrance door provided or approved by the
 Landlord for access to the Premises and not to install locks, bolts or other fittings to
 the said entrance door additional to those supplied or approved by the Landlord (in particular
 not to install any roller shutter in front of the Premises) or in any way to cut or alter
 the said entrance door without first having obtained the written consent of the Landlord.

4.34 Not
 to change the use of the Premises nor to use the Premises or any part thereof for any unlawful
 purpose and not to do or permit to be done any act or thing which may be or become a nuisance
 to or give cause for reasonable complaint from the occupants of the neighbouring units or
 of the other parts of the Building.

4.35 Not
 to bring or allow to be brought onto the Premises or any parts of the Building used in common
 with the Landlord, the Landlord's other tenants and licensees and any others authorised
 by the Landlord as well as any other owners, tenants, licensees or occupiers of the Building,
 any machine or machinery save word processors and such other equipment as are required for
 the purposes of the Tenant's medical practice.

4.36 Not
 to reside in or permit any person to reside in any part of the Premises or to use the same
 or permit the same to be used for sleeping purposes.

4.37 Not
 to cook or prepare any food in the Premises.

4.38 Not
 to do or suffer to be done anything in or upon the Premises or any part thereof of an illegal
 or immoral nature.

4.39 Not
 without the prior written consent of the Landlord to permit the vendors of food or drink
 or the servants or agents of such vendor to bring into the Premises or the Building or any
 part or parts thereof respectively, any food or drink for consumption by the occupiers of
 the Premises save and except in the case of a contractor given the right by the Management
 Corporation or the Landlord to do so.

4.40 Unless
 otherwise directed by or with the consent of the Landlord, not to remove any Additions and
 Alterations made by the Tenant to the Premises nor any fixtures fixed or fastened to or upon
 the Premises by the Tenant (including, without limitation, electrical wiring, installations,
 air conditioning ducts, conduits, water and other pipes, ceilings, partitions and flooring
 installed or fixed by the Tenant in at or about the Premises) during the Term.

4.41 At
 the expiration or sooner determination of the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41.1 To
 surrender to the Landlord all keys giving access to all parts of the Premises irrespective
 of whether or not the same have been supplied by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41.2 To
 quietly yield up the Premises to a bare, good, clean and tenantable state and condition in
 accordance with the specifications set out in Schedule 2 hereto or such other state and condition
 as the Landlord may require to the satisfaction of the Landlord, free from rubbish and waste
 material, fair wear and tear excepted, such reinstatement to be completed prior to the expiration
 or termination of the Term hereby created Provided that if the Landlord requires any decoration,
 alteration, improvement, addition or fittings to be retained, the Tenant shall not remove
 or damage the same at any time and the Tenant shall not be entitled to claim from the Landlord
 the costs and expenses of such decoration, alteration, improvement, addition or fittings.
 Subject to Clause 4.41.4, all removal and reinstatement works in respect of the Premises
 shall be carried out at the Tenant's sole cost and expense by a contractor appointed
 by the Tenant and approved by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41.3 To
 remove all notices, notice boards and signs bearing the name of or otherwise relating to
 the Tenant (including in this context any persons deriving title to the Premises under the
 Tenant) or its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41.4 Without
 prejudice to the generality of Clause 4.41.2, the Tenant shall at its own cost and expense
 reinstate all air-conditioning installations, sprinkler systems and other mechanical and
 electrical, sanitary and plumbing installations effected by the Tenant at the Premises (including
 those set out in Schedule 2 hereto) to its original state and condition or such other state
 and condition as the Landlord may require and to the satisfaction of the Landlord, such reinstatement
 to be carried out by a specialist contractor nominated by the Landlord and appointed by the
 Tenant, under the supervision of the Landlord's staff, all other qualified persons
 or consultants, and the Tenant shall pay for all out-of-pocket fees, costs and expenses incurred
 in connection with any works or engagement required hereinabove;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41.5 To
 redecorate the Premises to the satisfaction of the Landlord, with two coats of good quality
 oil paint or emulsion paint and with wall paper for those parts normally wall papered and
 other appropriate treatment of all internal parts of the Premises including the ceiling and
 floor in a good workmanlike manner using suitable and appropriate materials as the Landlord
 may reasonably and properly require; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41.6 To
 make good to the satisfaction of the Landlord all damage to the Premises and the Building
 resulting from the removal of the Tenant's belongings, reinstatement or redecoration
 of the Premises.

4.42 If
 the Tenant fails to remove the fixtures and fittings, reinstate, redecorate or make good
 any damage to the Premises in accordance with the provisions of this Clause, the Landlord
 may effect the same at the Tenant's cost and expense Provided that the Landlord shall
 carry out such works within a reasonable period and all costs and expenses incurred by the
 Landlord together with the Rent and Service Charge which the Landlord shall be entitled to
 receive had the period within which such works effected by the Landlord been added to the
 Term, shall be paid by the Tenant within seven (7) days of demand from the Landlord, and
 in this connection, a certificate of the Landlord as to the amount of cost and expenses incurred
 shall be conclusive and binding on the Tenant.

4.43 To
 observe and perform or cause to be observed and performed the rules and regulations from
 time to time made by the Landlord and/or Management Corporation in connection with the orderly
 and proper use of the lobbies, corridors, staircases, lifts, hoists, escalators, lavatories,
 utility areas and other parts in common use in the Building and access ways and service areas
 to the Building and also in connection with the security of the Building.

4.44 To
 observe and perform and to cause all the Tenant's employees, independent contractors,
 agents or any permitted occupier to observe and perform all the rules and regulations currently
 in force made by the Landlord from time to time for the management safety care or cleanliness
 of the Building or for the preservation of good order therein or for the convenience of tenants
 and notified in writing by the Landlord to the Tenant from time to time PROVIDED ALWAYS that
 the Landlord shall not be liable to the Tenant in any way for violation of the rules and
 regulations by any persons including other tenants of the Building or the employees, independent
 contractors, agents or any permitted occupier thereof.

4.45 Except
 with the prior written consent of the Landlord and in a style and manner previously approved
 in writing by the Landlord, not to place or display on the exterior of the Premises or on
 the windows or inside the Premises so as to be visible from the exterior of the Premises
 any name, writing, notice, sign, illuminated sign, display of lights, placard, poster, sticker
 or advertisement.

4.46 If
 any name, writing, notice, sign, placard, poster, sticker or advertisement shall be placed
 or displayed in breach of these provisions, to permit the Landlord to enter the Premises
 and remove such name, writing, notice, sign, placard, poster, sticker or advertisement and
 to pay to the Landlord on demand the expense of so doing.

4.47 Not
 to place or take into the passenger lifts any baggage, furniture, parcels, sacks, bags, heavy
 articles or other goods or other merchandise save only such light articles as brief-cases,
 attache cases and handbags and to use only the service lift prescribed by the Management
 Corporation for the transportation of furniture, goods and other heavy equipment.

4.48 Except
 where such liability may be expressly within the Landlord's covenants contained in
 this Agreement, to comply in all respects with the provisions of all statutes and regulations
 for the time being in force and requirements of any competent authority relating to the Premises
 or anything done in or upon the Premises by the Tenant and to indemnify the Landlord against
 all actions, proceedings, claims or demands which may be brought or made by reason of such
 statutes, regulations or requirements or any default in compliance with them.

4.49 In
 particular but without prejudice to the generality of Clause 4.48:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49.1 to
 comply with all requirements under any present or future laws, order, by-law or regulation
 as to the use or occupation of or otherwise concerning the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49.2 to
 comply with all statutory provisions and all rules and regulations relating to hygiene, health
 or cleanliness of the Premises or of any person or persons employed therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49.3 to
 execute with all due diligence all works to the Premises for which the Tenant is liable to
 carry out, and of which the Landlord has given notice to the Tenant, failing which to permit
 the Landlord to enter the Premises to carry out such works and to pay to the Landlord on
 demand the expense of so doing (including surveyors' and other professional advisers'
 fees) together with Interest from the date of expenditure until payment by the Tenant to
 the Landlord (such monies to be recoverable as if they were Rent in arrears).

4.50 During
 a period of six (6) months prior to the expiry of the Term to permit the Landlord and/or
 its agents to bring prospective clients at times convenient to the Tenant to view the Premises
 for the purposes of or in connection with a subsequent letting of the Premises.

4.51 To
 indemnify and keep indemnified the Landlord from and against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51.1 all
 claims, demands, writs, summonses, actions, suits, proceedings, judgements, orders, decrees,
 damages, costs, losses and expenses of any nature whatsoever which the Landlord may suffer
 or incur in connection with loss of life, personal injury and/or damage to property arising
 from or out of any occurrences in, upon or at the Premises or the use of the Premises or
 any part thereof by the Tenant or by any of the Tenant's employees, independent contractors,
 agents or any permitted occupier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51.2 all
 loss and damage to the Premises, the Building and to all property therein caused directly
 or indirectly by the Tenant or the Tenant's employees, independent contractors, agents
 or any permitted occupier and in particular but without limiting the generality of the foregoing
 caused directly or indirectly by the use or misuse, waste or abuse of water, gas or electricity
 or faulty fittings or fixtures.

4.52 The
 Tenant shall in the event of any infectious illness set out in the First Schedule of the
 Infectious Diseases Act (Cap. 137) or any incident of food poisoning or other food-borne
 or water-borne illness occurring in the Premises forthwith give notice thereof to the Landlord
 and to relevant authorities and will at its sole cost and expense thoroughly fumigate and
 disinfect the Premises to the satisfaction of the Landlord and to the relevant authorities
 and otherwise comply with their requirements in regard to the same.

4.53 At
 all times during the Term to be solely responsible for, and shall fully comply with all written
 laws, statutes, legislations (including subsidiary legislations) for the time being in force
 with regard to the employment of local or foreign workers and the obtaining of all necessary
 approvals, work permits, employment passes and/or licences related thereto and to fully indemnify
 the Landlord against all losses, damages, claims, liabilities, actions, costs, fines or expenses
 of any nature whatsoever which the Landlord may suffer or incur arising out of or by reason
 of any such non-compliance or contravention by the Tenant.

4.54 Without
 prejudice to the generality of Clause 4.53 above, not to use, permit or suffer the Premises
 to be kept or used as a place or premises in contravention of the provisions of the Immigration
 Act (Cap. 133), the Employment of Foreign Manpower Act (Cap. 91A) or any written laws, legislations
 (including subsidiary legislations) or statutes for the time being in force with regard to
 illegal immigrants or illegal workers and to fully indemnify the Landlord against all losses,
 damages, claims, liabilities, actions, costs, fines or expenses of any nature whatsoever
 which the Landlord may suffer or incur arising out of or by reason of any such non-compliance
 or contravention by the Tenant.

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| | |
|:---|:---|
| **5** | <u>**LANDLORD'S COVENANTS**</u> |

---

The Landlord hereby agrees with the Tenant as follows:

5.1 So
 long as the Tenant shall duly pay the Rent and Service Charges hereby reserved on the dates
 and in the manner hereinbefore provided and observing and performing the several covenants
 and stipulations herein contained to permit the Tenant to peaceably and quietly hold and
 enjoy possession of the Premises during the Term without any interruption by the Landlord
 or any person or persons lawfully claiming under or in trust for the Landlord.

5.2 Except
 for the Rent, Service Charges and all other sums required to be paid by the Tenant under
 this Agreement, the Landlord shall pay all present and future property taxes and assessments
 in respect of the Premises during the Term.

**6.** <u>**ALTERATIONS AND ADDITIONS**</u> 

6.1 The
 Tenant shall carry out at the Tenant's own costs and expense any such alterations or
 additions to the Premises to which the Landlord may have consented (hereinafter called the **"Alterations and Additions"**) and shall comply
 with all guidelines, terms and conditions as may be set out or imposed by the Management
 Corporation and the Landlord in respect of the carrying out and completion of the Alternations
 and Additions.

6.2 Prior
 to the commencement of the Alterations and Additions, the Tenant shall at the Tenant's
 own cost and expense engage consultants approved by the Landlord, to consider and approve
 the layout and specifications for the Alterations and Additions and to assist the Tenant
 in the submission of plans and the supervision of all works to be carried out by the Tenant.
 The fees and expenses of such consultants shall be borne by the Tenant and forthwith paid
 by the Tenant when they fall due. Such consultants shall not be deemed to be agents or employees
 of the Landlord and the Tenant shall not have any claim whatsoever against the Landlord in
 respect of any act, omission, default, misconduct or negligence of any such consultants.

6.3 Prior
 to the commencement of the Alterations and Additions, the Tenant shall at the Tenant's
 own cost and expense submit to the Landlord and the Management Corporation for approval all
 plans, layouts, designs, drawings and specifications for the Alterations and Additions before
 the Tenant submits the same to any relevant government authority for approval. The Landlord
 and the Management Corporation shall have absolute discretion to disapprove of the Tenant's
 proposals and/or to recommend modifications to the Tenant's proposals. The Landlord
 and the Management Corporation shall also be entitled to engage its architect, engineer or
 other consultant(s) for the purpose of considering the plans, specifications and materials
 relating to the Alterations and Additions and for the purpose of supervising the carrying
 out of the Alterations and Additions, the fees and expenses of such architect, engineer and
 consultant(s) incurred in connection therewith shall be borne by the Tenant and forthwith
 paid by the Tenant to the Landlord or the Management Corporation (as the case may be) on
 demand. If the Tenant fails to make payment on demand, the Landlord may effect payment of
 the same and all expenses so incurred by the Landlord together with Interest from the date
 of expenditure until the date they are paid by the Tenant to the Landlord, shall be recoverable
 from the Tenant as if they were rent in arrears.

6.4 The
 Tenant shall apply for and obtain all Relevant Consents in relation to the Alterations and
 Additions.

6.5 Prior
 to the commencement of the Alterations and Additions, the Tenant shall effect and maintain
 at the Tenant's cost and expense, comprehensive all risks insurance policies and comprehensive
 public liability policy, covering the period from the date of commencement of the Alterations
 and Additions to the date of completion of the Alterations and Additions for an amount not
 less than Singapore Dollars One Million (S$1,000,000.00) or such higher amounts as the Landlord
 may from time to time prescribe, in respect of any one (1) occurrence, with an insurance
 company approved by the Landlord, naming the Landlord and the Tenant's alteration and
 addition contractor as the co-insured parties for their respective rights and interests.

6.6 Prior
 to the commencement of the Alterations and Additions, the Tenant shall deposit with the Landlord
 the sum of Singapore Dollars Three Thousand (S$3,000.00) (hereinafter called the **"A&A Deposit"**) as security for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.1 the
 Tenant making good to the satisfaction of the Landlord all damage to the Premises and the
 Building resulting from the execution of the Alterations and Additions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.2 the
 due to compliance by the tenant of all guidelines, terms and conditions as may be set out or imposed by the Management Corporation
 and the Landlord in respect of the carrying out and completion of the Alterations and Additions and of all conditions of the Relevant
 Consents.

6.7 If
 the Tenant fails to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.1 make
 good any damage to the Premises and the Building as aforesaid; or

6.7.2 comply
 with the provisions of all guidelines, terms and conditions as may be set out or imposed by the Management Corporation or the Landlord
 or any of the conditions of the Relevant Consents as aforesaid,

the Landlord may effect the necessary works, and apply the A&A Deposit to meet the costs and expenses so incurred by the Landlord.

6.8 The
 A&A Deposit, subject to any deductions to be made by the Landlord pursuant to the provisions herein, shall be repaid to the Tenant,
 without interest, within one (1) month after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.1 the
 proper completion of the Alterations and Additions (in compliance with the provisions of this Clause) and production by the Tenant
 to the Landlord of all documentary evidence acceptable to the Landlord (including, but without limitation, the Certificate of Statutory
 Completion (if applicable)) showing that the Relevant Consents have all been obtained and duly complied with by the Tenant; or

6.8.2 the
 making good of the damage (if any) to the Premises and the Building as aforesaid; whichever is the later.

6.9 If
 the A&A Deposit shall be insufficient, the Tenant shall pay to the Landlord on demand all expenses so incurred with Interest
 from the date of expenditure until the date they are paid by the Tenant to the Landlord (such expenses and Interest to be recoverable
 as if they were rent in arrears).

6.10 Following
 the approval of the Landlord and the Management Corporation and the obtaining of the Relevant Consents, the Tenant shall proceed
 to carry out and complete the Alterations and Additions to the Landlord's reasonable satisfaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.1 in
 accordance with the plans, layouts, designs, drawings, specifications and other details approved by the Landlord and the Management
 Corporation;

6.10.2 with
 good and suitable materials of a type, quality, colour and standard approved by the Landlord:

6.10.3 under
 the supervision of an architect or engineer appointed by the Tenant with the approval of the Landlord;

6.10.4 in
 a good and workmanlike manner in accordance with good building practice and in compliance with the reasonable requirements of the
 Landlord's architect;

6.10.5 so
 as not to cause any obstruction or interference with the business operations of other tenants, owners or occupiers of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.6 in
 accordance with the Relevant Consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.7 in
 accordance with the guidelines, terms and conditions as may be set out or imposed by the Management Corporation and the Landlord in
 respect of the carrying out and completion of the Alterations and Additions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.8 in
 compliance with all statutes, orders and regulations made under codes of practice of local authorities and competent authorities in
 respect of the Alterations and Additions and/or the Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.9 with
 due diligence.

6.11 The
 Alterations and Additions shall only be carried out by a contractor appointed by the Tenant with the approval of the Landlord. A contractor
 approved by the Landlord pursuant to this Clause shall not be deemed to be an agent or employee of the Landlord and the Tenant shall
 not have any claim whatsoever against the Landlord in respect of any act, omission, default, misconduct or negligence of any such contractor.

6.12 The
 Tenant shall permit the Landlord and the Management Corporation and their respective servants or agents at all reasonable times to
 enter into and inspect and view the Premises to ascertain if the Alterations and Additions are or have been carried out in accordance
 with the provisions of this Clause 6. If any breach of the provisions of this Clause shall be found upon such inspection, the Tenant
 shall upon notice by the Landlord take all necessary steps for the rectification of such breach.

6.13 The
 Tenant shall indemnify and keep the Landlord indemnified against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13.1 the
 breach, non-observance or non-performance of any Relevant Consents in relation to the Alterations and Additions; and

6.13.2 any
 claims, demands or proceedings brought by any adjoining owner, tenant, occupier or member of the public arising out of or incidental
 to the execution of the Alterations and Additions.

6.13.3 Any
 delay in carrying out or completing the Alterations and Additions shall not be a ground for postponing or withholding the payment of
 Rent, Service Charge and other monies reserved by this Agreement, or relieve in any way the Tenant from the performance and observance
 of the obligations, covenants, conditions and provisions on the Tenant's part to be performed and observed.

6.14 On
 completion of the Alterations and Additions, the Tenant shall submit to the Landlord as-built drawings relating to the Alterations
 and Additions. If the Tenant fails to do so, the Landlord shall be entitled to take all action necessary (including engaging consultants
 to prepare the relevant as-built drawings and making payments to the Tenant's consultants) for submission of such as- built plans
 to the relevant authority. All expenses so incurred by the Landlord together with Interest from and including the date of expenditure
 until the date they are paid by the Tenant to the Landlord, shall be recoverable from the Tenant as if they were rent in arrears.

**7.**  **<u>RE-ENTRY</u>** 

7.1 If
 and whenever during the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 or any part of the Rent or Service Charges reserved by this Agreement shall be unpaid for fourteen (14) days after any of the days
 when they become due for payment (whether or not they shall have been formally demanded);

(b) the
 Tenant shall at any time fail or neglect to perform or observe any of the covenants, conditions or agreements contained in this Agreement
 to be performed or observed by the Tenant

(c) any
 distress or execution is levied on the Tenant's goods; or

(d) an
 event of insolvency shall occur in relation to the Tenant,

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| | |
|:---|:---|
|  | it shall be lawful for the Landlord or any person or persons duly authorised by the Landlord for that purpose to re-enter the Premises (or any part thereof in the name of the whole) at any time (and even if any previous right of re-entry has been waived) and to repossess the Premises and the Term hereby created and this Agreement shall absolutely cease and determine. |
| 7.2 | Re-entry in exercise of the rights contained in Clause 7.1 shall be without prejudice to any rights or remedies of the Landlord in respect of any breach of any of the covenants by the Tenant contained in this Agreement (including the breach in respect of which the re-entry is made). |
| 7.3 | Without prejudice to any other rights or remedies of the Landlord, the Tenant shall pay to the Landlord compensation and damages (including but not limited to the loss of Rent and Service Charges for the unexpired period of the Term) suffered by the Landlord consequential upon the Landlord exercising its rights of re-entry. |
| 7.4 | The expression "**an event of insolvency**" in Clause 7.1 includes (in relation to a company or other corporation which is the Tenant) inability of the company to pay its debts, entry into liquidation either compulsory or voluntary (except for the purpose of amalgamation or reconstruction which has been previously approved by the Landlord), the passing of a resolution for winding up, the making of a proposal to the company and its creditors for a composition in satisfaction of its debts or a scheme of arrangement of its affairs, the application to the court for the appointment of a judicial manager or the appointment of a receiver or judicial manager and (in relation to an individual who is the Tenant) inability to pay or having no reasonable prospect of being able to pay his debts, the making of an application under the Bankruptcy Act (Cap. 20) for an interim order, the making of a proposal to his creditors for a composition in satisfaction of his debts or a scheme of arrangement of his affairs or the appointment of a receiver in respect of the Tenant's property. |

---

**8.**  **<u>UNTENANTABILITY</u>** 

8.1 In
 the event the Premises or any part thereof shall at any time during the Term be destroyed or rendered unfit for use by fire lightning tempest riot or other act of God (unless any insurance monies shall be wholly or partially irrecoverable
by reason (solely or in part) of any omission, act or default of the Tenant) then and in such a case and so often as the same shall happen
the Rent and Service Charge or a fair and just proportion thereof according to the nature and extent of the damage sustained shall be
suspended and cease to be payable for so long as the Premises or any part thereof shall remain unfit for use for occupation by reason
of such destruction or unfitness for use. Any dispute concerning this Clause shall be determined by a single arbitrator in accordance
with the Arbitration Act (Cap. 10) and the arbitrator shall be appointed by the Landlord. The fee of the arbitration (including the arbitrator's
fee) shall be borne by the Tenant.

8.2 If
 the unfitness of the Premises as aforesaid shall continue for a period of more than three (3) months, the Landlord shall be at liberty
 by notice in writing to determine the Term and upon such notice being given the Term shall absolutely cease and determine but without
 prejudice to any right of action of the Landlord in respect of any antecedent breach of the provisions of this Agreement by the Tenant

**9.** **NOTICES** 

9.1 Any
 notice under this Agreement required to be served upon the Tenant shall be sufficiently served if forwarded to the Tenant by registered
 post to the abovementioned address or to the Tenant's last known place of residence or business and any notice required to be
 served upon the Landlord shall be sufficiently served if delivered to the Landlord personally or sent to the Landlord by registered
 post to the Landlord's last known place of business. Any notice sent by registered post shall be deemed to be given at the time
 when in the course of post it would be expected to be delivered to the address to which it was sent.

**10.** **LANDLORD NOT LIABLE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 For
 the avoidance of any doubt, the Landlord shall not be liable to the Tenant nor shall the Tenant have any claim against the Landlord
 in respect of:

10.1.1 any
 interruption in any services for the Building and/or the Premises provided by the Landlord or the Management Corporation and/or any
 other third party (including without limitation any related corporation (as defined in Section 6 of the Companies Act (Cap. 50)) or
 affiliate of the Landlord);

10.1.2 any
 act omission or negligence of the Additional Tenant(s), including under the terms of the Additional Tenancy Agreement(s);

10.1.3 any
 act omission or negligence of any porter attendant or other servant or employee of the Landlord in or about the performance or purported
 performance of any duty to be undertaken by the Landlord (if any) hereunder;

10.1.4 any
 damage injury or loss arising out of the leakage of the piping wiring and sprinkler system in the Building and/or out of any defect
 in the structure of the Building and/or the Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5 any
 inaccuracies in the measurements of the Floor Area of the Premises stated herein. The Tenant acknowledges that it has been given the
 opportunity to (i) request for all necessary information in relation to the Floor Area of the Premises and (ii) inspect and examine
 the Premises. The Tenant shall be deemed to have satisfied itself as to the correctness the Floor Area stated herein and accepts the
 same.

10.2 The
 Landlord shall not be responsible to the Tenant or to the Tenant's employees, independent contractors, agents or any permitted
 occupier nor to any other persons for any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 accident,
 happening or injury suffered in the Premises; or

10.2.2 damage
 to or loss of any goods or property sustained in the Premises and/or the Building (whether or not due to the negligence or misconduct
 of any security guards or the failure of any security system for which the Landlord is in any way responsible); or

10.2.3 act,
 omission or negligence of any employee of the Landlord in respect of the Premises and/or the Building, howsoever occurring:

10.2.4 any
 damage injury or loss of life or property sustained at or originating from the Premises and/or the Building directly or indirectly
 caused by, resulting from or in connection with any terrorist act (as defined in regulation 4(1) of the United Nations (Anti-Terrorism
 Measures) Regulations (Cap. 339, RG 1) made under the United Nations Act (Cap. 339)) regardless of any other cause or event contributing
 concurrently or in any other sequence to the loss (including, but not limited to, any action taken in controlling, preventing, suppressing
 or in any way relating to any terrorist act);

10.2.5 any
 damage or loss arising out of any measures taken by the landlord, its agents, employees or independent contractors which the Landlord
 deems appropriate to comply with any direction or order under the Infectious Diseases Act (Cap. 137), any statute or regulation for
 the time being in force or any guideline, rule or requirement of the authorities to prevent any outbreak, spread of transmission of
 any infectious disease in the Building;

10.2.6 any
 failure or inability of or delay by the Landlord in taking or implementing any measure or the insufficiency of any such measures taken
 by the Landlord to prevent any outbreak, spread of transmission of any infectious disease in the Building.

10.3 The
 Tenant acknowledges and confirms that the Term is to be held on the basis that it is subject to all disturbances, noise, disruptions
 to services and utilities and other conveniences that may arise from or in connection with the construction works being carried out
 to the Building or any part thereof and to the adjoining and neighbouring lands and buildings. The Landlord shall not be liable to
 the Tenant for any loss, claim or proceedings whatsoever arising from or in connection with the said construction works.

**11.** **TAXES** 

11.1 The
 Rent, Service Charges and other sums payable by the Tenant under this Agreement (hereinafter collectively called the "Agreed
 Sum") shall, as between the Landlord and the Tenant, be exclusive of any applicable goods and services tax whatsoever (hereinafter
 collectively called "Taxes") which may from time to time be imposed or charged before, on or after the commencement of
 the Term (including any subsequent revisions thereto) by any government, quasi-government, statutory or tax authority (hereinafter
 called the "Authorities") on or calculated by reference to the amount of the Agreed Sum (or any part thereof) and the Tenant
 shall pay all such Taxes or reimburse the Landlord for the payment of such Taxes, as the case may be, in such manner and within such
 period as to comply or enable the Landlord to comply with any applicable orders or directives of the Authorities and the relevant laws
 and regulations.

11.2 If
 the Landlord or the Tenant (or any person on their behalf) is required by law to make any deduction or withholding or to make any payment,
 on account of such Taxes, from or calculated by reference to the Agreed Sum (or any part thereof) then;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 the
 Tenant shall pay, without requiring any notice from the Landlord all such Taxes for its own account (if the liability to pay is imposed
 on the Tenant), or on behalf of and in the name of the Landlord (if the liability to pay is imposed on the Landlord) on receipt of
 written notice from the Landlord, and without prejudice to the foregoing, if the law requires the Landlord to collect and to account
 for such Taxes, the Tenant shall pay such Taxes to the Landlord (which shall be in addition to the Tenant's liability to pay
 the Agreed Sum) on receipt of written notice from the Landlord; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 the
 sum payable by the Tenant in respect of which the relevant deduction, withholding or payment is required on account of such Taxes,
 shall be increased to the extent necessary to ensure that after the making of the aforesaid deduction, withholding or payment, the
 Landlord or any person or persons to whom such sum is to be paid, receives on due date and retains (free from any liability in respect
 of any such deduction, withholding or Taxes) a net sum equal to what would have been received and retained had no such deduction, withholding
 or payment been required or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 The
 rights of the Landlord under this Clause shall be in addition and without prejudice to any other rights or powers of the Landlord under
 any applicable order or directive of the Authorities or any relevant law or regulation, to recover from the Tenant the amount of such
 Taxes which may be or is to be paid or borne by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 The
 Tenant shall indemnify and hold harmless the Landlord from any losses, damages, claims, demands, proceedings, actions, costs, expenses,
 interests and penalties suffered or incurred by the Landlord arising from any claim, demand, proceeding or action that may be made
 or instituted by the Authorities in respect of such Taxes and resulting from any failure or delay on the part of the Tenant in the
 payment and discharge of any such Taxes.

**12.** **CONSENTS AND APPROVALS** 

12.1 Any
 consent or approval under this Agreement shall be required to be obtained before the act or event to which it applies is carried out
 or done and shall be effective only when the consent or approval is given in writing.

12.2 In
 any case where pursuant to this Agreement or to any rule or regulation made hereunder, the doing or executing of any act, matter or
 thing by the Tenant is dependent upon the consent or approval of the Landlord, such consent or approval may be given or withheld by
 the Landlord in its absolute discretion (unless otherwise herein provided) and upon or subject to such terms, conditions, requirements
 or stipulations as the Landlord may think fit. The Tenant shall pay to the Landlord upon demand any reasonable fees payable by the
 Landlord to consultants engaged by the Landlord to examine or advise upon any application made by the Tenant (including any plans,
 specifications or material submitted therewith) for any consent or approval of the Landlord required pursuant to this Agreement or
 any rule or regulation made hereunder, and also any other monies or expenses properly incurred in connection therewith.

**13.**  **<u>PAYMENTS</u>** 

13.1 The
 Tenant shall pay to the Landlord promptly as and when due without demand, deduction, set-off, or counterclaim whatsoever all payments
 required to be paid by the Tenant to the Landlord under the provisions of this Agreement, and the Tenant covenants not to exercise
 or seek to exercise any right or claim to withhold rent or any right or claim to legal or equitable set-off.

13.2 Unless
 otherwise agreed to in writing by the Landlord any payment due and payable by the Tenant to the Landlord under the provisions of this
 Agreement shall be made by way of GIRO.

13.3 The
 Tenant shall open a bank account (the "GIRO account") with a bank or financial institution approved by the Landlord in
 its absolute discretion to facilitate such payments by GIRO.

13.4 The
 Tenant shall take all necessary steps to ensure at all times that the said GIRO account is fully maintained throughout the period of
 the Term and shall have sufficient funds to facilitate the said deduction (where applicable) by the Landlord. The Tenant shall further
 undertake to sign any documents to facilitate the opening and/or maintenance of the said GIRO account.

13.5 The
 provisions herein shall not preclude the Landlord from requiring or instructing the Tenant to make any of the payments due and payable
 by the Tenant under this Agreement to such other person or account as the Landlord may notify the Tenant from time to time.

13.6 If
 any money payable by the Tenant to the Landlord under the provisions of this Agreement shall become due (whether formally demanded
 or not) and be unpaid or if the Landlord shall refuse to accept the tender of any of the Rent, Service Charges or other monies because
 of a breach of covenant on the part of the Tenant, the Tenant shall pay to the Landlord the Landlord's administrative cost of
 S$50.00 (or such other amount as may be prescribed by the Landlord from time to time) per reminder notice sent by the Landlord to the
 Tenant for any monies due but unpaid as well as interest on such overdue sum as well after as before any judgment is obtained at the
 rate of 12% per annum calculated on a daily basis from the date on which such money falls due for payment to the date when such money
 is received ("Interest") and such Interest shall be recoverable from the Tenant as if they were Rent in arrears

13.7 For
 the purposes of the Distress Act (Cap. 84) and of these presents, all moneys payable under this Agreement (including the Rent, Service
 Charges and GST) and the interest payable on late payments shall be deemed to be rent recoverable in the manner provided in the said
 Act and the rent shall be deemed to be in arrears if not paid in advance at the times and in the manner hereinbefore provided for payment
 thereof. All costs and expenses (including legal fees on the indemnity basis) of and incidental to any distraint shall be payable by
 the Tenant and in so far as those not recovered under the distraint shall be recoverable as a debt.

13.8 Any
 payment required to be made pursuant to the provisions of this Agreement shall be pro- rated if required on the basis of the actual
 number of days in the month, quarter or year.

13.9 Any
 and all payments made or sent to the Landlord by the Tenant may be applied and/or appropriated by the Landlord towards satisfaction
 of any arrears or other sums due from the Tenant to the Landlord on the date of payment in any order or manner as the Landlord shall
 in its absolute discretion deem fit notwithstanding any specific appropriation instructions or conditions imposed by the Tenant or
 any other person making payment on behalf of the Tenant. The Landlord shall not be bound by any appropriation instructions or conditions
 imposed by the Tenant by virtue of the Landlord's acceptance of payment tendered by the Tenant.

13.10 The
 obligation of the Tenant herein to pay the Rent, Service Charges and GST and all other monies payable under this Agreement shall constitute
 a separate and independent obligation binding on the Tenant and the Landlord shall be entitled, without reference to and notwithstanding
 any other provision contained in this Agreement, to enforce such obligation against the Tenant in any court of law.

13.11 A
 statement or certificate by the Landlord as to the monies and liabilities for the time being due from the Tenant to the Landlord shall,
 in the absence of manifest error, be final, conclusive and binding on the Tenant for all purposes including legal proceedings.

**14.**  **<u>WAIVER</u>** 

14.1 Knowledge
 or acquiescence by the Landlord of any breach by the Tenant of any of the covenants, conditions or obligations herein contained shall
 not operate or be deemed to operate as a waiver of such covenants, conditions or obligations and any consent or waiver of the Landlord
 shall only be effective if given in writing. No consent or waiver expressed or implied by the Landlord to or of any breach of any covenant,
 condition or obligation of the Tenant shall be construed as a consent or waiver to or of any other breach of the same or any other
 covenant, condition or obligation and shall not prejudice in any way the rights, powers and remedies of the Landlord herein contained.
 Any acceptance by the Landlord of Rent or Service Charges reserved by this Agreement or any other sum payable under this Agreement
 shall not be deemed to operate as a waiver by the Landlord of any right to proceed against the Tenant in respect of a breach by the
 Tenant of any of the Tenant's obligations hereunder.

**15.**  **<u>SEVERANCE</u>** 

15.1 The
 illegality, invalidity or unenforceability of any provision of this Agreement under the law of any jurisdiction shall not affect its
 legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other
 provision.

15.2 If
 any provision of this Agreement is held or interpreted by any governmental authority to be illegal or invalid under present or future
 laws or regulations effective and applicable during the Term of this Agreement, such provisions shall be fully separable and this Agreement
 and the remaining provisions of this Agreement shall remain in full force and effect and shall not be effected by the illegal or invalid
 provision or by its severance from this Agreement unless in the opinion of the Landlord, the substantive purpose of this Agreement
 is then frustrated, in which case the Landlord may terminate this Agreement forthwith on written notice to the Tenant.

**16.**  **<u>LANDLORD'S RIGHT TO ASSIGN</u>** 

16.1 The
 Landlord shall be entitled to assign all its rights and interest under this Agreement.

16.2 The
 Tenant hereby expressly acknowledges and undertakes to the Landlord that where the Landlord assigns its rights and interest in under
 or arising out of this Agreement (including the transfer of the Security Deposit), the Tenant shall be deemed to have consented to
 such assignment and shall accept any assignee of the Landlord as its new landlord and shall release the Landlord from all its obligations
 under the provisions of this Agreement and in particular the obligation of the Landlord to refund the Security Deposit and any other
 sums pursuant to the terms of this Agreement. Where required by the Landlord, the Tenant shall enter into and execute any novation
 agreement or assignment entered into or to be entered into by the Landlord and its assignee, such novation agreement or assignment
 to be prepared by and at the expense of the Landlord.

**17.**  **<u>COSTS AND EXPENSES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The
 Tenant agrees to pay the Landlord (on a full indemnity basis):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1 all
 the Landlord's administrative, legal costs and fees incurred in connection with the preparation and completion of this Agreement,
 the stamp duty on this Agreement and related document(s) (if any) and all other disbursements and out-of-pocket expenses in respect
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 all
 the Landlord's legal costs and expenses incurred in enforcing any provision of this Agreement in the event of a breach by the
 Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.3 all
 the Landlord's costs and expenses (including solicitors' costs and costs of the Landlord's architect, engineer or
 surveyor where applicable) incurred in connection with every application made by the Tenant for any consent or approval required under
 this Agreement whether or not such consent or approval shall be granted or given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.4 all
 goods and services, value added and other duties or taxes payable on the costs, fees and expenses referred to in sub-paragraphs 17.1.1,
 17.1.2 and 17.1.3 above.

**18.**  **<u>EARLY TERMINATION</u>** 

18.1 Notwithstanding
 the provisions hereinbefore provided, in the event that the **Dr Henry Chan Ying Ho (Medical Registration No. M11711J) and Dr Yeoh Ching Sing (Medical Registration No. M16108Z) are** at any time suspended from carrying out the Tenant's medical private specialist
 practice of **Orthopaedic Surgery** for any period of time during the Term or, in the event that the **Dr Henry Chan Ying Ho (Medical Registration No. M11711J) and Dr Yeoh Ching Sing (Medical Registration No. M16108Z)** are struck off from the register maintained
 by the Registrar of the Medical Council (as defined in the Medical Registration Act (Cap. 174)), or in the event for any reason whatsoever **Dr Henry Chan Ying Ho (Medical Registration No. M11711J) and Dr Yeoh Ching Sing (Medical Registration No. M16108Z)** shall cease
 to be an accredited medical specialist with Parkway East Hospital and/or any other hospital operated owned and/or controlled directly
 or indirectly by Parkway Holdings Limited, or in the event that the Tenant breaches Clause 4.22, the Landlord shall be entitled at
 any time by notice in writing to the Tenant to forthwith terminate the Term and this Agreement without any right to the Tenant to claim
 any damages or other relief for such early termination of the Term and this Agreement.

18.2 Notwithstanding
 the provisions hereinbefore provided, this Agreement shall be terminated immediately upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.1 the
 expiry or early termination of the Licence for whatever reasons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.2 the
 expiry of a 30 days' written notice of termination given by the Landlord to the Tenant.

18.3 Upon
 any such termination by the Landlord in the manner aforesaid,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.1 the
 Term and this Agreement shall absolutely cease and determine and if occupied by the Tenant, the Tenant shall vacate the Premises and
 deliver up possession to the Landlord; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.2 the
 Landlord shall not be in any way liable to the Tenant for any compensation, damages, costs, losses or expenses in respect of the termination
 of this Agreement

18.4 Termination
 of the Term and this Agreement in the manner aforesaid shall be without prejudice to any other rights or remedies of the Landlord,
 including but not limited to the right of action of the Landlord against the Tenant in respect of any antecedent breach of the Tenant's
 covenants herein contained. The Tenant shall fully indemnify the Landlord from and against all costs losses and damages including but
 not limited to the loss of Rents (payable by the Tenant had the Term been completed) and all costs and expenses incurred in any re-
 letting or attempted re-letting of the Premises, suffered by the Landlord consequential upon the Landlord exercising its rights of
 termination under this Clause.

18.5 For
 the purposes of this Clause 18.1, if the Tenant is a company, references to the "**Tenant**" above shall refer **Dr Henry Chan Ying Ho (Medical Registration No. M11711J) and Dr Yeoh Ching Sing (Medical Registration No. M16108Z)** or to any medical
 practitioner whether in a group practice or not, operating or carrying out a medical practice under the name of Tenant and/or under
 the Tenant's clinic licence at the Premises. For the avoidance of doubt, if the Tenant is a partnership, references to the "Tenant"
 above shall include any of the partners operating or carrying out a medical practice at the Premises.

18.6 Notwithstanding
 the above, at any time after the expiry of the first twelve (12) months of the Term hereby created, each of the parties shall have
 the right to terminate this Agreement without cause and without liability to either party for compensation or damages by giving the
 other party not less than three (3) months' prior written notice.

**19.**  **<u>HOLDING OVER</u>** 

19.1 If,
 without any express written agreement between the Landlord and the Tenant, the Tenant fails to deliver vacant possession of, or continues
 to occupy, the Premises after the expiration or earlier determination of the Term, the Tenant shall be deemed to be holding over and,
 without prejudice to any right or remedy of the Landlord, shall pay to the Landlord for every day of such holding over twice the amount
 of the last paid Rent and twice the amount of the Service Charges and there shall be no renewal of this Agreement by operation of law
 or pursuant to the provisions of this Agreement. During the period of any such holding over, all other provisions of this Agreement
 shall be and remain in effect. The provisions herein shall not be construed as the Landlord's consent for the Tenant to hold
 over after the expiration or earlier determination of the Term.

**20.**  **<u>CONDITIONS OF THE PREMISES</u>** 

20.1 The
 Tenant acknowledges and declares that no promise representation warranty or undertaking has been given by or on behalf of the
 Landlord in respect of the suitability of the Premises or the building for any business to be carried on therein or to the fittings
 finishes facilities and amenities of the Premises or the Building or as to other businesses to be carried on in the Building
 otherwise than in this Agreement contained. The Tenant has been given adequate opportunity to inspect and satisfy itself of the
 accuracy and sufficiency of the Premises (including Floor Area), its surroundings and all other relevant matters.

**21.**  **<u>CHANGE OF LOCATION OF ENTRANCES ETC</u>** 

21.1 The
 Landlord and/or the Management Corporation shall have the right at any time without the same constituting an actual or constructive
 eviction of the Tenant, and without incurring any liability to the Tenant therefor, to change the arrangement and/or location of entrances
 passageways doors doorways partitions landings staircase lobbies lifts toilets and other public parts of the Building or any of the
 services or any apparatus serving the Building and to change the name, number or designation by which the Building is known.

**22.**  **<u>EXCLUSION OF THIRD PARTIES RIGHTS</u>** 

22.1 A
 person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act (Cap. 53B) or any
 statutory modification or re-enactment thereof for the time being in force to enforce any of its terms.

**23.** <u>**CONFIDENTIALITY**</u> 

23.1 The
 Tenant shall keep confidential and shall not at any time disclose or permit to be disclosed
 the terms of this Agreement, or any negotiations discussions or agreements for a renewal
 of this Agreement or any matter in relation to this Agreement, except with the prior written
 consent of the Landlord or as required by law or to the extent that such information has
 become public knowledge not due to the Tenant's breach of this undertaking.

23.2 The
 Tenant shall take all reasonable steps to minimise the risk of disclosure of the information
 referred to above by ensuring that only their employees and directors whose duties require
 them to possess such information shall have access thereto, and that they shall be instructed
 to treat the same as confidential.

**24.**  **<u>GOVERNING LAW</u>** 

24.1 This Agreement is governed
 by and shall be construed in accordance with the laws of Singapore. The parties to this Agreement hereby irrevocably submit to the
 jurisdiction of the Singapore courts in respect of any proceedings which may be brought on this Agreement.

AS WITNESS the hands of the parties hereof the day and year first written above.

---

| | |
|:---|:---|
| SIGNED BY **MR IVAN KHOR**) | Ivan Khor |
| for and on behalf of) | Chief Executive Officer |
| **PARKWAY HOSPITALS SINGAPORE PTE LTD**) | Parkway East Hospital |
| in the presence of:) | /s/ Ivan Khor |
|  | Authorised signature & company stamp |

---

---

| | | |
|:---|:---|:---|
| /s/ Jolene Low | /s/ Jolene Low | ![](ex10-5_006.jpg) |
| Witness' Signature | Witness' Signature | ![](ex10-5_006.jpg) |
| Name: | Jolene-Low | ![](ex10-5_006.jpg) |
|  | Senior Manager, Operations | ![](ex10-5_006.jpg) |
|  | Parkway East Hospital | ![](ex10-5_006.jpg) |

---

---

| | | |
|:---|:---|:---|
| SIGNED BY **DR HENRY CHAN YING HO**) |  |  |
| for and on behalf of) |  |  |
| **HC ORTHOPAEDIC SURGERY PTE LTD**) |  |  |
| in the presence of:) | ![](ex10-5_003.jpg) | ![](ex10-5_004.jpg) |
|  | Authorised signature & company stamp | Authorised signature & company stamp |

---

---

| | |
|:---|:---|
| /s/ Yeoh You Jie | /s/ Yeoh You Jie |
| Witness' Signature | Witness' Signature |
| Name: | yeoh You Jie |

---

Authorised signature & company stamp

**<u>SCHEDULE 1</u>**

**<u>PREMISES</u>**

Plan of Premises (edged in Red)

![](ex10-5_005.jpg)

**SCHEDULE 2**

<u>Reinstatement Schedule</u>

(The condition to be reinstated in respect of the Premises upon yielding up at the expiry or earlier determination of the Term as specified below (without prejudice to the other reinstatement obligations to be complied by the Tenant under this Agreement))

1. Floors : Cement Screed

2. Walls : Two coats of good quality oil paint or emulsion
 white paint

3. Ceiling : Suspended ceiling board with mineral fibre
 board (1200 x 600mm)

4. Shop Front : 2 nos. of double-leaf swing tempered glass
 doors with handles and reversed frosted stickers

5. Air Conditioning System : 2 nos. ceiling mounted packet air-conditioning
 units with 2 nos. of Thermostats, 4 nos. of Air Conditioning Diffusers and 3 nos. of Fresh Air Return Ducting

6. Fire Sprinkler Head : N.A.

7. Fire Protection System : 3 nos. of smoke detectors and 5 nos. of
 heat detectors

8. P.A. Speakers : N.A.

9. Electrical : 1 no. of Distribution Board (63A TPN Single)
 with 10 nos. of MCB and 17 nos. of T5 lightings with holders (\*delete where applicable)

10. Exit Lights : 1 no.

13. Emergency Lights : 3 nos.

14. Water Supply : 15 mm

15. Floor Trap : 2 nos. (Normal)

16. Incoming Telephone : 1 no. of 20 pair BT

17. Incoming SCV : N.A.

18. Keys : 2 nos. of Main door keys <br>1 no. Letterbox
 keys

19. Fire Extinguisher : 1 no.

AS WITNESS the hands of the parties hereof the day and year first written above.

---

| | |
|:---|:---|
| SIGNED BY **MR IVAN KHOR**) | Ivan Khor |
| for and on behalf of) | Chief Executive Officer |
| PARKWAY HOSPITALS SINGAPORE PTE LTD) | Parkway East Hospital |
| in the presence of:) | /s/ Ivan Khor |
|  | Authorised signature & company stamp |

---

---

| | | |
|:---|:---|:---|
| /s/ Jolene-Low | /s/ Jolene-Low | ![](ex10-5_006.jpg) |
| Witness' Signature | Witness' Signature | ![](ex10-5_006.jpg) |
| Name: | Jolene-Low | ![](ex10-5_006.jpg) |
|  | Senior Manager, Operations | ![](ex10-5_006.jpg) |
|  | Parkway East Hospital | ![](ex10-5_006.jpg) |

---

---

| | |
|:---|:---|
| /s/ Yeoh You Jie | /s/ Yeoh You Jie |
| Witness' Signature | Witness' Signature |
| Name: | Jolene-Low |
|  | Senior Manager, Operations |
|  | Parkway East Hospital |

---

---

| | | |
|:---|:---|:---|
| SIGNED BY **DR HENRY CHAN YING HO**) | | |
| for and on behalf of) |  |  |
| **HC ORTHOPAEDIC SURGERY PTE LTD**) |  |  |
| in the presence of:) |  |  |
|  | ![](ex10-5_003.jpg)  | ![](ex10-5_004.jpg) |
|  | Authorised signature & company stamp | Authorised signature & company stamp |

---

---

| | |
|:---|:---|
| /s/ yeoh You Jie | /s/ yeoh You Jie |
| Witness' Signature | Witness' Signature |
| Name: | yeoh You Jie |

---

<u>DATED THIS 5th DAY OF October 2023</u>

Between

**PARKWAY HOSPITALS SINGAPORE PTE LTD**

of the one part

And

**HC ORTHOPAEDIC SURGERY PTE LTD**

of the other part

**TENANCY AGREEMENT**

## Exhibit 10.6

**Exhibit 10.6**

![](ex10-6_001.jpg)

**<u>TENANCY AGREEMENT</u>**

**(Commercial)**

AN AGREEMENT made on the *<u>27</u>* day of January 2023 BETWEEN

**The Colorectal Clinic Pte ltd, UEN No. 200414113R,** a company incorporated in Singapore and having its registered office at 38 Irrawaddy Road #06-37 Mount Elizabeth Novena Specialist Centre Singapore 329563 (hereinafter called the "Landlord" which expression shall where the context so admits, include the Landlord's successors and assigns) of one part

AND

**HC Orthopaedic Surgery Pte Ltd, UEN No. 201725626E,** a company incorporated in Singapore and having its registered office at 3 Mount Elizabeth #15-14 Mount Elizabeth Hospital Singapore 228510 (hereinafter called the "Tenant" which expression shall where the context so admits, include the Tenant's successors and assigns) of the other part.

**<u>WHEREBY IT IS AGREED as follows:</u>**

**1.** **In consideration of the rent, service charge and Tenant's covenants hereinafter reserved and contained, the Landlord hereby grants and the Tenant hereby accepts a lease of the premises situated at 38 Irrawaddy Road #06-37 Mount Elizabeth Novena Specialist Centre Singapore 329563 *(hereinafter called the said "Premises") with the furniture, fixtures, and fittings therein belonging to the Landlord as specified in Schedule 1 annexed hereto for a term of 24 months from the I<sup>5</sup>' day of March 2023 and ending on the 28 day of February 2025, (the "Term") and;*** 

**(a)** **together with the right for the Tenant and others duly authorised by the Tenant at all times hereby created to use and enjoy in common with the landlord and others entitled thereto, the entrances, lobbies, staircases, landings, corridors, passageways, lifts escalators, water closets, lavatories, conveniences and other like amenities connected with the use of the Premises; and** 

**(b)** **excepting and reserving unto the Landlord and all others entitled thereto the free and uninterrupted passage and running of all pipes, electric and other wires, drains, and air-conditioning in, through, under or above the Premises for the Term.** 

**2.** **The Tenant hereby agrees with the Landlord as follows:** **PAYMENT OF RENT** 

**2.1** **To pay the monthly rent hereby reserved at the time and in the manner set out herein without any deduction or set-off whatsoever, as follows;** 

**(a)** **The monthly rent shall be 5$10,000.00 per month inclusive of maintenance fee payable to MC5T.** 

**(b)** **The monthly utility bill shall be shared equally between the Landlord and the Tenant.** 

**(c)** **The Tenant hereby agrees to share the charges equally with the Landlord which may be payable for pest control, alrcon servicing and cleaning costs forthe upkeep of the clinic.** 

**(d)** **The first payment of rent and service charge of S$10,000.00 (subject to GST) shall be paid upon the execution of this Agreement.** 

**(e)** **Subsequent payment of rent payable monthly in advance without deduction whatsoever on the 1<sup>M</sup>day of each month.** 

**(f)** **All payment of rent shall be made to the account of the Landlord: The Colorectal Clinic Pte Ltd at DBS bank with account number: 0159010767. If the payment is by GIRO, evidence of such GIRO arrangement shall be provided by the Tenant to the Landlord within 1 month from the commencement of this Agreement.** 

**2.2** **To pay a deposit of S$20,000.00 (hereinafter referred to as the "Security Deposit") to be held by the I Landlord (the receipt whereof the Landlord hereby acknowledges) assecurity for the due performance and observance by the Tenant of all covenants conditions and stipulations on the part of the Tenant herein contained, failing which the Tenant shall forfeit to the Landlord the said Security Deposit or such part thereof as may be necessary to remedy such default. PROVIDED ALWAYS that if the Tenant shall duly perform the said conditions, covenants and stipulations as aforesaid, up to apd including the date of expiration of the Term the Landlord shall repay the said Security Deposit within 14 days from the date of such expiration without any Interest. This Security Deposit shall not be utilised as set-off for any rent due and payable during the Term.** **SECURITY DEPOSIT** 

![](ex10-6_001.jpg)

2.3 If
 any part of the Security Deposit shall be applied by the Landlord in accordance herewith, the Tenant shall on demand by the Landlord
 forthwith deposit with the Landlord the amount deducted or set-off by the Landlord from the Security Deposit. **TOPPING-UP SECURITY DEPOSIT** 

2.4 To
 pay the Goods and Services Tax (GST) and any present or future rates, taxes or assessments, impositions, levy or outgoings imposed
 upon or in respect of all sums payable by the Tenant to the Landlord pursuant to this Agreement. **GST & OTHER LEVIES** 

2.5 To
 pay on demand any increase In property tax, over and above the amount of property tax for the Premises payable by the Landlord, regardless
 of the reason for such increase in the property tax and if the property tax is imposed or levied after the expiry of the Term or
 retrospectively this clause shall remain in full force and effect insofar as the same are not fulfilled. **INCREASE IN PROPERTY TAX** 

2.6 To
 Install at Its own cost all telecommunication systems and run wires thereof in accordance
 to the Landlord's requirements and to ensure that such works are carried out by
 the contractors who are competent, certified and approved by the lnfocomm Media Development
 Authority or the Landlord. The Tenant shall pay all charges, Including any tax payable thereon,
 In respect of any telephone, facsimile and any other telecommunication services connected,
 installed or used at the Premises. **TELE-COMMUNICATION SYSTEM** 

2.7 Not
 to erect, place, use or permit to be used within or outside the Premises any radio or television aerial or antenna or other similar
 media equipment likely to be seen or heard from the outside without the prior written consent of the Landlord PROVIDED ALWAYS that
 any such consent so given may be withdrawn at anytime by the landlord having regard to the interest of the development and the rights
 of neighbouring tenants, occupiers or persons lawfully therein. **RADIO OR TV AERIALS** 

2.8 The
 Tenant shall install and maintain at its own cost all security system for the Premises. **SECURITY SYSTEM** 

2.9 To
 keep fully serviced all air-conditioning units installed at and for the Premises in such
 like repair and condition as if the same were delivered to the Tenant at the commencement
 of this Agreement by keeping the air-conditioning units serviced and maintained at least
 once every 3 months by a qualified and reliable air-conditioning contractor, and to take
 up a service contract with such contractor and the servicing cost shall be shared equally
 between the landlord and Tenant. A copy of the service contract is to be forwarded to the
 landlord within 30 days of the commencement of the tenancy, and the receipts (where applicable)
 are to forwarded upon the Landlord's request. **SERVICE OF AIR CONDITONING UNITS** 

2.10 To
 keep the air-conditioning units in good and tenantable repair and condition, throughout the term of this tenancy provided always
 the Landlord shall bear the cost and expense for the repair, replacement or renewal of parts, if any, arising from fair, wear and
 tear and damage not caused by the willful default or negligence of the Tenant and/or permitted occupants
 and guests. In the event that the air-conditioning units in the Premises are found to be not serviced and/or maintained at least
 once every three months by a qualified air-conditioning contractor, the Tenant shall bear the cost and expense for the repair, replacement/renewal
 of parts should any breakdown or malfunctionIng occur. **MAINTENANCE OF AIR-CONDITIONING UNITS** 

2.11 Not
 to: **ALTERATIONS & ADDITIONS PARTITIONS, ELECTRICAL POINTS & APPLIANCES, & HEATING DEVICES** 

(a) fix,
 affix or install any additional electrical points and applliances in or about the Premises without the prior written approval of the
 Landlord and the relevant authorities and to ensure such works are carried out by licensed electrical contractors and that the
 existing circuits are not overloaded;

(b) Use
 any electrical heating or other devices Which may interfere with the air-conditioning system, lighting or electrical system in the
 Premises or in any part of the building; or

(c) Install
 or construct any internal partitiond and/or lighting and air-conditioning fittings

(d) Make
 or permit to be made any alterations and additions to the Premises (whether or not structural) or to any of the Landlord's
 fixtures or fittings in the Premises; without having first obtained the Landlord's written consent.

![](ex10-6_002.jpg)

![](ex10-6_001.jpg)

---

| | | |
|:---|:---|:---|
|  | In the event the Landlord consents to such alterations or additions, the Tenant shall obtain at its own expense all planning permission and approval necessary under the relevant statutory and non-statutory regulations, to carry out such additions and alterations in accordance with the conditions thereof.<br>|  |
|  | All A&A works carried out within the premises will also be subject to MCST 4094's approval.<br>|  |
| **2.12** | **To keep the interior of the Premises including the flooring, interior plaster or other surface material or rendering on walls and ceilings and the Landlord's fixtures and fittings therein including but not limited to the doors, windows, wires, pipes, installations, equipment, air-conditioners and or other fittings in good and tenantabie repair and condition (fair wear and tear and damage by any act beyond the control of the Tenant excepted).** | **TENANTABLE REPIAR** |
| **2.13** | **To be responsible for minor repairs and replacement of parts and other expendable items at its own expense for items under rentable space. However, expenditure for repairs and replacement of parts and other expendable items at common area shall be shared equally between the Landlord and Tenant.** | **MINOR REPAIRS** |
| **2.14** | **To permit the Landlord and/or its agents, 3 calendar months prior to the expiry of the Term and upon prior appointment, to bring prospective tenants to view the Premises for the purpose of letting the same.** | **ACCESS FOR VIEWING (NEW TENANCY)** |
| **2.15** | **During the Term, to allow the Landlord or its representatives at ail reasonable times and by prior appointment to bring any interested parties to view the Premises in the event of a prospective sale thereof. The Premises shall be sold subject to this tenancy, unless agreed otherwise by the parties.** | **ACCESS FOR VIEWING(SALE)** |
| **2.16** | **To permit the Landlord and its agents, surveyors and workmen to enter upon the Premises at all ACCESS FOR reasonable times by prior appointment, for the purpose of viewing the condition thereof and to do REPAIRS such works as may be required forany repairs to the Premises and to require the Tenant to rectify any defect for which the Tenant is liable within 7 days failing which, the Landlord shall carry out such repair works and the costs thereof shall be treated as debt due from the Tenant and shall be recoverable from the Tenant forthwith as such PROVIDED the Landlord will be provided free access immediately into the Premises, at all times, in cases where emergency repairs are necessary.** | **ACCESS FOR REPAIRS** |
| **2.17** | **To give immediate notice to the Landlord of any accident or damage to the interior of the Premises, fixtures and fittings or other facilities whatsoever provided by the Landlord and to pay immediately or to reimburse the Landlord for the cost of such repair or replacement save where such damage is caused by any act beyond the control of the Tenant.** | **ACCIDENTS FOR DAMAGE** |
| **2.18** | **To use the Premises or any part thereof as an Private Specialist Orthopaedic clinic operated by a specialist / specialists registered under the Medical Registration Act (Cap 174) or for the practice of specialist medicine subject to the conditions as may be imposed by Parkway Irrawaddy Pte Ltd and Parkway Novena Pte Ltd and not to use or permit to be done on the Property anything which in tho opinion ot the Landlord may be or become a nuisance disturbance or inconvenience to the Landlord or other persons using the Building or any units adjacent thereto in connection with and for the purpose of the Tenant's business, and not for any other purpose.** | **USE OF PREMISES** |
|  | **The Approved Medical Practitioners who will be practicing in the leased premises are Dr Chan Ying Ho and Dr Yeoh Ching Sing under the medical specialty of Orthopaedic Surgery as approved by Landlord, Parkway Irrawaddy Pte Ltd and Parkway Novena Pte Ltd. No other medical practitioner shall be allowed to practice at the leased premises unless prior written approval from Parkway Irrawaddy Pte Ltd and Parkway Novena Pte Ltd is obtained. The Approved Medical Practitioners to comply to the Restrictive Covenants attached in the Annex A.** |  |
| **2.19** | **To obtain at its cost all necessary approvals, permits and licences from the relevant authorities to use the Premises as mentioned in clause 2.18. Any delay or failure in obtaining or any suspension or revocation of any necessary approval, permit or licence shall not affect this Agreement.** | **PERMITS & APPROVALS** |

---

![](ex10-6_002.jpg)

![](ex10-6_001.jpg)

2.20 Not
 to reside in or permit any person to reside in any part of the Premises or use or permit the Premises to be used for dwelling purpose
 and other uses prohibited by law and not to do or suffer to be done anything in or upon the Premises or any part thereof, any activities
 of an illegal or immoral nature. **PROHIBITED USE & ILLEGAL ACTIVITIES** 

2.21 Not
 to use the Premises or any part thereof in a manner which may become a nuisance or annoyance to the Landlord or the occupants of
 the building or to neighbouring premises. **NOT TO CREATE NUISANCE** 

2.22 Not
 to assign or transfer any of the Tenant's rights, benefits and/or obligations under this Agreement, and shall not assign, transfer,
 charge, mortgage, sublet, license or part with or share possession of the whole or any part of the Premises, except with the prior
 written consent of the Landlord. **NO ASSIGNMENT & SUB-LETTING** 

2.23 Not
 to store any goods or things upon or obstruct the areas used in common with the Landlord and the Landlord's other tenants,
 licensees and occupiers. Not to block up, darken, obstruct or permit obstruction in any manner, to the windows or lights belonging
 to the Premises or to the Landlord. **NO STORAGE & OBSTRUCTION** 

2.24 Not
 to bring, store, permit or suffer to be done in the Premises or any part thereof any goods which in the opinion of the Landlord are
 of a dangerous, obnoxious, inflammable or explosive nature and should the Landlord consent to the storage of such material, to pay
 any increase in premium for fire or other insurances that may be taken out by the Landlord. **STORAGE OF DANGEROUS MATERIALS** 

2.25 Not
 to throw or permit to be thrown, any dirt, rubbish, rags, boxes or other refuse except into proper bins and other containers provided
 for such purpose and to pay the Landlord the costs of removing such things and the costs of any damage to the common area, passages,
 lifts, lift shafts, toilets or other conveniences in the building from the breach thereof. **NO WASTE** 

2.26 Not
 to bring or allow to be brought onto the Premises any heavy machinery save for typewriters, information processing systems, photocopying
 machines, computers and such other equipment as are required for the Tenant's business and approved by the Landlord. **NO HEAVY MACHINERY** 

2.27 Not
 to do permit or suffer to be loaded on any part of the floors of the building or the Premises to a weight greater than 2.5 kN per
 square metre and shall when required by the Landlord distribute any load on any part of the floor of the Premises in accordance with
 the directionsand requirements of the Landlord. **NO EXCESS LOADING** 

**2.28** **To ensure that the Tenant's employees, servants, agents or visitors do not obstruct the areas designated as loading/unloadlng areas and at all times comply with the directions of the Landlord's staff or agents exercising due control of such areas, and not to place or take into the escalators or passenger lifts any baggage, parcels, sacks, trolleys or other goods or use them for delivery or disposal purposes.**  **LOADING & UNLODAING & DELIVERY OF GOODS, ETC** 

**2.29** **Not to display any signs, signboards, notices, flagstaff, placard or poster at or outside the Premises except such as is approved by the Landlord or the Management Corporation or equivalent body of the building and or the relevant authorities.**  **BUSINESS SIGNS** 

**2.30** **Not to change or in any way vary the frontage of the Premises and the entrance door provided or approved by the Landlord for the access to the Premises, without first having obtained the written consent of the Landlord and MCST 4094's approval.**  **FRONTAGE OF PREMISES** 

**2.31** **Not to install any fixtures or fittings in or upon the Premises, which may be visible from outside the Premises, except such items fixtures and fittings that are approved by the Landlord.**  **FIXTURES & FITTINGS** 

**2.32** **To keep the Premises well and sufficiently lighted throughout the hours of business of the Premises and/or Building.**  **SUFFICIEINT LIGHTING** 

**2.33** **To maintain, keep clean and free of chokage any drains, plumbing facilities or piping system serving the Premises.**  **CLEARING OF DRAINS, ETC.** ![](ex10-6_002.jpg)

![](ex10-6_001.jpg)

**2.34** **To ensure that all washbasins, taps, sinks and other such water and sanitary apparatus within or TAPS, WASH exclusively serving the Premises are clean and in good order and to make good all lost and damage BASINS ETC. items due to the improper use or negligence of the Tenant.**  **TAPS, WASF BASINS ETC.** 

**2.35** **To keep the Premises free of pests, insects, rodents, birds and animals and if required by the Landlord to employ from time to time or periodically, a pest-exterminating contractor approved by the Landlord to inspect and ensure that the Premises is free of pests.**  **PREMISIES TO BE FREE OF PESTS, ETC.** 

**2.36** **Not to do or permit to be done upon the Premises anything whereby the Landlord's insurance of AVOIDANCE OF Premises against fire may be rendered void or voidable or whereby the premium for any such insurance insurance may be liable to be increased and to indemnify the Landlord against any such additional premiums. For avoidance of doubt the Tenant undertakes to indemnify the Landlord in full in the event such insurance becomes void or voidable due to the act or omission of the Tenant.**  **AVOIDANCE OF INSURANCE** 

2.37 **The Tenant shall at all times during the Term and during any period of holding over, effect and keep current:** **TENANT'S INSURANCE** 

**(a)** **a public liability insurance policy for a sum as may be specified by the Landlord from time to time in respect of the Premises which shall betaken out with an insurance company approved by the Landlord in the joint names of the Landlord and the Tenant and shall pay all premiums, costs and disbursements in connection thereof within seven (7) days after the same shall become due and payable;** 

**(b)** **an adequate insurance policy, which shall be taken out with an insurance company approved by the Landlord on the internal partitions and all goods belonging to or held in trust by the Tenant in the Premises against loss or damage by fire, water, damage or discharge from sprinkler systems;** 

**(c)** **any other insurance policy or policies to cover any other risk as the Landlord may from time to time require and shall produce to the Landlord on demand the abovementioned policies as well as the receipts for payment of premium in respect thereof.** 

---

| | | |
|:---|:---|:---|
| **2.38** | **Upon the determination or sooner determination of the Term, to reinstate and to peaceably and REINSTATEMENT& quietly yield the Premises and all the Landlord's fixtures, fittings and installations in or upon the YIELDING OF Premises (including electrical installations, air-conditioning, pipes, conduits, etc.) to the state and REMISES condition as at the date the Tenant took possession of the Premises from the Landlord (fair wear and tear excepted) and to make good at the expense of the Tenant any damage or defacement caused failing which the Landlord shall rectify the same at the expense of the Tenant and deduct the costs thereof, and the expenses herein shall be treated as debt due from theTenant and shall be recoverable forthwith as such.** | **REINSTATEMENT YIELDING OF PREMISES** |
| 2.39 | **To advise the Landlord in writing of any change in the address or registered office as the case may be, of theTenant.** | **CHANGE OF ADDRESS** |
| **2.40** | **To comply with the following at all times:** | **ILLEGAL IMMIGRANTS** |
|  | **Where the Tenant's employees are non-Singaporeans, to carry out due diligence checks to ensure that at all times during the currency of this Agreement that the Tenant and/or permitted occupants comply with all the rules and regulations relating to the *Immigration Act (Chapter 133)* and the *Employment of Foreign Manpower Act (Chapter 91A)* (if applicable) and any other law In the Republic of Singapore which relates to foreign residents employees.** |  |
|  | **To ensure only employees of the Tenant who are Singapore citizens, permanent residents or are all legally employed in Singapore and holding valid work pass be allowed to work in the Premises.** |  |
|  | **To provide the Landlord upon its written request for physical inspection, all immigration and employment documents, including but not limited to the passports of all non-local occupants, the employment pass and/or work permits, proof of employment and to provide the Landlord with certified true copies of such documents.** |  |
|  | **To authorise, permit and co-operate with the Landlord to make such enquiries with relevant government departments and/or employers to verify the same.** |  |
|  | **To accept responsibility including criminal prosecution and the consequences thereof and to hold the Landlord harmless and indemnify the Landlord to the fullest extent allowed by the laws of the Republic of Singapore should any person who is a prohibited immigrant be found at the Premises.** |  |

---

**2.41** **At all times:** **COMPLIANCE WITH LAWS, RULES & REGULATIONS** 

(a) **To observe, perform and cause all its servants, independent contractors, agents, invitees and licensees to observe and perform, the rules and regulations and any amendments thereof and additions thereto as may from time to time be made by the Landlord, Parkway Irrawaddy Pte Ltd, Parkway Novena Pte Ltd and/or the Management Corporation which shall be binding on and enforceable against the Tenant.** 

(b) **Not to do or suffer to be done any act, which shall amount to a breach or non-observance of any negative or restrictive covenant of this Agreement or other instrument under which the Landlord holds the Premises.** 

(c) At
 all times during the Term, not to do, omit or suffer to be done in the Premises anything in contravention of any laws and regulations
 now or hereafter in force and any rules, orders or notices thereunder and to keep the Landlord indemnified in full against all penalty
 and costs in the event of any breach therof

(d) Should
 the Tenant receive any notices from any Government or any statutory or other relevant authorities with respect to the Premises, to
 give immediately to the Landlord a copy of the same.

**2.42** **To pay:** **LEGAL POPSTS** 

(a) the
 stamp fees, the Landlord's Solicitors' costs and disbursements in connection with the preparation and completion of this
 Agreement (in any) and any other fees in connection therewith.

(b) the
 Landlord's legal expenses (including legal costand disbursements thereof) on a full indemnity basis, in the event of breach
 by the Tenant of the terms and conditions of this Agreement and the Landlord is required to take steps to enforce its rights hereunder.

2.43 To
 be responsible for and to indemnify the Landlord from and against all claims and demands and against any damage occasioned to the
 Premises or any part of the building or any adjacent or neighbouring premises or Injury to any person by any act default or negligence
 of the Tenant or the servants agents licensees or invitees of the Tenant. **INDEMNITY** 

3. The landlord hereby agrees with the Tenant as follows:

3.1 The
 Tenant paying the monthly rent and maintenance charge hereby reserved and observing and performing the terms and provisions of this
 Agreement shall peaceably hold and enjoy the Premises during the Term without any interruption by the Landlord or any person rightfully
 claiming under or in trust for the Landlord (save for the rights reserved by the Landlord under this Agreement). **QUIET ENJOYMENT** 

3.2 **At all times throughout the Term to keep insured the Premises (excluding the fixtures and fittings of the Tenant) against loss or damage by fire and such other risks as the Landlord deem fit and to cause all monies received by virtue of such insurance to be forthwith laid out in reinstating the Premises so that the same shall be In no worse condition as it was before being damaged** **INSURANCE** 

3.3 To
 pay all future rates, assessment, taxes, charges etc. in respect of the Premises, save and except such RATES as are herein agreed to
 be paid by the Tenant. **RATES** 

3.4 To
 keep or contribute to the Management Corporation to keep all common parts of the building in good and tenantable repair, clean and
 lighted and the lifts, escalators etc. in working order. **COMMON AREAS LIGHTING, ETC** 

3.5 To
 allow the Tenant to install or cause to be installed such equipment and other fixtures and fittings as are reasonably necessary for
 the operation of Its business. **TENANT'S EQUIPMENT** 

3.6 If
 the Landlord decides to sell the Premises together with this Tenancy, the Landlord shall cause all the rightsand obligations of the
 Landlord and the Security Deposit under this Agreement to be transferred, assigned or novated to the new owner, whereupon the Tenant's
 rights and obligations shall thereafter be exercisable and owed to the new owner. **LANDLORD'S OBLIGATION IF SALE WITH TENANCY** 

![](ex10-6_001.jpg)

4.1 If
 the rent hereby reserved shall be unpaid for 7 days after being payable, the Landlord shall be lawfully entitled at any time thereafter
 to re-enter the Premises or any part thereof. Upon re-entry, this tenancy shall be absolutely terminated but without prejudice to
 the right of action of the Landlord in respect of any breach or any antecedent breach of this Agreement by the Tenant. **RE-ENTRY (NON- PAYMENT OF RENT)** 

4.2 If
 at any time there shall be any other breach by the Tenant for failing or neglecting to perform or observe any of the terms and conditions
 of this Agreement or if the Premises are not used as a private specialist medical clinic operated by an Approved specialist or specialist
 or specialists registered under the Medical Registration Act (Cap. 174 of Singapore) and accredited with Mount Elizabeth Novena Hospital
 during the lease term or, the Landlord shall serve on the Tenant a written notice specifying: **RE-ENTRY (OTHER BREACHES)** 

(a) the
 particulars and details of the breach complained of; and

(b) if
 the breach is capable of remedy, providing time for the Tenant to remedy the breach; and

(c) requiring
 the Tenant to make monetary compensation for the breach,

and should the Tenant omit, fail or refuse to comply with the written notice, the Landlord shall be lawfully entitled at any time thereafter to re-enter the Premises or any part thereof, and thereupon this tenancy shall be absolutely terminated but without prejudice to the right of action of the Landlord in respect of any breach or any antecedent breach of this Agreement by the Tenant.

4.3 If
 the Tenant shall, during the Term, become bankrupt or enter into composition with the Tenant's creditors or suffer any distress
 or execution to be levied on the Tenant's goods, or if the Tenant being a body corporate shall go into liquidation whether
 voluntary (save for the purpose of amalgamation or reconstruction) or compulsory then, and in any of the said cases it shall be lawful
 for the Landlord at any time thereafter to re-enter upon the Premises or any part thereof. Upon re-entry, this tenancy shall be absolutely
 terminated but without prejudice to the right of action of the Landlord in respect of any breach or any antecedent breach of this
 Agreement by the Tenant. **INSOLVENCY** 

4.4 Without
 prejudice to the Landlord's rights reserved under clause 4.1 or 4.2, or any other rights or remedies available to the Landlord,
 in the event any monies due under or pursuant to this agreement shall remain unpaid seven (7) days after becoming payable (whether
 formally demanded or not), it shall be lawful for the Landlord to claim interest at ten percent (10%) per annum on the amount unpaid
 calculated from after the date due to the date of actual payment and all Interest shall be deemed rent and shall be recoverable in
 like manner as arrears on rent. **INTEREST ON ARREARS** 

4.5 The
 Landlord may upon re-entry or determination of this Agreement, remove from the Premises any items, including all plant, machinery,
 fixtures and fittings premises belonging to the Tenant and dispose or store such items in a warehouse at the cost of the Tenant,
 without being guilty of conversion or liable for loss or damage to such items by the said removal, disposal or storage. The Landlord
 shall also be entitled in its sole discretion and without prior notice to the Tenant to sell such goods or things at such times and
 at such prices or for such consideration as the Landlord thinks fit and to apply the net proceeds of the sale towards payment of
 money owing from the Tenant to the Landlord, if any. The Tenant shall fully indemnity the Landlord against all claims and or liability
 whatsoever incurred by reason of such disposal and or against all damage costs or losses incurred by reason of the presence of the
 said chattels or property in the Premises. **REMOVAL & DISPOSAL OF ITEMS FOUND IN PREMISES** 

4.6 The
 IHH Healthcare Singapore or Landlord shall have the right at any time to make, add, amend, cancel or suspend such rules and regulations
 pertaining to the Premises as may in the discretion of the Landlord or the Management Corporation, be necessary, for the safety and
 cleanliness of the building or for the preservation of good order therein or for the convenience of the tenants and all such rules
 and regulations shall bind the Tenant from the date on which notice in writing thereof is given to the Tenant. **AMENDMENT TO RULES & REGULATIONS** 

4.7 If
 the Option to Renew is not exercised by the Tenant in accordance with clause 4.8, to permit the Landlord at any time within 3 months
 immediately preceding the end of the Term to affix and retain without interference at the Premises a notice for re-letting the same. **RIGHT TO EXHIBIT LANDLORD'S VACANCY**![](ex10-6_002.jpg)

![](ex10-6_001.jpg)

4.8 The
 Landlord shall, on the written request of the Tenant made not less than 3 months before the date of expiry of the Term, and if there
 is no breach of any of the terms and conditions of this Agreement by the Tenant, grant to the Tenant a tenancy of the Premises for
 a further term of 2 years from the date of expiry of this Agreement at a rent to be agreed between the Landlord and Tenant. The Agreement
 or renewal agreement for the renewed or extended term shall contain the like terms and conditions as are herein contained with the
 exception of this Option to Renew clause. **OPTION TO RENEW** 

4.9 Notwithstanding
 anything herein contained the Landlord shall be under no liability either to the Tenant or the Tenant's licensees, servants,
 visitors or others who may be permitted to enter or use the building or any part thereof for accidents happening or for any injuries
 sustained or for loss of or damage to property, goods or chattels In the building or in any part thereof whether arising from any
 act, omission or negligence of the Landlord or any servant or agent of the Landlord. **LANDLORD NOT LIABLE FOR ACCIDENT, INJURIES BY NEGLIGENCE, ETC.** 

4.10 The
 Landlord does not expressly or impliedly warrant that the Premises, the building, or any part thereof, are now or will in future
 remain suitable or adequate for all or any of the purposes of the Tenant or for any business to be carried on thereon or that particular
 business be carried on in the building. **EXCLUSION OF WARRANTY** 

4.11 Notwithstanding
 anything herein contained, If at any time during the Term, any prohibited immigrant is found on the Premises or the Tenant and/or
 permitted occupants is/are no longer allowed to reside in the Republic of Singapore, this Agreement shall immediately be terminated
 and the Security Deposit forfeited by the Landlord without prejudice to any right of action of the Landlord in respect of any breach
 of this Agreement by the Tenant. **ILLEGAL WORKERS** 

4.12 In
 case the Premises or any part thereof shall at any time during this tenancy be destroyed or damaged by fire, lightning, riot, explosion,
 or any other cause beyond the control of the parties hereto so as to be unfit for occupation and use or inaccessible, then and in
 every such case (unless the insurance money shall be wholly or partially irrecoverable by reason solely or in part of any act, default,
 neglect or omission of the Tenant or any of their servants agents occupiers guests or visitors), the rent hereby reserved or a just
 and fair proportion thereof according to the nature and extent of the destruction or damage sustained shall be suspended and cease
 to be payable in respect of the period the Premises shall continue to be unfit for occupation and use by reason of such destruction
 or damage. **DAMAGE RENDERING PREMISES UNFIT FOR USE** 

4.13 If
 the unfitness of the Premises or inaccessibility thereto as aforesaid shall continue for a period of more than three
 (3) months either the Landlord or the Tenant shall be at liberty by notice in writing to the other determine this tenancy,
 and upon such notice being given, this tenancy or the balance thereof shall absolutely cease and determine and the deposit paid hereunder
 together with a reasonable proportion of such advance rent as has been paid hereunder, where applicable, shall be refunded to the
 Tenant forthwith but without prejudice to any right of action of either party in respect of any antecedent breach of this Agreement
 by the other. **UNTENANTABILITY** **& DETERMINATION OF TENANCY** 

4.14 In
 the event any relevant authority for any reason requires the Tenant or the occupants or any of them to cease occupation of the Premises
 including but not limited to purposes of compulsory acquisition of the Premises, the Landlord shall be at their sole discretion
 be entitled but shall not be obliged to terminate this tenancy by giving 1 month's written notice to that effect to the Tenant
 in which event the tenancy herein created shall determine. **COMPULSORY ACQUISITIONS** 

4.15 If
 the Premises be affected by en-bloc redevelopment, It shall be lawful for the Landlord to terminate this tenancy by giving not less
 than 3 months' advance notice in writing to the Tenant. **EN-BLOC** 

4.16 In
 the event of compulsory acquisitions or en bloc, the Security Deposit will be refunded pursuant to this Agreement but without prejudice
 to any right of action of the Landlord in respect of any breach or any antecedent breach of this Agreement by the Tenant. **REFUND** 

4.17 The
 Landlord will pay to Huttons Asia Pte Ltd (hereinafter called the "Broker") the agreed commission of S$10,000.00 PLUS
 GST FORTHWITH UPON THIS AGREEMENT BEING SIGNED BY BOTH PARTIES. In the event that the Landlord should grant the Tenant an extension
 of the Term then the Landlord shall pay the broker another commission equivalent to one half (%) of the new monthly rental for every
 year of extension (pis GST). For the avoidance of doubt, the continued use by the Tenant of the Premises for his occupation after
 the expiration of the Term shall conclusively amount to there being an extension being granted by the Landlord and accepted by the
 Tenant. **COMMISSION**![](ex10-6_002.jpg)

![](ex10-6_001.jpg)

4.18 It
 is expressly understood by the Landlord and the Tenant that the commission paid to their respective estate agencies (if any) as the
 brokerage or service fee in this transaction has been fully earned. No claims shall be made by the Landlord or Tenant against their
 respective estate agencies (if any) for a refund of the commission of fee whatsoever should the Tenancy herein be prematurely terminated
 for any reasons whatsoever. **COMMISSION FULLY EARNED** 

4.19 Without
 prejudice to any right of action by the Landlord under this Tenancy Agreement or in law, if the Tenant is in breach of any clause
 thereby terminating this Tenancy Agreement prematurely then the Tenant shall reimburse the Landlord the commission paid by the Landlord
 to the Agency on a pro-rata basis calculated based on the remaining unfulfilled Term. **REIMBURSEMENT OF PRO-RATED COMMISSION** 

4.20 If
 any one or more of the provisions contained in this Agreement shall be deemed invalid unlawful or unenforceable in any respect under
 any applicable law, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be
 affected or impaired. **SEVERABILITY** 

4.21 If
 one party breaches or defaults any of the terms and conditions in this Agreement, and the other party waives such breach or default,
 that shall not be construed as a waiver of any similar breach or default in the future. If one party delays or omits to exercise
 any of its rights in this Agreement, the delay or omission shall not operate as a waiver of any breach or default of the other party. **NON-WAIVER** 

4.22 Any
 notice served in connection with this Agreement shall be in writing and sufficiently served on the Tenant if left at the Premises
 or delivered to the Tenant personally or sent to the Tenant at the Premises by registered post and any notice to the Landlord shall
 be sufficiently served if sent address by registered post to the Landlord's registered address. **SERVICE OF NOTICE** 

4.23 The
 validity, interpretation and enforcement of this Agreement and all rights, remedies, powers, obligations and liabilities hereunder
 shall be governed by the Laws of the Republic of Singapore. The parties herein submit themselves to the jurisdiction of the Courts
 of Singapore. **GOVERNING LAW** 

IN WITNESS WHEREOF the parties have hereunto set their hands the day and year first above written.

---

| | | |
|:---|:---|:---|
| /s/ Wong Soong Kun | /s/ CHEAN YING TOO | /s/ CHEAN YING TOO |
|  | SIGNED by Tenant) |  |
| Wong Soong Kun | Name:) | Chan Ying Ho |
| S1597474E | NRIC:) | S7971788F |

---

---

| | | | |
|:---|:---|:---|:---|
| /s/ Elle Cheong | /s/ Elle Cheong | /s/ ZENICE LIM | /s/ ZENICE LIM |
| Witnessed by) |  | Witnessed by) | ZENICE LIM |
| Name:) | Elle Cheong | Name:) |  |
| CEA Reg No.:) | R065284F) |  |  |
| Estate Agency:) | Huttons Asia Pte Ltd) |  |  |

---

![](ex10-6_002.jpg)

![](ex10-6_001.jpg)

**SCHEDULE 1-INVENTRY LIST**

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| | | | |
|:---|:---|:---|:---|
| **S/n** | **Items** | **Quantity** | **Remarks** |
| 1. |  |  |  |
| 2. |  |  |  |
| 3. |  |  |  |
| 4. |  |  |  |
| 5. |  |  |  |
| 6. |  |  |  |
| 7. |  |  |  |
| 8. |  |  |  |
| 9. |  |  |  |
| 10. |  |  |  |

---

*Note: Please use extra sheet If space is insufficient*

Additional Remarks:

Other than the matters stated above at :"Remarks" and "Additional Remarks", I / we have checked and found that the items listed in this inventory list are in good and satisfactory working conditions.

---

| |
|:---|
| SIGNED by Tenant) |
| Name:) |
| NRIC:) |

---

---

| | |
|:---|:---|
| Witnessed by) |  |
| Name:) | Elle Cheong |
| CEA Reg No.:) | R065284F) |
| Estate Agency:) | Huttons Asia Pte Ltd) |

---

![](ex10-6_002.jpg)

**Annex A**

**RESTRICTIVE COVENANTS**

1. The
 Tenant covenants that the Tenant shall comply with and where applicable, shall procure the
 specialist(s) practising at the Premises to comply with, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not to without the prior written consent of the Landlord, Parkway
Irrawaddy Pte. Ltd. ("the Covenantee") and Parkway Novena Pte. Ltd., which consent may be granted or withheld at the sole
discretion of the Landlord, the Covenantee and Parkway Novena Pte. Ltd. and if granted, subject to such conditions as may be imposed
by the Covenantee and Parkway Novena Pte. Ltd., use any part of the Premises for residential purposes or for any purpose other than as
a private specialist medical clinic operated by a specialist / specialists registered under the Medical Registration Act (Cap. 174).

(b) Not to without the prior written consent of the Landlord, the
Covenantee and Parkway Novena Pte. Ltd., which consent may be granted or withheld at the sole discretion off the Landlord, the Covenantee
and Parkway Novena Pte. Ltd. and if granted, subject to such conditions as may be Imposed by the Landlord, the Covenantee and Parkway
Novena Pte. Ltd., carry out any of the following activities in the Premises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) set up any radiology department or carry out any radiological
activities;

(il) conduct any laboratory work;

(ill) conduct any surgical procedure except minor surgical procedures
as defined in the table of surgical procedures published by the Ministry of Health and such other revisions thereto from time to time;

(iv) dispense any medicine except to the Tenant's own patients;

(v) conduct dialysis treatment in the Premises; and

(vi) set up any hospital beds for any patient's overnight
stay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not to use any part of the Premises for storage of merchandise
other than in the ordinary course of business of the Tenant or the specialist(s) practising at the Premises.

(d) Not to let, sublet, sell or assign or transfer (otherwise than
by way of security) the Premises without the prior written consent of the Landlord, the Covenantee and Parkway Novena Pte. Ltd. which
consent shall not be unreasonably withheld where the Premises is to be used for the practice of specialist medicine and subject to conditions
as may be imposed by the Covenantee and Parkway Novena Pte. Ltd.

(e) Not to place or permit to be placed upon the floor of the Premises
or any part of the Building a load in excess of four kiloNewtons per square metre (4.0 KN/m²) and shall, when required by the Convenantee
or MCST 4094, distribute any load in accordance with the directions of the Covenantee and/or the management corporation.

Provided Always that nothing herein contained shall impose or be deemed to impose on the Covenantee any obligation to impose the aforesaid restrictive covenants or any of them upon any other covenantor/ subsidiary proprietor of any unit in the development or to enforce or effectuate the aforesaid restrictive covenants or any of them against the Tenant or any other covenantor/subsidiary proprietor of any unit in the development, or their respective successors, assignees and personal representatives.

2. **Referral of Patients** 

For the purpose of providing seamless care to patients, the Tenant covenants that the Tenant shall endeavor to, and where applicable, shall procure the specialist(s) practising in the Premises to endeavor to, refer all patients seeking consultation at the Premises and who require laboratory investigations, radiological examinations, and other ancilliary medical tests to the medical examination facilities in the healthcare facilities owned or controlled directly or indirectly by the Parkway Group, and the admission of all such patients who require hospitalization and/or medical procedures and services to the hospitals in the Parkway Group. For the purposes of this Clause, "Parkway Group" shall mean Parkway Hospitals Singapore Pte Ltd. Parkway Laboratory Services Ltd, Medi-Rad Associates Ltd and Parkway Shenton Pte Ltd or such other healthcare facilities and/or hospital owned or controlled directly or indirectly by Parkway Holdings Limited from time to time as notified to the Tenant by Parkway Holdings Limited.

![](ex10-6_003.jpg)

![](ex10-6_004.jpg)

## Exhibit 10.7

**Exhibit 10.7**

---

| |
|:---|
| ![](ex10-7_002.jpg) |
| INIANO REVENUE |
| AUTHOUTY |
| OF SINGAPORE |

---

**Certificate of Stamp Duty**

---

| | |
|:---|:---|
| Stamp Certificate Ref No. | **083206-94LA4-1-499525724** |
| Stamp Certificate Issued Date | **11 Sep 2024** |
| Document Ref No. | **2409103803060 ver. 1.0** |
| Document Description | **Tenancy Agreement** |
| Date of Document | **10 Sep 2024** |

---

---

| | |
|:---|:---|
| Property | 38 IRRAWADDY RD #06-37 SINGAPORE 329563 |
| Landlord/ Lessor | THE COLORECTAL CLINIC PTE. LTD. (UEN-LOCAL CO - 200414113R) |
| Tenant/ Lessee | HC ORTHOPAEDIC SURGERY PTE. LTD. (UEN-LOCAL CO - 201725626E) |
| Stamp Duty | S$3,024.00 |
| Total Amount | S$3,024.00 |

---

***Check****<u>stamp certificate authenticity</u> **at My Tax Portal - Stamp Duty***

---

| | |
|:---|:---|
| **SXXXX297D - 11 Sep 2024** | **083206-94LA4-1-499525724** |
| **2409103803060** |  |

---

![](ex10-7_001.jpg)

**TENANCY AGREEMENT**

**(CLINICS)**

**THE COLORECTAL CLINIC PTE. LTD.**

**... Landlord**

**And**

**HC ORTHOPAEDIC SURGERY PTE. LTD.**

**... Tenant**

**LEASE**

**AT 38 IRRAWADDY ROAD**

**#06-37 MOUNT ELIZABETH NOVENA SPECIALIST CENTRE**

**SINGAPORE 329563**

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

**APPENDIX 1 OF PART D**

**CHECKLIST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S/N** | Leasing Principle | Code - Compliant | Deviation from Code requiring submission of declaration to FTIC? | Deviation from Code requiring submission of declaration to FTIC? | Not Applicable |
| PART 8 OF CODE OF CONDUCT: LEASING PRINCIPLES FOR KEY TENANCY TERMS | PART 8 OF CODE OF CONDUCT: LEASING PRINCIPLES FOR KEY TENANCY TERMS | PART 8 OF CODE OF CONDUCT: LEASING PRINCIPLES FOR KEY TENANCY TERMS | PART 8 OF CODE OF CONDUCT: LEASING PRINCIPLES FOR KEY TENANCY TERMS | PART 8 OF CODE OF CONDUCT: LEASING PRINCIPLES FOR KEY TENANCY TERMS | PART 8 OF CODE OF CONDUCT: LEASING PRINCIPLES FOR KEY TENANCY TERMS |
| 1. | \* Exclusivity | ☒ <br> To check if there Is no exclusivity clause | ☐ <br> To check if there Is exclusivity clause | ☐ <br> To check if there Is exclusivity clause |  |
|  |  |  | Landlord | Tenant |  |
|  |  |  | To Initial If deviation is agreed | To Initial If deviation is agreed |  |

---

2. Costs
 to Prepare the Lease Agreement and Third Party Costs

2.1 General
 Principles on all Costs ☒ - -

2.2 Point-of-Sales
 system (POS system) ☐ - ☒
 To check if landlord does not require integration of tenant's POS system with landlord's POS system

2.3 Costs
 to Prepare the Lease Agreement ☒ - -

2.4 Fees
 for Tenant- Initiated Requests ☐ - ☒<br>
 To check if there are no ancillary documents arising from tenant-initiated requests at lime of lease preparation

2.5 Third
 Party Costs

2.5.1 General
 Principles on Third Party Costs ☒ - -

2.5.2 Sales
 Audit Fees ☐ - ☒
To check if the rent payable to landlord does not comprise GTO Rent

2.5.3 Public
 Liability Insurance ☒ - ☐<br>

 To check if the floor area of the leased premises is more than 15,000 square feet

2.5.4 Electricity
 Charges ☒ -

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| S/N | Leasing Principle | Code - Compliant | Deviation from Code requiring submission of declaration to FTIC? | Deviation from Code requiring submission of declaration to FTIC? | Not Applicable |
| 3. | Advertising and Promotion Charge and Service Charge | ☐ | - | - | ☒<br> To check if there is no A&P charge and no service charge payable to landlord |
| 4. | Pre-termination by Landlord due to Landlord's Redevelopment Works | ☐ | - | - | ☒<br> To check landlord *does* not require the right to pre-terminate the lease for redevelopment works |
| 5. | \* Sales Performance | ☒<br> To check if <br> there is no sales performance clause | ☐<br> To check if there is sales performance clause | ☐<br> To check if there is sales performance clause |  |
|  |  |  | <br>Landlord | <br>Tenant |  |
|  |  |  | To Initial If deviation is agreed | To Initial If deviation is agreed |  |
|  | Remarks: |  |  |  |  |
| 6. | Pre-Termination by Tenants | ☒ | - | - | ☐ |
|  |  |  |  |  | <br>Tenant |
|  |  |  |  |  | To check and initial above if tenant is not trading under the brand name of a principal or franchisor or if tenant does not require the right to pre-terminate the lease for exceptional conditions |
| 7. | \* Security Deposit | ☒<br> To check if security deposit does not exceed 3 months' gross rent | ☐<br> To check if security deposit exceeds 3 months' gross rent | ☐<br> To check if security deposit exceeds 3 months' gross rent | ☐<br> To check if floor area of premises is more than 5,000 square feet and/or lease term is more than 3 years of it 3 months' gross rent is equal to or less than $500 |
|  |  |  | Landlord | Tenant |  |
|  |  |  | To initial if deviation is agreed | To initial if deviation is agreed |  |
| 8. | Floor Area Alterations | ☒ | - | - | ☐<br> To check if lease is a renewal lease or if the agreed floor area is equal to or less than 300 square feet |
| 9. | Building Maintenance | ☒ | - | - |  |

---

![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| S/N | Leasing Principle | Code - Compliant | Deviation from Code requiring submission of declaration to FTIC? | Deviation from Code requiring submission of declaration to FTIC? | Not Applicable |
| 10. | \* Rental Formula | ☒ <br> To check if rental formula is not a single | ☐ <br> To check if rental formula is not a single rental formula | ☐ <br> To check if rental formula is not a single rental formula |  |
|  |  | rental formula (i.e. <u>not an</u> "either/or" formula, and | <br>Landlord | <br>Tenant |  |
|  |  | <u>does not</u> have a GTO component if GTO is more than S$2) | To initial If deviation is agreed and to select and complete the alternative agreed rental formula in the section below | To initial If deviation is agreed and to select and complete the alternative agreed rental formula in the section below |  |
|  | Agreed Rental Formula |  |  |  |  |

---

I. S$XX
 psf or Y% of GTO. whichever is higher

II. (S$XX
 psf + Y% of GTO) or Z% if GTO, whichever is higher

III. S$XX
 psf + Y% of GTO above S$XY per month

IV. Others:
 __________________________________________

---

| | | | |
|:---|:---|:---|:---|
| PART C OF CODE OF CONDUCT: LEASING PRINCIPLES FOR CONFIDENTIALLY CLAUSES AND DATA TRANSPARENCY | PART C OF CODE OF CONDUCT: LEASING PRINCIPLES FOR CONFIDENTIALLY CLAUSES AND DATA TRANSPARENCY | PART C OF CODE OF CONDUCT: LEASING PRINCIPLES FOR CONFIDENTIALLY CLAUSES AND DATA TRANSPARENCY | PART C OF CODE OF CONDUCT: LEASING PRINCIPLES FOR CONFIDENTIALLY CLAUSES AND DATA TRANSPARENCY |
| 11. | Confidentially | ☒<br> To check if confidentially clause applies to both landlord and tenant | ☐<br> To check if there is no confidentially clause binding on both parties |

---

12. Data Transparency

12.1 Sharing
 of sales data prior to signing of lease agreement ☐ To
check if landlord has shared sales data prior to signing of lease agreement ☒ To check if landlord do not collect sales data from tenants as part of the GTO Rent formula

12.2 Sharing
 of sales data on a bi-annual basis during the lease term ☐ ☒ To check if landlord do not collect sales data from tenants as part of the GTO Rent formula

![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

**TENANCY AGREEMENT**

**(Commercial)**

**AN AGREEMENT made on the <u>11</u> day of <u>September</u> 2024.**

BETWEEN

**The Colorectal Clinic Pte. Ltd., UEN No. 200414113R,** a company incorporated in Singapore and having its registered office at 38 Irrawaddy Road #06 37 Mount Elizabeth Novena Specialist Centre Singapore 329563 (hereinafter called the "Landlord" which expression shall, where the context so permits, include the Landlord's successors and assigns) of the one part

AND

**HC Orthopaedic Surgery Pte. Ltd., UEN No. 201725626E,** a company incorporated in Singapore and having its registered office at 3 Mount Elizabeth #15-14 Mount Elizabeth Hospital Singapore 228510 (hereinafter called the "Tenant" which expression shall, where the context so permits, include the Tenant's successors and assigns) of the other part.

**WHEREBY IT IS AGREED AS FOLLOWS:**

**1.**  **<u>DEMISED PREMISES</u>** 

In consideration of the rents, maintenance and service charges and the Tenant's covenants hereinafter reserved and contained, the Landlord hereby grants to the Tenant a tenancy of all that property known as **38 Irrawaddy Road #06- 37 Mount Elizabeth Novena Specialist Centre Singapore 329563 ("herein after referred to as the Demised Premises" and floor plan at Appendix A)** with all with the fixtures, and fittings therein belonging to the Landlord as specified in the inventory list annexed hereto and together with the right for the Tenant and others duly authorized by the Tenant, in common with the Landlord and others entitled thereto, at all times hereby created to use and enjoy all the usual entrances, passages, staircases, escalators, landings, corridors and all amenities connected with the use of the said premises, excepting and reserving unto the Landlord the free and uninterrupted use of and access to all air-conditioning ducts, pipes, electric and other wires, flues and drains in, through, under or above the Demised Premises, TO HOLD the Demised Premises unto the Tenant at the rent for the term and on and subject to the covenants, terms and conditions and provisions hereinafter set out.

**2.**  **<u>TERM</u>** 

The term for this tenancy is for fixed period of 3 years which shall commence on the 1<sup>st</sup> day of March 2025 and expiring on the 29<sup>th</sup> day of February 2028, (**"the Term"**), SUBJECT ALWAYS to the provisions for prior determination hereinafter contained.

**3.**  **<u>TENANT'S COVENANTS</u>** 

**<u>The Tenant hereby agrees with the Landlord as follows:</u>**

3.1. To
 pay the monthly rent and maintenance and service charge hereby reserved at the time and in the manner set out herein without any
 deduction or set-off whatsoever, as follows: **PAYMENT OF RENT** 

3.2. The
 monthly rent shall be S$21,000.00 per month and subject to GST.

3.3. The
 Tenant hereby agrees to pay the monthly maintenance and service charge, for the upkeep and maintenance of the common areas and the
 operations of the services supplied and used in the building, shall be S$1,238.88 per month (subject to GST) directly to the MCST
 Plan 4094 of Mount Elizabeth Novena Hospital & Specialist Centre, 38 Irrawaddy Road #01-01 Singapore 329563. This amount is subject
 to change by MCST.

3.4. The
 Tenant hereby agrees to pay any additional maintenance and service charge which may be payable in the event of any increase in costs
 for the upkeep of the building and the operations of the services supplied and used in the building chargeable by MCST 4094.

![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

3.5. Payment
 of rent payable monthly in advance without deduction whatsoever on the 1<sup>st</sup> day of each month.

3.6. All
 payment of rent shall be made to the account of the Landlord: **The Colorectal Clinic Pte Ltd at DBS bank with account number: 0159010767.** If the payment is by GIRO, evidence of such GIRO arrangement shall be provided by the Tenant to the Landlord within 1 month from
 the commencement of this Agreement.

3.7. For
 avoidance of doubt, the Parties agree that no advertising and promotion charge or service charge shall be payable by the Tenant to
 the Landlord.

3.8. To
 pay a security deposit of S$63,000.00 (hereinafter referred to as the "Security Deposit") to be held by the Landlord
 (the receipt whereof the Landlord hereby acknowledges) as security for the due performance and observance by the Tenant of all
 covenants conditions and stipulations on the part of the Tenant herein contained, failing which the Tenant shall forfeit to the
 Landlord the said Security Deposit or such part thereof as may be necessary to remedy such default. PROVIDED ALWAYS that if the
 Tenant shall duly perform the said conditions, covenants and stipulations as aforesaid, up to and including the date of expiration
 of the Term the Landlord shall repay the said Security Deposit within 14 days from the date of such expiration without any interest.
 This Security Deposit shall not be utilised as set-off for any
 rent due and payable during the Term. **SECURITY DEPOSIT** 

3.9. If
 any part of the Security Deposit shall be applied by the Landlord in accordance herewith, the Tenant shall on demand by the Landlord
 forthwith deposit with the Landlord the amount deducted or set-off by the Landlord from the Security Deposit. **TOPPING UP OF SECURITY DEPOSIT** 

3.10. To
 pay the Goods and Services Tax (GST) and any present or future rates, taxes or assessments, impositions, levy or outgoings imposed
 upon or in respect of all sums payable by the Tenant to the Landlord pursuant to this Agreement. **GST & OTHER LEVIES** 

3.11. To
 pay on demand any increase in property tax, over and above the amount of property tax for the Premises payable by the Landlord, regardless
 of the reason for such increase in the property tax and if the property tax is imposed or levied after the expiry of the Term or
 retrospectively this clause shall remain in full force and effect insofar as the same are not fulfilled. **INCREASE IN PROPERTY TAX** 

3.12. Any
 water, electricity or gas meters to be installed for the use of the Premises shall be installed at the Tenant's own cost and
 the Tenant shall pay all charges, including any tax payable thereon for the supply of water, electricity, gas and any water borne
 sewerage system, installed or used at the Premises. **PAYMENT OF OUTGOINGS** 

3.13. If
 required for the Tenant's operation, to install prior to commencement of the Term and maintain in good working order a circuit
 breaker to the Tenant's power supply failing which the Landlord shall carry out such installation and the costs thereof shall
 be treated as debt due from the Tenant and shall be recoverable forthwith as such, by the Landlord. **POWER SUPPLY CIRCUIT BREAKER** 

3.14. To
 install at its own cost all telecommunication systems and run wires thereof in accordance to the Landlord's requirements and
 to ensure that such works are carried out by the contractors who are competent, certified and approved by the Infocomm Media Development
 Authority or the Landlord. The Tenant shall pay all charges, including any tax payable thereon, in respect of any telephone, facsimile
 and any other telecommunication services connected, installed or used at the Premises. **TELE- COMMUNICATION SYSTEM** 

3.15. Not
 to erect, place, use or permit to be used within or outside the Premises any radio or television aerial or antenna or other similar
 media equipment likely to be seen or heard from the outside without the prior written consent of the Landlord PROVIDED ALWAYS that
 any such consent so given may be withdrawn at anytime by the Landlord having regard to the interest of the development and the right
 of neighbouring tenants, occupiers or persons lawfully therein. **RADIO OR TV AERIALS**![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

3.16 The
 Tenant shall install and maintain at its own cost all security system for the Premises. **SECURITY SYSTEM** 

3.17 To
 keep fully serviced all air-conditioning units installed at and for the Premises in such like repair and condition as if the same
 were delivered to the Tenant at the commencement of this Agreement by keeping the air-conditioning units serviced and maintained
 at least once every 3 months at the expense of the Tenant by a designated air-conditioning contractor determine by the Landlord,
 and to take up a service contract with such contractor for the servicing cost shall be paid by the Tenant. A copy of the service
 contract is to be forwarded to the Landlord within 30 days of the commencement of the tenancy, and the receipts (where applicable)
 are to forwarded upon the Landlord's request. **SERVICE OF AIR-CONDITIONING UNITS** 

3.18 To
 keep the air-conditioning units in good and tenantable repair and condition, throughout the term of this tenancy and the Tenant shall
 bear the cost and expense for the repair, replacement/renewal of parts should any breakdown or malfunctioning occur. **MAINTENANCE AND REPAIR OF AIR CONDITIONING UNITS** 

3.19 Not
 to:

---

| | | |
|:---|:---|:---|
| 3.19.1 | Fix, affix or install any additional electrical points and appliances in or about the Premises without the prior written approval of the Landlord and the relevant authorities and to ensure such works are carried out by licensed electrical contractors and that the existing circuits are not overloaded; | **ALTERATIONS & ADDITIONS, PARTITIONS, ELECTRICAL POINTS & APPLICANCES, & HEATING DEVICES** |
| 3.19.2 | Use any electrical heating or other devices, which may interfere with the air conditioning system, lighting or electrical system in the Premises or in any part of the building; or |  |
| 3.19.3 | Install or construct any internal partitions and/or lighting and air-conditioning fittings. |  |
| 3.19.4 | Not to make or permit to be made any alterations and additions to the Premises (whether or not structural) or to any of the Landlord's fixtures or fittings in the Premises without having first obtained the Landlord's written consent. |  |
|  | In the event the Landlord consents to such alterations or additions, the Tenant shall obtain at its own expense all planning permission and approval necessary under the relevant statutory and non-statutory regulations, to carry out such additions and alterations in accordance with the conditions thereof.<br>|  |
|  | All A&A works carried out within the premises will also be subject to Management Corporation (MCST)'s approval.<br>|  |

---

3.20 To
 keep the interior of the Premises including the flooring, interior plaster or other surface
 material or rendering on walls and ceilings and the Landlord's fixtures and fittings therein
 including but not limited to the doors, windows, wires, pipes, installations, equipment,
 air-conditioners and or other fittings in good and tenantable repair and condition (fair
 wear and tear and damage by any act beyond the control of the Tenant excepted). **TENANTABLE REPAIR** 

3.21 To
 permit the Landlord and/or its agents, 3 calendar months prior to the expiry of the Term
 and upon prior appointment, to bring prospective tenants to view the Premises for the purpose *of* letting the same. **ACCESS** TO **PREMISES FOR VIEWING (NEW TENANCY)** 

3.22 During
 the Term, to allow the Landlord or its representatives at all reasonable times and by prior
 appointment to bring any interested parties to view the Premises In the event of a prospective
 sale thereof. The Premises shall be sold subject to this tenancy, unless agreed otherwise
 by the parties. **ACCESS** TO **PREMISES FOR VIEWING (SALE)**![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

3.23. To
 permit the Landlord and its agents, surveyors and workmen to enter upon the Premises at all reasonable times by prior appointment,
 for the purpose of viewing the condition thereof and to do such works as may be required for any repairs to the Premises and to require
 the Tenant to rectify any defect for which the Tenant is liable within 7 days failing which, the Landlord shall carry out such repair
 works and the costs thereof shall be treated as debt due from the Tenant and shall be recoverable from the Tenant forthwith as such
 PROVIDED the Landlord will be provided free access immediately into the Premises, at all times, in cases where emergency repairs
 are necessary. **ACCESS TO PREMISES FOR REPAIRS** 

3.24. To
 give immediate notice to the Landlord of any accident or damage to the interior of the Premises, fixtures and fittings or other facilities
 whatsoever provided by the Landlord and to pay immediately or to reimburse the Landlord for the cost of such repair or replacement
 save where such damage is caused by any act beyond the control of the Tenant. **ACCIDENTS OR DAMAGES** 

3.25. To
 use the Premises or any part thereof as a **Private Specialist Medical Clinic** operated by medical practitioner(s) registered
 under the Medical Registration Act (Cap 174) in or for the practice of specialist medicine subject to the conditions as may be imposed
 by Parkway Irrawaddy Pte Ltd & Parkway Novena Pte Ltd and not to use or permit to be done on the Property anything which in the
 opinion of the Landlord may be or become a nuisance disturbance or inconvenience to the Landlord or other persons using the Building
 or any units adjacent thereto in connection with and for the purpose of the Tenant's business, and not for any other purpose. **USE OF PREMISES** 

The Approved Medical Practitioners who will be practicing in the leased premises are doctors namely **Dr Henry Chan Ying Ho (M11711J), Dr Nicholas Yeoh Ching Sing (M161082) and Dr Toon Dong Hao (M169728) and doctors under HC Orthopaedic Surgery** under the medical specialty of Orthopaedic Surgery as approved by Parkway Irrawaddy Pte Ltd & Parkway Novena Pte Ltd. No other medical practitioner shall be allowed to practice at the leased premises unless prior written approval from Parkway Irrawaddy Pte Ltd & Parkway Novena Pte Ltd is obtained. The Approved Medical Practitioners to comply to the **<u>Restrictive Covenants in Appendix B</u>** with the terms contained in the Restrictions registered against the Property in favour of Parkway Irrawaddy Pte Ltd & Parkway Novena Pte Ltd.

3.26. To
 obtain at its cost all necessary approvals, permits and licences from the relevant authorities to use the Premises as mentioned in <u>clause 3.25</u>. Any delay or failure in obtaining or any suspension or revocation of any necessary approval, permit or licence
 shall not affect this Agreement. Any subsequent change of the use of the Property shall first be consented and approved in writing
 by the Landlord before the Tenant submits any application for such change. **PERMITS & APPROVALS** 

3.27. Not
 to reside in or permit any person to reside in any part of the Premises or use or permit the Premises to be used for dwelling purpose
 and other uses prohibited by law and not to do or suffer to be done anything in or upon the Premises or any part thereof, any activities
 of an illegal or immoral nature. **PROHIBITED USE & ILLEGAL ACTIVITIES** 

3.28. Not
 to use the Premises or any part thereof in a manner which may become a nuisance or annoyance to the Landlord or the occupants of
 the building or to neighbouring premises. **NOT TO CREATE NUISANCE** 

3.29. Not
 to assign or transfer any of the Tenant's rights, benefits and/or obligations under
 this Agreement, and shall not assign, transfer, charge, mortgage, license or part with or
 share possession of the whole or any part of the Premises, except with the prior written
 consent of the Landlord. The Landlord shall allow the Tenant to sublet one of the consult
 room to Specialist doctors which is subject to approval by Parkway Irrawaddy Pte Ltd &
 Parkway Novena Pte Ltd. **ASSIGNMENT & SUB-LETTING**![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

3.30. Not
 to store any goods or things upon or obstruct the areas used in common with the Landlord and the Landlord's other tenants,
 licensees and occupiers. Not to block up, darken, obstruct or permit obstruction in any manner, to the windows or lights belonging
 to the Premises or to the Landlord. **NO STORAGE & OBSTRUCTION** 

3.31. Not
 to bring, store, permit or suffer to be done in the Premises or any part thereof any goods which in the opinion of the Landlord are
 of a dangerous, obnoxious, inflammable or explosive nature and should the Landlord consent to the storage of such material, to pay
 any increase in premium for fire or other insurances that may be taken out by the Landlord. **STORAGE OF DANGEROUS MATERIALS** 

3.32. Not
 to throw or permit to be thrown, any dirt, rubbish, rags, boxes or other refuse except into proper bins and other containers provided
 for such purpose and to pay the Landlord the costs of removing such things and the costs of any damage to the common area, passages,
 lifts, lift shafts, toilets or other conveniences in the building from the breach thereof. **NO WASTE** 

3.33. Not
 to bring or allow to be brought onto the Premises any heavy machinery save for typewriters, information processing systems, photocopying
 machines, computers and such other equipment as are required for the Tenant's business and approved by the Landlord. **NO HEAVY MACHINERY** 

3.34. Not
 to do permit or suffer to be loaded on any part of the floors of the building or the Premises to a weight greater than permitted
 by the building management and shall when required by the Landlord distribute any load on any part of the floor of the Premises in
 accordance with the directions and requirements of the Landlord. **NO EXCESS LOADING** 

3.35. To
 ensure that the Tenant's employees, servants, agents or visitors do not obstruct the areas designated as loading/unloading
 areas and at all times comply with the directions of the Landlord's staff or agents exercising due control of such areas, and
 not to place or take into the escalators or passenger lifts any baggage, parcels, sacks, trolleys or other goods or use them for
 delivery or disposal purposes. **LOADING & UNLOADING, & DELIVERY OF GOODS, ETC** 

3.36. Not
 to display any signs, signboards, notices, flagstaff, placard or poster at or outside the Premises except such as is approved by
 the Landlord or the Management Corporation or equivalent body of the building and or the relevant authorities. **BUSINESS SIGNS** 

3.37. Not
 to change or in any way vary the frontage of the Premises and the entrance door provided or approved by the Landlord for the access
 to the Premises, without first having obtained the written consent of the Landlord and the Management Corporation's approval. **FRONTAGE OF PREMISES** 

3.38. Not
 to install any fixtures or fittings in or upon the Premises, which may be visible from outside the Premises, except such items fixtures
 and fittings that are approved by the Landlord and the Management Corporation's approval. **FIXTURES & FITTINGS** 

3.38.1. To
 maintain the building where the said premises are located (if the Landlord owns the whole of such building) or such part(s) of the
 building which are owned by the Landlord where the said premises are located (if the Landlord does not own the whole of such building). **MAINTENANCE** 

3.38.2. To
 be responsible for any loss or damage suffered by tenant due to the gross negligence or willful default on the part of the Landlord
 to maintain the building or such part(s) thereof where the said premises are located as provided in Clause 3.39.1.

3.39. To
 keep the Premises well and sufficiently lighted throughout the hours of business of the Premises and/or building. **SUFFICIENT LIGHTING**![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

3.40. To
 maintain, keep dean and free of chokage any drains, plumbing facilities or piping system
 serving the Premises. **CLEARING OF DRAINS, ETC** 

3.41. To
 ensure that all washbasins, taps, sinks and other such water and sanitary apparatus within
 or exclusively serving the Premises are clean and in good order and to make good all lost
 and damage items due to the improper use or negligence of the Tenant. **TAPS, WASH BASINS ETC** 

3.42. To
 keep the Premises free of pests, Insects, rodents, birds and animals and if required
 by the Landlord to employ from time to time or periodically, a pest-exterminating contractor
 approved by the Landlord to inspect, treat and ensure that the Premises is free of pests
 at the Tenant's cost. **PREMISES TO BE FREE OF PESTS, ETC** 

3.43. Not
 to place or take into escalators, passengers lifts any baggage, parcels, sacks, trolleys
 or other goods or use them for delivery or disposal purposes. **USAGE OF ESCALATORS & PASSENGER LIFTS** 

3.44. Not
 to do or permit to be done upon the Premises anything whereby the Landlord's insurance
 of Premises against fire may be rendered void or voidable or whereby the premium for any
 such insurance may be liable to be increased and to indemnify the Landlord against any such
 additional premiums. For avoidance of doubt the Tenant undertakes to indemnify the Landlord
 in full in the event such insurance becomes void or voidable due to the act or omission of
 the Tenant. **AVOIDANCE OF INSURANCE** 

3.45. The
 Tenant shall at all times during the Term and during any period of holding over, effect and
 keep current: **TENANT'S INSURANCE** 

3.45.1. A
 public liability insurance policy for **S$2** million **or other amount** as may be
 specified by the Landlord from time to time in respect of the Premises which shall be taken
 out with an insurance company approved by the Landlord in the joint names of the Landlord
 and the Tenant and shall pay all premiums, costs and disbursements in connection thereof
 within seven (7) days after the same shall become due and payable;

3.45.2. An
 adequate insurance policy, which shall be taken out with an insurance company approved by
 the Landlord on the internal partitions and all goods belonging to or held in trust by the
 Tenant in the Premises against loss or damage by fire, water, damage or discharge from sprinkler
 systems;

3.45.3. Any
 other insurance policy or policies to cover any other risk as the Landlord may from time
 to time require and shall produce to the Landlord on demand the abovementioned policies as
 well as the receipts for payment of premium in respect thereof.

3.46 Upon
 the determination or sooner determination of the Term, to reinstate and to peaceably and quietly yield the Premises and all the Landlord's
 fixtures, fittings and installations in or upon the Premises (including electrical installations, air-conditioning, pipes, conduits,
 etc.) to the state and condition as at the date the Tenant took possession of the Premises from the Landlord (fair wear and tear excepted)
 and to make good at the expense of the Tenant any damage or defacement caused failing which the Landlord shall rectify the same at
 the expense of the Tenant and deduct the costs thereof, and the expenses herein shall be treated as debt due from the Tenant and shall
 be recoverable forthwith as such. **REINSTATEMENT&** **YIELDING UP OF** **PREMISES** 

3.47. To
 advise the Landlord in writing of any change in the address or registered office as the case may be, of the Tenant. **CHANGE OF ADDRESS** 

3.48. To comply
 with the following at all times: **ILLEGAL IMMIGRANTS** 

3.48.1. Where
 the Tenant's employees are non-Singaporeans, to carry out due diligence checks to ensure
 that at all times during the currency of this Agreement that the Tenant and/or permitted
 occupants comply with all the rules and regulations relating to the Immigration Act (Chapter
 133) and the Employment of Foreign Manpower Act (Chapter 91A) (if applicable) and any other
 law in the Republic of Singapore which relates to foreign residents employees.

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

3.48.2. To
 ensure only employees of the Tenant who are Singapore citizens, permanent residents or are
 all legally employed in Singapore and holding valid work pass be allowed to work in the Premises.

3.48.3. To
 provide the Landlord upon its written request for physical inspection, all immigration and
 employment documents, Including but not limited to the passports of all non-local occupants,
 the employment pass and/or work permits, proof of employment and to provide the Landlord
 with certified true copies of such documents.

3.48.4. To
 authorise, permit and co-operate with the Landlord to make such enquiries with relevant government
 departments and/or employers to verify the same.

3.48.5. To
 accept responsibility including criminal prosecution and the consequences thereof and to hold the Landlord harmless and indemnify
 the Landlord to the fullest extent allowed by the laws of the Republic of Singapore should any person who is a prohibited immigrant
 be found at the Premises.

3.49. At
 all times:

3.49.1. To
 observe, perform and cause all its servants, independent contractors, agents, invitees and
 licensees to observe and perform, the rules and regulations and any amendments thereof and
 additions thereto as may from time to time be made by the Landlord, **Parkway Irrawaddy Pte Ltd**, **Parkway Novena Pte Ltd** and/or the Management Corporation which shall
 be binding on and enforceable against the Tenant. **COMPLIANCE WITH** **LAWS, RULES & REGULATIONS** 

3.49.2. Not
 to do or suffer to be done any act, which shall amount to a breach or non-observance of any
 negative or restrictive covenant of this Agreement or other instrument under which the Landlord
 holds the Premises.

3.49.3. At
 all times during the Term, not to do, omit or suffer to be done in the Premises anything
 in contravention of any laws and regulations now or hereafter in force and any rules, orders
 or notices thereunder and to keep the Landlord indemnified in full against all penalty and
 costs in the event of any breach thereof.

3.50. Should
 the Tenant receive any notices from any Government or any statutory or other relevant authorities
 with respect to the Premises, to give immediately to the Landlord a copy of the same. **GOVERNMENT NOTICES** 

3.51. The
 Parties agree that in the event that there are legal and administrative fees incurred in
 preparing this Agreement, the costs to prepare this Agreement shall be determined in accordance
 with Paragraph 2.3 of the Code of Conduct for Leasing of Retail Premises in Singapore. **COSTS FOR PREPARATION OF TENANCY AGREEMENT** 

3.52. The
 stamp fees of this Agreement shall be paid by the Tenant. **STAMP DUTIES** 

3.53. The
 Landlord's legal expenses (including legal cost and disbursements thereof) on a full
 indemnity basis, in the event of breach by the Tenant of the terms and conditions of this
 Agreement and the Landlord is required to take steps to enforce its rights hereunder. **INDEMNITY** 

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

3.54. To
 be responsible for and to indemnify the Landlord from and against all claims and demands and against any damage occasioned to
 the Premises or any part of the building or any adjacent or neighbouring premises or injury to any person by any act default or negligence
 of the Tenant or the servants agents licensees or invitees of the Tenant. **INDEMNITY AGAINST CLAIMS DUE TO NEGLIGENCE OF TENANT** 

**4.** <u>**The landlord hereby agrees with the Tenant as follows:**</u> 

4.1. The
 Tenant paying the monthly rent and service charge hereby reserved and observing and performing
 the terms and provisions of this Agreement shall peaceably hold and enjoy the Premises during
 the Term without any interruption by the Landlord or any person rightfully claiming under
 or in trust for the Landlord (save for the rights reserved by the Landlord under this Agreement). **QUIET ENJOYMENT** 

4.2. At
 all times throughout the Term to keep insured the Premises (excluding the fixtures and fittings
 of the Tenant) against loss or damage by fire and such other risks as the landlord deem fit
 and to cause all monies received by virtue of such insurance to be forthwith laid out in
 reinstating the Premises so that the same shall be in no worse condition as it was before
 being damaged. **INSURANCE** 

4.3. To
 pay all future rates, assessment, taxes, charges etc. in respect of the Premises, save and
 except such as are herein agreed to be paid by the Tenant. **RATES** 

4.4. To
 keep or contribute to the Management Corporation to keep all common parts of the building
 in good and tenantable repair, clean and lighted and the lifts, escalators etc. in working
 order. **COMMON AREAS, LIGHTINGS, ETC** 

4.5. To
 allow the Tenant to install or cause to be installed such equipment and other fixtures and
 fittings as are reasonably necessary for the operation of its business. **TENANT'S EQUIPMENTS** 

4.6. If
 the landlord decides to sell the Premises together with this Tenancy, the Landlord shall
 cause all the rights and obligations of the Landlord and the Security Deposit under this
 Agreement to be transferred, assigned or novated to the new owner, whereupon the Tenant's
 rights and obligations shall thereafter be exercisable and owed to the new owner. **LANDLORD'S OBLIGATIONS IF SALE WITH TENANCY** 

**4.7.** <u>**Provision of Certified Floor Plans**</u> 

4.7.1. It
 the agreed floor area of the said premises is more than 300 square feet, the Landlord and
 the Tenant agree to accept certified floor plan(s) or building plan(s) from a relevant government
 authority which indicates the floor area of the said premises instead of appointing a registered
 surveyor to carry out a survey to determine the Floor Area of the Premises. The Landlord
 shall provide the aforesaid certified floor plan(s) of building plan(s) to the Tenant. **PROVISION OF CERTIFIED FLOOR PLANS** 

4.7.2**.** If
 the agreed floor area of the said premises is 300 square feet or less, the Landlord and the
 Tenant agree that the Landlord is not required to appoint a registered surveyor to carry
 out a survey to determine the Floor Area of the Premises.

4.7.3. The
 Parties agree that the said premises has not been formed or re-configured after redevelopment
 of the building or the completion of asset enhancement initiative works, such that the aforesaid
 certified floor plan(s) or building plan(s) no longer represent the floor area of the said
 premises.

![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

**5**. <u>**PROVIDED ALWAYS and it is hereby agreed and declared as follows:**</u> 

5.1. If
 the rent hereby reserved shall be unpaid for 7 days after being payable, the Landlord shall be lawfully entitled at any time thereafter
 to re-enter the Premises or any part thereof. Upon re-entry, this tenancy shall be absolutely terminated but without prejudice to the
 right of action of the Landlord in respect of any breach or any antecedent breach of this Agreement by the Tenant. **RE-ENTRY (NON-PAYMENT OF RENT)** 

5.2. If
 at any time there shall be any other breach by the Tenant for failing or neglecting to perform
 or observe any of the terms and conditions of this Agreement, or if the Premises are not
 used as a private specialist medical clinic operated by an Approved specialist or specialist
 or specialists registered under the Medical Registration Act (Cap. 174 of Singapore) and
 accredited with **Mount Elizabeth Novena Hospital** during the lease term or, the Landlord
 shall serve on the Tenant a written notice specifying: **RE-ENTRY (OTHER BREACHES)** 

---

| | |
|:---|:---|
| 5.2.1. | The particulars and details of the breach complained of; and |
| 5.2.2. | If the breach is capable of remedy, providing time for the Tenant to remedy the breach; and |
| 5.2.3. | Requiring the Tenant to make monetary compensation for the breach, |
|  | And should the Tenant omit, fail or refuse to comply with the written notice. the Landlord shall be lawfully entitled at any time thereafter to re-enter the Premises or any part thereof, and thereupon this tenancy shall be absolutely terminated but without prejudice to the right of action of the Landlord in respect of any breach or any antecedent breach of this Tenancy Agreement by the Tenant. |

---

5.3. If
 the Tenant shall, during the Term, become bankrupt or enter into composition with the Tenant's
 creditors or suffer any distress or execution to be levied on the Tenant's goods, or
 if the Tenant being a body corporate shall go into liquidation whether voluntary (save for
 the purpose of amalgamation or reconstruction) or compulsory then, and in any of the said
 cases it shall be lawful for the Landlord at any time thereafter to re-enter upon the Premises
 or any part thereof. Upon re-entry, this tenancy shall be absolutely terminated but without
 prejudice to the right of action of the Landlord in respect of any breach or any antecedent
 breach of this Agreement by the Tenant. **INSOLVENCY** 

5.4. Without
 prejudice to the Landlord's rights reserved under clause 5.1 or 5.2, or any other rights
 or remedies available to the Landlord, in the event any monies due under or pursuant to this
 agreement shall remain unpaid seven (7) days after becoming payable (whether formally demanded
 or not), it shall be lawful for the Landlord to claim interest at twelve percent (12%) per
 annum on the amount unpaid calculated from after the date due to the date of actual payment
 and all interest shall be deemed rent and shall be recoverable in like manner as arrears
 on rent. **INTEREST ON ARREARS** 

5.5. The
 Landlord may upon re-entry or determination of this Agreement, remove from the Premises any
 items, including all plant, machinery, fixtures and fittings premises belonging to the Tenant
 and dispose or store such items in a warehouse at the cost of the Tenant, without being guilty
 of conversion or liable for loss or damage to such items by the said removal, disposal or
 storage. The Landlord shall also be entitled in its sole discretion and without prior notice
 to the Tenant to sell such goods or things at such times and at such prices or for such consideration
 as the Landlord thinks fit and to apply the net proceeds of the sale towards payment of money
 owing from the Tenant to the Landlord, if any. The Tenant shall fully indemnity the Landlord
 against all claims and or liability whatsoever incurred by reason of such disposal and or
 against all damage costs or losses incurred by reason of the presence of the said chattels
 or property in the Premises. **REMOVE & DISPOSAL OF ITEMS FOUND IN PREMISES** 

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

5.6. Parkway
 Irrawaddy Pte Ltd & Parkway Novena Pte Ltd, the Management Corporation or Landlord shall
 have the right at any time to make, add, amend, cancel or suspend such, rules and regulations
 pertaining to the Premises as may in the discretion of the Landlord or the Management Corporation,
 be necessary, for the safety and cleanliness of the building or for the preservation of good
 order therein or for the convenience of the tenants and all such rules and regulations shall
 bind the Tenant from the date on which notice in writing thereof is given to the Tenant. **AMENDMENT TO RULES & REGULATIONS** 

5.7. Notwithstanding
 anything herein contained the landlord shall be under no liability either to the Tenant or
 the Tenant's licensees, servants, visitors or others who may be permitted to enter
 or use the building or any part thereof for accidents happening or for any injuries sustained
 or for loss of or damage to property, goods or chattels in the building or in any part thereof
 whether arising from any act, omission or negligence of the Landlord or any servant or agent
 of the Landlord. **LANDLORD NOT LIABLE FOR ACCIDENT, INJURIES BY NEGLIGENCE, ETC** 

5.8. The
 landlord does not expressly or impliedly warrant that the Premises, the building, or any part thereof, are now or will in future remain
 suitable or adequate for all or any of the purposes of the Tenant or for any business to be carried on thereon or that particular business
 be carried on in the building. **EXCLUSION OF WARRANTY** 

5.9. Notwithstanding
 anything herein contained, if at any time during the Term, any prohibited immigrant is found on the Premises or the Tenant and/or permitted
 occupants is/are no longer allowed to reside in the Republic of Singapore, this Agreement shall immediately be terminated and the Security
 Deposit forfeited by the Landlord without prejudice to any right of action of the Landlord in respect of any breach of this Agreement
 by the Tenant. **ILLEGAL WORKERS** 

5.10. In
 case the Premises or any part thereof shall at any time during this tenancy be destroyed
 or damaged by fire, lightning, riot, explosion, or any other cause beyond the control of
 the parties hereto so as to be unfit for occupation and use or inaccessible, then and in
 every such case (unless the insurance money shall be wholly or partially irrecoverable by
 reason solely or in part of any act, default, neglect or omission of the Tenant or any of
 their servants agents occupiers guests or visitors), the rent hereby reserved or a just and
 fair proportion thereof according to the nature and extent of the destruction or damage sustained
 shall be suspended and cease to be payable in respect of the period the Premises shall continue
 to be unfit for occupation and use by reason of such destruction or damage. **DAMAGE RENDERING PREMISES UNFIT FOR USE** 

5.11. If
 the unfitness of the Premises or inaccessibility thereto as aforesaid shall continue for
 a period of more than three (3) months either the Landlord or the Tenant shall be at liberty
 by notice in writing to the other determine this tenancy, and upon such notice being given,
 this tenancy or the balance thereof shall absolutely cease and determine and the deposit
 paid hereunder together with a reasonable proportion of such advance rent as has been paid
 hereunder, where applicable, shall be refunded to the Tenant forthwith but without prejudice
 to any right of action of either party in respect of any antecedent breach of this Agreement
 by the other. **UNTENANTABILITY & DETERMINATION OF TENANCY** 

5.12. The
 Tenant shall be entitled to pre-terminate this Agreement by giving to the Landlord no fess
 than six (6) months' prior notice in writing upon the occurrence of either of the following
 two exceptional conditions ("exceptional conditions"): **TENANT'S RIGHT TO TERMINATE THE TENANCY UNDER EXCEPTIONAL CONDITIONS** 

5.12.1. the
 business principal of the goods and/or services from which the Tenant has obtained the rights
 to sell the goods and/or provide the services which is being retailed at the said premises
 is insolvent (as determined in accordance with the laws of insolvency in the country where
 the business principal is established or incorporated); or

5.12.2. the
 Tenant loses the distributorship or franchise rights to sell the goods and/or provide the
 services which are being retailed at the said premises where the loss of
 distributorship or franchise is not due to either the non-performance or breach by the Tenant of the distributorship or franchise
 agreement.

![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

5.13. The
 Tenant shall be entitled to elect to pay six (6) months' gross rent in lieu of the six (6) months' notice period to the
 Landlord or shorten the six (6) months' notice period by paying an amount equivalent to the gross rent for the unfulfilled
 notice period, capped at six (6) months' gross rent. The six (6) months' notice period or such shorter notice period
 applicable pursuant to this clause shall herein be called the "Applicable Notice Period". **APPLICABLE NOTICE PERIOD** 

5.14. The
 Tenant shall pay a compensation sum equivalent to the Security Deposit Amount (the "Compensation Sum") to the Landlord
 for any pre-termination of this Agreement by the Tenant pursuant to this clause on or prior to the expiry of the Applicable Notice
 Period. The Landlord shall be entitled to apply the entire security deposit towards the Compensation Sum on the expiry of the Applicable
 Notice Period and any shortfall shall be payable by the Tenant on or prior to the expiry of the Applicable Notice Period. The pre-termination
 of this Agreement and the payment of the Compensation Sum pursuant to this clause shall not affect any outstanding amounts owing
 by the Tenant to the Landlord under this Agreement. **COMPENSATION** 

5.15. Upon
 the pre-termination of this Agreement pursuant to this clause, the Tenant must reinstate the said premises and yield up the said
 premises in accordance with the terms of this Agreement on the expiry of the Applicable Notice Period. For the avoidance of doubt,
 the Tenant must make good all damage caused to the said premises or the Building resulting from such reinstatement and yielding up.
 Upon the expiry of the Applicable Notice Period, the Term shall absolutely cease and determine but without prejudice to the rights
 and remedies of either Party against the other Party in respect of any antecedent breach of this Agreement by the other Party. **PREMATURE TERMINATION** 

5.16. Upon
 the occurrence of either of the two exceptional conditions, instead of exercising its right to pre-terminate the Agreement under
 this clause, the Tenant may request to assign this Agreement to a replacement tenant, subject to the Landlord's approval (such
 approval not to be unreasonably withheld). **ASSIGNMENT OF REPLACEMENT TENANT** 

5.17. The
 provisions of this clause shall continue to apply notwithstanding the earlier termination of this Agreement.

5.18. Without
 prejudice to any right of action by the Landlord under this Agreement or in law, if the Tenant is in breach of any clause thereby
 terminating this Agreement prematurely, then the Tenant shall reimburse the Landlord the commission paid, inclusive of Goods and
 Services Tax, by the Landlord to his own agency, Huttons Asia Pte Ltd (License No.: L3008899K), on a pro-rata basis calculated based
 on the remaining unfulfilled lease term. **REIMBURSEMENT OF PRO-RATED COMMISSION** 

5.19. In
 the event any relevant authority for any reason requires the Tenant or the occupants or any of them to cease occupation of the Premises
 including but not limited to purposes of compulsory acquisition of the Premises, the Landlord shall be at their sole discretion be
 entitled but shall not be obliged to terminate this tenancy by giving 1 month's written notice to that effect to the Tenant
 in which event the tenancy herein created shall determine. **MANDATORY TERMINATION BY AUTHORITIES (OTHER THAN COMPLUSORY ACQUISITION)** 

5.20. If
 the Premises be affected by en-bloc redevelopment, it shall be lawful for the Landlord to terminate this tenancy by giving not less
 than 3 months' advance notice In writing to the Tenant. **EN-BLOC** 

5.21. In
 the event of compulsory acquisitions or en bloc, the Security Deposit will be refunded pursuant to this Agreement but without prejudice
 to any right of action of the Landlord in respect of any breach or any antecedent breach of this Agreement by the Tenant. **SECURITY DEPOSIT REFUND DUE TO COMPULSORY ACQUISITION OR ENBLOC**![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

5.22. The
 landlord will pay to Huttons Asia Pte Ltd (hereinafter called the "Broker") the agreed commission <u>of S$10,500.00 PLUS GST</u> FORTHWITH UPON THIS AGREEMENT BEING SIGNED BY BOTH PARTIES. In the event that the Landlord should grant the Tenant an extension
 of the Term then the Landlord shall pay the broker another commission equivalent to one half (½) of the new monthly rental for
 every year of extension (plus GST). For the avoidance of doubt, the continued use by the Tenant of the Premises for his occupation
 after the expiration of the Term shall conclusively amount to there being an extension being granted by the Landlord and accepted by
 the Tenant. **COMMISSION** 

5.23. It
 is expressly understood by the Landlord and the Tenant that the commission paid to their respective estate agencies (if any) as the
 brokerage or service fee in this transaction has been fully earned. No claims shall be made by the Landlord or Tenant against their
 respective estate agencies (if any) for a refund of the commission of fee whatsoever should the Tenancy herein be prematurely terminated
 tor any reasons whatsoever. **COMMISSION FULLY EARNED** 

5.24. If
 any one or more of the provisions contained in this Agreement shall be deemed invalid unlawful or unenforceable in any respect under
 any applicable law, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be
 affected or impaired. **SEVERABILITY** 

5.25. If
 one party breaches or defaults any of the terms and conditions in this Agreement, and the other party waives such breach or default,
 that shall not be construed as a waiver of any similar breach or default in the future. If one party delays or omits to exercise any
 of its rights in this Agreement, the delay or omission shall not operate as a waiver of any breach or default of the other party. **NON-WAIVER** 

5.26. Any
 notice served in connection with this Agreement shall be in writing and sufficiently served on the Tenant if left at the Premises or
 delivered to the Tenant personally or sent to the Tenant at the Premises by registered post and any notice to the Landlord shall be
 sufficiently served if sent address by registered post to the Landlord's registered address. **SERVICE OF NOTICE** 

5.27. The
 validity, interpretation and enforcement of this Agreement and all rights, remedies, powers, obligations and liabilities hereunder
 shall be governed by the Laws of the Republic of Singapore. The parties herein submit themselves to the jurisdiction of the Courts
 of Singapore. **GOVERNING LAW** 

5.28. The
 Landlord and the Tenant shall keep confidential and shall not at any time disclose or permit to be disclosed the terms of this Agreement,
 or any negotiations discussions or agreements for a renewal of this Agreement or any matter in relation to this Agreement, except with
 the prior written consent of the other party or as required by law or by any court tribunal public authority or regulatory body (including
 any stock exchange) whether in Singapore or elsewhere or to the extent that such information has become public knowledge not due to
 either party's breach of this undertaking. **CONFIDENTIALITY** 

The Landlord and the Tenant shall take all reasonable steps to minimize the risk of disclosure of the information referred to above by ensuring that only their employees and directors whose duties require them to possess such information shall have access thereto, and that they shall be instructed to treat the same as confidential.

![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

**IN WITNESS WHEREOF** the parties have hereunto set their hands the day and year first above written.

 **SIGNED by the Landlord**
(With Company stamp affixed where applicable)))

---

| |
|:---|
| */s/ Wong Soong Kuan* |
| THE COLORECTAL CLINIC PTE. LTD. |
| Name of authorized signatory : |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr Wong Soong Kuan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR No: 04878 Z |
| NRIC No: <u>S1597474E</u> |

---

in the presence of:-

---

| | |
|:---|:---|
| | */s/ Elle Cheong* |
| Witness |  |
| Name: | Elle Cheong |
| NRIC No.: | S8131297D |

---

 **SIGNED by the Tenant**
(With Company stamp affixed where applicable)))

---

| |
|:---|
| */s/ CHAN YING HO* |
| **HC ORTHOPAEDIC SURGERY PTE.LTD.** |
| Name of authorized signatory: |
| CHAN YING HO |
| NRIC No.: <u>S579717887</u> |

---

in the presence of:-

---

| | |
|:---|:---|
| | */s/ Guo Juske* |
| Witness |  |
| Name: | Guo Juske |
| NRIC No.: | S8978606A |

---

![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

![](ex10-7_007.jpg)

![](ex10-7_006.jpg)

---

| | |
|:---|:---|
| **Huttons** | Huttons Asia Pte Ltd \| L3008899K \| 3 Bishan Place, #05-01 CPF Building, Singapore 579838 |
| **SINGAPORE'S LARGEST** | Tel. (65) 6250030 \| Fax (65) 62530090 |
| **PRIVATE REAL ESTATE AGENCY** | Email: <u>info@huttonsgroup.com</u> \| Website: <u>www.huttonsgroup.com</u> |

---

**<u>Appendix B</u>**

**RESTRICTIVE COVENANTS**

1. The
 Tenant covenants that the Tenant shall comply with and where applicable, shall procure the specialist(s) practising at the Premises
 to comply with, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 to without the prior written consent of the Landlord. Parkway Irrawaddy Pte Ltd. ("the Covenantee") and Parkway Novena
 Pte Ltd which consent may be granted or withheld at the sole discretion of the Landlord, the Covenantee and Parkway Novena Pte Ltd
 and if granted subject to such conditions as may be imposed by the Covenantee and Parkway Novena Pte Ltd. use any part of the Premises
 for residential purposes or for any purpose other than as a private specialist medical clinic operated by a specialist / specialists
 registered under the Medical Registration Act (Cap. 174).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 to without the prior written consent of the Landlord, the Covenantee and Parkway Novena Pte. Ltd . which consent may be granted or
 withheld at the sole discretion of the Landlord, the Covenantee and Parkway Novena Pte Ltd and rf granted, subject to such conditions
 as may be imposed by the Landlord, the Covenantee and Parkway Novena Pte Ltd . carry out any of the following activities in the Premises

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) set
 up any radiology department or carry out any radiological activities;

(ii) conduct
 any laboratory work,

(iii) conduct
 any surgical procedure except minor surgical procedures as defined in the table of surgical procedures published by the Ministry of
 Health and such other revisions thereto from time to time;

(iv) dispense
 any medicine except to the Tenants own patients:

(v) conduct
 dialysis treatment in the Premises: and

(vi) set
 up any hospital beds for any patients overnight stay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
 to use any part of the Premises for storage of merchandise other than in the ordinary course of business of the Tenant or the specialist(s)
 practising at the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not
 to let, sublet, sell or assign or transfer (otherwise than by way of security) the Premises without the prior written consent of the
 Landlord, the Covenantee and Parkway Novena Pte. Ltd. which consent shall not be unreasonably withheld where the Premises is to be
 used for the practice of specialist medicine and subject to conditions as may be imposed by the Covenantee and Parkway Novena Pte.
 Ltd.

(e) Not
 to place or permit to be placed upon the floor of the Premises or any part of the Building a load in excess of four kiloNowtons per
 square metre (4.0 KN/m<sup>2</sup>) and shall, when required by the Convenantee or MCST 4094, distribute any load in accordance with
 the directions of the Covenantee and/or the management corporation.

Provided Always that nothing herein contained shall impose or be deemed to impose on the Covenantee any obligation to impose the aforesaid restrictive covenants or any of them upon any other covenantor / subsidiary proprietor of any unit in the development or to enforce or effectuate the aforesaid restrictive covenants or any of them against the Tenant or any other covenantor / subsidiary proprietor of any unit in the development, or their respective successors, assignees and personal representatives.

**2.** **Referral of Patients** 

For the purpose of providing seamless care to patients, the Tenant covenants that the Tenant shall endeavor to. and where applicable shall procure the specialist(s) practising in the Premises to endeavor to, refer ail patients seeking consultation at the Premises and who require laboratory investigations, radiological examinations, and other ancilliary medical tests to the medical examination facilities in the healthcare facilities owned or controlled directly or indirectly by the Parkway Group, and the admission of all such patients who require hospitalization and/or medical procedures and services to the hospitals in the Parkway Group For the purposes of this Clause, "Parkway Group" shall mean Parkway Hospitals Singapore Pte Ltd, Parkway Laboratory Services Ltd. Medi-Rad Associates Ltd and Parkway Shenton Pte Ltd or such other healthcare facilities and/or hospital owned or controlled directly or indirectly by Parkway Holdings Limited from time to time as notified to the Tenant by Parkway Holdings Limited.

![](ex10-7_006.jpg)

## Exhibit 10.8

**Exhibit 10.8**

**TENANCY AGREEMENT**

**THIS AGREEMENT** made the 24 day of **October** Two Thousand and Twenty-Three (2023) Between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **ERIC KHOO DIABETES AND ENDOCRINE CLINIC PTE LTD** (Company Registration No. 201806194D) of 6
 Napier Road #09-16, Gleneagles Medical Centre, Singapore 258499 (hereinafter called "the
 Landlord" which expression shall where the context so admits include its successors
 and permitted assigns) of the one part; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **HC ORTHOPAEDIC SURGERY PTE LTD** (Company Registration No. 201725626E) of 3 Mount Elizabeth,
 #15-14, Mount Elizabeth Hospital, Singapore 228510 (hereinafter called "the Tenant"
 which expression shall where the context so admits include its successors and permitted assigns)
 of the other part.

**NOW IT IS HEREBY AGREED** as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In
 this Agreement, the following expressions have the respective meanings assigned to them below:

**"Demised Premises"** means all that part of the Premises comprising an estimated floor are of 112 square feet as shown delineated in red on the plan annexed hereto.

**"Premises"** means 6 Napier Road #09-16, Gleneagles Medical Centre, Singapore 258499.

**"Building"** means Gleneagles Medical Centre.

**"Deposit"** means Dollars THIRTY Thousand Only (S$30,000.00).

**"Management Corporation"** means the management corporation of the Building.

**"Gross Rent"** means Dollars Ten Thousand Only (S$10,000-00) per month.

**"Term"** means two commencing on the 1st day of December 2023 and determining on the 30 day of September 2026.

**"Head Lease"** means the lease dated 14 August 2023 and entered into between the Landlord and the Head Lessor in respect of the lease of the premises known as 6 Napier Road #09-16, Gleneagles Medical Centre, Singapore 258499.

6 Napier Road #09-16, Singapore 258499

**"Head Lessor"** includes the person entitled for the time being to the immediate reversion at the end of the term of the Head Lease, and as appropriate, its agents and authorized representatives.

**"Common Area"** all that part of the Premises delineated in blue on the plan annexed hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The
 headings to the Clauses of this Tenancy Agreement are for convenience only and shall not
 be deemed to be part thereof or be taken into consideration in the interpretation or construction
 thereof or of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **LETTING** 

In consideration of the Gross Rent and the Tenant's covenants and agreements hereinafter reserved and contained the Landlord HEREBY DEMISES unto the Tenant the Demised Premises TO HOLD the Demised Premises unto the Tenant for the Term subject to the terms covenants and conditions hereinafter appearing with the right for the Tenant and others duly authorised by the Tenant in common with the Landlord and all others so authorised by the Landlord to use the Common Area during the Term for all purposes connected with the use of the Demised Premises but not for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **TENANT'S COVENANTS** 

The Tenant hereby covenants with the Landlord as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **To pay Gross Rent** 

To pay monthly and proportionately for any part of a month, the Gross Rent in respect of the Demised Premises payable by equal monthly payments in advance on or before the 1st day of every calendar month without any deduction or demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **To pay Deposit** 

On or before the signing of this Agreement in addition to the Gross Rent and other monies payable under this Agreement, to pay the Deposit by way of a deposit or security for the due performance and observance by the Tenant of all and singular the several covenants conditions stipulations and agreements on the part of the Tenant contained herein. The Deposit shall be retained by the Landlord until the expiration of the Term and the same or any part thereof after making good any failure on the part of the Tenant to perform and observe the said covenants conditions stipulations and agreements shall be refunded without any interest whatsoever to the Tenant on the expiration of the Term.

<br> 6 Napier Road #09-16, Singapore 258499 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **To pay rates and other charges** 

Charges and deposits for the supply of water, electricity, gas are included in the Gross Rent. To contribute fully to the Tenant's use of internet access, services, charges for hiring of appliances including telephone and other appliances of communication during the Term and any Government taxes payable thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **To keep interior clean** 

To keep the interior of the Demised Premises including the flooring and interior plaster or other surface material or rendering on walls and ceilings and the fixtures and fittings therein including doors, windows, locks, wires and installations in good and tenantable repair and condition (fair wear and tear excepted).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 **To insure** 

At the Tenant's cost and expense at all times during the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.1. To
 insure and keep insured against loss or damage by fire theft or other risks to the Tenant's
 goods and property whether in the Demised Premises or the Common Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.2. To
 insure and keep insured against claims for personal injury, death or damage to property or
 loss arising out of the use of the Demised Premises and the Common Area by the Tenant and
 its servants, agents, employees, invitees, licensees and **contractors.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 **Viewing by Landlord** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.1 To
 permit the Landlord the Head Lessor and its authorised agents with or without workmen and
 others and with or without appliances at all reasonable times and after prior reasonable
 notice has been given to the Tenant to enter upon the Demised Premises and to view the condition
 thereof and to do such works and things as may be reasonably required for any repairs, alterations
 or improvements to the Demised Premises and forthwith to repair amend and make good in a
 proper and workmanlike manner any defects for which the Tenant is liable and of which written
 notice shall be given to the Tenant or left on the Demised Premises and shall pay the Landlord's
 and the Head Lessor's costs in respect of the preparation of any 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;3.6.2 To
 allow and permit the Landlord the Head Lessor its servants or agents and all persons with
 the written authority of the Landlord and/or the Head Lessor at reasonable times of the day
 by prior appointment to view the Demised Premises and/or the Premises for the purpose of
 re-letting the Demised Premises or selling the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 **Not to make alterations etc.** 

Except with the prior written consent of the Landlord, not to make or permit to be made any alterations in or additions to the Demised Premises or any part thereof.

<br> 6 Napier Road #09-16, Singapore 258499 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 **Not to cause obstructions** 

Not to block up, cover, darken, or obstruct or obscure any of the windows, ventilating shafts, air-inlets or outlets or lights belonging to the Demised Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 **Signage** 

Not to fix or otherwise exhibit on the exterior of the Premises or the windows or any part thereof anything save only for a name-plate of a size and specification approved by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 **To Bear Expenses** 

To bear the expenses of minor repairs to the Demised Premises up to the sum of Dollars Five Hundred (S$500) per item per repair. Where the cost of any repair is likely to exceed this sum, the Tenant shall consult and obtain the prior approval of the Landlord for the proposed repair, failing which the Landlord shall not be liable to reimburse the Tenant for the cost of such repair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 **Use of Demised Premises** 

To use the Demised Premises as a medical clinic and for no other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 **Insurance by Tenant** 

Not to do or permit or suffer to be done anything whereby any policy or policies of insurance of the Landlord and the Head Lessor on the Premises against loss or damage by fire for the time being subsisting may become void or voidable or whereby the rate of premium thereon may be increased. The Tenant shall make good all damage suffered by the Landlord and the Head Lessor as a result of such policies becoming void or voidable due to the Tenant's breach or non-observance of this covenant and shall repay all sums paid by the Landlord and the Head Lessor resulting from any increase in premiums and all expenses incurred by the Landlord and the Head Lessor in the event that renewal of such policy or policies is rendered necessary by a breach or non-observance of this covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 **Nuisance** 

Not to do or permit or suffer to be done in the Premises anything which may be unlawful or a nuisance or an annoyance to the Landlord or the occupiers of adjoining or adjacent properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 **Prejudicing Landlord** 

Not to expose the Landlord and the Head Lessor to any penalty fine or forfeiture whatsoever by committing or permitting any person to commit a breach of any law statute rules or regulations affecting the Premises or any part thereof.

<br> 6 Napier Road #09-16, Singapore 258499 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 **Overloading** 

Not to bring or allow to be brought onto the Demised Premises any machine or machinery save and except such machine or machinery or equipment as is required for the purposes of the Tenant's business and not at any time to load or permit or suffer to be loaded any part of the floors of the Demised Premises to a weight greater than such weight as may be allotted by the Landlord and/or the Head Lessor and shall when required by the Landlord and/or the Head Lessor distribute any load on any part of the floor of the Demised Premises in accordance with the directions and requirements of the Landlord and/or the Head Lessor. In the interpretation and application of the provisions of this Clause relating to the loading the decision of the Surveyor or Architect of the Landlord shall be final and binding upon the Tenant. In the event that (whether with or without the Landlord's and the Head Lessofs consent) damage or injury shall be caused, the Tenant shall indemnify and keep indemnified the Landlord and the Head Lessor against all claims and demands in respect thereof and the Tenant shall pay for all costs, expenses and compensation arising from such injury or damage or in repairing any damage caused to the Demised Premises or its appurtenances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 **Assignment etc** 

Not to assign underlet or otherwise part with or share possession or use of the Demised Premises or any part thereof for any term whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 **Damage to Demised Premises** 

Forthwith to give notice to the Landlord of any damage that may occur or occurred to the Demised Premises and of any accident to or defects in the water pipes electrical wiring filling fixtures apparatus or other facility provided by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 **Yielding up of Demised Premises** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18.1 At
 the expiry or sooner determination of the Term to yield up to the Landlord the Demised Premises
 and all fixtures and fittings in good and tenantable repair and condition (fair wear and
 tear excepted) to the Landlord together with all the keys to the Demised Premises and all
 doors therein, to remove at the Tenant's costs and expenses all signs names notices bearing
 the name of the Tenant from the Premises and if so required by the Landlord and/or the Head
 Lessor to reinstate the Demised Premises, including but not limited to all air-conditioning
 and electrical installations, to their original state as at the date of the commencement
 of the tenancy herein, to the reasonable satisfaction of the Landlord and the Head **Lessor.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18.2 If
 the Tenant shall fail to carry out the reinstatement mentioned in Clause 3.18.1 if so required
 by the Landlord and/or the Head Lessor, the Tenant shall pay or reimburse the Landlord and
 the Head Lessor the reasonable costs of such reinstatement carried out by the Landlord and/or
 the Head Lessor (who is not obligated to do so) together with such other amounts which the
 Landlord and/or the Head Lessor would have been entitled to receive from the Tenant if the Demised
Premises had been held over by the Tenant after expiry or sooner determination of the Term without the consent of the Landlord and the
Head Lessor for the period during which such reinstatement is effected by the Landlord and/or the Head Lessor.

<br> 6 Napier Road #09-16, Singapore 258499 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 **Stamp Duty** 

To pay on or before the date hereof the stamp duty payable on this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **THE LANDLORD HEREBY COVENANTS with the Tenant:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Peaceful
 enjoyment by Tenant

Save as otherwise provided in the other provisions of this Agreement, the Tenant, duly paying the rent hereby reserved and observing and performing the several covenants and stipulations herein on the Tenant's part contained, shall peaceably hold and enjoy the Demised Premises during the Term without any disturbance by the Landlord or any person lawfully claiming under or in trust for the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **IT IS HEREBY AGREED AND DECLARED** as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Fitting-out Works** 

The Tenant may during the Fitting-out Period carry out such fitting-out works to the Demised Premises as may be approved by the Landlord and/or the Head Lessor subject to 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;(1) the
 Tenant shall obtain all approvals, licences and permits from the Management Corporation or
 any authority as may be required under the applicable law prior to carrying out any fitting-out
 works;

&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) all
 fitting-out works shall be carried out by the Tenant at its own cost and expense and in a
 good and workmanlike manner in accordance with all applicable laws and regulations and all
 directions or requirements of the relevant authorities;

&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) the
 Tenant shall indemnify and keep the Landlord and the Head Lessor indemnified from and against
 all loss, damage or liability whatsoever which the Landlord and the Head Lessor may howsoever
 suffer or incur by reason of the Tenant's failure to observe or perform any of its obligations
 under this clause or otherwise howsoever in connection with the fitting-out works; 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;(4) notwithstanding
 the commencement date of the Term, the provisions of this Agreement shall be effective from
 the commencement of the Fitting-out Period insofar as the same are applicable.

<br> 6 Napier Road #09-16, Singapore 258499 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Interest** 

If the rent hereby reserved or any other monies payable by the Tenant to the Landlord hereunder or any part thereof shall at any time remain unpaid for seven (7) days after the same shall have become due (whether any formal or legal demand therefor shall have been made or not), the Tenant shall pay to the Landlord interest at ten per cent (10 per cent) per annum or at such other rate as the Landlord may determine from time to time on such monies from the date on which such monies fall due for payment to the date on which such monies are paid to or recovered by the Landlord as the case may be (both after as well as before judgment shall have been obtained in respect thereof). The Landlord shall be entitled to recover such interest from the Tenant as if such interest were rent in arrears. Nothing contained in this Clause shall be deemed to restrict the limit or prejudice any right power or remedy of the Landlord in respect of such monies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Costs and expenses in recovery of rent etc** 

The Tenant will pay to the Landlord upon demand all costs charges and expenses of whatsoever nature which the Landlord may incur in recovering any arrears of rental or in relation to any claim or legal proceedings which may be brought by the Landlord against the Tenant in connection with or arising out of this Agreement, such costs charges and expenses to be borne by the Tenant on a full indemnity basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Re-entry by Landlord** 

It shall be lawful for the Landlord at any time to re-enter upon the Demised Premises or any part thereof in the name of the whole and thereupon this Agreement shall absolutely cease and determine but without prejudice to the right of action of the Landlord in respect of unpaid rent or other monies or any antecedent breach of the Tenant's covenants herein contained in any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 if
 the rent hereby reserved or any part thereof shall at any time be unpaid for fourteen (14)
 days after becoming payable (whether formally demanded or not);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 if
 any covenant on the Tenant's part herein contained shall not be performed or observed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3 if
 the Tenant shall become bankrupt or make any assignment for the benefit of its creditors
 or enter into an agreement or make any arrangement with its creditors for liquidation of
 its debts by composition or otherwise or if, being a Company, it shall go into liquidation
 (except for the purposes of amalgamation or reconstruction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **Act of God etc** 

In the event the Premises or any part thereof shall at any time during the Term be destroyed or damaged by fire (unless the fire results from act or default of the Tenant in consequence whereof payment of insurance shall be refused) lightning tempest or Act of God the following provisions shall have effect that is to say:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1 If
 the Landlord and/or the Head Lessor in their absolute discretion decide that the Demised
 Premises are totally unfit for occupation and use by the Tenant then the rent and other monies
 payable hereunder shall cease to be payable during the period whilst the Demised Premises
 are so unfit for occupation or use;

<br> 6 Napier Road #09-16, Singapore 258499 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2 If
 the Landlord and/or the Head Lessor in their absolute discretion decide that the Demised
 Premises whilst not being rendered unfit for occupation and use by the Tenant is nevertheless
 damaged to such an extent that the Tenant is inconvenienced or interfered with in the full
 and proper enjoyment of the Demised Premises then the rent and the service charge payable
 hereunder shall be reduced by (at the Landlord's determination) a fair just and rateable
 proportion having regard to the extent of the damage and the interference and inconvenience
 caused to the Tenant and the Landlord shall with as soon as reasonably practicable procure
 the Head Lessor to commence the reconstruction and repair of the Demised Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.3 In
 the event that the Landlord and/or the Head Lessor in their absolute discretion decide that
 the Demised Premises is not rendered fit for occupation and use for more than three (3) months
 after such destruction or damage, the Tenant shall be entitled to give to the Landlord one
 (1) month's notice in writing or one (1) month's rent in lieu thereof terminate this Agreement
 and the Landlord shall refund (subject to Clause 3.2) to the Tenant the Deposit and thereafter
 neither party shall have any claim against the other for any breach. For the avoidance of
 any doubt, the Tenant shall have no claims against the Landlord and/or the Head Lessor for
 any delay howsoever caused in repairing and/or rebuilding the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 **Exemption of Landlord** 

The Landlord and the Head Lessor and its servants, employees or agents shall not be liable or in any way responsible to the Tenant or any of the Tenant's employees independent contractors agents invitees or licensees or to any other person for:

&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
 injury or damage to any person or property or sustained by the Tenant or such other persons
 as aforesaid or any consequential loss, caused by, or through, or in any way owing to the
 short circuit of electrical wiring, explosion, falling plaster, steam, gas, electricity,
 sprinkler, plumbing or other pipe and sewerage system leaks, overflow of water from any part
 of the Premises or the roof, the street, sub surfaces or any other places, dampness or any
 appurtenances being out of repair;

&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
 damage caused by the tenants, occupiers or persons in other buildings in the neighbourhood;

&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
 diminution or obstruction of light, air or view by any structure which may be erected on
 the lands within or adjacent to the Premises;

&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) any
 damage to or loss of any goods or property sustained in the Premises **howsoever caused;** 

&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) any
 act, omission or negligence of the Landlord and/or the Head Lessor or their employees, agents
 or independent contractors; 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;(f) any
 wilful misconduct of the Landlord's and/or the Head Lessor's employees, agents or independent
 contractors; 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) any
 terrorist act (as defined in regulation 4(1) of the United Nations (Anti- Terrorism Measures)
 Regulations made under the United Nations Act 2001 regardless of any other cause or event
 contributing concurrently or in any other sequence to the loss (including,
but not limited to, any action taken in controlling, preventing, suppressing or in any way relating to any terrorist act); or

<br> 6 Napier Road #09-16, Singapore 258499 8

&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) any
 steps or measures or action taken by the Landlord and/or the Head Lessor or their employees,
 agents or independent contractors which is deemed appropriate or necessary by the Landlord
 and/or the Head Lessor to comply with any direction, order or other requirement under or
 in connection with the Infectious Diseases Act 1976, under any Law or any guideline, rule
 or requirement of the relevant authorities from time to time for the purpose of the taking
 of any protective measure, treatment, prevention or other dealings in relation to an infectious **disease.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 **Indemnity by Tenant** 

&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
 Tenant shall indemnify and keep indemnified the Landlord and/or the Head Lessor from and
 against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) all
 claims demands writs summonses actions suits proceedings judgments orders decrees damages
 costs losses and expenses of any nature whatsoever which the Landlord and/or the Head Lessor
 may suffer or incur in connection with loss of life personal injury and/or damage to property
 (real or personal) arising from or out of any occurrence in upon or at the Premises or the
 use of the Premises or any part thereof (including the erection or display of any signage)
 caused by the Tenant or by any of the Tenant's employees independent contractors agents invitees
 or licensees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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
 loss and damage to the Premises and to all property therein caused directly or indirectly
 by the Tenant or the Tenant's employees independent contractors agents invitees or licensees
 and in particular but without limiting the generality of the foregoing caused directly or
 indirectly by the use or misuse waste or abuse of water gas or electricity or faulty fittings
 or fixtures of the Tenant.

&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) Without
 prejudice to the Landlord's rights under Section 19(4) of the Civil Law Act 1909, the Tenant
 will reimburse or indemnify the Landlord against all losses and damages suffered by the Landlord
 as a result of the Tenant's breach or non observance of any of the Clauses herein and/or
 the Tenant's holding over after expiration of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 **Forfeiture of deposit** 

If the Tenant shall at any time during the Term abandon the Demised Premises or otherwise commit a breach of this Agreement before expiration then the Deposit shall be absolutely forfeited to the Landlord and the Tenant shall also pay to the Landlord all rents calculated up to the date of expiration of the Term and this Lease shall absolutely cease and determine but without prejudice to any rights or remedies of the Landlord in respect of any antecedent breach of any of the Tenant's covenants herein contained.

<br> 6 Napier Road #09-16, Singapore 258499 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 **Monies Deemed Rent** 

All sums payable to the Landlord by the Tenant under this Agreement shall be deemed rent and shall be recoverable by the Landlord as rent in arrears under the provisions of the Distress Act 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 **Head Lease** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.1 The
 Tenant shall observe the provisions in the Head Lease and perform all the covenants and conditions
 on the part of the lessee contained in the Head Lease insofar as they relate to the Demised
 Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.2 The
 Tenant shall not do omit suffer or permit in relation to the Demised Premises any act or
 thing which would or might cause the Landlord to be in breach of the Head Lease or which
 if done omitted or suffered or permitted by the Tenant would or might constitute a breach
 of the covenants and the conditions contained in the Head Lease by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.3 The
 Tenant shall keep the Landlord and the Head Lessor indemnified against any actions, proceedings,
 claims, damages, costs, expenses, losses or liability incurred by the Landlord and the Head
 Lessor arising from any breach, non observance, or non-performance by the Tenant of the aforesaid
 events and conditions in the Head Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.4 In
 the event of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Head Lease is terminated by the Head Lessor for any reason whatsoever; 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;(b) the
 consent of the Head Lessor (or any relevant authorities/parties, where applicable) for this
 Agreement or its subsequent renewal is not obtained/withdrawn/terminated,

the Landlord shall give written notice thereof to the Tenant and shall be entitled to terminate this Agreement. Thereupon, this Agreement shall terminate and the Tenant shall vacate the Demised Premises forthwith without compensation from or any claim against the Landlord but without prejudice to any right which the parties may have against each other for any antecedent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 **Service** of **Notice** 

Any notice under this Agreement shall be in writing. Any notice to the Tenant shall be sufficiently served if left addressed to the Tenant upon the Demised Premises or if sent by registered post to the address of the Tenant stated in this Agreement and any notice to the Landlord shall be sufficiently served if sent by registered post to the address of the Landlord stated in this Agreement.

<br> 6 Napier Road #09-16, Singapore 258499 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 **Service of Process** 

The Landlord may effect service of process by leaving the same at the Demised Premises or at such other address in Singapore as may be notified by the Tenant in writing to the Landlord and such service shall be deemed good service in law or equity. Nothing herein shall affect the right of the Landlord to serve process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 **Independent Provisions** 

Each clause in this Agreement shall be an independent provision and shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 **Governing Law & Court** 

This Agreement shall be governed and construed in all respects in accordance with the laws of the Republic of Singapore and the parties submit to the non-exclusive jurisdiction of the Courts of the Republic of Singapore.

**IN WITNESS WHEREOF** the parties hereto have hereunto set their hands the day and year first above written.

![](ex10-8_001.jpg)

<br> 6 Napier Road #09-16, Singapore 258499 11

![](ex10-8_002.jpg)

<br> 6 Napier Road #09-16, Singapore 258499 12

## Exhibit 10.9

**Exhibit 10.9**

**NSK HOTEL PTE. LTD.**

80 Marine Parade Road #21-01 Parkway Parade Singapore

449269 Tel: (65) 6346 1959 Fax: (65) 6346 1970

Co. Reg. No. 198903358N

4th September 2024

**T&T MEDICAL GROUP PTE LTD**

181 Kitchener Road

#01-14 Novotel Singapore on Kitchener

Singapore 208533

Dear Sirs/Madams,

**Tenancy Agreement dated 1<sup>st</sup> July 2024 in respect of #01-01 to 03 and #01-14 to 20**

1. We
 are writing to inform you that we have sold the property known as 181 Kitchener Road, Singapore
 208533 situated at Lot No. 1445W of Town Subdivision 17, together with the building(s) and
 structure(s) thereon (the <u>**"Property"),**</u> to **MIDTOWN PROPERTIES PTE. LTD. (LIEN 201910338D),** a company incorporated in Singapore
 and having its registered office at 80 Marine Parade Road, #21-01 Parkway Parade, Singapore
 449269 (the <u>**"Purchaser"),**</u> and the sale and purchase of the Property will be completed on 1 October 2024.

2. We
 hereby give you notice that by a Deed of Assignment dated 11 July 2024 made between us and
 the Purchaser, we have assigned absolutely to the Purchaser, with effect from the completion
 of the sale and purchase of the Property <u>**("Completion")**</u> **,** all the our rights, benefits and covenants under the Agreement, without prejudice to any
 rights, claims and remedies which we have or may have up to (and including) Completion.

3. Please
 be informed that the security deposit of **S$377,496.00** furnished by you under the Agreement
 have been transferred in full to the Purchaser and will be returned to you by the Purchaser
 in accordance with and subject to the terms of the Agreement

4. Please
 pay all moneys payable under the Agreement to the Purchaser by way of account payee crossed
 cheque in favour of **MIDTOWN PROPERTIES PTE. LTD** with effect from **1 October 2024.** If you are paying the rent to us by way of GIRO deductions, please notify your bank to
 make the necessary changes and note the Purchaser's bank account particulars:

Account Name: MIDTOWN PROPERTIES PTE. LTD

Account No.: 602217184001

Name of Bank: OCBC

5. This
 notice is irrevocable and may not be revoked, modified or varied without the consent in writing
 of the Purchaser. Should you have any queries concerning the above matter, please do not
 hesitate to contact the undersigned.

Yours faithfully

For and on behalf of

**NSK HOTEL PTE. LTD.**

![](ex10-9_001.jpg)

Hazel Teo

VP Asset Management

## Exhibit 10.10

**Exhibit 10.10**

![](ex10-10_002.jpg)

Our Ref: UMS/6.1.6.3.1/01-01/02/03/14to20

9 October 2023

**T & T MEDICAL GROUP PTE LTD**

181 Kitchener Road

#01-14 Parkroyal on Kitchener Road

Singapore 208533

Dear Sir/Madam

**EXTENSION OF LEASE**

**181 KITCHENER ROAD #01-01/02/03 & #01-14/15/16/17/18/19/20 PARKROYAL ON KITCHENER ROAD, SINGAPORE 208533**

1. We
 refer to the Letter of Extensions both dated 16 June 2021 entered into between Parkroyal Kitchener Hotel Pte. Ltd. (the "Landlord")
 and **T & T Medical Group Pte. Ltd.** (the "Tenant") (collectively, "the Lease"). Unless otherwise
 stated, this letter adopts the definitions set out in the Lease.

2. The
 lease term (the "Term") under the Lease of the Premises expires on **31 December 2023** (the "Original Expiry
 Date").

3. The
 Landlord agrees to extend the tenancy (the "Extended Lease") for a further period of **eight (8) months**, commencing
 on **1 January 2024** and expiring on **31 August 2024** ("the Extended Term") subject to the following terms and
 conditions set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The terms and conditions
 of the Lease shall continue to apply during the Extended Term, as though the Extended Term formed part of the original Term save and
 except for the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 During the Extended Term,
 the Rents payable by the Tenant shall be computed at the following rates and formula:

The Tenant shall pay to the Landlord the Rents and GST thereon, in advance each month during the Extended Term, computed as the higher of (A) or (B) where (A) is the Aggregate Base Rent and (B) is the Premium Variable Rent Component, each to be calculated in the following manner respectively:

---

| | | |
|:---|:---|:---|
| (A) | Aggregate Base Rent: | Aggregate Base Rent: |
|  | The Aggregate Base Rent comprises: | The Aggregate Base Rent comprises: |
|  | (A1) <u>Fixed Gross Rent</u> | (A1) <u>Fixed Gross Rent</u> |
|  | Monthly Base Rent | : $74,300.80 i.e. $6.20 psf pm |
|  | Monthly Service Charge | : <u>$9,587.20 i.e. $0.80 psf pm</u> |
|  | Monthly Gross Rent | : <u>$83,888.00 i.e. $7.00 psf pm</u> |

---

![](ex10-10_001.jpg)

Our Ref: UMS/6.1.6.3.1/01-01/02/03/14to20

T & T MEDICAL GROUP PTE LTD

---

| | |
|:---|:---|
|  | AND |
|  | <u>(A2) Base Variable Rent</u> |
|  | 0% of the monthly Gross Sales |
| (B) | <u>Premium Variable Rent</u> |
|  | 0% of the monthly Gross Sales |

---

Save as varied in this paragraph 3.1.1, all other provisions relating to the Rents in the Lease shall remain unamended and remain in full force and effect, and binding on the respective parties in accordance with the terms of this Extension Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 The Security Deposit Amount
 held by the Landlord under the terms of the Lease as security for the due performance and observance by the Tenant of all the covenants,
 conditions, stipulations, agreements and obligations contained in the Lease, shall continue to be held by the Landlord on the same
 terms during the Extended Term, as security for the due performance and observance by the Tenant of all the covenants, conditions,
 stipulations, agreements and obligations contained in the Extended Lease.

3.1.3 The stamp duty on this Extension
 Letter shall be borne by the Tenant. The stamp duty is  **<u>$2,684.00</u>** .

3.1.4 The Landlord's legal
 / admin fees incurred in connection with the preparation and completion of this Extension Letter shall be borne by the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 For avoidance of doubt, on
 the expiry or sooner determination of the Extended Term, the Tenant is not required to reinstate the Premises to its original condition.
 However, the tenant is obliged to vacate and yield up the Premises by removing its debris to the satisfactory of the Landlord

4. Notwithstanding
 any other provision of this Letter of Offer, the tenant is granted the rights to terminate
 this Agreement by providing the Landlord 2 weeks' written notice of such intention.

5. The
 Tenant shall keep confidential and shall not at any time disclose or permit to disclose the
 terms of this Extended Lease, or any negotiations discussions or agreements for a renewal
 of this Extended Lease or any matter in relation to this Extended Lease, except with the
 prior written consent of the Landlord save where required by law or save to the extent that
 such information has become public knowledge not due to the Tenant's breach of this
 undertaking. Without prejudice to any other right or remedy of the Landlord under the Lease
 or this Extension Letter, a breach by the Tenant of its confidentiality obligations hereunder
 shall entitle the Landlord to terminate this Extension Letter.

![](ex10-10_001.jpg)

Our Ref: UMS/6.1.6.3.1/01-01/02/03/14to20

T & T MEDICAL GROUP PTE LTD

6. Please
 confirm the Tenant's agreement to the above terms and conditions by signing and returning
 this Extension Letter (in duplicate) by  **<u>16 October 2023</u>** , together with a cheque
 for  **<u>S$44,054.48</u>** being the security deposit difference (i.e. S$41,370.48) and
 stamp fees (i.e. S$2,684.00) issued in favour of "**PARKROYAL KITCHENER HOTEL PTE. LTD**." on this Extension Letter;

The Tenant's execution of this Extension Letter shall constitute a binding Extended Lease on the terms set out herein.

7. If
 we do not receive this Extension Letter duly signed within the time stipulated above, the
 said Extension Letter and the terms and conditions of this Extension Letter shall become
 null and void and of no effect. The Tenant shall then deliver vacant possession of the Premises
 on the Original Expiry Date in accordance with the terms of the Lease.

8. Except
 as amended above, all other terms and conditions of the Lease shall apply to the Extended
 Term without change as though they are expressly incorporated herein, save where the context
 does not permit and except where inconsistent with the terms of this Extension Letter.

9. This
 Extension Letter shall be governed by and construed in accordance with Singapore law and
 the parties irrevocably submit to the non-exclusive jurisdiction of the Singapore courts.

Yours faithfully

for **UOL MANAGEMENT SERVICES PTE LTD** as

Marketing Agent for **PARKROYAL KITCHENER HOTEL PTE. LTD.**

---

| |
|:---|
| /s/ **RUTH YONG** |
| **RUTH YONG** |
| **HEAD, GROUP RETAIL LEASING** |

---

![](ex10-10_001.jpg)

Our Ref: UMS/6.1.6.3.1/01-01/02/03/14to20

T & T MEDICAL GROUP PTE LTD

**TENANT'S AGREEMENT TO TERMS**

I/We, *<u>**TING CHOON MENG**</u>* for and on behalf **T & T MEDICAL GROUP PTE LTD** ("the Tenant") hereby unconditionally confirm the Tenant's agreement and acceptance of the above stated terms and conditions in respect of the extension of the Lease for the Extended Term.

Dated this ***_____*** day of _____ 20*_____*

---

| |
|:---|
| ![](ex10-10_003.jpg) |
| Signed for and on behalf of **T & T MEDICAL GROUP PTE LTD** |

---

Authorised Signatory: ***<u>DR TING CHOON MENG</u>***

Designation:  **<u>MANAGING DIRECTOR</u>**

![](ex10-10_001.jpg)

## Exhibit 10.11

**Exhibit 10.11**

<u>DATED THIS 1st DAY OF July 2024</u>

**BETWEEN**

**NSK HOTEL PTE LTD**

(as Landlord)

AND

**T & T MEDICAL GROUP PTE LTD**

(as Tenant)

**LEASE OF 181 KITCHENER ROAD #01-01 TO 03 and #01-14 to 20<br> SINGAPORE 208533**

**THIS LEASE** is made on 1st July 2024

BETWEEN

(1) **NSK HOTEL PTE. LTD.** (UEN No. 198903358N) of 80 Marine Parade Road #21-01, Parkway Parade,
 Singapore 449269 ("the Landlord");

AND

(2) **T & T MEDICAL GROUP PTE LTD (UEN No. 198901436H)** of 181 Kitchener Road #01-14 Novotel
 Singapore on Kitchener Singapore 208533 ("the Tenant").

NOW IT IS HEREBY AGREED as follows:-

**1.** **DEFINITIONS AND INTERPRETATION** 

(1) In
 this Lease, unless the context otherwise requires:

**"Act"** means the Land Titles (Strata) Act (Cap 158);

**"Air-conditioning Equipment"** means air-conditioning or cooling units and includes all cables, pipes ducting and other plant or machinery required to cool the Premises;

**"Base Rent"** means the monthly amount payable by the Tenant to the Landlord specified in item 8 of Schedule 1;

**"Building"** means the whole of the building as described in item 1 of Schedule 1 and includes all parts of the building structure, Common Property, car parks, service areas, loading docks and all other adjacent areas in respect of which the use and enjoyment of which is appurtenant to the Building, and of which the Premises forms a part;

**"Building Rules"** means the Landlord's rules and regulations of and in respect of the Building as amended from time to time for:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 management, safety, security, care or cleanliness of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 preservation of security and good order of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 convenience and control of any person in the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 use of facilities and services in the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 use of any area of the Building by any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 other matters as the Landlord may decide;

**"Commencement Date"** means the date specified in item 3 of Schedule 1;

**"Common Property"** shall mean those parts of the Building which are defined to be **"common property"** under the Act if the Building is subdivided or if it is not subdivided and registered under the said Act, those parts of the Building which would be reasonably be deemed to be "common property" if it had been subdivided and registered under the Act;

**"Consultant"** means any person employed, contracted of retained by the Landlord for the purposes of, including but not limited to, reviewing any plan, drawing and other document, informing and providing advice to the Landlord and includes any architect, engineer, planner, designer, solicitor, surveyor or any other consultant;

---

| | |
|:---|:---|
| 1 | 1 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

**"Fit Out Compensation"** means an amount equivalent to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Rent which would have been payable in respect of the Premises as if (he Fit Out Period constituted
 pad of the Term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Rent which would have been payable by a subsequent tenant for its (It out period in respect
 of the Premises as if its fit out period is not rent-free;

**"Fit Out Deposit"** means the amount specified in item 6 of Schedule 1;

**"Fit Out Period"** means the period specified in item 6 of Schedule 1;

**"Fit Out Requirements"** means the guidelines, rules or requirements of the Landlord (if any) relating to the Tenant's Fit Out Works;

**"Fit Out Works"** means the design, procurement, installation and construction of the interior fit out or related works to be carried out by or on behalf of the Tenant, at the Tenant's own cost and expense, in relation with its use and enjoyment of the Premises;

**"Floor Area"** means the area of the floor of the Premises as specified in item 2 of Schedule 1;

**"Head Lease"** means the lease referred to in item 11 of Schedule 1 and includes all variations or amendments to the Plead Lease;

**"Insolvency Event"** means:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a Tenant which is a company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 inability to pay its debts as and when they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 appointment of a liquidator, either compulsorily or voluntarily (except for the purpose of
 amalgamation or reconstruction which has been previously approved by the Landlord);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 passing of a resolution for the winding up of the Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 making of a proposal by the Tenant to its creditors for a composition in satisfaction of
 its debts or a scheme of arrangement of its affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 application to the court for the appointment of a judicial manager; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 appointment of a receiver or judicial manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to a Tenant who is an individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 inability to pay or having no reasonable prospect of being able to pay his debts as they
 fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 step being taken towards the presentation of a bankruptcy petition for his bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 making of a proposal to his creditors for a composition in satisfaction of his debts; or

---

| | |
|:---|:---|
| 2 | 2 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 entry into a scheme of arrangement of his affairs or the appointment of a receiver in respect
 of his properly;

**"Interest"** means interest at the rate of 1% per month calculated in accordance with Clause 4(4);

**"Letter of Offer"** has the meaning ascribed to it in Clause 21(4);

**"Manager"** means the manager appointed by the Landlord as specified in item 13 of Schedule 1 or such other managing agent appointed by the Landlord from time to time for the maintenance and management of the Building;

**"Maximum Floor Load"** means the load specified in item 2 of Schedule 1;

**"Menu and/or Merchandising Plan",** if applicable, means the menu and/or merchandising plan set out in Attachment B;

**"month"** means calendar month;

**"Permitted Use"** means the use of the Premises in the manner and under the trading name specified in item 7 of Schedule 1;

**"person"** includes where the context so admits, any individual, company, corporation, firm, partnership, joint venture, association, organization, trust, state or agency of a state (in each case, whether or not having separate legal entity);

**"Possession Date"** means (i) the date on which the Tenant actually takes possession of the Premises for Fit Out Works or (ii) the date by which the Tenant is to take possession of the Premises for Fit Out works as specified in item 5 of Schedule 1, whichever is earlier;

**"Pre-operating Service Charge"** means the charge specified in item 6 of Schedule 1 in respect of services supplied to or in relation to the Premises during the Fit Out Period including but not limited to the supply of water, power, rubbish removal and all related charges incurred during the Fit Out Period;

**"Premises"** means the physical space in the Building described in item *2* of Schedule 1, the boundaries and location of which are shown as edged in red in the floor plan attached as Attachment A (for identification purpose only) excluding the exterior faces of exterior walls (but including any externa! plate glass/glass walls or fapadc), external faces of boundary walls and the roof but including the interior, the flooring, interior plaster or other surface material or rendering on walls and ceilings, any fixtures therein (except fixtures which are part of Common Property), all doors and/or perimeter doors leading to the Premises, railings, timber decks, planter boxes, windows, plate glass/glass, locks, fastenings, installations and fittings for light, exit lights and power, the Utilities Conduits within and serving the Premises;

**"Redevelopment Works"** means the redevelopment, asset enhancement, renovation, retrofitting, refurbishment, reconfiguration works, alteration in any way of the structure, the layout, the furnishes, design or use of the Building or the Common Property or any part thereof;

**"Rent"** means the aggregate of the Base Rent and Service Charge but excluding the Pre-operating Service Charge;

**"Relocation Notice"** means the notice in writing to relocate the Tenant to substitute premises in the Building;

**"Requisite Consents"** means all permissions, consent, approvals, licences, certificates and permits of relevant authorities as are necessary to commence, carry out and complete the Fit Out Works;

**"Security Deposit"** means the amount specified in item 9 of Schedule 1 or such increased amount as the Landlord may specify under Clause 4(5)(c);

---

| | |
|:---|:---|
| 3 | 3 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

**"Service Charge''** means the sum payable by the Tenant to the Landlord specified in item 8 of Schedule 1 in respect of the services supplied to the Premises;

**"Service Charge Notice"** means a written notice from the Landlord to the Tenant of an increase in the Service Charge and specifying the date from which such increased Service Charge shall be payable. The Landlord may issue any number of Service Charge Notices during the Term;

**"Taxes"** means Goods and Services Tax and other like tax including, but is not limited to, any imposition, duty or levy whatsoever which may from time to time be imposed by any government, quasi-gov eminent. statutory or tax authority on or by reference to any monies payable under this Lease and/or in respect of any supply which may be determined by the Comptroller of Goods and Services Tax (or similar person) under or in connection with the occupation and lease of the Premises;

**"Tenancy Mix Realignment"** means the grouping and/or breaking up of a group, of tenants within the Building with the same or similar Permitted Use;

**"Term"** means the duration of this Lease as specified In item 3 of Schedule 1;

**"Termination Notice"** means a notice in writing to terminate this Lease;

**'Trading/Business Hours"** means the hours specified in item 10 of Schedule 1 or such other hours as may be prescribed by the Landlord from time to time;

**"Utilities Conduits"** means drains, sewers, conduits, flues, risers, gutters, gullies, channels, ducts, shafts, watercourses, pipes, cables, wires, water, electrical, air-conditioning, mechanical, ventilation and other similar facilities and services of the Building.

(2) In
 the interpretation of this Lease, except to the extent that such interpretation shall be
 excluded by or be repugnant to the context when used herein:-

Words importing the singular or plural number shall be deemed to include the plural or singular number respectively and words importing one gender include all genders.

Where two or more persons are included in the expression "the Tenant" all covenants, agreements, terms, conditions and restrictions shall be binding on and be applicable to them jointly and severally, and shall also be binding on and applicable to their personal representatives or successors and permitted assigns.

A reference to the Landlord includes (where applicable) the Manager, its successors, assigns and all persons entitled to possession of the Premises at the end of this Lease. A reference to the Tenant includes its successors and permitted assigns.

References in this Lease to any statutes or statutory instruments shall include and refer to any statute or statutory instruments amending, consolidating or replacing them respectively from time to time and for the time being in force,

References in this Lease to any government or statutory authority shall include and refer to the authority or body succeeding such authority from time to time.

Each Schedule and Attachment to this Lease forms part of it.

Every obligation by the Tenant is taken to include an obligation by the Tenant to ensure that each of its employees, agents, independent contractors, permitted occupiers/franchisees and others under its control complies with that obligation.

---

| | |
|:---|:---|
| 4 | 4 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

A right given to the Landlord to have access to the Premises extends to the Manager and to all persons authorized by the Landlord and the Manager, where applicable, and includes the right to bring workmen and appliances onto the Premises,

If under this Lease or the Building Rules, the consent or approval of the Landlord is required, the consent and approval of the Landlord may be given or withheld by the Landlord and/or the Manager in its absolute discretion (unless this Lease otherwise provides) and upon such terms and conditions as the Landlord thinks is appropriate.

All sums of money referred to or payable pursuant to this Lease shall be in Singapore dollars.

Any provision referring to the consent or approval of the Landlord shall be construed as also requiring the consent or approval of the Manager. Where the subject matter of the proposed consent or approval requires the consent or approval of the Landlord, nothing in this Lease shall be construed as implying any obligation on the Landlord and/or the Manager not to unreasonably withhold or refuse its consent.

**2.**  **<u>EMISE OF PREMISES</u>** 

(1) In
 consideration of the Rent and the covenants reserved by and contained in this Lease, the
 Landlord hereby lets the Premises to the Tenant for the Term together with the benefit of
 the following rights:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) right
 of the Tenant to use the Common Property to pass to and from the Premises only to the extent
 that it is necessary and as the Landlord may lawfully grant the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 right of the Tenant to use the toilet facilities in the Common Property as designated from
 time to time by the Landlord and in the manner directed by the Landlord but such use is in
 common with the Landlord and all other persons entitled to that right.

But excepting and reserving to the Landlord the following rights:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 right to the free and uninterrupted passage of running of utilities and other services through
 the Utilities Conduits in, on, through, under or over the Premises;

(ii) the
 right to pass to and from the Premises;

(iii) the
 right to enter the Premises, as provided in this Lease;

(iv) the
 right to light, air, support, protection, shelter and all other easements and rights belonging
 to or enjoyed by any part of the Building; and

(v) the
 right to use the Building (other than the Premises) even if this causes nuisance, damage,
 annoyance or inconvenience to the Tenant.

(2) (a) The
 Landlord and the Tenant agree that for the purpose of calculating Rent, Security Deposit
 and all other moneys payable by the Tenant and calculated with reference to the Floor Area
 of the Premises (which includes planter or landscaping area) as specified in item 2 of Schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 copy of the certificate from the registered surveyor confirming the Floor Area has been provided
 to the Tenant prior to the dale hereof and the Tenant shall accept such certificate of the
 registered surveyor as final and conclusive of the Boor area of the Premises and binding
 on the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Tenant hereby acknowledges that sub-clause (b) of Clause 2(2) is not applicable where this
 Lease is a renewal of an existing lease.

or

(2A) (a) If
 the Floor Area has not been surveyed at the time of signing of this Lease, the Landlord and
 the Tenant agree that for the purpose of calculating Rent, Security Deposit and all other
 Please Initial moneys payable by the Tenant and calculated with reference to the Floor Area
 of the Premises (which includes planter or landscaping area) as specified in item 2 of Schedule
 1 ("Estimated Floor Area"), subject to survey ("Estimated Floor Area").

---

| | |
|:---|:---|
| 5 | 5 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Landlord shall, at the Landlord's cost and expense, appoint a registered surveyor ("the
 Surveyor") to carry out a survey to determine the Floor Area of the Premises. The Landlord
 shall provide the Tenant with a copy of the certificate from the Surveyor certifying the
 Surveyor's final determination of the Floor Area of the Premises prior to the Possession
 Date/Commencement Date or such later dale as the Parties may agree. The Floor Area of the
 Premises as stated in the Surveyor's certificate shall herein be called the "Surveyed
 Floor Area". The determination of the Surveyed Floor Area by the Surveyor shall be
 final, conclusive and binding on the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 the determination of the Surveyed Floor Area by the Surveyor, there shall be an adjustment
 in the Base Rent, Service Charge and Security Deposit with effect from the Commencement Date,
 subject always to the following provisions:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where
 the Surveyed Floor Area is more than the Estimated Floor Area and the difference between
 the Surveyed Floor Area and the Estimated Floor Area is less than or equal to 5% of the Estimated
 Floor Area, the Base Rent, Service Charge and Security Deposit shall be calculated based
 on the Surveyed Floor Area;

(ii) where
 the Surveyed Floor Area is more than the Estimated Floor Area and the difference between
 the Surveyed Floor Area and the Estimated Floor Area is more than 5% of the Estimated Floor
 Area, the Base Rent, Service Charge and the Security Deposit shall be calculated based on
 a Floor Area which is equivalent to 105% of the Estimated Floor Area; and

(iii) where
 the Surveyed Floor Area is less than the Estimated Floor Area, the Base Rent, Service Charge
 and Security Deposit shall be calculated based on the Surveyed Floor Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Landlord and the Tenant hereby agree that the Floor Area which shall be used for the purposes
 of calculating the Base Rent. Service Charge and Security Deposit payable by the Tenant under
 this Lease pursuant to paragraph (i), (ii) or (iii) of Clause 2A(c) shall herein be called
 the "Agreed Floor Area".

(f) In
 addition, and without prejudice to any provisions in this Lease, if the Surveyed Floor Area
 is less than the Estimated Floor Area and the difference between the Surveyed Floor Area
 and the Estimated Floor Area is more than 10% of the Estimated Floor Area, either party may
 terminate this Lease by giving to the other party written notice within one (I) month after
 the Landlord has provided the Surveyor's certificate to the Tenant. Upon receipt of
 the notice, the 'Perm will be terminated without affecting the rights and remedies
 of either party against the other party of any antecedent breach of this Lease by the other
 party. The Landlord and the Tenant will not be liable to the other party for any loss, damage,
 cost, expense or compensation in connection with the termination under this Clause 2, In
 the event neither the Landlord nor the Tenant exercises its right to terminate this Lease,
 there shall be a downward adjustment of the Base Rent, Service Charge and Security Deposit
 based on the Surveyed Floor Area in accordance with this Clause 2A.

(g) Any
 underpayment of the Base Rent, Service Charge and Security Deposit under this Lease determined
 by reference to the Agreed Floor Area shall be paid by the Tenant to the Landlord, free of
 interest, within two (2) months of the Tenant's receipt of the Surveyor's certificate.
 Any overpayment in the Base Rent, Service Charge and Security Deposit shall be applied by
 the Landlord towards the Rent payable by the Tenant for the subsequent months after the Tenant's
 receipt of the Surveyor's Certificate.

---

| | |
|:---|:---|
| 6 | 6 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Tenant hereby acknowledges that Clause 2(2A) is not applicable where this Lease is a renewal
 of an existing lease.

**3.**  **<u>FITTING OUT THE PREMISES (IF APPLICABLE)</u>** 

(1) <u>Fit Out Period</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 applicable, the Landlord agrees to grant to the Tenant a Fit Out Period for the Tenant to
 carry out the Fit Out Works.

(b) The
 Fit Out Period shall be rent-free and shall commence on the Possession Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 Clause 3(l)(b), the Tenant shall pay the Landlord the Pre-Operating Service Charge for the
 period from the Possession Date up to the Commencement Dale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the Tenant completes the Fit Out Works and commences business at the Premises or use the
 Premises for the Permitted Use prior to the expiry of the Fit Out Period, then the Fit Out
 Period shall be deemed to have ended on the day immediately before the commencement of business
 or use of the Permitted Use by the Tenant. The Commencement Date of the Term as stated in
 item 3 of Schedule 1 shall be deemed to have been cancelled and replaced therewith the date
 on which the Tenant commences business at the Premises or use the Premises for the Permitted
 Use ("such earlier commencement date") and the expiry date of the Term shall
 be amended accordingly. The Tenant shall pay Rent in respect of the Premises from such earlier
 commencement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 the event that this Lease is, before the expiry of the Term, terminated by the Tenant for
 any reason whatsoever or is terminated by the Landlord in consequence of the Tenant's
 breach of this Lease, then in addition to and without prejudice to any other right or remedy
 of the Landlord, the Tenant shall compensate and pay to the Landlord, on demand the Fit Out
 Compensation.

(2) <u>Fit Out Deposit</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Before
 taking possession of the Premises for Fit Out Works, the Tenant shall pay to the Landlord
 the Fit Out Deposit as security for:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making
 good any damage to the Premises and/or the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) removal
 of all waste materials and debris arising from the Fit Out Works;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) due
 compliance by the Tenant of the Tenant's obligations in relation to the Fit Out Works
 as set out in the Letter of Offer, this Lease and the Fit Out Requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) completion
 of the Fit Out Works in accordance with the approved design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Tenant causes any damage to the Premises and/or the Building, or fails to remove all
 waste materials and debris arising from the Fit Out Works, or fails to comply with the terms
 of the Letter of Offer, this Lease and the Fit Out Requirements or fails to complete the
 Fit Out works in accordance with the approved design, the Landlord may rectify the non-compliance,
 and have recourse to the Fit Out Deposit to pay for or recover the cost of rectification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Fit Out Deposit is insufficient to cover the cost of rectification by the Landlord, the
 tenant shall pay to the Landlord on demand, all expenses so incurred by the Landlord shall
 be recoverable from the Tenant as if it were rent in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On
 completion of the Fit Out works to the reasonable satisfaction of the Landlord, the Fit Out
 Deposit less any deductions by the Landlord shall be repaid to the Tenant without interest.

---

| | |
|:---|:---|
| 7 | 7 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

(3) <u>Fit Out Works</u> 

For the purpose of the Fit Out Works:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) until
 the commencement dale of the Term, the use and occupation by the Tenant of the Premises shall
 be by way of licence only and shall be solely for the purpose of carrying out the Fit Out
 Works and shall be at the Tenant's own risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) before
 commencing the Fit Out Works, the Tenant shall submit to the Landlord lor its prior written
 approval all design layouts, drawings, specifications and other relevant details in relation
 to the Fit Out Works and upon obtaining the Landlord's approval, the Tenant shall,
 al its own costs and expenses, submit to all relevant authorities for the Requisite Consents
 in relation to the Fit Out Works. Where necessary, submission for Requisite Consents of the
 Fit Out Works shall be made through the Consultant(s). The Tenant shall bear the fees of
 the Consultant(s) as specified in item 6 of Schedule 1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Tenant shall provide any other document, plan and/or drawing requested by the Landlord to
 allow the Landlord to decide whether or not to approve the Fit Out Works;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during
 the Fit Out Period, the Tenant shall effect and maintain at the Tenant's cost and expense
 insurance policies covering all risks and third party liability in such form and for such
 value as the Landlord may require in the joint names of the Landlord and the Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Tenant shall indemnify the Landlord for any losses or damage that may occur to the Premises
 or any part of the Building during the Fit Out Period arising from the Fit Out Works and/or
 use or occupation of the Premises by the Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Tenant undertakes at its own costs and expenses;-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 appoint architects and other consultants (including mechanical electrical and other consultants)
 as well as building contractors approved by the Landlord for carrying out the Fit Out Works;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 carry out the Fit Out Works in accordance with (1) reasonable requirements of the Landlord
 and/or the Consultant(s). (2) the design, layout plans, drawings, specifications, materials
 and any other details approved by the Landlord. (3) the Fit Out Requirements, Requisite Consents
 and all applicable laws, (4) good workmanlike manner in accordance with good building practice,
 (5) all statutes, orders and regulations made under codes of practice of the government or
 any competent authority relating to the Fit Out Works and/or the Premises and (6) due expedition
 and without unnecessary delay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 remove all waste and debris from the Premises and/or the Building; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to
 make good and restore to its original condition any damage to the Building caused directly
 or indirectly by the Tenant, its servants, agents or contractors immediately upon completion
 of the Fit Out Works;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Tenant shall not have any claim whatsoever against the Landlord in respect of any act. omission,
 default, misconduct or negligence of any Consultant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Tenant shall permit the Landlord, its employees or agents at all reasonable times to enter
 into the Premises for the purpose of inspecting the Fit Out Works.

---

| | |
|:---|:---|
| 8 | 8 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

(4) No
 delay in taking possession of the Premises or in carrying out and completing all or any of
 the Fit Out Works shall be a ground for postponing the Commencement Date or relieve in any
 way the Tenant from the performance and observance of covenants under this Lease and on the
 part of the Tenant to be performed and observed.

**4.**  **<u>RENT AND OTHER CHARGES</u>** 

(1) <u>Tenant's Liability to Pay Rent</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Tenant shall pay Rent to the Landlord under this Lease without any deduction, abatement or
 any set-off whatsoever and whether formally or lawfully demanded by monthly payments in advance
 by the first day of each month. The first payment of the Rent shall be made immediately upon
 the acceptance of the Letter of Offer or upon execution of this Lease (whichever is earlier).
 If the Commencement Date falls on a day other than the first day of a month, the Tenant shall
 pay to the Landlord first payment of Rent proportionately from the Commencement Date up to
 the last day of that month together with Rent in advance for the following month, and thereafter,
 all payments of Rent shall be made on the first day of each succeeding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Tenant shall make payment of the Rent and any other sums payable by the Tenant to the Landlord
 under this Lease by GIRO to the Landlord's Bank Account set out in item 8 of Schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Tenant shall bear all bank fees and service charges applicable (including administrative
 charges for unsuccessful GIRO deductions) and shall not deduct any fee or charge from the
 Rent.

(2) <u>Increase in Service Charge</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 there is any increase in the cost and/or amount of services (attributable by the Landlord
 to the Premises) the Landlord may. at any lime, increase the Service Charge by issuing a
 Service Charge Notice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 increase in the Service Charge shall be payable by the Tenant with effect from the date specified
 in the Service Charge Notice and shall be payable until further notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Service Charge Notice shall be accepted by the Tenant as conclusive and binding of the matters
 stated in the Service Charge Notice Provided that the Base Rent shall correspondingly be
 reduced such that the increase in Service Charge does not affect the Rent to be paid by the
 Tenant to the Landlord during the Term.

(3) <u>Air-conditioning Equipment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 air-conditioning Equipment is installed by the Landlord in the Premises, the Tenant shall
 not install or use its own Air-conditioning Equipment or other methods of cooling unless
 the Tenant has obtained prior written consent from the Landlord, such consent may be withheld
 at the Landlord's sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Tenant is responsible for and shall pay all costs and expenses in connection with the use
 and operation of the Air-conditioning Equipment (including electricity supply for operation
 of the Air-conditioning Equipment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Tenant shall keep the Air-conditioning Equipment in good repair and condition and regularly
 serviced by the local agents of the Air-conditioning Equipment at least once a month.

---

| | |
|:---|:---|
| 9 | 9 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

(4) <u>Payment of Interest</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Tenant shall on demand pay Interest on all monies due under this Lease which remain outstanding
 for a period of seven (7) days or more, whether such monies have been formally demanded by
 the Landlord or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest
 shall be calculated on a daily basis from the date monies are due and which remain outstanding
 until and including the date of payment of such monies in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Landlord shall be entitled to recover the Interest due to the Landlord from the Tenant as
 if it were rent in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Tenant shall not under any circumstance be entitled to withhold or delay or set-off any payment
 of the Rent or any monies due under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing
 in this Clause d(4) shall in any way prejudice the rights of the Landlord in relation to
 the non-payment by the Tenant of Rent or any other monies including, but not limited to,
 the right of the Landlord to effect re-entry.

(5) <u>Security Deposit</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Tenant shall provide to the Landlord the Security Deposit al such time as required by the
 Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Security Deposit shall be held by the Landlord as security for the due performance by the
 Tenant of the provisions of this Lease and as security for any claim that the Landlord may
 have against the Tenant in relation to the Premises during and after the expiry or earlier
 determination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 part of the Security Deposit provided by the Tenant is by way of a demand banker's
 guarantee, the banker's guarantee shall be:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) form
 and substance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issued
 by a bank or financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for
 a validity period

acceptable to the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where
 the Tenant fails to pay any amount which is due and payable under this Lease or where the
 Landlord has otherwise suffered loss or damage or incurred costs and expenses as a result
 of the breach of this Lease by the Tenant, the Landlord may, but is not obliged to. have
 recourse to the Security Deposit without notice to the Tenant, to satisfy the amount payable
 or the loss or damage suffered or costs and expenses incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Security Deposit shall throughout the Term be maintained at the sum specified in item 9 of
 Schedule 1, If any part of the Security Deposit shall be applied or deducted by the Landlord
 in accordance herewith, then the Tenant shall within seven (7) days of demand by the Landlord
 forthwith deposit with the Landlord the amount so applied or deducted, or (where any sum
 is claimed by the Landlord under the banker's guarantee) furnish a fresh banker's
 guarantee to the Landlord so that the Security Deposit shall always be maintained at the
 sum specified in item 9 of Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No
 part of the Security Deposit may, without the written consent of the Landlord, be used to
 off-set against any Rent or other monies which the Tenant owes to the Landlord,

---

| | |
|:---|:---|
| 10 | 10 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Where
 this Lease has been lawfully terminated by the Landlord by re-entry or otherwise, the Security
 Deposit may. notwithstanding any other provision in this Lease, be Forfeited to the Landlord
 as liquidated damages in its absolute discretion and without prejudice to any other right
 or remedy which the Landlord may be entitled to in law and/or under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subject
 to any deductions or forfeiture made by the Landlord pursuant to this Lease (or to provision
 for contingencies as the Landlord deems necessary) and subject to compliance with the requirements
 of Clause 11, the Landlord shall refund the Tenant the Security Deposit without interest
 and (where applicable) return the banker's guarantee furnished by the Tenant for cancellation
 after proper deductions by the Landlord within one (I) month after (he expiry or sooner determination
 of the Term or within one (I) month from the yielding up of the Premises properly reinstated
 in accordance with the terms of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Nothing
 in this Lease shall prejudice or restrict any other right or remedy which the Landlord may
 be entitled to in law and/or under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) This
 Clause 4(5) shall survive termination or expiry of this Lease.

5. <u>TENANT'S COVENANTS</u> 

The Tenant hereby covenants with the Landlord as follows:-

(1) <u>Permitted Use and Conduct of Tenant's Business</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 use the Premises only for the Permitted Use Provided that all necessary approvals from the
 relevant authorities shall have first been obtained for the occupation and conduct of the
 Tenant's business at the Premises (including any change of use necessary to allow the
 Tenant to use the Premises for the Permitted Use hereunder) and provided that the Landlord
 makes no warranty that the Tenant will be permitted by the relevant authorities to use the
 Premises for the Permitted Use or for the conduct of the Tenant's business at the Premises
 by the relevant authorities and provided further that the Tenant shall continue to pay the
 Kent and other charges payable hereunder pending such licence or approval being granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Tenant will not permit or suffer the use of the Premises or any parL thereof for any residential
 purposes whether temporary or permanent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
 to use exercise or carry on or permit or suffer to be used, exercised or carried on in or
 upon the Premises or any pail thereof any noisome or offensive art, trade, business, occupation
 or calling. The Tenant shall not use or permit the Premises to be used for any illegal or
 immoral purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Landlord may permit other third parties to carry on businesses in the Building which arc
 similar to the Tenant's business, and/or to market, promote or sell goods or services
 similar to those sold or provided by the Tenant. For the avoidance of doubt, nothing herein
 provides the Tenant exclusivity in the Tenant's business or goods or services sold
 or provided by the Tenant.

(2) <u>To Obtain All Licences Permits and Registrations</u> 

To obtain and maintain at the Tenant's expense all approvals, licences, permits and registrations necessary for the conduct of its business at the Premises, Permitted Use and occupation of the Premises and to ensure the terms and conditions of such approvals, licences and permits are strictly adhered to, The Tenant shall indemnify the Landlord against any consequences or proceedings arising from the Tenant's default in complying with the provisions of this sub-clause.

---

| | |
|:---|:---|
| 11 | 11 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

(3) <u>Taxes</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 pay and/or reimburse (he Landlord for all applicable Taxes and in this respect it is hereby
 agreed that the Kent and all other sums payable by the Tenant under this Lease are exclusive
 of any applicable Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 pay on the Landlord's demand any increase in property tax during the Term, whether
 such increase is due to an increase in the annual value of the Premises and/or an increase
 in the property tax. rale.

(4) <u>Utilities and Telecommunications</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 bear all charges and taxes in respect of all utilities, telecommunication facilities and
 other services supplied to and consumed at the Premises and separately metered (even during
 Fit Out Period where applicable) including any transportation and transmission charges for
 the supply and installation and hire charges for any equipment or appliances supplied to
 the Tenant in respect of such supply. Any costs in connection with the opening of account
 and/or upgrading of utilities, telecommunication facilities and other services to the Premises
 (including the installation of separate meters to measure the consumption of utilities, telecommunication
 facilities and other services supplied to the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 affecting Clause 5(4)(a) above, the Landlord may, at its absolute discretion and on behalf
 of the tenants of the Building, arrange for the purchase of bulk utilities for the Building
 from a utilities supplier, in which case, the Tenant must accept the Landlord's choice
 of utilities supplier and sign all relevant agreements, consents and/or authorization forms
 as may be required by the Landlord for the purpose. The Landlord shall charge the Tenant
 (he total costs for the supply of utilities attributable to the Premises and administrative
 costs for the administration of the bulk electricity purchase arrangement. If at any time
 thereafter, the Landlord's arrangement for the purchase of bulk utilities for the Building
 is terminated for any reason whatsoever, the Tenant must arrange for and procure its own
 supply of utilities to the Premises, subject to the Landlord's approval. In such event,
 the Tenant shall bear all expenses relating to the supply of utilities to the Premises in
 the manner under Clause 5(4)(a).

(5) <u>Prohibition against Carrying Out Any Partitions. Alterations, Additions etc.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 to carry out or suffer to be carried out or permit any partitions, alterations or additions
 to or affecting the entrances, structure, exterior of the Premises, the party walls between
 the Premises and adjoining premises or the appearance of the Premises as seen from the exterior
 or other works whatsoever to or on the Premises or cause any structure (whether permanent
 or temporary) to be erected or constructed or permit the same to be erected or constructed
 within the Premises ("Alteration Works") without first having obtained the written
 consent of the Landlord and all other relevant authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 Alterations Works of the Tenant have been approved by the Landlord and such other competent
 authorities, the Tenant shall carry out and complete all the Alteration Works in accordance
 with plans and drawings approved by the competent authorities and the Landlord in good and
 workmanlike manner in compliance with all planning and other approvals of the competent authorities
 and the requirements of the Landlord.

(6) <u>Prohibition against Overloading Installations</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 io install or fix television antenna additional power points cabling for lighting or power
 water or gas piping or alter the electrical and wiring systems and piping without the prior
 consent in writing of the Landlord having been first obtained and upon such consent being
 given not to carry out the same without the prior written approval of the relevant authorities.

---

| | |
|:---|:---|
| 12 | 12 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
 to increase, supplement. decrease, modify, replace or interfere with any existing electrical
 design load, wiring, apparatus, fixtures or fittings or any lire alarm fixtures or fittings
 in or about the Premises without the consent in writing of the Landlord and the relevant
 public and local authorities having been first obtained PROVIDED THAT all such work shall
 be carried out by a licensed electrical contractor or competent person as approved by the
 Landlord to be employed by the Tenant at the cost and expense of the Tenant AND PROVIDED
 FURTHER THAT prior to the commencement of any such electrical or fire alarm installation,
 replacement, modification or other work, the Tenant shall submit to the Landlord and the
 relevant authorities lor its approval such necessary plans as may be specified by the Landlord
 and the relevant authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not
 to overload the lifts, electrical installation, pipes, cables, wires, water system, air-conditioning,
 mechanical ventilation and other facilities and services of the Building.

(7) <u>Floor Loading</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 to load any part of the floors of the Premises or the Building to a weight greater than the
 Maximum Floor Load or such other weight as may be prescribed by the Landlord from time to
 time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Tenant shall comply with the directions of the Landlord on the routing, installation, distribution
 of the load.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Tenant shall make good any damage to the Premises and/or the Building caused by the bringing
 in of such load.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 decision of the Landlord or their consultants is final and binding on the Tenant,

(8) <u>Prohibition against Signs/Touting</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 to install, display or affix any lighting, signs, embellishments, advertisements, names,
 notices, banners, plumbing, fixture, shade, awning canopy, aerial, flagpole or other projection
 or decoration at or visible from the exterior of the Premises without the prior written consent
 of the Landlord and the relevant authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 to lout advertise canvass peddle or solicit business or distribute handbills or other written
 materials or advertising materials through its servants, agents or freelance touts in or
 around the Premises and/or the public areas or vicinity of the Building. In particular, not
 to permit or suffer any third party to use or occupy the shop front or frontage areas of
 the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
 to use any advertising or other media objectionable to the Landlord and the relevant authorities
 or other tenants such as loudspeakers, phonographs or radio broadcasts that can be heard
 outside the Premises.

(9) <u>Prohibition against Assignment and Subletting the Premises</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 to transfer, assign, mortgage, charge, licence, sublet, part with or share possession of
 or otherwise deal with or grant to third parties any rights over the Premises or any part
 thereof or share or permit the occupation, use or possession of all or pail of the Premises
 or encumber the tenancy of the Demised Premised or part thereof without the prior written
 consent of the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 consent granted by the Landlord shall not constitute a waiver of the requirement for the
 Landlord's consent to any subsequent transfer, assignment, subletting, dealing, disposition,
 licensing, grant or sharing of possession, mortgage or encumbrance of the tenancy herein
 or the Premises or any part thereof.

---

| | |
|:---|:---|
| 13 | 13 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 this sub-clause, any reconstruction, reorganization, amalgamation, takeover or change in
 any of the shareholders or partners of the Tenant or any scheme of arrangement or compromise
 or any other scheme affecting the existing control, constitution or structure or majority
 shareholding of the Tenant shall be deemed to be an assignment, transfer, dealing or disposition
 within the meaning of this sub-clause requiring the prior written consent of the Landlord.

(10) <u>Prohibition against Obnoxious and Dangerous Substances</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 to use, load, unload, keep, or suffer to be loaded, unloaded, used or stored in the Premises
 or any part thereof any liquids, goods, materials, hazardous chemicals or things of an offensive
 or explosive or a dangerous, corrosive, toxic or highly in flammable nature or the keeping
 of which may contravene any local laws or regulations or bye-laws and to keep the Landlord
 indemnified against all loss, damages, claims, costs, expenses, actions and proceedings in
 connection with the loading, unloading, use or storage of such goods, materials and things.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 to do or suffer to be done upon the Premises or any part thereof anything which may cause
 any air or water pollution, noise or smell, vibration or tremor or pose any hazard or danger
 that may affect occupants or users of the Building.

(11) <u>Maintenance. Repair and Keep the Premises Clean</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 maintain the Premises and all its contents, integral parts and accessories in clean and good
 state of tenantable repair and condition including all the Landlord's fittings (including
 but not limited to the electrical and lighting systems, sanitary and plumbing installations,
 sprinklers, sewerage and drainage systems and security and air-conditioning systems).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 cause the Premises to be cleaned in a proper and workmanlike manner and during the whole
 of the Term to be kept clean and free from dirt and rubbish and the Tenant shall store and
 keep all waste trash and garbage in proper receptacles and arrange for the regular removal
 thereof from the Premises to such proper receptacles in the Building and subject to any arrangements
 which may be agreed with the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 keep all taps pipes drains basins sinks water closets cisterns wires fittings apparatus and
 Utilities Conduits within or serving the Premises clean and unblocked and free of rodents,
 insects, pests, birds and animals and shall install clean and maintain proper filters, grease
 traps and exhaust as may be required by the Landlord. If required by the Landlord, the Tenant
 shall employ pest exterminators approved by the Landlord from time to time or periodically
 at its own cost and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Al
 its own cost, to install strainers of a brand acceptable to the Landlord to all floor traps
 and floor wastes within the Premises and engage a competent service provider to conduct monthly
 flushing of the waste pipes within the Premises, or more frequently, where necessary, to
 keep the waste pipes clean and unblocked. The Tenant shall submit to the Landlord a copy
 of the service chit within seven (7) days from the date of completion of the monthly flushing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 arrange at the Tenant's own expense for all bulky waste or debris, including but not
 limited to packing crates, furniture and machinery, to be removed off site immediately and
 the disposal of the same in accordance with the requirements of the Landlord and/or statutory
 or regulatory bodies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To
 make good to the satisfaction of the Landlord any breakage defect or damage to the Premises,
 the Landlord's fixtures and fittings, the Common Property or to any other parts of
 the Building or to any adjoining premises or any facility or appurtenances thereof occasioned
 by want of care misuse or abuse on the part of the Tenant or the Tenant's occupiers,
 agents, contractors or sub-contractors or other persons claiming through or under the Tenant
 or otherwise occasioned by any breach or default of the Tenant hereunder.

---

| | |
|:---|:---|
| 14 | 14 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

(12) <u>Landlord's Right to Inspect/Efoter for Repairs.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Landlord and/or its agents may at all reasonable times upon giving to the Tenant reasonable
 notice (except in case of emergency when no notice shall be required) enter upon the Premises
 and view the state of repair thereof and may serve upon the Tenant a notice in writing of
 any defect the repair of which the Tenant may be responsible hereunder requiring the Tenant
 within a reasonable time to repair the same (including to clean, repair, remove or replace
 anything associated with the Utilities Conduits) and in default of the Tenant so doing it
 shall be lawful for the Landlord to execute the required repairs and for that purpose the
 Landlord, its architects, contractors workmen and agents may enter upon the whole or part
 of the Premises and there remain for the purpose of doing erecting or effecting any such
 work or thing and the expenses and costs of carrying out such work or thing shall be payable
 by the Tenant to the Landlord on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 shall be lawful for workmen or agents of the Landlord to enter into the Premises to carry
 out any construction, maintenance, repairs, alterations or additions or other works to any
 part of the Building, including any pipe running through, under or above the Premises or
 any redevelopment of or in connection with the remainder of the Building, the land on which
 the Building is situated or any neighbouring land or premises (including the right to build
 onto or in prolongation of any boundary wall of the Premises) without payment of compensation
 for any nuisance, annoyance, inconvenience or damage caused to the Tenant subject to the
 Landlord (or other person so entering) exercising such right in a reasonable manner.

(13) <u>Safety</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 to obstruct, cause or permit any form of obstruction of any tire fighting installations and
 equipment or the means of escape from the Premises nor to lock any fire doors while the Premises
 are occupied but at all times to provide sufficient access and passageways thereto. At its
 own cost and expense, to maintain and keep all fire-fighting installations and equipment
 at the Premises (including the fire alarm system, bose-reels and valves) operational and
 in good and proper working order at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 to use any electrical heating or other devices which may interfere with the lighting, power,
 or other electrical or mechanical system in the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 cooperate with the Landlord to establish a fire-safe environment for all users of the Building
 and without the Landlord being liable for inconvenience, loss, damage, compensation, cost
 or expenses whatsoever. For this purpose, the Tenant shall participate in fire drills, attend
 fire safety awareness talks, practise the use of fire extinguishers and participate in any
 other activities deemed necessary by the Landlord or as directed by the relevant government
 authorities from time to time.

(14) <u>Insurance</u> 

To keep the Premises (including all internal partitions, fixtures and fittings, equipment of the Landlord) insured with an insurer acceptable to the Landlord against:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 loss or damage arising from fire, storm, tempest, flood, lightning, explosion, aircraft,
 articles dropped therefrom, riot or civil commotion, malicious damage, terrorism, impact,
 any catastrophic event, subsidence, bursting, overloading of pipes, construction of any rapid
 transit system or any Act of God, for the full amount of the cost from time to time of completely
 rebuilding or replacing the Premises as new in (he event of destruction;

---

| | |
|:---|:---|
| 15 | 15 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) breakdown
 or breakage or loss or damage of or to any equipment, furnishing, fixtures, lightings, chattels,
 plate glass, glass panels (including windows, glass doors and facade walls) or anything whatsoever
 in or about the Premises for an amount acceptable to the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) loss
 or damage caused to (he Premises and/or the Landlord's fixtures and fittings (whether
 due to accident or damage or caused by leakage of the sprinkler system or otherwise), for
 an amount acceptable to the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) liability
 to the public or third parties of not less than amount stated in item 12 of Schedule 1 per
 incident or such higher amount as may from time to lime specified by the Landlord.

The Tenant shall;-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indicate
 that (he Landlord is a co-insured and have it noted on the Tenant's policies of insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide
 the Landlord with copy(s) of the insurance policies (or other evidence or the conditions
 of insurance) and at the request of the Landlord, to furnish receipt(s) for the payment of
 the insurance premium or other evidence of renewal and up-to-date details of the amount of
 cover as and when requested by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly
 notify the Landlord in writing of any changes in its insurance cover or of the terms on which
 cover has been effected, provided always that any changes shall only be effected with the
 prior written consent of the Landlord.

The public liability policy shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) include
 a provision for waiver of subrogation against the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) include
 a provision to the effect that the liability of the insurer to pay under such policy should
 not be vitiated by the act, default, omission or negligence of any party to such policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cover
 against claims for personal injury, death or property damage or loss arising out of all operations
 of the Tenant in or from the Premises in an amount not less than the amount stated in item
 13 of Schedule 1 per incident or unlimited at any one period of time, or such higher amount
 or amounts as may from time to time be specified by the Landlord in respect of any one (1)
 occurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) be
 extended to include the Tenant's legal liability for loss of or damage io the Premises
 (including fixtures and fittings therein) and in this regard, the Tenant shall ensure that
 the relevant exclusion in the said public liability policy relating to the property in the
 care, custody or control of the Tenant or any servant of the Tenant be deleted entirely;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cover
 against breakage of all plate glass/glass panels in and around the boundary of the Premises,
 including but not limited to any windows, glass doors and facade walls.

Following occurrence of damage to or destruction of the Premises, the Tenant shall diligently apply, or to procure the application of, the proceeds of insurance covering reinstatement and rebuilding costs for those purposes and will make good any deficiency in the proceeds of the insurance out of its own resources.

The Tenant will not at any time during the Term do or permit or suffer to be done any act matter or thing upon the Premises whereby any insurances in respect thereof may be vitiated or rendered void or voidable.

The Tenant shall not bring into the Premises or do or suffer to be done or allow any act matter or thing upon the Premises or keep anything therein which may directly or indirectly

---

| | |
|:---|:---|
| 16 | 16 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 the premium of any insurance on the Premises or any part (hereof or any property therein.
 The Tenant shall indemnify the Landlord against any additional premium which the Landlord
 is liable to pay by reason of any act neglect or default of the Tenant for effecting or keeping
 up any such insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vitiate
 or render void or voidable or be contrary to the terms of any insurance policy in respect
 of the Premises or any part thereof or any property therein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be
 contrary to the regulations of any public authority or the provision of any statute.

(15) <u>Danger Nuisance Annoyance and Interference</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 to do or suffer to be done upon the Premises or any pail of the Building which is or may,
 or which in the opinion of the Landlord, is or may at any time be or become a danger, nuisance
 or an annoyance to or interference with the operations or business or the enjoyment, quiet
 or comfort of the occupants or guests in the adjoining premises and/or Building and to indemnify
 the Landlord in relation thereto PROVIDED THAT the Landlord shall not be responsible to the
 Tenant for any loss, damage or inconvenience as a result of danger, nuisance, annoyance or
 any interference whatsoever caused by the occupants or guests in the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 to erect or suffer to be carried out any construction of chimneys or ducts of any kind whatsoever
 in or any part of the Building for the purpose of discharging smoke gas fume or other substance
 connected directly or indirectly with the Tenant's operation or business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 take all necessary steps to control and preserve order with regard to its/his customers/guests
 /visitors/employees/independent contractors/invitees within the Premises and also adopt such
 measures as may be necessary to abate noise vibration interference or disturbance whatsoever
 which may be transmitted out of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not
 lo load or unload or permit the placing or parking of bicycles, motor cycles, scooters, trolleys
 and other wheeled vehicles and/or the stocking or storage or littering of goods or things
 in the Common Property including without limitation, the travelators, passenger lifts, escalators,
 corridors, passageways, pavements, entrances, exits, driveways and car parking areas, and
 the Tenant shall keep all such internal and external parts of the Building clear and free
 of all obstruction at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not
 to throw, place or allow to fall or cause or permit lo be thrown or placed in the lift shafts
 (if any) or other conveniences in the Building any sweepings, rubbish, waste paper or other
 similar materials, and the Tenant shall on demand pay to the Landlord the costs of repairing
 any damage to such lift shafts, or other conveniences arising therefrom.

(16) <u>Odour</u> 

Not to cause or permit any offensive or unusual odours to be produced upon permeate through or emanate from the Premises.

(17) <u>Compliance with Statutes/Regulations/Building Rules/Covenants</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 comply with all statutes, orders, regulations or by-laws present or future affecting or relating
 to the Tenant's business and/or the Permitted Use and with all requirements which may
 be made under any present or future Act of Parliament or notices or orders which may be given
 by any governmental or competent authority having jurisdiction or authority in respect of
 the premises or the user thereof and will keep the Landlord fully indemnified in respect
 of all such matters referred to in this sub-clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 observe and comply with the duties of an occupier specified in the Building Rules made by
 the Landlord from lime to lime.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
 to do or permit or suffer any act which may amount to a breach or non-observance of any of
 the terms or covenants in the Head Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 notify the Landlord immediately upon receipt of any notice from the Government or any competent
 authority with respect to the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At
 all times during the Term,, to observe the covenants set out in Schedule 3. Where the Permitted
 Use is as restaurant, kiosk or food outlet, to at all times during the Term observe the covenants
 set out in Schedules 3 and 4.

(18) <u>Infectious Diseases</u> 

Forthwith to give notice to the Landlord should any infections or illness transpire in or about the Premises and to thoroughly fumigate and disinfect the Premises at its own expense and to the satisfaction of the relevant government health authorities,

(19) <u>Compliance with Immigration Laws and Laws on Employment of Foreign Workers</u> 

Not to use, permit or suffer the Premises to be kept or used as a place of shelter for or premises for employment of any person in contravention of the Immigration Act (Cap 133) or Employment of Foreign Manpower Act (Cap 91 A) and any other laws regulations statutory modification or reenactment thereof for the time being in force and to indemnify the Landlord against all costs, claims, liabilities, fines or expenses whatsoever which may be incurred or made against the Landlord by reason of any non-compliance thereof. In the event of any breach hereof, the Landlord shall be at liberty forthwith to exercise its rights io terminate this Lease.

(20) <u>Indemnity</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 indemnify and keep the Landlord fully indemnified from and against all claims, demands, writs,
 summons, actions, suits, proceedings, judgments, orders, decrees, damages, costs, losses
 and expenses of any nature whatsoever which the Landlord may suffer or incur in connection
 with loss of life, personal injury and/or damage to property arising from or out of any occurrence
 in. upon or at the Premises or use of the Premises or any part thereof or the breach of any
 of the obligations herein by the Tenant or by any of the Tenant's agents, employees,
 contractors, visitors, subtenants, concessionaires and licensees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 indemnify and keep the Landlord fully indemnified from and against all loss and damage to
 the Premises, the Building and to all properly therein caused whether directly or indirectly
 by the Tenant or the Tenant's agents, employees, contractors and visitors and in particular
 but without limiting the generality of the foregoing caused whether directly or indirectly
 by the use or misuse, waste or abuse of water, fire or electricity or faulty fittings or
 fixtures of the Tenant.

(21) <u>Notices to Let</u> 

Within six (6) months before the expiry or earlier termination of the Term (unless renewed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 permit the Landlord to fix upon the Premises a sign for re-letting the Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 permit all persons authorized by the Landlord to view without interruption the Premises at
 reasonable hours in connection with such re-letting.

(22) <u>Car Parks</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Landlord may prohibit the Tenant from parking in any part of the Building.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Tenant must pay car pack charges levied by the Landlord for the use of designated parking
 areas. The car park charges are subject to revision by the Landlord.

6. <u>LANDLORD'S COVENANTS</u> 

The Landlord hereby agrees with the Tenant as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the Tenant duly paying the Rent. Service Charge and other sums hereby reserved and observing
 and performing the provisions and stipulations on the Tenant's part hereinbefore contained
 shall hold and enjoy the Premises during the Term without any disturbance by the Landlord
 or any person lawfully claiming under or in trust for the Landlord save as specifically provided
 herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 pay property lax and other outgoings levied or charged upon the Premises other than those
 covenanted to be paid by the Tenant.

7. <u>LANDLORD'S RIGHTS WITH RESPECT TO THE BUILDING</u> 

(1) <u>Power to Deal with Building</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Landlord may at any lime carryout Redevelopment Works (including the right to erect or remove
 kiosks, signs, seats, fixtures, fittings, machinery and other structures) or change the layout,
 the furnishes, design or use of the Building or the Common Property or any part thereof)
 or divide or combine any shops or premises with any part of the Building, The Landlord may
 do so as long as access to and from the Premises are given (even if such may be temporarily
 restricted). The Tenant shall not rescind or terminate this Lease or have any claim against
 the Landlord for any compensation, cost, expense or loss arising from or in connection with
 such works nor any right to withhold payment of any monies due to the Landlord as a result
 of such works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Landlord shall have the absolute and unfettered discretion at any time and from time to time
 to make, add or amend the Building Rules. All such rules so made by the Landlord shall bind
 the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Landlord may at any time without notice, change the name or number by which the Building
 is known and the Tenant shall not be entitled to make and shall not rescind or terminate
 this Lease or make any claim or compensation for any costs, loss, expense or damages suffered
 by the Tenant as a result of such change in name. The Tenant shall not. without the prior
 written consent of the Landlord (i) use the name of the Building as part of its trade or
 business name or (ii) use a name, trademark or service mark which includes the name of the
 Building or any derivative name sounding similar thereto for any purpose whatsoever or (iii)
 use any picture or likeness of the Building or of the Premises in its logo, trade mark or
 other mark, sign or emblem whether for the purpose of its trade or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing
 in this Lease shall confer on the Tenant any right to enforce any covenant or agreement relating
 to other parts of the Building demised, licensed or granted for use and enjoyment by the
 Landlord to others, or limit or affect the right of the Landlord to deal with such other
 parts of the Building and to impose and vary the terms and conditions in respect of such
 dealings in any manner as the Landlord may think fit.

(2) <u>Termination Right in Event of Redevelopment Works</u> 

This Clause 7(2) is applicable if the Landlord has informed the Tenant prior to signing of this Lease that the Landlord requires Termination Right for Redevelopment Works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Landlord intends to carry out substantial Redevelopment Works (including Tenancy Mix
 Realignment in the Building) and requires vacant possession of the Premises in order to carry
 out such Redevelopment Works, the Landlord shall be entitled to terminate this Lease by giving
 to the Tenant six (6) months' notice in writing ("Landlord's Termination
 Notice" subject to Clause 7(2)(b) below. For the avoidance of doubt, the Landlord shall
 not be entitled to terminate this Lease purely for the purposes of Tenancy Mix Realignment
 without carrying out any Redevelopment Works or if the Landlord is able to carry out such
 Redevelopment Works without requiring vacant possession of the Premises.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event that Redevelopment Works are required to be carried out by the Landlord pursuant
 to any prevailing laws, orders, directions, by-laws, codes, rules, regulations, notices or
 requirements of the authorities ("Requirements") and the time period given to
 the Landlord to comply with such Requirements is of such duration that the Landlord is unable
 to give the Tenant the requisite six (6) months' notice in writing, the Landlord shall,
 as soon as practicable, after the Landlord is aware of such Requirements, give the Tenant
 such shorter notice in writing as may be required to enable the Landlord to comply with the
 Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 this Lease is pre-terminated by the Landlord during the Term by reason of Redevelopment Works,
 the Landlord shall pay the Tenant a compensation sum calculated based on the Agreed Declared
 Value (as defined below) of the Tenant's Fit Out Capex Works (as defined below) less
 depreciation on such Agreed Declared Value amortised on a straight line basis across the
 entire period of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 compensation is payable by the Landlord to the Tenant if this Lease is a renewal of the Tenant's
 lease of the Premises unless prior to the Landlord's and the Tenant's entry into
 this Lease, the Landlord and the Tenant had in good faith, acting reasonably agreed on the
 items to be included as part of the Tenant's Renewal Capex Works (as defined below)
 and the estimated value of such Tenant's Renewal Capex Works for the purpose of computation
 of Agreed Declared Value. If the Tenant has carried out the Tenant's Renewal Capex
 Works and the Term herein is pre-terminated by the Landlord by reason of Redevelopment Works,
 the Landlord shall pay the Tenant a compensation sum calculated based on the Agreed Declared
 Value of the Tenant's Renewal Capex Works less the depreciation on such Agreed Declared
 Value amortised on a straight line basis across the entire period of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the purpose of this Clause 7(2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Agreed
 Declared Value" refers to the lower 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;(1) the
 estimated value of the Tenant's Capex Works as stated in item *6* of Schedule
 1 as discussed before signing of the Lease; 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;(2) the
 actual value of the Tenant's Capex Works as declared or to be declared by the Tenant
 to the Landlord in writing not later than 3 months after completion of the Tenant's
 Capex Works together with copies of all third party invoices for verification and validation
 by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Tenant's
 Capex Works" refers to:

&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) (in
 respect of the Term) capital expenditure works (including external design fees but excluding
 salvageable items) carried out by the Tenant during the Fit Out Period in order to Fit Out
 the Premises ("Tenant's Fit Out Capex Works"

&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) (in
 respect of any renewal term) capital expenditure works including external design fees but
 excluding salvageable items) carried out by the Tenant at the time of renewal in order to
 repair, improve, upgrade or refresh the Premises ("Tenant's Renewal Capex Works").

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For the avoidance of doubt, Tenant's Capex Works shall not include any tenant- initiated capital expenditure works carried out by the Tenant in its sole discretion during the Term or any renewal term(s) if such works are not agreed to by the Landlord and the Tenant to form part of the Tenant's Capex Works for the purpose of computing the Agreed Declared Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In
 respect of any item which has been agreed between the Landlord and the Tenant to be a "non-salvageable
 item" and included as part of the Tenant's Capex Works, and its value was taken
 into account for the purpose of the computation of the Agreed Declared Value, in the event
 such item is subsequently salvaged by the Tenant when removing its items and vacating the
 Premises pursuant to Clause 7(2)(g) below, the Landlord shall be entitled to deduct the value
 of any such item from the Agreed Declared Value for the purpose of computing the compensation
 sum under Clause 7(2)(c) or Clause 7(2)(d) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not
 later than three (3) months after completion of the Tenant's Capex Works, the Tenant
 must declare the value of the Tenant's Capex Works actually incurred by the Tenant
 to the Landlord in writing together with copies of all third-party invoices for verification
 and validation by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon
 the expiry of the Landlord's Termination Notice, the Term shall absolutely cease and
 determine but without prejudice to the rights and remedies of either party against the other
 party in respect of any antecedent breach of this Lease by the other party and the Tenant
 must remove the Tenant's signs, moveable items, furniture and belongings from the Premises
 and shall deliver vacant possession of the Premises and the Landlord's installations
 in a clean state and in a condition which does not pose any threat to health, safety and
 the environment. The Tenant shall make good any damage caused to the Building resulting from
 such removal. The Landlord shall refund the Tenant the Security' Deposit without interest
 in accordance with the provisions of Clause 4(5) and return the banker's guarantee(s)
 furnished by the Tenant for cancellation, after proper deductions by the Landlord in accordance
 with the provisions of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Tenant hereby agrees that save for the compensation sum under Clause 7(2)(c) or Clause 7(2)(d)
 (as the case may be) and the refund of the Security Deposit in accordance with Clause 4(5),
 the Tenant shall have no further claims against the Landlord arising out of or in connection
 with the termination of this lease pursuant to this Clause 7(2),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 provisions of this Clause 7(2) shall continue to apply notwithstanding the earlier termination
 of this Lease.

(3) <u>Closures in Building and Common Property</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Landlord shall be entitled at its/their discretion to close or restrict or prevent the access
 through the Common Property, outer doors, car parks, entrances, exits or any part(s) of the
 Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Landlord may in the case of invasion, mob, riot, public excitement or other circumstances
 rendering such action advisable in the Landlord's opinion, prevent access to the Building
 during the Term and for so long and in such manner as the Landlord deem(s) necessary including
 the closure of all doors and entrances of the Building.

8. <u>EXEMPTIONS AND EXCLUSIONS</u> 

(1) <u>Exclusion of Liability</u> 

To the fullest extent permitted by law, notwithstanding anything contained in this Lease, the Landlord shall not be liable to the Tenant or to others nor shall the Tenant or any other person have any claim against the Landlord whether in contract, tort, under statute or otherwise for any costs, losses, expenses or damages of any nature whatsoever (including but not limited to indirect, consequential and special losses) suffered by the Tenant in connection with or as a result of:-

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 interruption in the services in the Building by reason of necessary repair or maintenance
 of any Utilities Conduit, installation, apparatus, plant, machinery, equipment or facility
 in or serving the Building or any part of the Building or damage thereto or destruction of
 the whole of any part of the Building, or mechanical or electrical breakdown, failure or
 other defects or breakdown of any apparatus, plant, machinery, equipment or facility in or
 serving the Building or the Premises, any circumstances beyond the Landlord's control
 (including but not limited to fire, flood, act of God, force majeure, escape of water, riot,
 civil commotion, curfew, emergency, labour dispute, shortage of manpower, fuel, materials,
 electricity or water); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 loss damage or injury arising out of the leakage or defect of the Utilities Conduits including
 but not limited to piping wiring or sprinkler system in the Building and/or structure of
 the Building or any defect or want of repair of the Building or any installations fire fighting
 safety devices or arising from any other cause whatsoever; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 act, omission, default, misconduct or negligence of any attendant or other employee, independent
 contractor or agent of the Landlord in or about the performance or purported performance
 of any duty or service in or about the Building; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 breach of the Building Rules made by the Landlord by other persons or tenants in the Building
 or the servant or employee, independent contractor or agent of the Landlord; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 damage, injury or loss arising from or In connection with the use of the car parks in the
 Building; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 loss of or damage to property or injury to life whatsoever resulting from whatever cause
 that the Tenant its/his guests servants invitees and visitors (including tradesmen) patrons
 and customers may sustain or suffer in the Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 undertaking or agreement relating to the other premises in the Building licensed demised
 or granted for use and enjoyment by the Landlord; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 act or omission which the Landlord is entitled to or may do or not do under any provision
 of this Lease.

(2) <u>Liability for Personal Injury and Property Damage</u> 

To the fullest extent permitted by law, the Landlord shall not be responsible or liable for any cost, loss, expense or damage suffered or incurred by the Tenant or the Tenant's employees, independent contractors, agents, invitees, licensees nor to any other persons for any:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accident,
 happening, injury or death suffered in the Premises or the Building; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) damage
 to or loss of any goods or property sustained in the Premises or the Building;

unless it is caused by the Landlord's gross negligence or wilful default in maintaining the Building. The provisions of this Clause 8(2) shall apply for a case of negligence as well as to any other cause(s) howsoever arising.

8. <u>TENANT'S DEFAULT</u> 

(1) If
 the Tenant defaults in any obligation to pay money, or to take any action under this Lease,
 the Landlord may, but is under no obligation to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make
 the payment of money and recover the amount as if it was rent in arrears; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take
 such action and for that purpose enter upon the whole or any part of the Premises to remedy
 the Tenant's default.

(2) Any
 expenses incurred by the Landlord in exercising a right under this Clause 9 shall be paid
 by the Tenant on demand, or otherwise be recoverable as if they were rent in arrears.

(3) Nothing
 in this Clause 9 shall prejudice or restrict any other right or remedy which the Landlord
 may be entitled to in law, and/or under this Lease as a result of the default of the Tenant.

10. <u>TERMINATION</u> 

(1) If,
 at any time during the Term:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 whole or any part of the Rent, the Service Charge or any moneys payable by the Tenant under
 this Lease is in arrears for seven (7) days or more (whether or not payment has been formally
 demanded by the Landlord);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Tenant is in breach of any of the covenants of this Lease required to be performed or observed
 by the Tenant or where the breach is capable of remedy and the Landlord has served notice
 on the Tenant specifying the breach and the Tenant has failed to remedy the breach within
 the period specified in the Landlord's notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 distress or execution is levied on the Tenant's goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an
 Insolvency Event occurs in relation to the Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Tenant, the business operated by the Tenant in the Premises or the trade name used by the
 Tenant is blacklisted by the Singapore Tourism Board or any Government authority or other
 professional bodies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if
 the name of the Tenant or the Tenant's business is struck off the register of the Accounting
 and Corporate Regulatory Authority and not restored on the register within seven (7) days;

it shall be lawful for the Landlord or any person or persons duly authorized by the Landlord for that purpose to re-enter the Premises (or any part thereof in the name of the whole) at any time (and even if any previous right of re-entry has been waived) and to repossess and re-occupy the Premises whereupon the Term hereby created and this Lease shall absolutely cease and determine and the Landlord shall have the absolute right to forfeit and retain for its own benefit the Security Deposit. For the purpose of this sub-clause, the Landlord's re-entry may be effected by changing the locks or adding additional locks to the entrances and exits of the Premises and/or by any acts of re-entry by which the Landlord asserts repossession of the Premises, including disabling or overriding any key lock system.

(2) Where
 the Landlord exercises its right of re-entry for non-payment of Rent, the Tenant acknowledges
 that the Landlord may, but is under no obligation to, sell any property, plant, equipment,
 stock-in-trade, fixtures or fittings of the Tenant on the Premises and the proceeds of sale
 received by the Landlord (after deduction of all costs and expenses incurred by the Landlord
 in effecting such sale) shall be applied towards satisfaction of the Rent and Interest due
 from the Tenant to the Landlord. The Tenant agrees to indemnify the Landlord against any
 liability incurred by it to any third party whose property shall have been sold by the Landlord
 in the bona fide mistaken belief (which shall be presumed unless the contrary be proved)
 that such properly belonged to the Tenant and was liable to be dealt with pursuant to this
 clause,

(3) Where
 this Lease is terminated under this Clause 10, the Tenant is liable to the Landlord for all
 costs, losses, expenses and damages suffered by the Landlord consequential upon the Landlord
 exercising its rights of re-entry, including but not limited to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) loss
 of Rent payable by the Tenant had the Term been completed; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the Premises is re-let, the difference between the Rent payable by the Tenant had the Term
 been completed, and the amount of rent payable by any new tenant, on the re-letting of the
 Premises, to the completion of the Term of this Lease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 costs and expenses incurred in any re-letting or attempted re-letting of the Premises.

(4) The
 Landlord's right of re-entry in this Clause 10 is without prejudice to the any other
 right and remedy of the Landlord in respect of any antecedent breach by the Tenant of this
 Lease (including the breach giving rise to the termination).

10A. TENANT'S TERMINATION RIGHT UNDER EXCEPTIONAL CONDITIONS

(1) This
 Clause 10A is applicable if the Tenant informs the Landlord prior to signing of this Lease
 that the Tenant requires the right to pre-terminate the Lease due to exceptional conditions.

(2) The
 Tenant shall be entitled to terminate this Lease by giving to the Landlord no less than six
 (6) months' notice in writing upon the occurrence of either of the following two exceptional
 conditions ("exceptional conditions"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 business principal of the goods and/or services from which the Tenant has obtained the rights
 to sell the goods and/or provide the services which is being retailed at the Premises is
 insolvent (as determined in accordance with the laws of insolvency in the country where the
 business principal is established or incorporated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Tenant loses the distributorship or franchise rights to sell the goods and/or provide the
 services which are being retailed at the Premises where the loss of distributorship or franchise
 is not due to either the non-performance or breach by the Tenant of the distributorship or
 franchise agreement.

(3) The
 Tenant may elect to pay six (6) months' Rent in lieu of the six (6) months' notice
 period to the Landlord or shorten the six (6) months' notice period by paying an amount
 equivalent to the Rent for the unfulfilled notice period, capped at six (6) months'
 Rent. The six (6) months' notice period or such shorter notice period applicable pursuant
 to this Clause 10A shall herein be called the "Applicable Notice Period".

(4) The
 Tenant shall pay a compensation sum equivalent to the Security Deposit Amount ("the
 Compensation Sum) to the Landlord for any pre-termination of this Lease by the Tenant pursuant
 to this Clause 10A on or prior to the expiry of the Applicable Notice Period. The Landlord
 shall be entitled to apply the entire Security Deposit towards the Compensation Sum on the
 expiry of the Applicable Notice Period and any shortfall shall be payable by the Tenant on
 or prior to the expiry of the Applicable Notice Period. The termination of this Lease and
 the payment of the Compensation Sum pursuant to this Clause 10A shall not affect any outstanding
 amounts owing by the Tenant to the Landlord under this Lease.

(5) Upon
 the termination of this Lease pursuant to this Clause 10A, the Tenant must reinstate the
 Premises and yield up the Premises in accordance with Clause 11 of this Lease on the expiry
 of the Applicable Notice Period. For the avoidance of doubt, the Tenant must make good all
 damage caused to the Premises or the Building resulting from such reinstatement and yielding
 up,

11. <u>DUTIES ON EXPIRATION/DETERMINATION</u> 

(1) <u>Yield up Premises</u> 

At the expiration or earlier determination of the Term (unless the Term is renewed in accordance with the provisions of this Lease), the Tenant shall reinstate the Premises al the Tenant's costs and expense in accordance with Clause 11(2) and yield up the Premises with the fixtures thereto (other than such Tenant's trade fixtures as shall belong to the Tenant), unless required by the Landlord to be removed, in good and tenantable repair and condition to the Landlord together with the keys to the Premises (irrespective of whether or not the same have been supplied by the Landlord).

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| | |
|:---|:---|
| 24 | 24 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

(2) <u>Reinstatement</u> 

The Tenant shall reinstate the Premises and all fixtures thereto to the satisfaction of the Landlord or the Consultant immediately prior to the expiration or earlier determination of the Term and if the Tenant shall fail to reinstate the Premises as aforesaid the Landlord may reinstate the Premises and recover from the Tenant on demand the costs of such reinstatement. For the purposes of reinstatement, the Tenant shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reinstate
 the Premises to the satisfaction of the Landlord in accordance with this Clause 11(2), notwithstanding
 that the Premises may have been delivered to the Tenant in a condition other than the reinstatement
 condition herein at the time of taking possession of the Premises from the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reinstate
 the Premises using a contractor approved by the Landlord and, if required by the Landlord,
 under the supervision of the Consultant. The Tenant shall pay for the cost of the contractor
 and all fees of the Consultant, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) wash
 the whole of the interior of the Premises (including the cleaning of all glass, doors and
 windows);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) redecorate
 the Premises with two coats of good quality emulsion paint and other appropriate treatment
 of all internal parts of the Premises including the ceiling and floor in a good workmanlike
 manner using suitable and appropriate materials as the Landlord may reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) remove
 from the Premises all additions, improvements, fixtures and fittings installed by the Tenant
 and all notices, notice boards and signs bearing the name of or otherwise relating to the
 Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) make
 good all damage or disfigurement caused to walls, doors, windows, floors, ceiling boards
 or any part of the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make
 good or replace damaged wires, conduits, piping, air-conditioning ducting and all other apparatus,
 fixtures and fittings supplied by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) make
 good to the satisfaction of the Landlord all damage to the Premises and the Building resulting
 from the removal of the Tenant's obligations, reinstatement or redecoration of the
 Premises and to leave the Premises in a clean and tidy state free of waste material and garbage.

If the Tenant fails to reinstate the Premises and/or make good any damage to the Premises in accordance with the provisions of this Clause 11(2), the Landlord may effect the same at the Tenant's cost and expenses. The Tenant shall pay for all costs and expenses incurred by the Landlord in reinstating and/or making good any damage to the Premises and, in this respect, a certificate of the Landlord as to the amount of costs and expenses incurred shall be final and binding on the Tenant.

(3) <u>Damages for holding over</u> 

Until the Premises are delivered to the Landlord in the manner provided by this Clause 11 or until the completion of the reinstatement of the Premises by the Landlord and in the event of the failure of the Tenant to do so, the Tenant shall without prejudice to the rights of the Landlord in law or under this Lease, pay to the Landlord monthly Rent and such other charges payable herein calculated at double the last prevailing Rent and such other charges under this Lease or at the Landlord's discretion, all loss and damage sustained by the Landlord by reason of the Tenant's failure or refusal to yield up the Premises in accordance with this Lease for such holding over. There shall be no renewal of this Lease by operation of law or pursuant to the provisions of this Lease. During the period of any such holding over, all other provisions of this Lease shall be and remain in effect. No provisions herein shall be construed as the Landlord's consent for the Tenant to hold over after the expiration or determination of the Term.

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| | |
|:---|:---|
| 25 | 25 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

12- <u>RISK TO LIE WITH OCCUPIERS</u>

If the Premises are or is in dangerous condition, the Tenant and the occupiers of the Premises remain in occupation at their own risk. The Landlord accepts no liability in the event of the collapse of the Premises or any structure therein and consequential injury to any person or damage to any property.

13. <u>DAMAGE OR DESTRUCTION OF THE PREMISES</u> 

(1) If
 the whole of any part of the Premises or the Building is at any time damaged or destroyed,
 to such an extent that the Premises or part thereof are unfit for occupation and use, including
 make the Premises inaccessible, for a period of more than one (1) month, the Rent or a fair
 and just proportion of the Rent, according to the nature and extent of the damage sustained,
 shall be suspended until the Premises or the part thereof are fit for occupation and use.
 Any dispute concerning this sub-clause (1) shall be determined by a single arbitrator in
 accordance with the Arbitration Act (Cap 11).

(2) Rent
 shall not be suspended and the Tenant shall not be relieved of the obligation to pay Rent
 where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 damage or destruction was caused by an act or omission of the Tenant, its servants, independent
 contractors, agents or any permitted occupier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 policy or policies of insurance in relation to the Premises are vitiated or payment of the
 policy sums withheld or refused in whole or in part in consequence of some act, omission
 or default of the Tenant.

(3) Notwithstanding
 any other provision in this Clause 13, the Landlord may in its absolute discretion, within
 ninety (90) days from the date of occurrence of the damage or destruction referred to in
 Clause 13(1), decided to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) repair
 the Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) demolish
 and rebuild the Premises

then the Landlord may, within twenty one (21) days after making the decision, give written notice to the Tenant to terminate this Lease, in which case this Lease shall terminate and the Tenant shall (if still in occupation) vacate the Premises without compensation from the Landlord and the Landlord may immediately re-enter and take possession of the Premises.

14. <u>WAIVER NOT TO PREJUDICE RIGHTS OF LANDLORD</u> 

Knowledge or acquiescence by the Landlord of any breach or non-compliance by the Tenant of any of the terms, conditions or obligations contained in this Lease shall not operate or be deemed to operate as a waiver of such terms, conditions or obligations and any consent or waiver shall only be effective if given in writing. No waiver expressed or implied by the Landlord of any breach of any term, covenant or stipulation of this Lease shall be construed as a waiver of any other breach of the same or any other term, covenant or stipulation and shall not prejudice in any way the rights, powers and remedies of the Landlord herein contained. Any acceptance of Rent or other moneys shall not be deemed to operate as a waiver by the Landlord of any right to proceed against the Tenant of any of its obligations hereunder.

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| | |
|:---|:---|
| 26 | 26 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

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15. <u>NOTICE</u> 

(1) A
 notice given under this Lease must be in writing.

(2) A
 notice to the Tenant is valid if:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sent
 by facsimile to the facsimile number of the Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sent
 by electronic mail to the last known specified electronic mail address of the Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) given
 by hand or sent by registered post to the Premises.

(3) A
 notice to the Landlord shall be sent by registered post to the registered office for the
 time being of the Landlord or any address notified by the Landlord to the Tenant and will
 be deemed to have been served on the Landlord at the time of acknowledgement of receipt by
 the Landlord.

(4) Any
 notice will be treated as served on the Tenant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 notice by facsimile, electronic mail or given by hand) immediately on the date upon which it is sent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (for
 notice by registered post) twenty-four (24) hours after posting and in proving it, it will
 be sufficient to show that the envelope containing the notice was addressed, stamped and
 posted.

16. <u>REGISTRATION OF CAVEATS/SUBDIVISION</u> 

(1) This
 Lease is not intended and shall not be presented by the Tenant for registration nor shall
 the Tenant create or lodge any caveat in respect of the Premises at the Singapore Land Authority
 or such other authority or otherwise obtain any registrable title by virtue of or under this
 Lease. The Tenant shall not be entitled to require the Landlord to subdivide the Building
 or any part thereof or to do any act or thing which could result in the Landlord being required
 to subdivide or deemed to have subdivided the building or any part thereof.

(2) The
 Tenant shall indemnify the Landlord in full for any loss, damage, cost and/or expense arising
 from or relating to a breach or non-observance of this covenant including but not limited
 to legal fees and expenses incurred or suffered by the Landlord in enforcing the provisions
 of this clause.

17. <u>COSTS AND EXPENSES</u> 

(1) Each
 party shall bear its own legal costs and expenses incurred in connection with the negotiation
 and preparation of this Lease. The Tenant shall pay the stamp duty on the Lease.

(2) The
 Tenant shall pay to the Landlord (on a full indemnity basis) within seven (7) days of demand
 by the Landlord all legal costs and fees incurred by the Landlord and Taxes thereon in consulting
 solicitors and/or in enforcing any provision of this Lease.

18. <u>GOVERNING LAW AND JURISDICTION</u> 

(1) The
 validity construction, interpretation and enforcement of this Lease and all rights, remedies
 powers obligations and liabilities hereunder shall be governed by the laws of the Republic
 of Singapore.

(2) The
 Parties hereby irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore.

19. <u>LANDLORD'S RIGHT TO ASSIGN</u> 

(1) The
 Tenant hereby expressly acknowledges and undertakes to the Landlord that where the Landlord
 assigns its rights and interest in under or arising out of this Lease (including the transfer
 of the Deposit), the Tenant shall be deemed to have consented to such assignment and shall
 accept any assignee of the Landlord as its new Landlord and shall upon the request of the
 Landlord or the completion of such transfer/assignment forthwith release the Landlord from
 all its obligations under the provisions of this Lease and in particular the obligations
 of the Landlord in terms of Clause 6.

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| | |
|:---|:---|
| 27 | 27 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

(2) Where
 required by the Landlord, the Tenant shall execute a novation agreement or a deed of assignment
 in the form reasonably required by the Landlord consenting to the assignment or novation.

(3) If
 the Landlord sells or otherwise disposes the whole Building, the Landlord shall be entitled,
 upon giving the Tenant three (3) months' written notice, to require the Tenant to surrender
 this Lease and the Tenant shall surrender this Lease as required by the Landlord. Upon the
 expiry of the said three-month notice, this Lease shall be deemed to be surrendered by the
 Tenant without prejudice to any rights or remedies of the Landlord against the Tenant for
 any antecedent breach of the terms of this Lease by the Tenant and without the Landlord being
 liable for any inconvenience, loss, damage, compensation, cost or expense whatsoever.

20. <u>OPTION TO RENEW (IF APPLICABLE)</u> 

(1) The
 Landlord shall, at the written request of the Tenant made not later than six (6) months before
 the expiration of the Term and at the Tenant's own cost and expense, grant the Tenant
 a further term specified in item 4 of Schedule 1 at revised rent and revised terms and conditions
 to be mutually agreed by the Parties provided that there shall not at the time of such request
 be any existing breach or non- observance of any of the covenants on the part of the Tenant
 contained in this Lease.

(2) If
 the words <sup>"</sup>Not Applicable" are stated in Schedule 2, then the Tenant
 hereby acknowledges and agrees that no option to renew is granted by the Landlord to the
 Tenant under this Lease.

21. <u>MISCELLANEOUS</u> 

(1) A
 person who is not a party to this Lease shall have no right under the Contracts (Rights of
 Third Parties) Act (Cap. 53B) to enforce any term of this Lease.

(2) The
 illegality validity or unenforceability of any provision of this Lease under the law of any
 jurisdiction shall not affect its legality, validity or enforceability of the provision under
 the law of any other jurisdiction and the legality, validity or enforceability of any other
 provision of this Lease. Where any clause or part of a clause in this Lease is void, invalid
 or unenforceable, the remaining clauses in this Lease or the remaining parts of such clause
 shall not be affected and will survive and to the extent required, be read reduced or varied
 so as to be given its intended meaning and to allow for the continued enforceability of this
 Lease.

(3) The
 Landlord shall not be bound by any representations or promises (whether written or oral express
 or implied by statute, common law, custom or otherwise) with respect to the Building and
 its appurtenances, or in respect of the Premises, except such representations and promises
 expressly set out in this Lease. This Lease constitutes the entire and only agreement between
 the Parties in relation to the Premises and supersedes all previous correspondence, representations
 and promises whether written or oral made by the Landlord to the Tenant prior to the date
 of execution.

(4) Notwithstanding
 Clause 21(3), the terms and conditions of the Letter of Offer relating to the Premises accepted
 by the Tenant prior to the date of this Lease shall remain in full force and effect as between
 the Landlord and the Tenant hereto but insofar as the obligations of the Tenant are not fulfilled
 and in this respect the Tenant hereby covenants to fulfill those obligations in the Letter
 of Offer.

(5) This
 Lease may only be amended by mutual express agreement in writing.

(6) Any
 rights and remedies provided for in this Lease are cumulative and in addition to any further
 rights or remedies which may otherwise be available to the Parties.

(7) In
 the event of inconsistency between the provisions in Schedule 2 and Clauses 1 to 21, then
 the provisions in Schedule 2 shall prevail.

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| | |
|:---|:---|
| 28 | 28 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

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IN WITNESS WHEREOF the parties have executed this Lease.

<u>Signed by the Landlord (with rubber stamp)</u>

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| |
|:---|
| ![](ex10-11_001.jpg) |
| Name: CHOO BEE LIAN |
| Designation: CFA, CA(Singapore) |
| Company Rubber Stamp: Director |

---

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| |
|:---|
| ![](ex10-11_002.jpg) |
| Name of Witness: GERALDINE GOH |
| NRlCNo. 3XXXX672C |

---

Signed by the Tenant (w<u>ith rubber stamp if app</u>l<u>icable)</u>

---

| | |
|:---|:---|
| Signed by) |  |
| For and on behalf of the Tenant) | ![](ex10-11_003.jpg) |
| T & T Medical Group Pte Ltd) |  |
| in the presence of:-) | Name: DR TING CHOON MENG |
|  | Designation: MANAGING DIRECTOR |
|  | Company Rubber Stamp: |

---

---

| | |
|:---|:---|
| ![](ex10-11_004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**T & T MEDICAL GROUP PTE LTD**<br> **181 KITCHENER ROAD #01-14**<br> **PARKROYAL ON KITCHENER ROAD**<br>|
| Name of Witness: FONG LEE MEI | **SINGAPORE 208533** |
| NRIC No. S2194053D | **TEL: (65) 6299 4071 FAX: (65) 6299 3826** |

---

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| | |
|:---|:---|
| 29 | 29 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

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**<u>SCHEDULE 1</u>**

**PARTICULARS OF LEASE**

---

| | | |
|:---|:---|:---|
| 1. | The Building | The building known as Novotel Singapore on Kitchener at 181 Kitchener Road, Singapore 208533 |
| 2. | Premises | 181 Kitchener Road #01-01 to 03 and #01-14 to 20 Singapore 208533 |
|  | Estimated Floor Area | 11,984.00 square feet. Clause 2(2) applies. |
| 3. | Term | Five (5) years |
|  | Commencement Date | 1 September 2024 |
|  | Expiry Date | 31 August 2029 |
| 4. | Option to Renew | Not applicable |
| 5 | Possession Date | Renewal of Lease |
| 6. | Fit Out Works<br>| Not Applicable<br>|
|  | Fit Out Period | Not Applicable |
|  | Fit Out Deposit<br>| Not Applicable<br>|
|  | Pre-operating ServiceCharge | Not Applicable |
|  | Consultant's fees | Not Applicable |
|  | Estimated value of Tenant's Capex Works | Not Applicable |
| 7. | Permitted Use | Solely as a medical centre to provide medical services including clinical services in family medicine and general practice, physiotherapy, pain management services, medical care in osteoporosis, muscular and skeletal abnormalities, X-ray and lab tests under the business name of **"T&T Medical Centre"** and as a bio-monitoring medical device centre for technology research and product development of medical devices under the business name of "**HealthSTATS International**". |
| 8. | I<sup>st</sup> &2<sup>nd</sup> Year Rent<br>| S$9.50psf per month / S$113,848.00 (excluding GST)<br>|
|  | Base Rent | S$8.50psf per month / S$101,864.00 per month (excluding GST) |
|  | Service Charge | S$1.00psf per month / S$11,984.00 per month (excluding GST) |
|  | 3<sup>rd</sup> to 5<sup>th</sup> Year Rent<br>| S$10.50psf per month / S$125,832.00 (excluding GST)<br>|
|  | Base Rent | S$9.50psf per month / S$113,848.00 per month (excluding GST) |
|  | Service Charge | S$1.00psf per month / S$11,984.00 per month (excluding GST) |
|  | Bank Account Account No.<br> Bank Address | NSK Hotel Pte Ltd<br> 451-300-170-8<br> UOB Main<br> 80 Raffles Place UOB Plaza 1 Singapore 048624 |
|  | Bank Code<br> Branch Code<br> Swift Code | 7375<br> 001<br> UOVBSGSG |
| 9. | Security Deposit | S$377,496.00 |
| 10. | Trading/Business Hours | 10 am - 9pm |
| 11. | Head Lease | State Lease 28420 and dated 2<sup>nd</sup> April 2013 |
| 12. | Public Liability Insurance | S$1,000,000.00 |
| 13. | Manager of Building | NSK Hotel Pte Ltd |
| 14. | Special Conditions | This Lease shall be conditional to Tenant's lease of additional new lease area at #01-07 est. 3,466.33sf (subject to survey). Refer to Attachment B. |

---

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| | |
|:---|:---|
| 30 | 30 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

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**<u>SCHEDULE 2</u>**

**AMENDMENTS AND MODIFICATIONS TO THE LEASE**

**<u>Special Terms and Conditions</u>**

The Landlord and the Tenant agree to the following special terms and conditions:-

1. The
 Premises shall be delivered to the Tenant on the Possession Date/Commencement Date (as applicable)
 on an "as is where is" basis and in its existing state and condition.

2. Each
 of the following clauses, where indicated as "applicable" shall apply to this
 Lease:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause 2(2) - Surveyor's Certificate of Floor Area - is not
 applicable.

(b) Clause 2(2A) - Floor Area Not Surveyed at Signing of Lease- is
 applicable.

(c) Clause 3 - Fitting Out the Premises - is not applicable.

(d) Clause 7(2) - Termination Right in Event of Redevelopment Works - is applicable

(e) Clause 10A -Tenant's Termination Right Under Exceptional Conditions
- is not applicable.

(f) Clause 20 - Option to Renew - is not applicable.

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| | |
|:---|:---|
| 31 | 31 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

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**<u>SCHEDULE 3</u>**

**PERMITTED USE CONDITIONS (ALL PREMISES)**

The Tenant shall:

(a) open
 and keep the entire Premises open for trade or business every day of the calendar year during
 the Trading/Business Hours. Operation of trade or business at the Premises beyond Trading/Business
 Hours shall be subject to prior written approval of the Landlord. If decided by the Landlord,
 to extend or reduce such operating hours during the festive seasons, gazetted public holidays
 or such sales and events which the Landlord may in its absolute discretion organize during
 the Term to promote the Building and the businesses operated therein. In the event of the
 Tenant's breach of this covenant, the Tenant agrees that it shall pay damages to the
 Landlord;

(b) conduct
 its business at the Premises in good faith and in a reputable manner under such business
 or trade name as shall have been consented by the Landlord;

(c) not
 organize undesirable or inappropriate business methods whether in respect of advertising,
 selling or otherwise which in the opinion of the Landlord would affect the reputation of
 the Landlord and/or the Building or would confuse, mislead or deceive the public or which
 may give rise to complaints to the Landlord, the Singapore Tourism Board or other relevant
 authorities which deal with complaints of dissatisfied consumers;

(d) keep
 the Premises well and sufficiently lit during the Trading/Business Hours and to keep any
 illuminated sign, display of lights, window display, shop-front and showcase which are visible
 from the exterior of the Premises well and sufficiently lit during the Trading/Business Hours;

(e) display
 merchandise in the display windows of the Premises to a standard and of a composition appropriate
 to a first-class shopping centre to the satisfaction of the Landlord and maintain high standards
 of operation in terms of store design, appearance, quality and presentation of merchandise
 consistent with good business practice;

(f) display
 and stock its merchandise within the confines of the Premises only and not place or display
 or store its merchandise, equipment or anything belonging to or under the control of the
 Tenant in any other part of the Building and/or Common Property and not in any way obstruct
 the passageways of the Building, the entrances to or exits from the Building and/or any units
 therein and ensure that at all times merchandise is displayed in the shop fronts and in the
 interior of the Premises in such manner as the Landlord may approve. If any merchandise shall
 be placed or displayed in breach of these provisions, the Landlord shall be entitled to enter
 into the Premises and remove such article(s) and the Tenant shall pay the Landlord on demand
 the expense of doing so;

(g) engage
 only in the retail of the merchandise/brands described in the Menu and/or Merchandising Plan;

(h) maintain
 adequate and courteous staff and give full cooperation for all enquiries or complaints made
 by members of the public;

(i) use
 only service lifts and corridors prescribed by the Landlord to convey furniture, goods and
 other heavy equipment and shall ensure that contractors, workmen and cleaners engaged by
 the Tenant use only the service lifts and corridors prescribed by the Landlord;

(j) not
 run wires across the floor, ceiling or along the walls but shall conceal the wires in conduits;

(k) not
 place, display or store anything (including packages, boxes and crates) in the Common Property
 or any part of the Building and shall carry out all unpacking of goods within the Premises;

(l) carry
 out loading, unloading and deliveries at such locations and at such times as the Landlord
 or the Manager shall prescribe;

(m) not
 without the prior written consent of the Landlord use the name of the Building or any picture
 or likeness of the Building or the Premises in its registered or trading name or for any
 advertising or purpose other than as the address and place of business of the Tenant. for
 the purpose of obtaining the Landlord's consent, the Tenant shall submit to the Landlord
 all dockets vouchers catalogues advertisements or sales promotion materials incorporating
 references to and illustrations or sketches of the Building;

(n) participate
 in all sales and events which the Landlord may in its absolute discretion organize during
 the Term to promote the Building and the businesses operated in it and/or coincide with any
 festivals of celebrations, including the acceptance of gift certificates or vouchers issued
 by the Landlord or its agents;

(o) not
 bring into or use in any part of the Premises or the Building any goods prohibited for import
 and domestic sales, goods infringing upon trademarks, copyrights, patent rights or other
 intellectual property rights of any person or party; and

(p) not,
 unless the permitted use is as a restaurant, kiosk and/or food outlet, cook in the Premises
 and not to allow vendors of food or drink to bring to or onto the Premises or the Building
 or any part thereof food or drink for consumption by the occupiers or others in the Premises.

---

| | |
|:---|:---|
| 32 | 32 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

**<u>SCHEDULE 4</u>**

**<u>ADDITIONAL CONDITIONS - RESTAURANT/KIOSK/FOOD OUTLET</u>**

If the Permitted Use specified in item 7 in Schedule 1, is a restaurant, kiosk or food outlet, the Tenant shall:-

(a) serve
 only the food, cuisines and drinks described in the Menu in Attachment B. The Tenant shall
 not be permitted to change food cuisine or more than 20% of the menu approved by the Landlord
 within a 12-month period;

(b) maintain
 high standards of hygiene and cleanliness in the preparation, use, handling and service of
 food, drinks, utensils and tableware;

(c) provide
 and replace, at its own cost and expense, all kitchen utensils and implements, glass crockery,
 cutlery and linen required for the conduct of its businesses at the Premises;

(d) ensure
 that all employees, licensees (in the case of food court) and employees of licensees arc
 properly and cleanly attired and wear the uniforms and/or aprons as prescribed by the Landlord
 at ail times during the Trading/Business Hours;

(e) ensure
 that all employees, licensees and agents shall at all times conduct themselves properly in
 the Premises and shall not engage in any quarrels or fights with customers, fellow licensees
 and/or their servants or agents. The Landlord shall have the right to summarily terminate
 this Lease should there be any breach of this covenant;

(f) not
 conduct any live entertainment, show or karaoke or suffer or permit to be done any act or
 thing or produce or suffer or permit to be produced any music or noise (including sound produced
 by broadcasting from television, radio or any apparatus or instrument capable of producing
 or reproducing music and sound) in or on the Premises which is/are or may be a nuisance or
 annoyance to the Landlord or fellow licensees (in the case of food court) or the tenants
 and occupiers of other units in the Building;

(g) not
 to use any vocal or instrumental music in the Premises so that it can be heard outside the
 Premises;

(h) not
 to load, keep, place or store on the tables and/or chairs found in the Premises or any part
 thereof any cooked or uncooked food goods materials or things other than food ready to be
 served on and consumed by customers;

(i) not
 without the prior written consent of the Landlord, bring and deliver food and/or drinks to
 the occupiers, tenants or hotel guests in the Building or any part thereof from the Premises;

(j) maintain
 all kitchen exhaust hoods and filters in the Premises in good and tenantable repair;

(k) engage
 a service provider to thoroughly clean and degrease the kitchen exhaust hoods within the
 Premises (if any) not less than once every month and submit to the Landlord a copy of the
 service chit within seven (7) days of completion of such cleaning and degreasing service;

(l) engage
 a service provider to thoroughly clean and degrease the kitchen exhaust ducts within the
 Premises (if any) not less than once a year and submit to the Landlord a copy of the service
 chit within seven (7) days of completion of such cleaning and degreasing service;

(m) dispose
 of any waste or rubbish into leak proof waste disposal bags in properly covered bins or receptacles;

(n) install
 the required number of sprinklers, fire extinguishers, fire-fighting or other fire protection
 equipment in compliance with the security or fire safety regulations prescribed by the Government
 or any competent authority from time to time and maintain adequate air-ducting equipment
 and pipes, exhaust system or all other air-cleaning devices in the Premises in a hygienic
 and proper working condition acceptable to the Landlord;

---

| | |
|:---|:---|
| 33 | 33 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

(o) use
 only heating or cooking devices or appliances which do not cause air pollution or interfere
 with the efficient running of the air-conditioning system of the Building (if applicable);

(p) not
 permit the supply and/or sale of any liquor or intoxicating beverage without the prior written
 consent of the Landlord and unless the Tenant has obtained at the Tenant's cost and
 expense all necessary permits and licences from the relevant Government authority and such
 licences and permits remain valid and subsisting;

(q) ensure
 that all food handlers and staff are submitted for medical examination before employing or
 permitting the employment of such persons and at regular yearly intervals thereafter and
 furnish to the Landlord with certificates of medical fitness issued by qualified medical
 practitioner approved by the Landlord (at the Landlord's absolute discretion) showing,
 inter alia, absence of mental ailments or contagious or infectious diseases such as typhoid,
 leprosy, tuberculosis, venereal and skin diseases, and ensure at the Tenant's cost
 and expense that such food handlers and staff are properly inoculated against such diseases
 before the commencement of their employment and at regular intervals thereafter;

(r) engage
 a pest exterminator to conduct monthly pest control inspection and pest extermination on
 the Premises. The Tenant shall submit to the Landlord the service chit within 7 days of the
 date of completion of the inspection and extermination;

(s) not
 erect signs on the facade of the kiosk (if applicable), place air-conditioner condensers
 on the roof, suspend or hang equipment on the underside of the kiosk or on steel joists or
 members, alter or exceed the boundary of the kiosk and seating area or carry out works that
 affect the structural integrity of the kiosk;

(t) when
 and if required by the Landlord, at the Tenant's own cost and expense: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) procure
 an electrostatic air cleaner ("Air Cleaner") approved by the Landlord (or such
 number of air cleaners as reasonably required by the Landlord) for use on the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) install
 and keep the Air Cleaner at such location approved by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) regularly
 clean, maintain and repair the Air Cleaner such as to keep the Air Cleaner in good repair,
 working order and clean. All repairs to the Air Cleaner must be made promptly by a person
 qualified to repair and service the brand of Air Cleaner so installed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 the event of breakdown of the Air Cleaner and where the Air Cleaner cannot be repaired, the
 Tenant shall promptly replace the Air cleaner within seven (7) days of breakdown; and

&nbsp;&nbsp;&nbsp;&nbsp;(v) operate
 the Air Cleaner at all times during Trading/Business Hours.

---

| | |
|:---|:---|
| 34 | 34 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

<u>ATTACHMENT A</u>

<u>PLAN OF PREMISES</u>

<u>UNIT #01-01 to 03 and #01-14 to 20</u>

![](ex10-11_005.jpg)

---

| | |
|:---|:---|
| 35 | 35 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

<u>ATTACHMENT B</u>

<u>PLAN OF PREMISES</u>

<u>UNIT #01-07</u>

![](ex10-11_006.jpg)

---

| | |
|:---|:---|
| 36 | 36 |
| Please Initial | Please Initial |
| Landlord | Tenant |
|  | ![](ex10-11_011.jpg) |

---

**APPENDIX 1 OF PART D**

**CHECKLIST**

**(REFERRED TO IN PARAGRAPH 1.1 OF PART D)**

(Note: Landlord must complete and provide the Checklist to tenant together with the first draft of the lease agreement in respect of retail premises. Where there are any deviations in any of the Leasing Principles, landlord must indicate the same by checking the box under "Deviation" column and may include remarks under the "Remarks" section. Please ensure that one box is checked for every item in this Checklist.

The Code of Conduct allows for certain deviations in the Leasing Principles if such deviations are mutually agreed and in which case a declaration of permitted deviation must be submitted by landlord to FTIC in accordance with the Act. These are indicated with an asterisk

If landlord and tenant mutually agree to the deviation, kindly initial in the two boxes below the checkbox. <u>Please do not initial in the box if you do not agree to the deviation.</u>

If a Leasing Principle is not applicable to the lease agreement, parties must indicate this by checking the box indicating that it is "Not Applicable", e.g. if landlord does not require integration of tenant's POS system with landlord's POS system, the box under the "Not Applicable"section for S/N 2.2 is to be checked.)

![](ex10-11_007.jpg)

![](ex10-11_008.jpg)

![](ex10-11_009.jpg)

![](ex10-11_010.jpg)

## Exhibit 10.12

**Exhibit 10.12**

**EXECUTIVE SERVICE AGREEMENT**

BETWEEN

[LYC MEDICARE INTERNATIONAL PTE LTD]

(the "Company")

AND

CHAN YING HO

(the "Executive")

DATED THE DAY OF

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| CLAUSE | CLAUSE | PAGE |
| 1. | DEFINITIONS | 1 |
| 2. | APPOINTMENT AS CHIEF EXECUTIVER OFFICER | 2 |
| 3. | DUTIES | 3 |
| 4. | SALARY'& ALLOWANCES | 3 |
| 5. | ANNUAL LEAVE | 5 |
| 6. | BUSINESS EXPENSES/BENEFITS | 5 |
| 7. | CONFIDENTIALITY | 5 |
| 8. | NON-SOLICITATION AND RESTRICTIVE COVENANTS | 7 |
| 9. | INTERESTED PERSON TRANSACTIONS/CONFLICTS OF INTEREST | 10 |
| 10. | DATA PROTECTION | 10 |
| 11. | INCAPACITY OR DEATH OF EXECUTIVE | 11 |
| 12. | TERMINATION | 11 |
| 13. | EFFECT OF TERMINATION ON UNDERTAKINGS | 14 |
| 14. | INTELLECTUAL PROPERTY | 14 |
| 15. | INDEMNITY | 16 |
| 16. | ENTIRE AGREEMENT | 16 |
| 17. | NOTICES | 16 |
| 18. | COUNTERPARTS | 16 |

---

**EXECUTIVE SERVICE AGREEMENT**

THIS AGREEMENT is made on the 1st day of November 2024

**BETWEEN:**

(1) LYC MEDICARE INTERNATIONAL PTE LTD (Company Registration Number 202433056R), a company incorporated with limited liability under the
laws of Singapore, the registered office of which is 435 Orchard Road, #21-05 Wisma Atria, Singapore 238877 (the "**Company** ");
and

(2) CHAN YING HO (NRIC Number S7971788F) whose correspondence address is at 38 Crowhurst Drive Singapore 557917 (the "**Executive** ").

**WHEREAS:**

The Company has agreed to employ the Executive, and the Executive has agreed to be employed by the Company as Chief Executive Officer of the Company upon the terms and subject to the conditions set out in this Agreement.

**NOW IT IS HEREBY AGREED** as follows:

**1.** **DEFINITIONS** 

1.1 In this Agreement, unless the context otherwise requires:

"**Board**" means the board of directors of the Company from time to time and includes any committee of the board of directors of the Company duly appointed by it.

"**Business**" means the following business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provision of orthopaedic and general chronic disease medical services;

(b) such other business conducted or to be conducted by the Group

"**Cessation Date**" means the date that the Executive ceases to be an employee of the Company;

"**Commencement Date**" means the date of this agreement

"**Group**" means the group of companies consisting of the Company and its subsidiary or subsidiaries from time to time.

"**Initial Term**" has the meaning ascribed to it in **Clause 2**.

"**Participate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to either alone or jointly with or as manager, agent, consultant, shareholder, partner, director or employee of any person, firm or company,
directly or indirectly, carry on or be engaged in any activity or business which shall be in competition with the Business;

(b) to own, manage, operate, control, be employed by or participate in the ownership, management, operation or control of, or be connected
in any manner with, any activity or business which shall be in competition with the Business;

(c) to in fact exercise Control over any entity engaged in the Business;

"**Remuneration Committee**" means the committee comprising directors of the Company duly nominated, appointed and authorised by the Board from time to time for the purpose of providing recommendations of the remuneration framework for the directors and key executive officers of the Company and determining specific remuneration packages for each executive director.

"**S$**" means Singapore Dollars.

"**Term**" means the period from the Commencement Date until the expiry or termination of this Agreement.

"**this Agreement**" means this Agreement as may from time to time be amended, modified or supplemented pursuant to **Clause 15.2**.

1.2 Words in this Agreement denoting a singular number include the plural and vice versa; words denoting one gender include both genders
and the neuter and words denoting a person include a corporation, sole proprietorship, firm, joint venture or syndicate, in each case
vice versa.

1.3 Headings in this Agreement are for ease of reference only and do not form part of this Agreement.

**2.** **APPOINTMENT AS CHIEF EXECUTIVE OFFICER** 

2.1 The Company shall employ the Executive and the Executive shall serve the Company as Chief Executive Officer upon the terms and subject
to the conditions of this Agreement. The employment shall commence on the Commencement Date and shall continue (subject to earlier termination
as provided in this Agreement) thereafter until **30 November 2029** (the "Initial Term") and thereafter company extend
for annual term, unless terminated pursuant to **Clause 12**.

2.2 It is noted that the Executive is concurrently appointed as a director of the Company. The Executive's appointment as director
of the Company and as Chief Executive Officer under this Agreement are separate and independent from one another.

**3.** **DUTIES** 

3.1 The Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) undertake such duties and exercise such powers in relation to the Group and its business at such place as the Board may from time to
time assign or vest in him to the best of his skill and ability;

(b) in the discharge of such duties and in the exercise of such powers observe and comply with all resolutions and directions from time to
time made or given by the Board;

(c) devote such substantial amount of his time and attention during business hours as is reasonably necessary for the proper discharge of
his duties hereunder;

(d) in pursuance of his duties hereunder perform such services for any existing or future subsidiary or subsidiaries of the Company and without
further remuneration (unless otherwise agreed) accept such offices in any such companies as the Board may from time to time reasonably
require;

3.2 The Executive shall at all times keep the Board promptly and fully informed of his conduct relating to material matters and decisions
affecting the Group and provide such explanations as the Board may require.

3.3 Subject to any regulations from time to time issued by the Company and/or any Group company which may apply to him, the Executive shall
not receive or obtain directly or indirectly any discount, rebate, commission or other inducement in respect of any sale or purchase
of any goods or services effected or other business transacted (whether or not by him) by or on behalf of the Group and if he (or any
firm or company in which he is directly or indirectly engaged, concerned or interested) shall, obtain any such discount rebate commission
or inducement he shall immediately account to the Company and/or the relevant Group company for the amount received by him or the amount
received by such firm or company.

**4.** **SALARY & ALLOWANCES** 

4.1 Subject as hereinafter provided, during the continuance of his employment hereunder, the Executive shall be entitled to a monthly basic
salary of **S$80,000** payable in arrears at the end of each calendar month of his employment hereunder.

4.2 The salary, which the Executive is entitled to under **Clause 4.1** shall be subject to annual review and approval by the Board and/or
the Remuneration Committee to be decided by the Board. If the Executive is a member of the Remuneration Committee, he shall not participate
in the deliberation or vote on any matter in which he is interested. In the event the Board and Remuneration Committee approves any such
change in salary, the change shall thereafter have effect as if it were specifically provided for as a term of this Agreement.

4.3 The Executive shall be entitled to receive a fixed bonus in respect of each financial year of one months' salary (the "Fixed
Bonus") payable at the end of each financial year, and an annual salary increment (if any) to be decided by and subject to the
approval of the Remuneration Committee, in addition to an incentive bonus, the quantum of which shall be further determined by the Remuneration
Committee (the "Incentive Bonus").

4.4 The full payment of the Incentive Bonus shall be subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) half-yearly performance appraisal of the Executive by the Remuneration Committee; and

(b) any other reasonable indicator(s) on which the Remuneration Committee may base their appraisal on.

4.5 Notwithstanding **Clauses 4.3 and 4.4**, the Company shall be entitled to reclaim, in full or in part, any Incentive Bonus paid, whether
in the current financial year or from previous financial years, to the Executive, under circumstances of (i) misstatement of financial
results, or (ii) misconduct of the Executive, resulting, directly or indirectly, in financial loss to the Company, as may be determined
by the Board in its absolute discretion. In such an event, the Executive shall refund to the Company the relevant portion of the Incentive
Bonus paid, within one month after receipt of the written notice from the Company.

4.6 The Executive shall be entitled to Company's car in Singapore.

4.7 The Executive shall abstain from voting in respect of any resolution or decision to be made by the Board in relation to the remuneration
of the Executive, as well as the terms and renewal of this Agreement.

4.8 For the avoidance of doubt, save as expressly provided in **Clause 4.3**, the Executive shall not be entitled to any other form
of bonus payment in any respect whatsoever.

4.9 The Executive shall be responsible for the payment of all income tax in relation to all payments and all taxable benefits received or
to be received by him from any company within the Group.

4.10 The Company and the Executive shall make all Central Provident Fund contributions and other payments required by law to be made by the
Company and/or the Executive in Singapore.

4.11 The Executive's remuneration under this Agreement payment is solely in relation to his employment hereunder and is exclusive of
any other fees or payment which he may receive in respect of any other role(s) he may be responsible for. The Executive should be entitled
to the Director's Fee.

4.12 The Executive shall be entitled to participate in any employee share option scheme or performance share plans of the Company.

**5.** **ANNUAL LEAVE** 

5.1 The Executive shall in each calendar year be entitled to 21 days' leave, or pro-rated according to the number of months of service
worked in that calendar year, to be taken at such times as the Board shall consider convenient having regard to the requirements of the
Company's business. Annual leave not taken in any calendar year may be carried forward to the subsequent year and must be utilised
within that year provided that the number of days' leave carried forward into any one (1) calendar year shall not exceed half of
the Executive's annual leave entitlement for the preceding calendar year.

5.2 The Executive is allowed paid sick leave not exceeding 14 days in each completed year of service if no hospitalisation is necessary,
and 60 days in each completed year of service if hospitalisation is necessary.

**6.** **BUSINESS EXPENSES/BENEFITS** 

6.1 The Executive shall be reimbursed for all travelling, accommodation, entertainment and other out-of-pocket expenses reasonably incurred
by him in or about the discharge of his duties hereunder, provided that the Executive if so required by the Company provides reasonable
evidence of the expenditure in respect of which he claims reimbursement.

6.2 The Executive is also entitled to full medical and dental coverage, including hospitalisation and surgical coverage, and to such other
benefits generally accorded to executive directors as may be determined by the Board and/or Remuneration Committee (with the Executive,
being interested in this Agreement, abstaining from voting on any such resolution).

6.3 The Company shall secure and pay for insurances, including medical malpractice insurance and other insurances for the Executive with
the Company as the beneficiary in the form and substance as the Company deems fit.

**7.** **CONFIDENTIALITY** 

7.1 The Executive shall not either during his appointment or at any time after its termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) disclose, divulge or communicate to any person or persons (except to those authorised by the Company to know or as otherwise required
by law);

(b) use for his own purposes or for any purposes other than those of the Group, or in any manner which may cause detriment, loss or injury
to the Company and/or the Group; or

(c) through any failure to exercise all due care and diligence cause any unauthorised disclosure of, any
 confidential information of the Group (including in particular lists or details of customers of the Group) relating to the working
 of any process, technology, invention or methods carried on or used by the Group or in respect of which the Group is bound by an
 obligation of confidence to a third party or any financial or trading information or trade secrets relating to the Group, or any
 information which the Executive might receive or obtain in relation to the Group's business (including, without limitation,
 the Group's finances, customers, clients or suppliers). These restrictions shall cease to apply to information or knowledge
 which (i) may (otherwise than through the default of the Executive) become available to the public generally, (ii) is required to be
 disclosed by any law, judicial order or decision, request or any regulation or rule of any governmental, supervisory or regulatory
 authority, (iii) is received by the Executive from any third party on a non-confidential basis who, to the Executive's
 knowledge is not bound by a confidentiality provision with the Company or otherwise prohibited from disclosing the information the
 Executive, (iv) was already lawfully in the Executive's possession at the time of disclosure, or (v) otherwise approved for
 release or use by authorisation of the Company.

7.2 The Executive covenants, agrees with, and undertakes to the Company for the benefit of the Company and the Group that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all communications between the Executive and the Company and all information, whether written, visual or oral, and all other material
supplied to or received by the Executive arising from or in connection with his employment with the Company and any information concerning
the business transactions or the financial arrangements of the Group or of any person with whom the Company is in a confidential relationship
coming to the knowledge of the Executive shall be kept confidential by the Executive; (b) the Executive shall ensure that proper and
secure storage is provided for documents containing the confidential information at all times whilst the same are in the possession or
under control of the Executive;

(c) the. Executive shall take all steps necessary to prevent accidental disclosure of the confidential information to a third party;

(d) in the event that the Company obtains trade secrets or other confidential information from any third party, the Executive shall not without
the consent of the Company at any time (either during his employment hereunder or after its termination) infringe restrictions on disclosure
agreed to by the Company and made known to the Executive; and

(e) the Executive has a fiduciary obligation of confidentiality to the Company and the Group in relation to the confidential information.

7.3 All notes, memoranda, records and writing made by the Executive relating to the business of the Group shall be and remain the property
of the Group to whose business they relate and shall be delivered by him to the company to which they belong not later than seven (7)
days from the date of termination of the Executive's employment, whether requested to do so or not. The Executive shall further
destroy all notes and reports on the Confidential Information in his possession or custody.

7.4 No statement or disclosure concerning this Agreement or the subject matter of, or any matter referred to in, this Agreement shall be
made or issued by the Executive or on the Executive's behalf without the prior written approval of the Company.

**8.** **NON-SOLICITATION AND RESTRICTIVE COVENANTS** 

8.1 The Executive undertakes with the Company that, except with the consent in writing of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to **Clause 8.1(B)** below, for so long as he is an employee of the Company and for the period of 12 months from the Cessation
Date (as defined in **Clause 1.1** above), he shall not Participate (as defined in **Clause 1.1** above) in the Business (other
than the provision of orthopaedic and general chronic disease medical services as a medical practitioner), within Singapore, Malaysia
and/or any other city or municipality in any country in which the Group carries on the Business;

(b) (i) for so long as he is an employee of the Company, he shall not Participate in the provision of orthopaedic and general chronic disease
medical services within Singapore, Malaysia and/or any other city or municipality in any country in which the Group carries on the Business;
and (ii) for the period of 12 months from the Cessation Date, he shall not Participate in the provision of orthopaedic and general chronic
disease medical services, within a two (2) kilometre radius (as determined using the "Dynamic Maps" function on the Google
Maps Platform) of any clinic(s) operated by the Group which the Executive operates at, within Singapore, Malaysia and/or any other city
or municipality in any country in which the Group carries on the Business;

(c) for so long as he is an employee of the Company and for the period of 12 months from the Cessation Date, he will not either on his own
account or in conjunction with or on behalf of any other person, firm or company, solicit or entice away or attempt to solicit or entice
away from the Group any person, firm, company or organisation who shall at any time during the period of 12 months prior to the Cessation
Date have been a customer, client, agent or correspondent of the Group or in the habit of dealing with the Group;

(d) for so, long as he is an employee of the Company and for the period of 12 months from the Cessation Date, he will not either on his own
account or in conjunction with or on behalf of any other person, firm or company, solicit or entice away or attempt to solicit or entice
away from the Group any person who is an officer, manager or senior employee of the Group with whom he had dealings in the course of
his employment at any time during the period of 12 months prior to the Cessation Date whether or not such person would commit a breach
of his contract of employment by reason of leaving such employment;

(e) for so long as he is an employee of the Company and for the period of 12 months from the Cessation Date, he will not be interested in:

---

| | |
|:---|:---|
| (i). | any business or asset in which any member of the Group was during the term of his employment considering to acquire, tum to account, develop or invest, unless the Group shall have decided against such acquisition, turning to account, development or investment or invited the Executive or his Associates in writing to participate in, or consented to in writing to the Executive or his Associates' acquisition, turning to account or development of or investment in, such business or asset; or |
| (ii) | any asset of any member of the Group, unless such asset is offered by the relevant member of the Group for sale to, turning to account or development by third parties; |

---

(f) for so long as he is an employee of the Company and for the period of 12 months from the Cessation Date, he will not after the expiry
or termination of his employment with the Company, use the name or trading style of any Group Company, or any name or trading style similar
to any trade mark, service mark, brand name or proposed brand name of Group Company or any of the Group's products or proposed
products or any colourable imitation thereof, in any country and shall not represent himself or his business as carrying on or continuing
or being connected with any Group Company or its business for any purpose whatsoever, unless otherwise agreed by the Company in writing,
and shall use all reasonable endeavour to procure that no such name or trade mark shall be used by any person, firm or company with which
he is connected; and

(g) he will not at any time hereafter make use of or disclose or divulge to any third party any information relating to the Group other than
any information properly available to the public or disclosed or divulged pursuant to an order of a court of competent jurisdiction.

8.2 The Executive further undertakes
 with the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is adequately covered
 by the Medical Protection Society in accordance with the Singapore Medical Council guidelines;

(b) he shall submit to the Company
 a succession planning program for the Company by identifying suitable candidates to grow the Business for long term continuity within
 two (2) years of any request in writing by the Company for such succession planning program;

(c) he shall continue to practice
 as a medical practitioner under the Company's name and style and shall not whether by himself or through his companies or otherwise
 howsoever, and whether on his own behalf or for any other person, firm, company or other organisation, compete with the Company specifically
 in orthopaedics field for so long as he is an employee of the Company and for the period of 12 months from the Cessation Date;

(d) he shall comply with all
 rules and regulations, including those relating to duty of care and etiquette, imposed by the Singapore Medical Council; and

(e) he shall ensure his practising
 certificate continues to be in full force or is renewed in accordance with the requirements of the Singapore Medical Council and the
 Medical Registration Act 1997 of Singapore and there shall not, be any petition or disciplinary action or suspension action taken against
 him or his clinic by the Singapore Medical Council.

8.3 Each and every obligation
 under this **Clause 8** shall be treated as a separate obligation and shall be severally enforceable as such and in the event of
 any obligation or obligations being or becoming unenforceable in whole or in part, such part or parts as are unenforceable shall be
 deleted from this **Clause 8** and any such deletion shall not affect the enforceability of all such parts of this **Clause 8** as remain not so deleted.

8.4 While the restrictions in
 this **Clause 8** are considered by the Executive and the Company to be reasonable in all the circumstances, it is agreed between
 the Executive and the Company that if any one or more of such restrictions shall either be taken by itself or themselves together be
 adjusted to go beyond what is reasonable in all the circumstances for the protection of the Group's legitimate interests but
 would be adjudged reasonable if any particular restriction or restrictions were deleted or if any part or parts of the wording thereof
 were deleted, restricted or limited in a particular manner, then the restrictions shall apply with such deletions, restrictions or
 limitations, as the case may be.

8.5 In the event of and notwithstanding
 the expiry of the Executive's employment hereunder, the Executive covenants and undertakes with the Company that he will at all
 times and in all respects continue to observe and comply with the provisions of this **Clause 8** during the time stipulated herein.

8.6 The obligations stated in this **Clause 8** shall survive the termination of this Agreement.

**9.** **INTERESTED PERSON TRANSACTIONS/CONFLICTS OF INTEREST** 

9.1 Without prejudice to anything
 set out herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Executive shall declare
 all conflicts of interest and all direct and deemed interests (whether financial or otherwise) which he may have in any company or
 companies which are or which may from time to time be doing business with the Group or which are or which may from time to time be
 in direct or indirect competition with the Group (collectively, the "Connected Companies");

(b) the Executive shall ensure
 that none of the Group companies shall contract or deal with any Connected Company save with the prior written consent of the Board
 of Directors; and in any event, without prejudice to the foregoing, any contract or transaction with any Connected Company or otherwise
 any dealings, negotiations or other transactions between the Group company and any Connected Company shall be on terms that are strictly
 normal commercial terms and arm's length and which have been entered into with the utmost good faith after due regard to the
 interests of the Company or the Group; and

(c) the Executive shall not (except
 with the prior approval of a resolution of the Board) be directly or indirectly in any capacity whether as shareholder, director, manager,
 consultant, employee, agent or otherwise engaged, concerned or interested in any other business which may hinder or otherwise interfere
 with the performance of his duties under this Agreement or may place him in any situation of conflict of interest.

**10.** **DATA PROTECTION** 

10.1 The Executive hereby consents
 to the Group using, disclosing and/or processing personal data relating to the Executive for legal, personal, administrative and management
 purposes, including monitoring and recording any use that the Executive may make of the Group's electronic communications systems
 for the purpose of ensuring that the company policies are being complied with and for legitimate business purposes.

10.2 In connection with the consent
 provided in **Clause 10.1**, the Company may make available the Executive's personal data to any of its subsidiaries, those
 who provide products or services to the Group (such as advisers and payroll administrators), regulatory authorities, potential or future
 employers, governmental or quasi-governmental organisations and potential purchasers of any Group company or the business in which
 the Executive works for.

10.3 The Executive hereby consents
 to the disclosure, processing and/or transfer of his personal data to any Group company or Group company's business contacts
 outside Singapore in order to further its or their business interests in accordance with the Personal Data Protection Act

10.4 The Executive shall comply
 with the Personal Data Protection Act 2012 when handling personal data in the course of his employment including personal data relating
 to any employee, customer, client, supplier or agent of the Group.

**11.** **INCAPACITY OR DEATH OF EXECUTIVE** 

11.1 Notwithstanding anything
 in this Agreement, if the Executive shall at any time be incapacitated or prevented by illness, injury, accident or any other circumstances
 beyond his control (such incapacity or prevention being hereinafter referred to in this **Clause 11** as the "incapacity")
 from discharging in full of his duties hereunder for a total of six (6) months, the Company may, by three (3) months' notice
 in writing given to the Executive at any time following the aforesaid six (6) month period so long as the incapacity shall continue,
 terminate his employment hereunder provided always that the Executive shall be paid his full remuneration (including bonus) for the
 period of three (3) months from the expiration of the aforesaid six (6) month period of incapacity and thereafter such remuneration,
 if any, as the Board shall in its absolute discretion determine.

11.2 Notwithstanding **Clause 12.1**, this Agreement shall forthwith automatically determine upon the death of the Executive, without any payment by way of compensation,
 damages or otherwise from the Group to the Executive.

**12.** **TERMINATION** 

12.1 This Agreement shall be effective
 for the Initial Term and may not be terminated by either party by giving notice of termination during the Initial Term save in accordance
 with **Clauses 11, 12.2, 12.3 and 12.7**. After the expiry of the Initial Term, subject always to **Clauses 12.2, 12.3 and 12.7**,
 this Agreement may be terminated by either party upon giving to the other party notice in writing of six (6) months' or by paying
 an amount equal to six (6) months' salary in lieu of notice.

12.2 Notwithstanding **Clause 12.1** above, the Company may forthwith terminate the employment of the Executive prior to the expiry of the Initial Term by service
 of notice in writing in the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Executive shall be disqualified
 to act as a director or an executive officer of the Company under any applicable laws or regulations, the constitution of the Company

(b) the Executive shall be guilty
 of any dishonesty, gross misconduct or wilful neglect of duty or shall commit any continued material breach of the terms of this Agreement
 after written warning (other than a breach which is capable of remedy and has been remedied by the Executive to the satisfaction of
 the Board within 30 days upon him being called upon to do so in writing by the Board);

(c) the, Executive shall be guilty
 of conduct likely to bring himself or any member of the Group into disrepute;

(d) [the Executive shall be guilty
 of conduct which is prejudicial to the Business of the Group];

(e) the Executive shall become
 bankrupt, applies for a bankruptcy petition or has a bankruptcy order made against him, applies for or has made against him a receiving
 order or makes any arrangement or composition with his creditors;

(f) any company (other than a
 member of the Group) in which the Executive is a director or an executive officer or a direct or indirect shareholder goes into liquidation
 on the ground of insolvency or becomes insolvent or suffers the presentation of a winding up petition or analogous proceedings brought
 against it;

(g) the Executive is convicted
 of any criminal offence (other than an offence which in the reasonable opinion of the Board does not affect his position in the Company);

(h) the Executive flagrantly
 or persistently fails to observe and perform any of the duties and responsibilities imposed by this Agreement or which are imposed
 by any laws, regulations or administrative directions, whether having the force of law or otherwise;

(i) the Executive be found to
 have made illegal monetary profit or received any gratuities or other rewards (whether in cash or kind) out of any of the Group's
 affairs;

(j) the Executive persistently
 refuses to carry out any reasonable lawful order given to him in the course of his employment or persistently fails diligently to attend
 to his duties hereunder;

(k) the Executive shall during
 the Initial Term be absent (other than during periods of statutory holiday and annual leave) for an aggregate period of 120 working
 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Executive shall become
 mentally disordered and incapable of managing himself or his affairs or an order shall be made in Singapore or elsewhere by any court
 claiming jurisdiction in that behalf on the ground (however formulated) of mental disorder for his detention or for the appointment
 of a guardian or for the appointment of a receiver or other person (by whatever name called) to exercise powers with respect to his
 property or affairs.

12.3 If the Executive having been
 appointed a director of the Company shall subsequently resign as a director of the Company or of any other company in the Group of
 which he is a director without the consent of the Board, such resignation may at the discretion of the Company be deemed a breach of
 this Agreement entitling the Company to terminate the same without prior notice.

12.4 The Executive shall have
 no claim against the Company for damages or otherwise by reason of termination under **Clauses 12.2 and 12.3** and no delay or forbearance
 by the Company in exercising such rights of termination shall constitute a waiver of that right.

12.5 Upon termination of this
 Agreement for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Executive shall immediately
 resign from all positions and offices held in the Group and execute an acknowledgement under seal to the effect that he has no claim
 against the Company or any member of the Group (as the case may be) for compensation for loss of office or otherwise.

(b) the Executive irrevocably
 appoints the Company and its duly authorised officers and agents as his agent and attorney, to act for and on his behalf to sign, execute,
 verify and file any such documents and to do all other acts to effect such resignation with the same legal force and effect as if executed
 by him;

(c) the Executive shall not at
 any time thereafter represent himself as being in any way connected with the business of the Group;

(d) the Executive shall deliver
 to the Company documents (including correspondence lists of clients or customers, notes, memoranda, plans and other documents of whatsoever
 nature), books, papers, materials and any other property or assets relating to the business or affairs of the Group which may then
 be in his possession or under his control, made or compiled by or delivered to him during his employment hereunder and concerning the
 business, finances or affairs of the Group or its related corporations. For the avoidance of doubt, it is hereby declared that the
 property and all such documents as aforesaid shall at times be vested in the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Executive shall not,
 at any time or for any purpose, use the name of the Group or any of its related corporations in connection with his own or any other
 name in any way which may suggest that he is or have been connected with the Group or the businesses of any of the related corporations
 of the Group, nor in any way hold himself out as having or having had any such connection and will not use any proprietary information
 concerning the Group or its related corporation in his businesses or affairs which he may have acquired in the course of or as incident
 to his employment for his own benefit or to the detriment or intended or probable detriment of the Group or any of its related corporations.

12.6 The termination of the Executive's
 appointment as Executive Director shall in no way:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prejudice any of the rights,
 authorisations, or entitlements available to and/or exercisable by the Executive in relation to his appointment as a director or as
 a shareholder of the Company, as the case may be from time to time; and

(b) require the Executive to
 resign or otherwise to cease being a director of the Company.

12.7 The expiration or determination
 of this Agreement howsoever arising shall not affect such of the provisions hereof as are expressed to operate or have effect thereafter
 and shall be without prejudice to any right of action already accrued to either party in respect of any breach of this Agreement by
 the other party.

12.8 If the Executive's
 employment shall be determined by reason of the liquidation of the Company for the purposes of amalgamation or reconstruction and the
 Executive shall be offered employment with any concern or undertaking resulting from such amalgamation or reconstruction on terms not
 less favourable than the terms of this Agreement, the Executive shall have no claim against the Company in respect of the determination
 of his employment by the Company hereunder.

**13.** **EFFECT OF TERMINATION ON UNDERTAKINGS** 

The expiration or determination of this Agreement howsoever arising shall not affect such of the provisions hereof as are expressed to operate or have effect thereafter and shall be without prejudice to any right of action already accrued to either party in respect of any breach of this Agreement by the other party.

**14.** **INTELLECTUAL PROPERTY** 

---

| | |
|:---|:---|
| 14.1 | For the purposes of this **Clause 14**, the following expressions bear the meanings ascribed to them respectively: |
|  | "Intellectual Property" shall include: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) letters, patent and trade
 marks, whether registered or unregistered, including applications for any of the foregoing, and the right to apply for them in any
 part of the world;

(b) registered or unregistered
 designs, utility models and copyrights including applications for any of the foregoing, and the right to apply for them in any part
 of the world;

(c) discoveries, creations, inventions
 or improvements upon or additions to an invention;

(d) confidential information,
 know-how and any research effort relating to the Group and its business whether registrable or not; and

(e) moral rights and any similar
 rights in any country.

14.2 Subject to the provisions
 of the Patents Act 1994 (the "Patents Act") and the Copyright Act 2021, if at any time during the Executive's employment
 with the Group, the Executive discovers or participates in the making or discovery of any Intellectual Property relating to or capable
 of being used in the business, such Intellectual Property shall be the absolute property of the Group and the Executive shall immediately
 communicate full details of such Intellectual Property to the Group. At the request and expense of the Group, the Executive shall give
 and supply all information, data, drawings, and assistance as may be required to enable the Group to exploit the Intellectual Property
 to the Group's best advantage and shall execute all documents and do all things which may be necessary or desirable for obtaining
 patent, trademark, copyright or other protection for the Intellectual Property in such parts of the world as may be specified by the
 Group and for vesting the same in the Group or as it may direct.

14.3 The Executive hereby irrevocably
 appoints the Company to be his attorney in his name and on his behalf to sign, execute or do any such instrument or thing and generally
 to use his name for the purpose of giving to the Company (or its nominees) the full benefit of the provisions of this **Clause 14**.
 A certificate in writing in favour of any third party signed by any director or the secretary of the Company that any instrument or
 act falls within the authority conferred by this **Clause 14.3** shall be conclusive evidence that such is the case.

14.4 If the Intellectual Property
 is not the property of the Group, the Group shall, subject to the provisions of the Patents Act, have the right to acquire for itself
 or its nominee the Executive's rights in the Intellectual Property within 12 months after disclosure pursuant to **Clause 14.2** on fair and reasonable terms to be agreed or settled by a single arbitrator.

14.5 Rights and obligations under
 this **Clause 14** shall continue in force after termination of the Executive's employment with the Company in respect of
 Intellectual Property made during his employment under this Letter and shall be binding upon his representatives.

**15.** **INDEMNITY** 

The Executive hereby irrevocably undertakes to the Group that the Executive shall at all times well and sufficiently indemnify and keep the Group indemnified from and against all charges, costs, claims, fines, penalties, damages, expenses (including legal expenses on a full indemnity basis), losses, liabilities, proceedings, demands or suits of whatsoever nature which the Group may at any time and from time to time sustain, incur or suffer, or be adjudged to be liable for by reason of, or in relation to, any fraud or wilful misconduct or negligence on the Executive's part in relation to the performance of the Executive's duties or otherwise. The indemnities set out herein are irrevocable and continuing indemnities to the Group.

**16.** **ENTIRE AGREEMENT** 

16.1 This Agreement and the terms
 herein embody all the terms and conditions agreed upon between the parties hereto relating to the appointment of the Executive and
 supersedes and cancels all previous agreements and undertakings between the parties with respect to the appointment of the Executive
 with any of the Company and its subsidiaries, whether such be written or oral.

16.2 The terms of this Agreement
 may only be varied in writing by the parties hereto or their duly authorised agents.

**17.** **NOTICES** 

Any notice under this Agreement shall be in writing by letter sent by registered post or by courier service requiring acknowledgment of receipt of delivery or mailed by certified mail, postage prepaid and return receipt requested. Any notice to the Company shall be sufficiently served if left addressed to the Company at its registered office for the time being and any notice to the Executive shall be sufficiently served if left at his last known address, and in the case of either party, any notice given by letter shall be deemed to have been given at the time at which the letter would be delivered in the ordinary course of registered post (notwithstanding the fact that the notice may be returned through the post undelivered).

**18.** **COUNTERPARTS** 

This Agreement may be signed in any number of counterparts and by the parties on separate counterparts, each of which when so executed shall be an original, but all counterparts shall together constitute one and the same document. Each counterpart may be signed by a party or parties and transmitted by facsimile transmission which shall be valid and effectual as if executed as an original.

IN WITNESS WHEREOF this Agreement has been entered into by parties on the date stated at the beginning.

---

| |
|:---|
| /s/ SUI DIONG HOE |
| SUI DIONG HOE |

---

---

| | |
|:---|:---|
| /s/ LIM YAN CHOW |  |
| Name of witness: |  |
| Occupation: |  |
| Address: |  |
| **The Executive** |  |
| Signed by: |  |
| Chan Ying Ho |  |
| in the presence of: | /s/ CHAN YING HỌ |
|  | CHAN YING HỌ |
| /s/ LIM YAN CHOW |  |
| Name of witness: |  |
| Occupation: |  |
| Address: |  |

---

## Exhibit 10.13

**Exhibit 10.13**

**EXECUTIVE SERVICE AGREEMENT**

BETWEEN

[LYC MEDICARE INTERNATIONAL PTE LTD]

(the "Company")

AND

SUI DIONG HOE

(the "Executive")

DATED THE DAY OF

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| CLAUSE | CLAUSE | PAGE |
| 1. | DEFINITIONS | 1 |
| 2. | APPOINTMENT AS EXECUTIVE DIRECTOR | 2 |
| 3. | DUTIES | 3 |
| 4. | SALARY & ALLOWANCES | 3 |
| 5. | ANNUAL LEAVE | 5 |
| 6. | BUSINESS EXPENSES/BENEFITS | 5 |
| 7. | CONFIDENTIALITY | 5 |
| 8. | INTERESTED PERSON TRANSACTIONS/CONFLICTS OF INTEREST | 7 |
| 9. | DATA PROTECTION | 7 |
| 10. | INCAPACITY OR DEATH OF EXECUTIVE | 8 |
| 11. | TERMINATION | 8 |
| 12. | EFFECT OF TERMINATION ON UNDERTAKINGS | 10 |
| 13. | INTELLECTUAL PROPERTY | 11 |
| 14. | ENTIRE AGREEMENT | 12 |
| 15. | NOTICES | 12 |
| 16. | COUNTERPARTS | 12 |

---

**EXECUTIVE SERVICE AGREEMENT**

THIS AGREEMENT is made on the 1st day of November 2024

**BETWEEN:**

(1) LYC
 MEDICARE INTERNATIONAL PTE LTD (Company Registration Number 202433056R), a company incorporated
 with limited liability under the laws of Singapore, the registered office of which is 435
 Orchard Road, #21-05 Wisma Atria, Singapore 238877 (the **"Company");** and

(2) SUI
 DIONG HOE (Malaysian IC Number 550918086319) whose correspondence address is at 12 Jalan
 Badam Tujuh Taman Rakyat, 56100 Kuala Lumpur, Malaysia. (the **"Executive")**.

**WHEREAS:**

The Company has agreed to employ the Executive, and the Executive has agreed to be employed by the Company as Executive Director of the Company upon the terms and subject to the conditions set out in this Agreement.

**NOW** IT IS **HEREBY AGREED** as follows:

**1.** **DEFINITIONS** 

1.1 In
 this Agreement, unless the context otherwise requires:

**"Board"** means the board of directors of the Company from time to time and includes any committee of the board of directors of the Company duly appointed by it.

**"Business"** means the following business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provision
 of strategic leadership and stakeholder engagement services;

(b) provision
 of financial oversight, operations management and regulatory compliance; and

(c) such
 other business conducted or to be conducted by the Group

**"Cessation Date"** means the date that the Executive ceases to be an employee of the Company;

**"Commencement Date"** means the date of this agreement

**"Group"** means the group of companies consisting of the Company and its subsidiary or subsidiaries from time to time.

**"Initial Term"** has the meaning ascribed to it in **Clause 2.**

**"Participate"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 either alone or jointly with or as manager, agent, consultant, shareholder, partner, director
 or employee of any person, firm or company, directly or indirectly, carry on or be engaged
 in any activity or business which shall be in competition with the Business;

(b) to
 own, manage, operate, control, be employed by or participate in the ownership, management,
 operation or control of, or be connected in any manner with, any activity or business which
 shall be in competition with the Business;

(c) to
 in fact exercise Control over any entity engaged in the Business;

**"Remuneration Committee"** means the committee comprising directors of the Company duly nominated, appointed and authorised by the Board from time to time for the purpose of providing recommendations of the remuneration framework for the directors and key executive officers of the Company and determining specific remuneration packages for each executive director.

**"S$"** means Singapore Dollars.

**"Term"** means the period from the Commencement Date until the expiry or termination of this Agreement.

**"this Agreement"** means this Agreement as may from time to time be amended, modified or supplemented pursuant to **Clause 14.2.**

1.2 Words
 in this Agreement denoting a singular number include the plural and vice versa; words denoting
 one gender include both genders and the neuter and words denoting a person include a corporation,
 sole proprietorship, firm, joint venture or syndicate, in each case vice versa.

1.3 Headings
 in this Agreement are for ease of reference only and do not form part of this Agreement.

**2.** **APPOINTMENT AS EXECUTIVE DIRECTOR** 

2.1 The
 Company shall employ the Executive and the Executive shall serve the Company as Executive
 Director upon the terms and subject to the conditions of this Agreement. The employment shall
 commence on the Commencement Date and shall continue (subject to earlier termination as provided
 in this Agreement) thereafter until **30 November 2029** (the "Initial Term")
 and thereafter company extend for annual term, unless terminated pursuant to **Clause 11.** 

2.2 It
 is noted that the Executive is concurrently appointed as a director of the Company. The Executive's
 appointment as director of the Company and as Executive Director under this Agreement are separate and
 independent from one another.

**3.** **DUTIES** 

3.1 The
 Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) undertake
such duties and exercise such powers in relation to the Group and its business at such place as the Board may from time to time assign
or vest in him to the best of his skill and ability;

(b) in
 the discharge of such duties and in the exercise of such powers observe and comply with all
 resolutions and directions from time to time made or given by the Board;

(c) devote
 such substantial amount of his time and attention during business hours as is reasonably
 necessary for the proper discharge of his duties hereunder;

(d) in
 pursuance of his duties hereunder perform such services for any existing or future subsidiary
 or subsidiaries of the Company and without further remuneration (unless otherwise agreed)
 accept such offices in any such companies as the Board may from time to time reasonably require;

3.2 The
 Executive shall at all times keep the Board promptly and fully informed of his conduct relating
 to material matters and decisions affecting the Group and provide such explanations as the
 Board may require.

3.3 Subject
 to any regulations from time to time issued by the Company and/or any Group company which
 may apply to him, the Executive shall not receive or obtain directly or indirectly any discount,
 rebate, commission or other inducement in respect of any sale or purchase of any goods or
 services effected or other business transacted (whether or not by him) by or on behalf of
 the Group and if he (or any firm or company in which he is directly or indirectly engaged,
 concerned or interested) shall obtain any such discount rebate commission or inducement he
 shall immediately account to the Company and/or the relevant Group company for the amount
 received by him or the amount received by such firm or company.

**4.** **SALARY & ALLOWANCES** 

4.1 Subject
 as hereinafter provided, during the continuance of his employment hereunder, the Executive
 shall be entitled to a monthly basic salary of **S$12,000** payable in arrears at the
 end of each calendar month of his employment hereunder.

4.2 The
 salary, which the Executive is entitled to under **Clause 4.1** shall be subject to annual
 review and approval by the Board and/or the Remuneration Committee to be decided by the Board.
 If the Executive is a member of the Remuneration Committee, he shall not participate in the
 deliberation or vote on any matter in which he is interested. In the event the Board and
 Remuneration Committee approves any such change in salary, the change shall thereafter have
 effect as if it were specifically provided for as a term of this Agreement.

 

4.3 The
 Executive shall be entitled to receive a fixed bonus in respect of each financial year of
 one months' salary (the "Fixed Bonus") payable at the end of each financial
 year, and an annual salary increment (if any) to be decided by and subject to the approval
 of the Remuneration Committee, in addition to an incentive bonus, the quantum of which shall
 be further determined by the Remuneration Committee (the "Incentive Bonus").

4.4 The
 full payment of the Incentive Bonus shall be subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) half-yearly
 performance appraisal of the Executive by the Remuneration Committee; and

(b) any
 other reasonable indicator(s) on which the Remuneration Committee may base their appraisal
 on.

4.5 Notwithstanding **Clauses 4.3 and 4.4,** the Company shall be entitled to reclaim, in full or in part,
 any Incentive Bonus paid, whether in the current financial year or from previous financial
 years, to the Executive, under circumstances of (i) misstatement of financial results, or
 (ii) misconduct of the Executive, resulting, directly or indirectly, in financial loss to
 the Company, as may be determined by the Board in its absolute discretion. In such an event,
 the Executive shall refund to the Company the relevant portion of the Incentive Bonus paid,
 within one month after receipt of the written notice from the Company.

4.6 The
 Executive shall be entitled to Company's car and housing accommodation in Singapore.

4.7 The
 Executive shall abstain from voting in respect of any resolution or decision to be made by
 the Board in relation to the remuneration of the Executive, as well as the terms and renewal
 of this Agreement.

4.8 For
 the avoidance of doubt, save as expressly provided in **Clause 4.3,** the Executive shall
 not be entitled to any other form of bonus payment in any respect whatsoever.

4.9 The
 Executive shall be responsible for the payment of all income tax in relation to all payments
 and all taxable benefits received or to be received by him from any company within the Group.

4.10 The
 Company and the Executive shall make all Central Provident Fund contributions and other payments
 required by law to be made by the Company and/or the Executive in Singapore.

4.11 The
 Executive's remuneration under this Agreement payment is solely in relation to his
 employment hereunder and is exclusive of any other fees or payment which he may receive in
 respect of any other role(s) he may be responsible for. The Executive should be entitled
 to the Director's Fee.

4.12 The
 Executive shall be entitled to participate in any employee share option scheme or performance
 share plans of the Company.

**5.** **ANNUAL LEAVE** 

5.1 The
 Executive shall in each calendar year be entitled to 21 days' leave, or pro-rated according
 to the number of months of service worked in that calendar year, to be taken at such times
 as the Board shall consider convenient having regard to the requirements of the Company's
 business. Annual leave not taken in any calendar year may be carried forward to the subsequent
 year and must be utilised within that year· provided that the number of days'
 leave carried forward into any one (1) calendar year shall not exceed half of the Executive's
 annual leave entitlement for the preceding calendar year.

5.2 The
 Executive is allowed paid sick leave not exceeding 14 days in each completed year of service
 if no hospitalisation is necessary, and 60 days in each completed year of service if hospitalisation
 is necessary.

**6.** **BUSINESS EXPENSES/BENEFITS** 

6.1 The
 Executive shall be reimbursed for all travelling, accommodation, entertainment and other
 out-of-pocket expenses reasonably incurred by him in or about the discharge of his duties
 hereunder, provided that the Executive if so required by the Company provides reasonable
 evidence of the expenditure in respect of which he claims reimbursement.

6.2 The
 Executive is also entitled to full medical and dental coverage, including hospitalisation
 and surgical coverage, and to such other benefits generally accorded to executive directors
 as may be determined by the Board and/or Remuneration Committee (with the Executive, being
 interested in this Agreement, abstaining from voting on any such resolution).

6.3 The
 Company shall secure and pay for insurances, including medical malpractice insurance and
 other insurances for the Executive with the Company as the beneficiary in the form and substance
 as the Company deems fit.

**7.** **CONFIDENTIALITY** 

7.1 The
 Executive shall not either during his appointment or at any time after its termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) disclose,
 divulge or communicate to any person or persons (except to those authorised by the Company
 to know or as otherwise required by law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use
 for his own purposes or for any purposes other than those of the Group, or in any manner
 which may cause detriment, loss or injury to the Company and/or the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) through
 any failure to exercise all due care and diligence cause any unauthorised disclosure of, any
 confidential information of the Group (including in particular lists or details of customers
 of the Group) relating to the working of any process, technology, invention or methods carried
 on or used by the Group or in respect of which the Group is bound by an obligation of confidence
 to a third party or any financial or trading information or trade secrets relating to the
 Group, or any information which the Executive might receive or obtain in relation to the
 Group's business (including, without limitation, the Group's finances, customers,
 clients or suppliers). These restrictions shall cease to apply to information or knowledge
 which (i) may (otherwise than· through the default of the Executive) become available
 to the public generally, (ii) is required to be disclosed by any law, judicial order or decision,
 request or any regulation or rule of any governmental, supervisory or regulatory authority,
 (iii) is received by the Executive from any third party on a non-confidential basis who,
 to the Executive's knowledge is not bound by a confidentiality provision with the Company
 or otherwise prohibited from disclosing the information the Executive, (iv) was already lawfully
 in the Executive's possession at the time of disclosure, or (v) otherwise approved
 for release or use by authorisation of the Company.

7.2 The
 Executive covenants, agrees with, and undertakes to the Company for the benefit of the Company
 and the Group that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 communications between the Executive and the Company and all information, whether written,
 visual or oral, and all other material supplied to or received by the Executive arising from
 or in connection with his employment with the Company and any information concerning the
 business transactions or the financial arrangements of the Group or of any person with whom
 the Company is in a confidential relationship coming to the knowledge of the Executive shall
 be kept confidential by the Executive;

(b) the
 Executive shall ensure that proper and secure storage is provided for documents containing
 the confidential information at all times whilst the same are in the possession or under
 control of the Executive;

(c) the
 Executive shall take all steps necessary to prevent accidental disclosure of the confidential
 information to a third party;

(d) in
 the event that the Company obtains trade secrets or other confidential information from any
 third party, the Executive shall not without the consent of the Company at any time (either
 during his employment hereunder or after its termination) infringe restrictions on disclosure
 agreed to by the Company and made known to the Executive; and

(e) the
 Executive has a fiduciary obligation of confidentiality to the Company and the Group in relation
 to the confidential information.

7.3 All
 notes, memoranda, records and writing made by the Executive relating to the business of the
 Group shall be and remain the property of the Group to whose business they relate and shall
 be delivered by him to the company to which they belong not later than seven (7) days from
 the date of termination of the Executive's employment, whether requested to do so or
 not. The Executive shall further destroy all notes and reports on the Confidential Information
 in his possession or custody.

7.4 No
 statement or disclosure concerning this Agreement or the subject matter of, or any matter
 referred to in, this Agreement shall be made or issued by the Executive or on the Executive's
 behalf without the prior written approval of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **INTERESTED PERSON TRANSACTIONS/CONFLICTS OF INTEREST** 

8.1 Without
 prejudice to anything set out herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Executive shall declare all conflicts of interest and all direct and deemed interests (whether
 financial or otherwise) which he may have in any company or companies which are or which
 may from time to time be doing business with the Group or which are or which may from time
 to time be in direct or indirect competition with the Group (collectively, the "Connected
 Companies");

(b) the
 Executive shall ensure that none of the Group companies shall contract or deal with any Connected
 Company save with the prior written consent of the Board of Directors; and in any event,
 without prejudice to the foregoing, any contract or transaction with any Connected Company
 or otherwise any dealings, negotiations or other transactions between the Group company and
 any Connected Company shall be on terms that are strictly normal commercial terms and arm's
 length and which have been entered into with the utmost good faith after due regard to the
 interests of the Company or the Group; and

(c) the
 Executive shall not (except with the prior approval of a resolution of the Board) be directly
 or indirectly in any capacity whether as shareholder, director, manager, consultant, employee,
 agent or otherwise engaged, concerned or interested in any other business which may hinder
 or otherwise interfere with the performance of his duties under this Agreement or may place
 him in any situation of conflict of interest.

**9.** **DATA PROTECTION** 

9.1 The
 Executive hereby consents to the Group using, disclosing and/or processing personal data
 relating to the Executive for legal, personal, administrative and management purposes, including
 monitoring and recording any use that the Executive may make of the Group's electronic
 communications systems for the purpose of ensuring that the company policies are being complied
 with and for legitimate business purposes.

 

9.2 In
 connection with the consent provided in Clause 9.1, the Company may make available the Executive's
 personal data to any of its subsidiaries, those who provide products or services to the Group
 (such as advisers and payroll administrators), regulatory authorities, potential or future
 employers, governmental or quasi governmental organisations and potential purchasers of any
 Group company or the business in which the Executive works for.

9.3 The
 Executive hereby consents to the disclosure, processing and/or transfer of his personal data
 to any Group company or Group company's business contacts outside Singapore in order
 to further its or their business interests in accordance with the Personal Data Protection
 Act

9.4 The
 Executive shall comply with the Personal Data Protection Act 2012 when handling personal
 data in the course of his employment including personal data relating to any employee, customer,
 client, supplier or agent of the Group.

**10.** **INCAPACITY OR DEATH OF EXECUTIVE** 

10.1 Notwithstanding
 anything in this Agreement, if the Executive shall at any time be incapacitated or prevented
 by illness, injury, accident or any other circumstances beyond his control (such incapacity
 or prevention being hereinafter referred to in this Clause 10 as the "incapacity")
 from discharging in full of his duties hereunder for a total of six·(6) months, the
 Company may, by three (3) months' notice in writing given to the Executive at any time
 following the aforesaid six (6) month period so long as the incapacity shall continue, terminate
 his employment hereunder provided always that the Executive shall be paid his full remuneration
 (including bonus) for the period of three (3) months from the expiration of the aforesaid
 six (6) month period of incapacity and thereafter such remuneration, if any, as the Board
 shall in its absolute discretion determine.

10.2 Notwithstanding **Clause 10.1,** this Agreement shall forthwith automatically determine upon the death
 of the Executive, without any payment by way of compensation, damages or otherwise from the
 Group to the Executive.

**11.** **TERMINATION** 

11.1 This
 Agreement shall be effective for the Initial Term and may not be terminated by either party
 by giving notice of termination during the Initial Term save in accordance with **Clauses 10, 11.2, 11.3 and 11.7.** After the expiry of the Initial Term, subject always to **Clauses 11.2, 11.3 and 11.7,** this Agreement may be terminated by either party upon giving to
 the other party notice in writing of six (6) months' or by paying an amount equal to
 six (6) months' salary in lieu of notice.

 

11.2 Notwithstanding **Clause 11.1** above, the Company may forthwith terminate the employment of the Executive
 prior to the expiry of the Initial Term by service of notice in writing in the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Executive shall be disqualified to act as a director or an executive officer of the Company under any applicable laws or regulations,
 the constitution of the Company

(b) the
 Executive shall be guilty of any dishonesty, gross misconduct or wilful neglect of duty or shall commit any continued material breach
 of the terms of this Agreement after written warning (other than a breach which is capable of remedy and has been remedied by the
 Executive to the satisfaction of the Board within 30 days upon him being called upon to do so in writing by the Board);

(c) the
 Executive shall be guilty of conduct likely to bring himself or any member of the Group into disrepute;

(d) [the
 Executive shall be guilty of conduct which is prejudicial to the Business of the Group];

(e) the
 Executive shall become bankrupt, applies for a bankruptcy petition or has a bankruptcy order made against him, applies for or has
 made against him a receiving order or makes any arrangement or composition with his creditors;

(f) any
 company (other than a member of the Group) in which the Executive is a director or an executive officer or a direct or indirect shareholder
 goes into liquidation on the ground of insolvency or becomes insolvent or suffers the presentation of a winding up petition or analogous
 proceedings brought against it;

(g) the
 Executive is convicted of any criminal offence (other than an offence which in the reasonable opinion of the Board does not affect
 his position in the Company);

(h) the
 Executive flagrantly or persistently fails to observe and perform any of the duties and responsibilities imposed by this Agreement
 or which are imposed by any laws, regulations or administrative directions, whether having the force of law or otherwise;

(i) the
 Executive be found to have made illegal monetary profit or received any gratuities or other rewards (whether in cash or kind) out
 of any of the Group's affairs;

(j) the
 Executive persistently refuses to carry out any reasonable lawful order given to him in the course of his employment or persistently
 fails diligently to attend to his duties hereunder;

(k) the
 Executive shall during the Initial Term be absent (other than during periods of statutory holiday and annual leave) for an aggregate
 period of 120 working days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Executive shall become mentally disordered and incapable of managing himself or his affairs or an order shall be made in Singapore
 or elsewhere by any court claiming jurisdiction in that behalf on the ground. (however formulated) of mental disorder for his detention
 or for the appointment of a guardian or for the appointment of a receiver or other person (by whatever name called) to exercise powers
 with respect to his property or affairs.

11.3 If
 the Executive having been appointed a director of the Company shall subsequently resign as
 a director of the Company or of any other company in the Group of which he is a director
 without the consent of the Board, such resignation may at the discretion of the Company be
 deemed a breach of this Agreement entitling the Company to terminate the same without prior
 notice.

11.4 The
 Executive shall have no claim against the Company for damages or otherwise by reason of termination
 under **Clauses 11.2 and 11.3** and no delay or forbearance by the Company in exercising
 such rights of termination shall constitute a waiver of that right.

11.5 Upon
 termination of this Agreement for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Executive shall immediately resign from all positions and offices held in the Group and execute
 an acknowledgement under seal to the effect that he has no claim against the Company or any
 member of the Group (as the case may be) for compensation for loss of office or otherwise.

(b) the
 Executive irrevocably appoints the Company and its duly authorised officers and agents as
 his agent and attorney, to act for and on his behalf to sign, execute, verify and file any
 such documents and to do all other acts to effect such resignation with the same legal force
 and effect as if executed by him;

(c) the
 Executive shall not at any time thereafter represent himself as being in any way connected
 with the business of the Group;

(d) the
 Executive shall deliver to the Company documents (including correspondence lists of clients
 or customers, notes, memoranda, plans and other documents of whatsoever nature), books, papers,
 materials and any other property or assets relating to the business or affairs of the Group
 which may then be in his possession or under his control, made or compiled by or delivered
 to him during his employment hereunder and concerning the business, finances or affairs of
 the Group or its related corporations. For the avoidance of doubt, it is hereby declared
 that the property and all such documents as aforesaid shall at times be vested in the Group;
 and

(e) the
 Executive shall not, at any time or for any purpose, use the name of the Group or any of
 its related corporations in connection with his own or any other name in any way which may
 suggest that he is or have been connected with the Group or the businesses of any of the
 related corporations of the Group, nor in any way hold himself out as having or having had
 any such connection and will not use any proprietary information concerning the Group or
 its related corporation in his businesses or affairs which he may have acquired in the course
 of or as incident to his employment for his own benefit or to the detriment or intended or
 probable detriment of the Group or any of its related corporations.

11.6 The
 termination of the Executive's appointment as Executive Director shall in no way:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prejudice
 any of the rights, authorisations, or entitlements available to and/or exercisable by the
 Executive in relation to his appointment as a director or as a shareholder of the Company,
 as the case may be from time to time; and

(b) require
the Executive to resign or otherwise to cease being a director of the Company.

11.7 The
 expiration or determination of this Agreement howsoever arising shall not affect such of
 the provisions hereof as are expressed to operate or have effect thereafter and shall be
 without prejudice to any right of action already accrued to either party in respect of any
 breach of this Agreement by the other party.

11.8 If
 the Executive's employment shall be determined by reason of the liquidation of the
 Company for the purposes of amalgamation or reconstruction and the Executive shall be offered
 employment with any concern or undertaking resulting from such amalgamation or reconstruction
 on terms not less favourable than the terms of this Agreement, the Executive shall have no
 claim against the Company in respect of the determination of his employment by the Company
 hereunder.

**12.** **EFFECT OF TERMINATION ON UNDERTAKINGS** 

The expiration or determination of this Agreement howsoever arising shall not affect such of the provisions hereof as are expressed to operate or have effect thereafter and shall be without prejudice to any right of action already accrued to either party in respect of any breach of this Agreement by the other party.

 

**13.** **INTELLECTUAL PROPERTY** 

13.1 For
 the purposes of this **Clause 13,** the following expressions bear the meanings ascribed
 to them respectively:

"Intellectual Property" shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) letters,
 patent and trade marks, whether registered or unregistered, including applications for any
 of the foregoing, and the right to apply for them in any part of the world;

(b) registered
 or unregistered designs, utility models and copyrights including applications for any of
 the foregoing, and the right to apply for them in any part of the world;

(c) discoveries,
 creations, inventions or improvements upon or additions to an invention;

(d) confidential
 information, know-how and any research effort relating to the Group and its business whether
 registrable or not; and

(e) moral
 rights and any similar rights in any country.

13.2 Subject
 to the provisions of the Patents Act 1994 (the "Patents Act") and the Copyright
 Act 2021, if at any time during the Executive's employment with the Group, the Executive
 discovers or participates in the making or discovery of any Intellectual Property relating
 to or capable of being used in the business, such Intellectual Property shall be the absolute
 property of the Group and the Executive shall immediately communicate full details of such
 Intellectual Property to the Group. At the request and expense of the Group, the Executive
 shall give and supply all information, data, drawings, and assistance as may be required
 to enable the Group to exploit the Intellectual Property to the Group's best advantage
 and shall execute all documents and do all things which may be necessary or desirable for
 obtaining patent, trademark, copyright or other protection for the Intellectual Property
 in such parts of the world as may be specified by the Group and for vesting the same in the
 Group or as it may direct.

13.3 The
 Executive hereby irrevocably appoints the Company to be his attorney in his name and on his
 behalf to sign, execute or do any such instrument or thing and generally to use his name
 for the purpose of giving to the Company (or its nominees) the full benefit of the provisions
 of this **Clause 13. A** certificate in writing in favour of any third party signed by
 any director or the secretary of the Company that any instrument or act falls within the
 authority conferred by this **Clause 13.3** shall be conclusive evidence that such is
 the case.

13.4 If
 the Intellectual Property is not the property of the Group, the Group shall, subject to the
 provisions of the Patents Act, have the right to acquire for itself or its nominee the Executive's
 rights in the Intellectual Property within 12 months after disclosure pursuant to **Clause 13.2** on fair and reasonable terms to be agreed or settled by a single arbitrator.

13.5 Rights
 and obligations under this **Clause 13** shall continue in force after termination of
 the Executive's employment with the Company in respect of Intellectual Property made
 during his employment under this Letter and shall be binding upon his representatives.

**14.** **ENTIRE AGREEMENT** 

14.1 This
 Agreement and the terms herein embody all the terms and conditions agreed upon between the
 parties hereto relating to the appointment of the Executive and supersedes and cancels all
 previous agreements and undertakings between the parties with respect to the appointment
 of the Executive with any of the Company and its subsidiaries, whether such be written or
 oral.

14.2 The
 terms of this Agreement may only be varied in writing by the parties hereto or their duly
 authorised agents.

**15.** **NOTICES** 

Any notice· under this Agreement shall be in writing by letter sent by registered post or by courier service requiring acknowledgment of receipt of delivery or mailed by certified mail, postage prepaid and return receipt requested. Any notice to the Company shall be sufficiently served if left addressed to the Company at its registered office for the time being and any notice to the Executive shall be sufficiently served if left at his last known address, and in the case of either party, any notice given by letter shall be deemed to have been given at the time at which the letter would be delivered in the ordinary course of registered post (notwithstanding the fact that the notice may be returned through the post undelivered).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **COUNTERPARTS** 

This Agreement may be signed in any number of counterparts and by the parties on separate counterparts, each of which when so executed shall be an original, but all counterparts shall together constitute one and the same document. Each counterpart may be signed by a party or parties and transmitted by facsimile transmission which shall be valid and effectual as if executed as an original.

IN WITNESS WHEREOF this Agreement has been entered into by parties on the date stated at the beginning.

---

| |
|:---|
| */s/ CHAN YING HO* |
| CHAN YING HO |

---

---

| | |
|:---|:---|
| Name of witness: |  |
| Occupation: |  |
| Address: |  |
| **The Executive** |  |
| Signed by: |  |
| Sui Diong Ho |  |
|  | */s/ SUI DIONG HOE* |
| in the presence of: | SUI DIONG HOE |
| Name of witness: |  |
| Occupation: |  |
| Address: |  |

---

## Exhibit 10.14

**Exhibit 10.14**

THIS AGREEMENT is made on **30 OCT 2020**

BETWEEN:

(1) **T & T MEDICAL GROUP PTE. LTD.** (Company Registration No. 198901436H), a company incorporated
 in the Republic of Singapore with its registered office at 181 Kitchener Road, #01-14 Parkroyal
 on Kitchener Road Singapore 208533 *(Company);* and

(2) **TING CHOON MENG** (NRIC No. S1345465E) of 1 Jalan Pasiran Singapore 308455 *(**Appointee**).* 

 

(collectively, ***Parties*** and each, a ***Party****)*

 

WHEREAS

(A) As
 at the elate of this **  Agreement, the Appointee is a medical practitioner  ***(Medical Practitioner*** *)* in T&T Family Health Clinic & Surgery *(**T&T Surgery**).* 

(B) Under
 a sale and purchase agreement dated 4 May 2020 between the Appointee and LYC Medicare Sdn
 Bhd. ( ***LYC***), the Appointee agreed to dispose and LYC agreed to purchase 107,100
 ordinary shares representing 51% of the issued share capital of the Company *(**Proposed Acquisition**).* As one of the conditions precedents of the Proposed Acquisition, the
 Appointee shall enter into a service agreement with the Company.

(C) Under
 the Business Transfer Agreement dated 24 June 2020 between the Company and T&T Surgery,
 T&T Surgery agreed to sell and the Company agreed to purchase the balance assets of T&T
 Surgery which includes the transfer of employees in T&T Surgery to the Company.

(D) The
 Company is desirous of appointing the Appointee as a Medical Practitioner in the Company
 upon the terms and subject to the conditions herein.

IT Is HEREBY AGREED as follows:

**1.** **DEFINITIONS AND INTERPRETATION** 

1.1 Words and expressions used in this Agreement shall have the meanings set out in Schedule 1 unless the context requires otherwise.

1.2 The Schedule forms part of this Agreement.

**2.** **APPOINTMENT** 

2.1 The Appointee is currently serving as a Medical Practitioner in T&T Family Health Clinic & Surgery. The Company agrees to continue to employ the Appointee and the Appointee shall serve the Company as a Medical Practitioner of the Company *(**Appointment**),* with effect from the Commencement Date subject to and upon the terms contained herein.

2.2 The appointment of the Appointee is conditional on the completion of the Proposed Acquisition.

**3.** **APPOINTEE'S BASIC OBLIGATION** 

The Appointee shall during the term of this Agreement use his best endeavours to carry out his duties hereunder, to protect and promote the interests of the Company, the Parent Company and the Parent Company's Subsidiaries (collectively, the ***Group*** and each, a ***Group Company****).*

 

**4.** **PLACE AND HOURS OF WORK** 

4.1 The Appointee shall work primarily in Singapore for the proper performance and exercise of his duties and powers, and the Appointee may be required to travel on the business of the Group and/ or Company.

4.2 The Appointee shall work during the normal operating hours of the Company which shall be 9.00 a.m. to 5.00 p.m. (Monday to Friday) inclusive of a lunch break, or such other hours as may be directed by the Company.

**5.** **PROBATION PERIOD** 

The Appointee shall not be subject to any probationary period.

**6.** **TERM OF THE APPOINTMENT** 

6.1 This Agreement shall take effect on the Commencement Date and the Appointee's employment with the Company shall, subject to Clause 10 and Clause12, continue for an initial period of five (5) years from the Commencement Date ***(Initial Term****),* to be extended for another five (5) years and for such other period to be agreed between the Appointee and the Company.

6.2 This Agreement shall continue to apply after the expiry of the Initial Term and accordingly, unless terminated in accordance to Clause 10, Clause 11 or Clause 12 herein, this Agreement shall be automatically renewed on a yearly basis thereafter.

**7.** **REPRESENTATIONS AND OBLIGATIONS OF THE APPOINTEE** 

7.1 The Appointee represents and warrants that, as far as he is aware, he is not bound by or subject to any court order, agreement, arrangement or undertaking in Singapore or elsewhere which in any way restricts or prohibits him from entering into this Agreement or from performing his duties hereunder.

7.2 The Appointee shall:

(a) devote
 substantially the whole of his time, attention and skill during business hours to the discharge
 of the duties of his office as a Medical Practitioner of the Company;

(b) faithfully
 and diligently perform such duties in his capacity as a Medical Practitioner;

(c) not,
 in performing his duties, accept any financial or other benefit without written approval
 of the Company, except from the Company or a related body corporate of the Company;

(d) in
 the discharge of such duties and in the exercise of such powers, observe and comply with
 all lawful resolutions, regulations, and directions from time to time made or given by the
 Board and any professional body governing medical practitioner in Singapore;

(e) promptly
 provide the Board with all such information as it may require in connection with the business
 or affairs of the Company;

(f) conduct
 himself in a professional manner and in such manner reasonably expected of a medical practitioner
 and in Singapore; and

(g) comply
 with all rules and regulations, duty of care and etiquette imposed and required by the Singapore
 Medical Council or other relevant authority and also to ensure that practising license
 be continue in full force or renewed in accordance to Singapore Medical Council or other
 relevant authority and there will not be any petition or disciplinary action or suspension
 action taken against the Appointee or the Company by the Singapore Medical Council or other
 relevant authority.

**8.** **REMUNERATION, REIMBURSEMENT AND INSURANCE** 

8.1 During the term of his employment, the Appointee shall be entitled to:

(a) a
 basic monthly salary at S$50,000 per month *(**Monthly Salary**),* which shall be
 payable in arrears not later than the 28th of every calendar month; and

(b) if
 any, an annual discretionary bonus based on the Appointee's performance and as determined
 by the Board in its sole discretion.

8.2 The Appointee shall not be entitled to any increment to the Monthly Basic Salary, and except as provided in this Clause 8.1, the Appointee shall not be entitled to any further remuneration by way of director's fees, salary, annual wage supplement, benefits or compensation.

8.3 The Appointee shall be responsible for the payment of all income tax (whether in Singapore or other tax jurisdictions relevant to the Appointee) in relation to all payments (including without limitation payment of Monthly Basic Salary and all other forms of remuneration) and all taxable benefits received or to be received by him from any Group Company hereunder.

8.4 The Company shall make all Central Provident Fund contributions (***CPF Contributions****)* if applicable and other payments required by law to be made by the Company in Singapore.

8.5 For the avoidance of doubt, where relevant, the Company shall be entitled to deduct from the Monthly Basic Salary payable to the Appointee pursuant to Clause 8.1 the following:

(a) all
 such sums (including without limitation, all CPF contributions payable by either the Company
 or the Appointee pursuant to Clauses 8.3 and 8.4 above), whenever required to do so under
 any applicable legislation for the time being in force; and

(b) any
 amounts owing by the Appointee to the Company if these are not settled or reimbursed within
 a reasonable period of time (and the Appointee may be required to execute
such documents, as the Company may request, to authorise the Company to deduct such amounts from the Monthly Basic Salary.

8.6 The Company shall reimburse the Appointee all out-of-pocket expenses (including without limitation, travelling, accommodation and entertainment expenses) and his handphone charges which are reasonably incurred by the Appointee on the business of the Group and/ or Company, and in performing services hereunder either:

(a) upon
 production of the relevant invoices and receipts and in accordance with the prevailing policies
 and procedures established by the Company for its senior employees; or

(b) upon
 the consent of the Board having been obtained.

8.7 The Appointee shall ensure that he is adequately covered by the Medical Protection Society in accordance with the Singapore Medical Council guidelines and indemnify the Company of any claims or damages howsoever arise through the Appointee's practice. The Company shall secure and pay for insurances, including malpractice insurance and other insurances for the Appointee with LYC as beneficiary in the form and substances as LYC deems fit and proper.

**9.** **QUALIFICATIONS** 

9.1 The Appointee warrants that he holds the necessary qualifications,
licenses and registration to perform its duties and services as a Medical Practitioner and that all information as supplied by the Appointee
is correct and accurate and is not misleading in any way.

9.2 Violation
 of this Clause 9 will constitute gross misconduct giving sufficient cause for immediate termination
 of the employment without notice nor compensation of any sort to the Appointee.

**10.** **EVENT OF INCAPACITY** 

10.1 If the Appointee shall at any time be incapacitated or prevented by illness, injury, accident or any other circumstances beyond his control (such incapacity or prevention being hereinafter referred to as the ***Incapacity****)* from discharging in full his duties hereunder for a total of one hundred and twenty (120) days or more in any twelve (12) consecutive calendar months. The Company may by notice in writing to the Appointee given at any time so long as the Incapacity shall continue:

(a) discontinue
 payment in whole or part of the Monthly Basic Salary as provided in Clause 8 above on and
 from such date as may be specified in the notice until the Incapacity shall cease; or

(b) whether
 or not payment shall already have been discontinued as aforesaid, determine this Agreement
 forthwith or on such elate as may be specified in the notice.

10.2 Upon the discontinuance or determination under Clause 10.1 of this Agreement, the Appointee's entitlement to the Monthly Salary for that calendar month shall be pro-rated accordingly.

10.3 Except as expressly provided in th.is Clause 10, the Appointee shall not be entitled to any remuneration hereunder in respect of any period during which he shall fail or be unable from any cause to perform all or any of his duties hereunder.

**11.** **RETIREMENT** 

11.1 Notwithstanding that the current retirement age is 62 years old, the Appointee agrees to continue to provide his services to the Company in accordance with Clause 6.1 of this Agreement.

11.2 In the event that the Appointee retires under Clause 11.1, the Appointee's entitlement to the Monthly Salary for that calendar month shall be pro-rated based on his retirement date.

**12.** **TERMINATION OF THE APPOINTMENT** 

12.1 After the Initial Term, the Appointment may be terminated at any time by a Party by giving three (3) months' notice in writing to the other Party of the termination or three (3) months' salary in lieu of notice, without any further compensation or damages being payable.

12.2 Notwithstanding Clause 12.1 above, the Appointment may be terminated by the Company without notice or payment in lieu of notice if:

---

| | |
|:---|:---|
| (a) | the Appointee enters into any business relationship with any competitor or any other person in competition with the Company or otherwise competes against the Company howsoever under Clause 13.1 below; |
| (b) | the Appointee has committed any serious or repeated breach or has otherwise not observed any of the provisions contained in this Agreement; |
| (c) | the Appointee shall be guilty of any default misconduct or wilful neglect in the discharge of his duties hereunder or in connection with or affecting the business of the Company or the Group; |
| (d) | the Appointee, whether by himself/ itself or through his companies or otherwise howsoever and whether on his own behalf or for any other person, firm, company or other organisation, compete with the Company during the terms of his services in the Company without the written consent from the Company; |
|  | For avoidance of doubt, the Appointee shall be allowed, on a case by case basis and subject to the written consent of the Company which may be withheld at the absolute discretion of the Company, to provide medical services at or for an on behalf of medical practice or institutions not owned by or related to the Company or Group but any remuneration received by the Appointee from doing so shall be assigned to the Company and the Appointee shall provide documentary proof of such medical services and the remuneration received together with a statement of account showing in such details as the Company may require. |
| (e) | the Appointee becomes bankrupt or makes any composition or enters into any deed of arrangement with his creditors; |

---

(f) the Appointee is convicted of any seizeable offence (other
than an offence under road traffic legislation in Singapore or elsewhere for which only a fine or non-custodial penalty is imposed);
or

(g) the Appointee is disqualified for any reason from acting as
a Medical Practitioner in Singapore.

12.3 On the termination of his Appointment under Clause 12.2, the Appointee shall:

(a) not
 be entitled to any remuneration and the Appointee shall have no claim against the Company
 or any Group Company for any remuneration; and

(b) repay
 to the Company any monies paid lo him and/ or received by him pursuant to Clause 8, Clause
 10 and Clause 11 of this Agreement.

12.4 The termination of the employment of the Appointee under Clause 12.1 or Clause 12.2 above shall be without prejudice to any right of action by the Company in respect of any antecedent breach by the Appointee of any of the terms and conditions of this Agreement.

12.5 Clause 12.3 and Clause 12.4 above shall survive the termination of this Agreement.

**13.** **RESTRICTIONS ON THE APPOINTEE AND OBLIGATIONS ON TERMINATION** 

13.1 The Appointee undertakes that, during the Appointment, he shall not (except with the prior written approval of the Board) be, either alone or in association or partnership with or as an employee, principal, agent, director, manager, member, shareholder, unit-holder, beneficiary or trustee of, as a consultant or adviser to any person or otherwise and whether on his own behalf or for any other person, firm, company or other organisation, directly or indirectly, in the Restricted Territories:

(a) solicit
 or entice or endeavour to solicit or entice away from the Company or any other member of
 the Group any director or employee employed in a managerial or skilled position of any such
 company with whom the Appointee has personal dealings during the period of his employment
 prior to the cessation of his employment, whether or not such person would commit any breach
 of his contract of employment by reason of leaving the service of such company;

(b) in
 competition with the Company or any other member of the Group, knowingly seek, endeavour
 to entice away or solicit business from any person, firm, company, organisation, concern,
 undertaking, body corporate or any readily identifiable division or branch with whom the
 Appointee has had personal dealings and who/which at any time during the period of his employment
 immediately prior to the cessation of his employment has dealt with the Company or any
 other member of the Group or who/which prior to the cessation of his employment was in the
 process of negotiating with the Company or any other member of the Group;

(c) seek
 or accept employment with or engagement by or otherwise perform services for or engage in
 business with or be in any way interested in or connected with any Competitor;

(d) in respect of Business, deal with or accept employment with
or engagement by or work on the account or business of or otherwise perform services for or engage in business with or for any Customer;
or

(e) interfere or seek to interfere with or make arrangements which
have the effect of harming contractual or other business relations between the Company or any other member of the Group and any of its
or their Suppliers or Customers;

For the purposes of this Clause, the following words shall have the following meanings:

***Business*** means the carries out the principal activities of providing clinics, other general medical services and specialised medical services (including day surgical centres) as well as running a hospital;

***Competitor*** means any person, concern, undertaking, firm or body corporate which at the Termination Date is engaged in or carries on within any part of the Restricted Territories the Business and with which the Appointee has been involved on behalf of the Company or any other member of the Group at any time preceding the Termination Date;

***Customer*** means any person, concern, undertaking, firm or body corporate or any readily identifiable division or branch within any concern, undertaking, firm or body corporate which at any lime preceding the cessation of his employment was a customer of the Company or any other member of the Group and with which the Appointee was involved personally in dealings or negotiations on behalf of the Company or any other member of the Group at any time during the period of employment;

***Restricted Territories*** means Singapore and Malaysia;

***Supplier*** means any person, concern, undertaking, £inn or body corporate or any readily identifiable division or branch within any concern, undertaking, firm or body corporate which at any time preceding the cessation of his employment was a supplier of the Company or any of the Group and with which the Appointee was involved personally in dealings or negotiations on behalf of the Company or the Group at any time during the period of employment; and

13.2 The Appointee shall, either during or after the termination of the Appointment without limit in point of time, except as authorised or required by the duties herein provided:

(a) not
 divulge or communicate to any person except to those of the officials of the Group whose
 province it is to know the same any Confidential Information as necessary only in connection
 with the Appointment and in accordance with the terms and conditions contained herein or
 to those authorised by any Group Company to know or as otherwise required by law; or

(b) not
 use for his own purposes or for any purposes other than that of the Group any Confidential
 Information; or

(c) maintain
 in strict confidence and take all reasonable steps to comply with the confidential
 obligations imposed on him under this Clause 13.2.

The Appointee shall return to the Company, or destroy, at its request, any and all Confidential Information disclosed in a printed form or other permanent record, or in any other tangible form (including without limitation, all copies, notes, extracts, analyses, studies, summaries, records and reproductions thereof) immediately upon the earlier to occur of (a) termination of the Appointment, or (b) the Company's request therefor.

***Confidential Information*** shall mean all information which the Company and/ or any Group Company owns or is licensed to use and which it is entitled to protect against unrestricted disclosure to others, which: (i) if in written or other tangible form, or if stored or maintained in a permanent or printed record in whatever form, is designated as ***Confidential****;* or if disclosed orally, is designated to be ***Confidential*** prior to such oral disclosure or (iii) any other information of the Company which the Appointee is knew or ought reasonably to have known to be confidential in nature including but not limited to trade secrets, secret recipes, client/ customer lists, drawings, know-how, techniques, business and marketing plans, projections, arrangements and agreements with third parties and the Company, the financial affairs of the Company's business, details of the Company's clients and customers, any information proprietary to such clients or customers, formulae, concepts not reduced to material form, designs, plans and models. Without prejudice to the generality of the foregoing, Confidential Information shall include but not be limited to the know-how, computer software (object and source codes), programming techniques and programming concepts, programming manuals, modification manuals, methods of processing and system designs embodied in the software, discoveries, inventions, concepts, designs, flow charts, documentation and product specifications.

13.3 The foregoing restrictions on the Appointee's right to use and disclose Confidential Information shall not apply to any Confidential Information which:

(a) is
 or becomes within the public domain other than through the fault of the Appointee;

(b) the
 Appointee received the express written approval of the Board of the Company to use or disclose,
 but only to the extent and in the manner as permitted by the Board;

(c) is
 received from a third party who is not or will not be in breach of any obligation of confidentiality
 to the Company; or

(d) the
 Appointee is required to disclose by law, or any binding judgment or order or pursuant to
 the lawful requirement or request of a governmental agency, court or competent authority
 having jurisdiction over him; provided, that, the Appointee shall give the Company notice
 of same as soon as reasonably practicable.

The foregoing restrictions shall also not apply so as to prevent the Appointee from using his own personal skill in any business in which he may be lawfully engaged after the Appointment is terminated.

13.4 Whilst the restrictions contained ID this Clause are considered by the Parties to be reasonable in all the circumstances it is recognised that restrictions of the nature in question may fail for technical reasons unforeseen and accordingly it is hereby agreed and declared that if any such restrictions shall be adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the Group but would be valid if part of the wording thereof were deleted or the periods (if any) thereof were reduced the said restriction shall apply with such modifications as may be necessary to make it valid and effective.

13.5 Each provision of Clause 13 above is declared to constitute a separate and distinct covenant and to be severable from all other such separate and distinct covenants and, without limiting the foregoing, each provision contained in Clause 13 above is declared to constitute a separate and distinct covenant in respect of each capacity and activity specified therein. If notwithstanding the other provisions of this Clause 13, any part of any covenant in Clause 13 is deemed invalid or unenforceable, it may be severed without affecting the validity or enforceability of the remaining part of that covenant or of any other covenant in Clause 13.

**14.** **INTELLECTUAL PROPERTY** 

14.1 Any discovery or invention or secret process or improvement in procedure or other intellectual property made or discovered by the Appointee while in the service of the Company in connection with or in any way affecting or relating to the business of any Group Company or capable of being used or adapted for use therein or in connection therewith shall forthwith be disclosed to the Company and shall belong to and be the absolute property of the Company or such Group Company as the Company may nominate for the purpose.

14.2 The Appointee if and whenever required so to do (whether during or after the termination or cessation of his employment) shall at the expense of the Company or its nominee apply or join in applying for the grant of a patent or registration of trademarks or other similar protection in the Republic of Singapore or any other part of the world for any such discovery, invention, process or improvement or in relation to intellectual properties as aforesaid and execute all instruments and do all things necessary for vesting the said patent or other similar protection when obtained and all rights and title to and interests in the same in the Company and/ or its nominee absolutely and as sole beneficial owner or in such other person as the Company may require.

**15.** **LEAVE ENTITLEMENTS** 

15.1 Annual Leave

(a) The
 Appointee shall in addition to Saturdays, Sundays and normal public holidays, be entitled
 to 21 days of annual leave per calendar year during the continuance of the Appointment. Such
 annual leave shall be taken at such time as the Board shall consider convenient having regard
 to the requirements of the Company's business.

(b) The
 Appointee shall be entitled to carry forward up to fifteen (15) unconsumed annual leave to
 the following year and any such unconsumed annual leave shall be forfeited without compensation,
 if it is not utilised within that following year.

15.2 Medical Leave

(a) The
 Appointee shall be entitled to 14 days of paid medical leave per calendar year.

(b) The
 Appointee may be granted a maximum of 60 days of paid hospitalisation leave (inclusive of
 any medical leave taken) per calendar year. In the case of the Appointee's incapacity
 to work due to sickness or injury, the medical certificate of a registered medical practitioner
 must be sent to the Company within 24 hours of the issuance of the
certificate.

15.3 Childcare Leave and Others

The Appointee shall be entitled to compassionate leave, childcare leave and all other leave as required under any and all applicable laws and regulations. In addition, the Appointee shall be entitled to three (3) days of marriage leave and conference leave as approved by the Company.

**16.** **WAJVER** 

16.1 Time is of the essence of this Agreement but no failure or delay on the part of either party to exercise any power, right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by either party of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy by that party.

16.2 The remedies provided herein are cumulative and are not exclusive of any remedies provided *by* law.

**17.** **PREVIOUS AGREEMENTS** 

17.1 This Agreement shall be in substitution for any previous agreements, arrangements or understandings between the Company and the Appointee concerning or relating to the provisions services by the Appointee (whether as employee or consultant or otherwise), including but not limited to the letter of appointment dated 5 September 2017 and any such agreements, arrangements or understandings are hereby terminated and each Party hereby confirms to the other that it/he does not have any claim of any nature whatsoever against the other arising from the said agreement and its termination.

**18.** **PERSONAL DATA PROTECTION** 

18.1 The Appointee consents to his personal data being collected, used and/ or disclosed by the Company for the following purposes:

(a) performing
 obligations under and/ or in connection with his contract of employment (or potential contract
 of employment) with the Company (including payment of remuneration and tax);

(b) all
 human resources related matters conducted by the Company, including administering payroll,
 performance management, assessing training needs, developing and/ or implementing
 human resource policies or strategies, investigating or auditing on acts or defaults
 (or suspected acts/ defaults), management forecasting, planning and negotiations concerning
 the legitimate business interests of the Company;

(c) managing
 and terminating the employment relationship between the Appointee and the Company; and

(d) transmission to any of the Company's affiliated or related
companies and/ or third party service providers of the Company or its affiliated or related companies for the above purposes.

18.2 The Company will handle the Appointee's personal data in accordance with any and all applicable laws and regulations.

**19.** **NOTICES** 

All notices, requests, demands, consents or other communications to or upon any of the Parties hereto shall be given to such party in writing at such party's address stated hereinbefore (or at such other address as such party may hereafter specify to the other party in writing) and shall be deemed to have been duly given:

(a) in
 the case of a communication by letter, *five* (5) days (if overseas) or two (2) days
 (if local)
after despatch or, if such letter is delivered by hand, on the day of delivery; and

(b) in
 the case of a communication by facsimile transmission or electronic mail, where applicable,
 when sent to the facsimile number or e-mail address set out below:

---

| | |
|:---|:---|
| Company: | **T&T Medical Group Pte. Ltd.**<br> 181 Kitchener Road<br> #01-14 Parkroyal on Kitchener Road<br> Singapore 208533<br> Email address: david.sui@lychealth.com<br> Attention: Mr David Sui |
| Appointee: | **Ting Choon Meng**<br> 1 Jalan Pasiran<br> Singapore 308455<br> Email address: <u>cm.ting@tntmedicalgroup.com</u> |

---

**20.** **ASSIGNABILITY** 

20.1 The Appointee expressly acknowledges that the Company shall be entitled to assign all its rights, obligations and interest hereunder and the Appointee shall, by the execution of this Agreement, be deemed to have consented to any such assignment. Where required by the Company, the Appointee shall execute any agreement or assignment made or to be made by the Company and its assignee, such agreement or assignment to be prepared by and at the expense of the Company.

20.2 Neither the benefits nor obligations attaching to the Appointee hereunder may be assigned to any third party.

**21.** **RELATIONSHIP** 

None of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the Parties for any purpose.

**22.** **AMENDMENT** 

This Agreement may not be amended, supplemented or modified except by a written agreement or instrurnent signed by or on behalf of the Parties hereto.

**23.** **CONFIDENTIALITY** 

23.1 The Appointee shall treat as strictly confidential and not disclose or use any information received or obtained as a result of entering into this Agreement which relates to the existence and the provisions of this Agreement or the negotiations relating to this Agreement.

23.2 Clause 23.1 shall not prohibit disclosure or use of any information if and to the extent:

(a) the
 disclosure or use is required to vest the full benefit of this Agreement to the Appointee;

(b) the
 disclosure or use is required for the purpose of any judicial proceedings arising out of
 this Agreement or any other agreement entered into under or pursuant to this Agreement or
 the disclosure is made to a tax authority in connection with the tax affairs of the Appointee;

(c) the
 disclosure is made to professional advisers of the Appointee on terms that such professional
 advisers undertake to comply with the provisions of Clause 23.1 in respect of such information
 as if they were a party to this Agreement;

(d) the
 information is or becomes publicly available (other than by breach of this Agreement); or

(e) the
 Company has given prior written approval to the disclosure or use.

**24.** **COSTS AND EXPENSES** 

All costs and expenses incurred in the preparation, negotiation and execution of this Agreement shall be borne by the Company.

**25.** **SEVERABILITY** 

Any provision of this Agreement which is prohibited by or is unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the Parties to the fullest extent permitted by such law to the intent that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms.

**26.** **GOVERNING LAW AND DISPUTE RESOLUTION** 

26.1 This Agreement shall be governed by and construed in all respects in accordance with the laws of Singapore.

26.2 Any dispute arising from, out of or in connection with this Agreement shall be settled through friendly consultations between the Parties. Such consultations shall begin immediately after one (1) party has delivered to the other party a written request for such consultation. If within 30 days following the date on which such notice is given, the dispute cannot be settled through consultations, the dispute shall be submitted to arbitration in Singapore under the auspices of Singapore International Arbitration Centre *(**SIAC**),* upon the request of any party with notice to the other party.

26.3 The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Rules of SlAC in effect on the date of the signing of this Agreement *(**SIAC** **Rules***). However, if the SIAC Rules are in conflict with the provisions of this Clause 26, including the provisions concerning the appointment of arbitrators, the provisions of this Clause 26 shall prevail.

26.4 There shall be three (3) arbitrators. Each party shall select one (1) arbitrator within 30 days after giving or receiving the demand for arbitration. Such arbitrators shall be freely selected, and the Parries shall not be limited in their selection to any prescribed list. The third arbitrator shall be appointed by the first two (2) arbitrators within 30 days of nomination of the second arbitrator, or, failing agreement, as provided in the SIAC Rules.

26.5 Each party shall cooperate with the other party in making full disclosure of and providing complete access to all information and documents requested by the other party in connection with such proceedings, subject only to any confidentiality obligations binding on such party.

26.6 The arbitral award shall be final and binding, upon all Parties. The costs of the arbitration shall be as fixed by the arbitration tribunal.

26.7 During the period when a dispute is being resolved, the Parties shall in all other respects continue their implementation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.** **CONTRACTS (RIGHTS OF THIRD PARTIES) Acr (CAP 53B)** 

A person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parries) Act (Cap. 53B) to enforce any of its terms.

**SCHEDULE 1**

**INTERPRETATION**

1.1 In this Agreement, unless the context otherwise requires:

*Appointment* means the appointment of the Appointee as a Medical Practitioner of the Company as provided in Clause 2 and shall mean the relevant abbreviated period of appointment in the event that this Agreement is terminated;

*Board* means the board of directors for the time being of the Company or the directors present at any meeting of the Board duly convened and held;

*Business Day* means a day on which banks are open for business in Singapore, other than a Saturday, Sunday or public holiday in Singapore;

*Commencement Date* means the elate falling one (1) Business Days following satisfaction (or waiver as the case may be) of all the conditions in Clause 2.2 or such other date as the Parties may agree in writing;

*Group* means the Company, the Parent Company and the Parent Company's Subsidiaries;

*Group Company* means any member of the Group;

*Parent Company* means LYC Healthcare Berhad.;

*Subsidiary* has the meaning given to it in the Companies Act (Cap. 50) of Singapore; and

*S$* means Singapore dollars, the lawful currency of the Republic of Singapore.

1.2 The headings in this Agreement are for convenience only and do not affect the interpretation of the provisions thereunder. In this Agreement, references to:

(a) clauses
 are references to the clauses of this Agreement;

(b) references
 to the neuh·al gender shall include references to the male or female gender as applicable
 and *vice versa;* 

(c) persons
 include references to individuals, firms, companies, corporations and unincorporated bodies
 of persons; and

(d) the
 singular number includes references to the plural and vice versa.

**IN WITNESS** whereof this Agreement has been duly executed the day and year first above written.

---

| | |
|:---|:---|
| SIGNED by) |  |
| */s/ TING CHOON MENG*) | ![](ex10-14_002.jpg) |
| for and on behalf of:) |  |
| T&T MEDICAL GROUP PTE. LTD.) |  |
| in the presence of:) |  |
| FONG LEE MEI ![](ex10-14_001.jpg) |  |

---

![](ex10-14_002.jpg)

## Exhibit 10.15

**Exhibit 10.15**

**THIS AGREEMENT** is made on 19 Jul 2024 BETWEEN:

(1) **HC ORTHOPAEDIC SURGERY PTE. LTD.** (UEN 201725626E), a company incorporated in the Republic
 of Singapore with its registered office at 3 Mount Elizabeth #15-14 Mount Elizabeth Hospital
 Singapore 228510 ( ***Company***); and

(2) **TOON DONG HAO** (NRIC No. S8485998B) ( ***Appointee***).

(collectively, ***Parties*** and each, a ***Party***)

WHEREAS

IT IS HEREBY AGREED as follows:

**1.** **DEFINITIONS AND INTERPRETATION** 

1.1 Words and expressions used
 in this Agreement shall have the meanings set out in Schedule 1 unless the context requires otherwise.

1.2 The Schedule forms part of
 this Agreement.

**2.** **APPOINTMENT** 

2.1 The Company agrees to employ
 the Appointee and the Appointee shall serve the Company as a Specialist Surgeon and provide agreed services to the group with effect
 from the Commencement Date subject to and upon the terms contained herein ( ***Appointment***).

**3.** **APPOINTEE'S BASIC OBLIGATION** 

The Appointee shall during the term of this Agreement use his best endeavours to carry out his duties hereunder, to protect and promote the interests of the Company, the Parent Company and the Parent Company's Subsidiaries (collectively, the ***Group*** and each, a ***Group Company***).

**4.** **PLACE AND HOURS OF WORK** 

4.1 The Appointee shall work
 primarily in Singapore for the proper performance and exercise of his duties and powers, and the Appointee may be required to travel
 on the business of the Group and/or Company.

4.2 The Appointee shall work
 during the normal operating hours of the Company which shall be 9.00 a.m. to 6.00 p.m. (Monday to Friday) and 9.00 a.m. to 1.00 p.m.
 Saturday inclusive of a lunch break, or such other hours as may be directed by the Company.

**5.** **PROBATION PERIOD** 

5.1 The Appointee shall not be
 subject to any probationary period.

**6.** **TERM OF THE APPOINTMENT** 

6.1 This Agreement shall take
 effect on the Commencement Date and the Appointee's employment with the Company shall, subject to Clause 10 and Clause 12, continue
 for an initial period of three (3) years from the Commencement Date ( ***Initial Term***), to be extended for the period agreed
 between the Appointee and the Company.

**7.** **REPRESENTATIONS AND OBLIGATIONS OF THE APPOINTEE** 

7.1 The Appointee represents
 and warrants that, as far as he is aware, he is not bound by or subject to any court order, agreement, arrangement or undertaking in
 Singapore or elsewhere which in any way restricts or prohibits him from entering into this Agreement or from performing his duties
 hereunder.

7.2 The Appointee shall:

(a) devote
 substantially the whole of his time, attention and skill during business hours to the discharge
 of the duties of his office as a Specialist Surgeon of the Company;

(b) faithfully
 and diligently perform such duties in his capacity as a Specialist Surgeon;

(c) not,
 in performing his duties, accept any financial or other benefit without written approval
 of the Company, except from the Company or a related body corporate of the Company;

(d) in
 the discharge of such duties and in the exercise of such powers, observe and comply with
 all lawful resolutions, regulations, and directions from time to time made or given by the
 Board and any professional body governing medical practitioner as well as specialist surgeon
 in Singapore;

(e) promptly
 provide the Board with all such information as it may require in connection with the business
 or affairs of the Company;

(f) conduct
 himself in a professional manner and in such manner reasonably expected of a medical practitioner
 and/or Specialist Surgeon in Singapore; and

(g) comply
 with all rules and regulations, duty of care and etiquette imposed and required by the Singapore
 Medical Council or other relevant authority and also to ensure that practising license be
 continue in full force or renewed at the cost of the Company in accordance to Singapore Medical
 Council or other relevant authority and there will not be any petition or disciplinary action
 or suspension action taken against the Appointee or the Company by the Singapore Medical
 Council or other relevant authority.

**8.** **REMUNERATION, REIMBURSEMENT AND INSURANCE** 

8.1 During the term of his employment,
 the Appointee shall be entitled to:

(a) a
 basic monthly salary at S$50,000 per month (Monthly Basic Salary), which shall be payable
 in arrears not later than the 28th of every calendar month;

(b) an
 annual wage supplement; and

(c) should
 the revenue earned by the Appointee in the relevant financial year exceeded S$650,000, a
 performance bonus based on the profit after tax (PAT) for the relevant financial year (FY)
 in respect of the Appointee (the "Appointee's PAT"), where the following
 shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Appointee's PAT for
 an FY = total revenue earned by the Appointee in the relevant financial year less Apportioned Costs for that same financial year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Apportioned Costs"
 means the Appointee's pro-rata amount of the Business Costs for the financial year and is computed as follows:

---

| | | |
|:---|:---|:---|
| Apportioned Cost = | *total revenue earned by Appointee for the relevant FY* | x Business Costs |
|  | *total revenue earned by the clinics operated by the Company for the relevant FY* |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Business Costs"
 refers to the costs, expenses and corporate taxes of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the event the Appointee's
 PAT for a financial year is negative ("Preceding Negative PAT"), such Preceding Negative PAT shall be taken into account
 in computing the performance bonus for the following year (i.e. the performance bonus shall be adjusted for the loss incurred for the
 preceding financial year as set out in (vi) below).

---

| | |
|:---|:---|
| (v) | "Bonus-eligible PAT" for an FY = Appointee's PAT for that FY + Preceding Negative PAT |
|  | Example on computation of Bonus-Eligible PAT: If Appointee's PAT for FY2023 is - S$200,000, and for FY 2024 is S$800,000, the Bonus-eligible PAT for FY2024 is: |

---

S$800,000+ (-S$200,000) = S$600,000

The amount of performance bonus that the Appointee shall receive is determined as follows:

---

| | | |
|:---|:---|:---|
| **PAT achieved in the relevant financial year** | **Rate** | **Performance bonus payable** |
| PAT less than S$1 million | 45% | 45% of the PAT achieved. |
| PAT equal to or more than $$1 million but less than or equal to S$2 million | 50% | 50% of the incremental PAT achieved between S$1 million to S$2 million plus S$450.000 |
| PAT more than S$2 million | 55% | 55% of the incremental PAT achieved above S$2 million plus S$950.000 |

---

The Appointee is entitled to the Performance Bonus for that financial year, provided he is under the employment of the Company on the last day of the financial year. The performance bonus is to be paid within three (3) months from the date of approval of the relevant year's audited financial statements of the Company. The financial year is on 31st March of calendar year.

8.2 The Appointee shall not be
 entitled to any increment to the Monthly Basic Salary, and except as provided in this Clause 8.1, the Appointee shall not be entitled
 to any further remuneration by way of salary, benefits or compensation.

8.3 The Appointee shall be responsible
 for the payment of all income tax (whether in Singapore or other tax jurisdictions relevant to the Appointee) in relation to all payments
 (including without limitation payment of Monthly Basic Salary and all other forms of remuneration) and all taxable benefits received
 or to be received by him from any Group Company hereunder.

8.4 The Company shall make all
 Central Provident Fund contributions (CPF Contributions) if applicable and other payments required by law to be made by the Company
 in Singapore.

8.5 For the avoidance of doubt,
 where relevant, the Company shall be entitled to deduct from the Monthly Basic Salary payable to the Appointee pursuant to Clause 8.1
 the following:

(a) all
 such sums (including without limitation, all CPF contributions payable by the Appointee pursuant
 to Clauses 8.3 and 8.4 above), whenever required to do so under any applicable legislation
 for the time being in force; and

(b) any
 amounts owing by the Appointee to the Company if these are not settled or reimbursed within
 a reasonable period of time (and the Appointee may be required to execute such documents,
 as the Company may request, to authorise the Company to deduct such amounts from the Monthly
 Basic Salary.

8.6 The Company shall secure
 and pay for insurances, including malpractice insurance and other necessary insurances for the Appointee and the clinic with the Company
 as beneficiary in the form and substances as the Company deems fit and proper.

8.7 Should the Appointment be
 terminated under Clause 12, the Appointee undertakes to repay the Company for the malpractice insurances under Clause 8.6, pro-rated
 based on the effective date of termination.

**9.** **QUALIFICATIONS** 

9.1 The Appointee warrants that
 he holds the necessary qualifications, licenses and registration to perform its duties and services as a medical practitioner and/or
 Specialist Surgeon and that all information as supplied by the Appointee is correct and accurate and is not misleading in any way.

9.2 Violation of this Clause
 9 will constitute gross misconduct giving sufficient cause for immediate termination of the employment without notice nor compensation
 of any sort to the Appointee.

**10.** **EVENT OF INCAPACITY** 

10.1 If the Appointee shall at
 any time be incapacitated or prevented by illness, injury, accident or any other circumstances beyond his control (such incapacity
 or prevention being hereinafter referred to as the Incapacity) from discharging in full his duties hereunder for a total of one hundred
 and twenty (120) consecutive days or more in any twelve (12) consecutive calendar months. The Company may by notice in writing to the
 Appointee given at any time so long as the Incapacity shall continue:

(a) discontinue
 payment in whole or part of the Monthly Basic Salary as provided in Clause 8 above on and
 from such date as may be specified in the notice until the Incapacity shall cease; or

(b) whether
 or not payment shall already have been discontinued as aforesaid, determine this Agreement
 forthwith or on such date as may be specified with 3-month notice.

10.2 Upon the discontinuance or
 determination under Clause 10.1 of this Agreement, the Appointee's entitlement to the Monthly Salary for that calendar month
 shall be pro-rated accordingly.

**11.** **TERMINATION OF THE APPOINTMENT** 

11.1 At any time during the term
 of this agreement, the Appointment may be terminated at any time by a Party by giving three (3) months' notice in writing to
 the other Party of the termination or three (3) months' Monthly Basic Salary in lieu of notice, without any further compensation
 or damages being payable.

11.2 Notwithstanding Clause 11.1
 above, the Appointment may be terminated by the Company without notice or payment in lieu of notice if:

(a) the
 Appointee enters into any business relationship with any competitor or any other person in
 competition with the Company or otherwise competes against the Company howsoever under Clause
 12.1 below;

(b) the
 Appointee has committed any serious or repeated breach and where such a breach is capable
 of remedy, fails to remedy the same within thirty (30) days after the receipt of a written
 notice from the Company giving full particulars of the breach and requiring it to be remedied.

(c) the
 Appointee shall be guilty of any material default misconduct or wilful neglect in the discharge
 of his duties hereunder or in connection with or affecting the business of the Company or
 the Group;

(d) the
 Appointee, whether by himself/ itself or through his companies or otherwise howsoever and
 whether on his own behalf or for any other person, firm, company or other organisation, compete
 with the Company specifically in orthopaedics field during the terms of his services in the
 Company without the written consent from the Company;

(e) For
 avoidance of doubt, the Appointee shall be allowed, on a case by case basis and subject to
 the written consent of the Company which may be withheld at the absolute discretion of the
 Company, to provide medical services at or for an on behalf of medical practice or institutions
 not owned by or related to the Company or Group but any remuneration received by the Appointee
 from doing so shall be assigned to the clinic or attributed to Appointee as part of Appointee's
 earnings and the Appointee shall provide documentary proof of such medical services and the
 remuneration received together with a statement of account showing in such details as the
 Company may require.

(f) the
 Appointee becomes bankrupt or makes any composition or enters into any deed of arrangement
 with his creditors;

(g) the
 Appointee is convicted of any seizeable offence (other than an offence under road traffic
 legislation in Singapore or elsewhere or any other offence for which only a fine or non-
 custodial penalty is imposed on the Appointee); or

(h) the
 Appointee is disqualified for any reason from acting as a medical practitioner or Specialist
 Surgeon in Singapore.

11.3 On the termination of his
 Appointment under Clause 11.2, the Appointee shall:

(a) not
 be entitled to any remuneration and the Appointee shall have no claim against the Company
 or any Group Company for any remuneration;

(b) repay
 to the Company any monies paid to him and/or received by him pursuant to Clause 8 of this
 Agreement that is for any period after the effective date of termination; and

(c) shall
 not on his own behalf or for any other person, firm, company or other organisation, compete
 with the Company by setting up an orthopaedic clinic on the same floor of the respective
 Singapore hospitals in which the Company's clinics operate within one (1) year from
 the effective date of termination.

11.4 The termination of the employment
 of the Appointee under Clause 11.1 or Clause 11.2 above by either party shall be without prejudice to any right of action by the other
 party in respect of any antecedent breach of any of the terms and conditions of this Agreement.

11.5 Clause 11.3 and Clause 11.4
 above shall survive the termination of this Agreement.

**12.** **RESTRICTIONS ON THE APPOINTEE AND OBLIGATIONS ON TERMINATION** 

12.1 The Appointee undertakes
 that, during the Appointment, he shall not (except with the prior written approval of the Board) be, either alone or in association
 or partnership with or as an employee, principal, agent, director, manager, member, shareholder, unit-holder, beneficiary or trustee
 of, as a consultant or adviser to any person or otherwise and whether on his own behalf or for any other person, firm, company or other
 organisation, directly or indirectly, in the Restricted Territories:

(a) solicit
 or entice or endeavour to solicit or entice away from the Company or any other member of
 the Group any director or employee employed in a managerial or skilled position of any such
 company with whom the Appointee has dealings pursuant to the performance of his duties under
 this Agreement and during the period of his employment, whether or not such person would
 commit any breach of his contract of employment by reason of leaving the service of such
 company:

(b) in
 competition with the Company or any other member of the Group, knowingly seek, endeavour
 to entice away or solicit business from any person, firm, company, organisation, concern,
 undertaking, body corporate or any readily identifiable division or branch with whom (a)
 the Appointee has dealings pursuant to the performance of his duties under this Agreement
 and during the period of his appointment and (b) the Company or any other member of the Group
 was prior to the cessation of the Appointtee's employment, in the process of negotiating
 in respect of the Business;

(c) Perform
 services for or engage in business with or be in any way interested in or connected with
 any Competitor:

(d) interfere
 or seek to interfere with or make arrangements which have the effect of harming contractual
 or other business relations between the Company or any other member of the Group and any
 of its or their Suppliers or Customers;

For the purposes of this Clause, the following words shall have the following meanings:

***Business*** means carrying out the principal activities of providing orthopaedic surgery and related activities:

***Competitor*** means any person, concern, undertaking, firm or body corporate which at the Termination Date is engaged in or carries on within any part of the Restricted Territories the Business and with which the Appointee has been involved in respect of the Business on behalf of the Company or any other member of the Group at any time preceding the Termination Date;

***Customer*** means any person, concern, undertaking, firm or body corporate or any readily identifiable division or branch within any concern, undertaking, firm or body corporate which at any time preceding the cessation of his employment was a customer/patient of the Company or or any Company's clinics in respect of the Business and with which the Appointee was involved personally in respect of the Business in dealings or negotiations on behalf of the Company or any other member of the Group at any time during the period of employment;

***Restricted Territories*** means Singapore and Malaysia;

***Supplier*** means any person, concern, undertaking, firm or body corporate or any readily identifiable division or branch within any concern, undertaking, firm or body corporate which at any time preceding the cessation of his employment was a supplier of the Company or any of the Group and with which the Appointee was involved personally in dealings or negotiations on behalf of the Company or the Group at any time during the period of employment; and

12.2 Whilst the restrictions contained
 in this Clause are considered by the Parties to be reasonable in all the circumstances it is recognised that restrictions of the nature
 in question may fail for technical reasons unforeseen and accordingly it is hereby agreed and declared that if any such restrictions
 shall be adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the
 Group but would be valid if part of the wording thereof were deleted or the periods (if any) thereof were reduced the said restriction
 shall apply with such modifications as may be necessary to make it valid and effective.

12.3 Each provision of Clause
 12 above is declared to constitute a separate and distinct covenant and to be severable from all other such separate and distinct covenants
 and, without limiting the foregoing, each provision contained in Clause 12 above is declared to constitute a separate and distinct
 covenant in respect of each capacity and activity specified therein. If notwithstanding the other provisions of this Clause 12, any
 part of any covenant in Clause 12 is deemed invalid or unenforceable, it may be severed without affecting the validity or enforceability
 of the remaining part of that covenant or of any other covenant in Clause 12.

**13.** **INTELLECTUAL PROPERTY** 

13.1 Any discovery or invention
 or secret process or improvement in procedure or other intellectual property made or discovered by the Appointee while in the service
 of the Company in connection with or in any way affecting or relating to the business of any Group Company or capable of being used
 or adapted for use therein or in connection therewith shall forthwith be disclosed to the Company and shall belong to and be the absolute
 property of the Company or such Group Company as the Company may nominate for the purpose.

13.2 The Appointee if and whenever
 required so to do (whether during or after the termination or cessation of his employment) shall at the expense of the Company or its
 nominee apply or join in applying for the grant of a patent or registration of trademarks or other similar protection in the Republic
 of Singapore or any other part of the world for any such discovery, invention, process or improvement or in relation to intellectual
 properties as aforesaid and execute all instruments and do all things necessary for vesting the said patent or other similar protection
 when obtained and all rights and title to and interests in the same in the Company and/or its nominee absolutely and as sole beneficial
 owner or in such other person as the Company may require.

**14.** **LEAVE ENTITLEMENTS** 

14.1 Annual Leave

(a) The
 Appointee shall (in addition to Saturdays (half day), Sundays and normal public holidays)
 be entitled to 21 days of annual leave per calendar year during the continuance of the Appointment.
 Such annual leave shall be taken at such time to minimise the disruption of services to the
 Company's business.

(b) The
 Appointee shall be entitled to carry forward up to fifteen (15) unconsumed annual leave to
 the following year and any such unconsumed annual leave shall be forfeited without compensation,
 if it is not utilised within that following year.

14.2 Medical Leave

(a) The
 Appointee shall be entitled to 14 days of paid medical leave per calendar year.

(b) The
 Appointee may be granted a maximum of 60 days of paid hospitalisation leave (inclusive of
 any medical leave taken) per calendar year. In the case of the Appointee's incapacity
 to work due to sickness or injury, the medical certificate of a registered medical practitioner
 must be sent to the Company as soon as reasonably practicable.

14.3 Childcare Leave and Others

The Appointee shall be entitled to compassionate leave, childcare leave and all other leave as required under any and all applicable laws and regulations. In addition, the Appointee shall be entitled to three (3) days of marriage leave and five (5) days conference leave in the field of orthopaedic surgery as approved by the Company.

**15.** **WAIVER** 

15.1 Time is of the essence of
 this Agreement but no failure or delay on the part of either party to exercise any power, right or remedy hereunder shall operate as
 a waiver thereof, nor shall any single or partial exercise by either party of any power, right or remedy preclude any other or further
 exercise thereof or the exercise of any other power, right or remedy by that party.

15.2 The remedies provided herein
 are cumulative and are not exclusive of any remedies provided by law.

**16.** **PREVIOUS AGREEMENTS** 

16.1 This Agreement shall be in
 substitution for any previous agreements, arrangements or understandings between the Company and the Appointee concerning or relating
 to the provisions services by the Appointee (whether as employee or consultant or otherwise), and any such agreements, arrangements
 or understandings are hereby terminated and each Party hereby confirms to the other that it he does not have any claim of any nature
 whatsoever against the other arising from the said agreement and its termination.

**17.** **PERSONAL DATA PROTECTION** 

17.1 The Appointee consents to
 his personal data being collected, used and/or disclosed by the Company for the following purposes:

(a) performing
 obligations under and/or in connection with his contract of employment (or potential contract
 of employment) with the Company (including payment of remuneration and tax);

(b) all
 human resources related matters conducted by the Company, including administering payroll,
 performance management, assessing training needs, developing and/or implementing human resource
 policies or strategies, investigating or auditing on acts or defaults (or suspected acts/
 defaults), management forecasting, planning and negotiations concerning the legitimate business
 interests of the Company;

(c) managing
 and terminating the employment relationship between the Appointee and the Company: and

(d) transmission
 to any of the Company's affiliated or related companies and/or third party service
 providers of the Company or its affiliated or related companies for the above purposes.

17.2 The Company will handle the
 Appointee's personal data in accordance with any and all applicable laws and regulations.

**18.** **NOTICES** 

All notices, requests, demands, consents or other communications to or upon any of the Parties hereto shall be given to such party in writing at such party's address stated hereinbefore (or at such other address as such party may hereafter specify to the other party in writing) and shall be deemed to have been duly given:

(a) in
 the case of a communication by letter, five (5) days (if overseas) or two (2) days (if local)
 after despatch or, if such letter is delivered by hand, on the day of delivery; and

(b) in
 the case of a communication by facsimile transmission or electronic mail, where applicable,
 when sent to the facsimile number or e-mail address set out below:

---

| | |
|:---|:---|
| Company: | HC Orthopaedic Surgery Pte. Ltd.<br> 3 Mount Elizabeth #15-14<br> Mount Elizabeth Hospital<br> Singapore 228510<br> Email address: Drhenry@hcortho.sg<br> Attention: Dr Henry Chan |
| Appointee: | Toon Dong Hao<br> 51 Conway Grove<br> Singapore 558228 |

---

**19.** **ASSIGNABILITY** 

Neither Party may assign the rights, benefits or obligations attaching to such Party to any third party without the consent of the other Party.

**20.** **RELATIONSHIP** 

None of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the Parties for any purpose.

**21.** **AMENDMENT** 

This Agreement may not be amended, supplemented or modified except by a written agreement or instrument signed by or on behalf of the Parties hereto.

**22.** **CONFIDENTIALITY** 

22.1 The Appointee and the Group
 shall treat as strictly confidential and not disclose or use any information received or obtained as a result of entering into this
 Agreement which relates to the existence and the provisions of this Agreement or the negotiations relating to this Agreement.

22.2 The Appointee shall not either
 during his appointment or within 3 years after its termination:

(a) disclose,
 divulge or communicate to any person or persons (except to those authorised by the Company
 to know or as otherwise required by law);

(b) use
 for his own purposes other than in relation to Appointee's employment under this Agreement
 or for any purposes other than those of the Group, or in any manner which may cause detriment,
 loss or injury to the Company and/or the Group; or

(c) through
 any failure to exercise all due care and diligence cause any unauthorised disclosure of,

any confidential information of the Group (including in particular lists or details of customers of the Group) in respect of which the Group is bound by an obligation of confidence to a third party or any financial or trading information or trade secrets relating to the Group.

22.3 Clause 22.1 and 22.2 shall
 not prohibit disclosure or use of any information if and to the extent:

(a) the
 disclosure or use is required to vest the full benefit of this Agreement to the Appointee;

(b) the
 disclosure or use is required for the purpose of any judicial proceedings arising out of
 this Agreement or any other agreement entered into under or pursuant to this Agreement or
 the disclosure is made to a tax authority in connection with the tax affairs of the Appointee;

(c) the
 disclosure is made to professional advisers of the Appointee on terms that such professional
 advisers undertake to comply with the provisions of Clause 22.1 in respect of such information
 as if they were a party to this Agreement;

(d) the
 information is or becomes publicly available (other than by breach of this Agreement); or
 the Company has given prior written approval to the disclosure or use.

**23.** **COSTS AND EXPENSES** 

All costs and expenses incurred in the preparation, negotiation and execution of this Agreement shall be borne by the Company.

**24.** **SEVERABILITY** 

Any provision of this Agreement which is prohibited by or is unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the Parties to the fullest extent permitted by such law to the intent that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms.

**25.** **GOVERNING LAW AND DISPUTE RESOLUTION** 

25.1 This Agreement shall be governed
 by and construed in all respects in accordance with the laws of Singapore.

25.2 Any dispute arising from,
 out of or in connection with this Agreement shall be settled through friendly consultations between the Parties. Such consultations
 shall begin immediately after one (1) party has delivered to the other party a written request for such consultations. If within 30
 days following the date on which such notice is given, the dispute cannot be settled through consultations, the dispute shall be submitted
 to arbitration in Singapore under the auspices of Singapore International Arbitration Centre (SIAC), upon the request of any party
 with notice to the other party.

25.3 The arbitration proceedings
 shall be conducted in English. The seat of the arbitration shall be in Singapore. The arbitration tribunal shall apply the Rules of
 SIAC in effect on the date of the signing of this Agreement (SIAC Rules).

25.4 There shall be three (3)
 arbitrators. Each party shall select one (1) arbitrator within 30 days after giving or receiving the demand for arbitration. Such arbitrators
 shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The third arbitrator shall
 be appointed by the first two (2) arbitrators within 30 days of nomination of the second arbitrator, or, failing agreement, as provided
 in the SIAC Rules.

25.5 Each party shall cooperate
 with the other party in making full disclosure of and providing complete access to all information and documents requested by the other
 party in connection with such proceedings, subject only to any confidentiality obligations binding on such party.

25.6 The arbitral award shall
 be final and binding, upon all Parties. The costs of the arbitration shall be as fixed by the arbitration tribunal.

25.7 During the period when a
 dispute is being resolved, the Parties shall in all other respects continue their implementation of this Agreement.

**26.** **CONTRACTS (RIGHTS OF THIRD PARTIES) Act (CAP 53B)** 

A person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any of its terms.

SCHEDULE 1

INTERPRETATION

1.1 In this Agreement, unless
 the context otherwise requires:

***Appointment*** means the appointment of the Appointee as a Specialist Surgeon of the Company as provided in Clause 2 and shall mean the relevant abbreviated period of appointment in the event that this Agreement is terminated;

***Board*** means the board of directors for the time being of the Company or the directors present at any meeting of the Board duly convened and held;

***Business Day*** means a day on which banks are open for business in Singapore, other than a Saturday, Sunday or public holiday in Singapore;

***Commencement Date*** shall be 4 November 2024;

***Group*** means the Company, the Parent Company and the Parent Company's Subsidiaries;

***Group Company*** means any member of the Group;

***Parent Company*** means LYC Healthcare Berhad;

***Subsidiary*** has the meaning given to it in the Companies Act (Cap. 50) of Singapore; and

***S$*** means Singapore dollars, the lawful currency of the Republic of Singapore.

1.2 The headings in this Agreement
 are for convenience only and do not affect the interpretation of the provisions thereunder. In this Agreement, references to:

(a) clauses
 are references to the clauses of this Agreement;

(b) references
 to the neutral gender shall include references to the male or female gender as applicable
 and vice versa;

(c) persons
 include references to individuals, firms, companies, corporations and unincorporated bodies
 of persons; and

(d) the
 singular number includes references to the plural and vice versa.

IN WITNESS whereof this Agreement has been duly executed the day and year first above written.

---

| | | |
|:---|:---|:---|
| SIGNED by<br>CHAN YING HO<br> for and on behalf of<br> HC ORTHOPAEDIC SURGERY PTE. LTD. in the presence of: |))))) | ![](ex10-15_002.jpg) |

---

---

| | |
|:---|:---|
| ![](ex10-15_001.jpg) | ![](ex10-15_001.jpg) |
| Witness's signature | Witness's signature |
| Name: | Yeoh You Jie |
| Address: | 435 urchard Road.<br> Wisma Atria #4-05 <br> Singapore 238877 |

---

---

| | | |
|:---|:---|:---|
| SIGNED by<br>TOON DONG HAO<br> in the presence of: |)))) | ![](ex10-15_003.jpg) |

---

---

| | |
|:---|:---|
| ![](ex10-15_004.jpg) |  |
| Witness's signature<br> Name:<br> Address: | ![](ex10-15_005.jpg) |

---

## Exhibit 10.16

**Exhibit 10.16**

**THIS AGREEMENT** is made on 1 December 2022 BETWEEN:

(1) **HC ORTHOPAEDIC SURGERY PTE. LTD.** (UEN 201725626E), a company incorporated in the Republic of Singapore with its registered office at 3 Mount Elizabeth
 #15-14 Mount Elizabeth Hospital Singapore 228510 (**Company**); and

(2) **YEOH CHING SING** (NRIC
 No. S8582609C) (**Appointee**).

(collectively, **Parties** and each, a **Party**)

WHEREAS

IT IS HEREBY AGREED as follows:

---

| | |
|:---|:---|
| **1.** | **DEFINITIONS AND INTERPRETATION** |
| 1.1 | Words and expressions used in this Agreement shall have the meanings set out in Schedule 1 unless the context requires otherwise. |
| 1.2 | The Schedule forms part of this Agreement. |
| **2.** | **APPOINTMENT** |
| 2.1 | The Company agrees to employ the Appointee and the Appointee shall serve the Company as a Specialist Surgeon and provide agreed services to the group with effect from the Commencement Date subject to and upon the terms contained herein (**Appointment**). |
| **3.** | **APPOINTEE'S BASIC OBLIGATION** |
|  | The Appointee shall during the term of this Agreement use his best endeavours to carry out his duties hereunder, to protect and promote the interests of the Company, the Parent Company and the Parent Company's Subsidiaries (collectively, the Group and each, a **Group Company**). |
| **4.** | **PLACE AND HOURS OF WORK** |
| 4.1 | The Appointee shall work primarily in Singapore for the proper performance and exercise of his duties and powers, and the Appointee may be required to travel on the business of the Group and/or Company. |
| 4.2 | The Appointee shall work during the normal operating hours of the Company which shall be 9.00 a.m. to 6.00 p.m. (Monday to Friday) and 9.00 a.m. to 1.00 p.m. Saturday inclusive of a lunch break, or such other hours as may be directed by the Company. |
| **5.** | **PROBATION PERIOD** |
| 5.1 | The Appointee shall not be subject to any probationary period. |
| **6.** | **TERM OF THE APPOINTMENT** |
| 6.1 | This Agreement shall take effect on the Commencement Date and the Appointee's employment with the Company shall, subject to Clause 10 and Clause 12, continue for an initial period of three (3) years from the Commencement Date (**Initial Term**), to be extended for the period agreed between the Appointee and the Company. |
| **7.** | **REPRESENTATIONS AND OBLIGATIONS OF THE APPOINTEE** |
| 7.1 | The Appointee represents and warrants that, as far as he is aware, he is not bound by or subject to any court order, agreement, arrangement or undertaking in Singapore or elseware which in any way restricts or prohibits him form entering into this Agreemenrt or from performing his duties hereunder. |

---

7.2 The Appointee shall:

(a) devote substantially the
 whole of his time, attention and skill during business hours to the discharge of the duties of his office as a Specialist Surgeon of
 the Company;

(b) faithfully and diligently
 perform such duties in his capacity as a Specialist Surgeon;

(c) not, in performing his duties,
 accept any financial or other benefit without written approval of the Company, except from the Company or a related body corporate
 of the Company;

(d) in the discharge of such
 duties and in the exercise of such powers, observe and comply with all lawful resolutions, regulations, and directions from time to
 time made or given by the Board and any professional body governing medical practitioner as well as specialist surgeon in Singapore;

(e) promptly provide the Board
 with all such information as it may require in connection with the business or affairs of the Company:

(f) conduct himself in a professional
 manner and in such manner reasonably expected of a medical practitioner and/or Specialist Surgeon in Singapore; and

(g) comply with all rules and
 regulations, duty of care and etiquette imposed and required by the Singapore Medical Council or other relevant authority and also
 to ensure that practising license be continue in full force or renewed at the cost of the Company in accordance to Singapore Medical
 Council or other relevant authority and there will not be any petition or disciplinary action or suspension action taken against the
 Appointee or the Company by the Singapore Medical Council or other relevant authority.

**8.** **REMUNERATION, REIMBURSEMENT AND INSURANCE** 

8.1 During the term of his employment,
 the Appointee shall be entitled to:

(a) a basic monthly salary at
 $$50,000 per month (Monthly Basic Salary), which shall be payable in arrears not later than the 28th of every calendar month;

(b) an annual wage supplement;
 and

(c) should the revenue earned
 by the Appointee in the relevant financial year exceeded S$650,000, a performance bonus based on the profit after tax (PAT) for the
 relevant financial year (FY) in respect of the Appointee (the "Appointee's PAT"), where the following shall apply:

---

| | |
|:---|:---|
| (i) | Appointee's PAT for an FY = total revenue earned by the Appointee in the relevant financial year less Apportioned Costs for that same financial year; |
| (ii) | "Apportioned Costs" means the Appointee's pro-rata amount of the Business Costs for the financial year and is computed as follows: |
|  | Apportioned Cost |

---

---

| | | |
|:---|:---|:---|
| = | total revenue earned by Appointes for the relevant FY<br>total revenus earned by the clintes operuted by the Company for the relevant Fy | x Business Costs |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Business Costs"
 refers to the costs, expenses and corporate taxes of the Company;

(iv) In the event the Appointee's
 PAT for a financial year is negative ("Preceding Negative PAT"), such Preceding Negative PAT shall be taken into account
 in computing the performance bonus for the following year (i.e. the performance bonus shall be adjusted for the loss incurred for the
 preceding financial year as set out in (vi) below).

---

| | |
|:---|:---|
| (v) | "Bonus-eligible PAT" for an FY = Appointee's PAT for that FY + Preceding Negative PAT |
|  | Example on computation of Bonus-Eligible PAT: If Appointee's PAT for FY2023 is - S$200,000, and for FY 2024 is $$800,000, the Bonus-eligible PAT for FY2024 is: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S$800,000+ (-S$200,000) = S$600,000 |
| The amount of performance bonus that the Appointee shall receive is determined as follows: | The amount of performance bonus that the Appointee shall receive is determined as follows: |

---

---

| | | |
|:---|:---|:---|
| **PAT achieved in the relevant financial year** | **Rate** | **Performance bonus payable** |
| PAT less than S$1 million | 45% | 45% of the PAT achieved. |
| PAT equal to or more than S$1 million but less than or equal to S$2 million | 50% | 50% of the incremental PAT achieved between S$1 million to S$2 million plus S$450,000 |
| PAT more than S$2 million | 55% | 55% of the incremental PAT achieved above S$2 million plus S$950,000 |

---

The Appointee is entitled to the Performance Bonus for that financial year, provided he is under the employment of the Company on the last day of the financial year. The performance bonus is to be paid within three (3) months from the date of approval of the relevant year's audited financial statements of the Company. The financial year is on 31st March of calendar year.

8.2 The Appointee shall not be
 entitled to any increment to the Monthly Basic Salary, and except as provided in this Clause 8.1, the Appointee shall not be entitled
 to any further remuneration by way of salary, benefits or compensation.

8.3 The Appointee shall be responsible
 for the payment of all income tax (whether in Singapore or other tax jurisdictions relevant to the Appointee) in relation to all payments
 (including without limitation payment of Monthly Basic Salary and all other forms of remuneration) and all taxable benefits received
 or to be received by him from any Group Company hereunder.

8.4 The Company shall make all
 Central Provident Fund contributions (CPF Contributions) if applicable and other payments required by law to be made by the Company
 in Singapore.

8.5 For the avoidance of doubt,
 where relevant, the Company shall be entitled to deduct from the Monthly Basic Salary payable to the Appointee pursuant to Clause 8.1
 the following:

(a) all such sums (including
 without limitation, all CPF contributions payable by the Appointee pursuant to Clauses 8.3 and 8.4 above), whenever required to do
 so under any applicable legislation for the time being in force; and

(b) any amounts owing by the
 Appointee to the Company if these are not settled or reimbursed within a reasonable period of time (and the Appointee may be required
 to execute such documents, as the Company may request, to authorise the Company to deduct such amounts from the Monthly Basic Salary.

8.6 The Company shall secure
 and pay for insurances, including malpractice insurance and other necessary insurances for the Appointee and the clinic with the Company
 as beneficiary in the form and substances as the Company deems fit and proper.

8.7 Should the Appointment be
 terminated under Clause 12, the Appointee undertakes to repay the Company for the malpractice insurances under Clause 8.6, pro-rated
 based on the effective date of termination.

**9.** **QUALIFICATIONS** 

9.1 The Appointee warrants that
 he holds the necessary qualifications, licenses and registration to perform its duties and services as a medical practitioner and/or
 Specialist Surgeon and that all information as supplied by the Appointee is correct and accurate and is not misleading in any way.

9.2 Violation of this Clause
 9 will constitute gross misconduct giving sufficient cause for immediate termination of the employment without notice nor compensation
 of any sort to the Appointee.

**10.** **EVENT OF INCAPACITY** 

10.1 If the Appointee shall at
 any time be incapacitated or prevented by illness, injury, accident or any other circumstances beyond his control (such incapacity
 or prevention being hereinafter referred to as the Incapacity) from discharging in full his duties hereunder for a total of one hundred
 and twenty (120) consecutive days or more in any twelve (12) consecutive calendar months. The Company may by notice in writing to the
 Appointee given at any time so long as the Incapacity shall continue:

(a) discontinue payment in whole
 or part of the Monthly Basic Salary as provided in Clause 8 above on and from such date as may be specified in the notice until the
 Incapacity shall cease; or

(b) whether or not payment shall
 already have been discontinued as aforesaid, determine this Agreement forthwith or on such date as may be specified with 3-month notice.

10.2 Upon the discontinuance or
 determination under Clause 10.1 of this Agreement, the Appointee's entitlement to the Monthly Salary for that calendar month
 shall be pro-rated accordingly.

**11.** **TERMINATION OF THE APPOINTMENT** 

11.1 At any time during the term
 of this agreement, the Appointment may be terminated at any time by a Party by giving three (3) months' notice in writing to
 the other Party of the termination or three (3) months' Monthly Basic Salary in lieu of notice, without any further compensation
 or damages being payable.

11.2 Notwithstanding Clause 11.1
 above, the Appointment may be terminated by the Company without notice or payment in lieu of notice if:

(a) the Appointee enters into
 any business relationship with any competitor or any other person in competition with the Company or otherwise competes against the
 Company howsoever under Clause 12.1 below;

(b) the Appointee has committed
 any serious or repeated breach and where such a breach is capable of remedy, fails to remedy the same within thirty (30) days after
 the receipt of a written notice from the Company giving full particulars of the breach and requiring it to be remedied.

(c) the Appointee shall be guilty
 of any material default misconduct or wilful neglect in the discharge of his duties hereunder or in connection with or affecting the
 business of the Company or the Group;

(d) the Appointee, whether by
 himself/ itself or through his companies or otherwise howsoever and whether on his own behalf or for any other person, firm, company
 or other organisation, compete with the Company specifically in orthopaedics field during the terms of his services in the Company
 without the written consent from the Company;

(e) For avoidance of doubt, the
 Appointee shall be allowed, on a case by case basis and subject to the written consent of the Company which may be withheld at the
 absolute discretion of the Company, to provide medical services at or for an on behalf of medical practice or institutions not owned
 by or related to the Company or Group but any remuneration received by the Appointee from doing so shall be assigned to the clinic
 or attributed to Apointee as part of Appointee's earnings and the Appointee shall provide documentary proof of such medical services
 and the remuneration received together with a statement of account showing in such details as the Company may require.

(f) the Appointee becomes bankrupt
 or makes any composition or enters into any deed of arrangement with his creditors;

(g) the Appointee is convicted
 of any seizeable offence (other than an offence under road traffic legislation in Singapore or elsewhere or any other offence for which
 only a fine or non-custodial penalty is imposed on the Appointee); or

(h) the Appointee is disqualified
 for any reason from acting as a medical practitioner or Specialist Surgeon in Singapore.

11.3 On the termination of his
 Appointment under Clause 11.2, the Appointee shall:

(a) not be entitled to any remuneration
 and the Appointee shall have no claim against the Company or any Group Company for any remuneration;

(b) repay to the Company any
 monies paid to him and/or received by him pursuant to Clause 8 of this Agreement that is for any period after the effective date of
 termination; and

(c) shalt not on his own behalf
 or for any other person, firm, company or other organisation, compete with the Company by setting up an orthopaedic clinic on the same
 floor of the respective Singapore hospitals in which the Company's clinics operate within one (1) year from the effective date
 of termination.

11.4 The termination of the employment
 of the Appointee under Clause 11.1 or Clause 11.2 above by either party shall be without prejudice to any right of action by the other
 party in respect of any antecedent breach of any of the terms and conditions of this Agreement.

11.5 Clause 11.3 and Clause 11.4
 above shall survive the termination of this Agreement.

**12.** **RESTRICTIONS ON THE APPOINTEE AND OBLIGATIONS ON TERMINATION** 

12.1 The Appointee undertakes
 that, during the Appointment, he shall not (except with the prior written approval of the Board) be, either alone or in association
 or partnership with or as an employee, principal, agent, director, manager, member, shareholder, unit-holder, beneficiary or trustee
 of, as a consultant or adviser to any person or otherwise and whether on his own behalf or for any other person, firm, company or other
 organisation, directly or indirectly, in the Restricted Territories:

(a) solicit or entice or endeavour
 to solicit or entice away from the Company or any other member of the Group any director or employee employed in a managerial or skilled
 position of any such company with whom the Appointee has dealings pursuant to the performance of his duties under this Agreement and
 during the period of his employment, whether or not such person would commit any breach of his contract of employment by reason of
 leaving the service of such company;

(b) in competition with the Company
 or any other member of the Group, knowingly seek, endeavour to entice away or solicit business from any person, firm, company, organisation,
 concern, undertaking, body corporate or any readily identifiable division or branch with whom (a) the Appointee has dealings pursuant
 to the performance of his duties under this Agreement and during the period of his appointment and (b) the Company or any other member
 of the Group was prior to the cessation of the Appointtee's employment, in the process of negotiating in respect of the Business;

(c) Perform services for or engage
 in business with or be in any way interested in or connected with any Competitor;

(d) interfere or seek to interfere
 with or make arrangements which have the effect of harming contractual or other business relations between the Company or any other
 member of the Group and any of its or their Suppliers or Customers;

For the purposes of this Clause, the following words shall have the following meanings:

**Business** means carrying out the principal activities of providing orthopaedic surgery and related activities;

**Competitor** means any person, concern, undertaking, firm or body corporate which at the Termination Date is engaged in or carries on within any part of the Restricted Territories the Business and with which the Appointee has been involved in respect of the Business on behalf of the Company or any other member of the Group at any time preceding the Termination Date;

Customer means any person, concern, undertaking, firm or body corporate or any readily identifiable division or branch within any concern, undertaking, firm or body corporate which at any time preceding the cessation of his employment was a customer/patient of the Company or or any Company's clinics in respect of the Business and with which the Appointee was involved personally in respect of the Business in dealings or negotiations on behalf of the Company or any other member of the Group at any time during the period of employment;

**Restricted Territories** means Singapore and Malaysia;

Supplier means any person, concem, undertaking, firm or body corporate or any readily identifiable division or branch within any concern, undertaking, firm or body corporate which at any time preceding the cessation of his employment was a supplier of the Company or any of the Group and with which the Appointee was involved personally in dealings or negotiations on behalf of the Company or the Group at any time during the period of employment; and

12.2 Whilst the restrictions contained
 in this Clause are considered by the Parties to be reasonable in all the circumstances it is recognised that restrictions of the nature
 in question may fail for technical reasons unforeseen and accordingly it is hereby agreed and declared that if any such restrictions
 shall be adjudged to be void as going beyond what is reasonable in ail the circumstances for the protection of the interests of the
 Group but would be valid if part of the wording thereof were deleted or the periods (if any) thereof were reduced the said restriction
 shall apply with such modifications as may be necessary to make it valid and effective.

12.3 Each provision of Clause
 12 above is declared to constitute a separate and distinct covenant and to be severable from all other such separate and distinct covenants
 and, without limiting the foregoing, each provision contained in Clause 12 above is declared to constitute a separate and distinct
 covenant in respect of each capacity and activity specified therein. If notwithstanding the other provisions of this Clause 12, any
 part of any covenant in Clause 12 is deemed invalid or unenforceable, it may be severed without affecting the validity or enforceability
 of the remaining part of that covenant or of any other covenant in Clause 12.

**13.** **INTELLECTUAL PROPERTY** 

13.1 Any discovery or invention
 or secret process or improvement in procedure or other intellectual property made or discovered by the Appointee while in the service
 of the Company in connection with or in any way affecting or relating to the business of any Group Company or capable of being used
 or adapted for use therein or in connection therewith shall forthwith be disclosed to the Company and shall belong to and be the absolute
 property of the Company or such Group Company as the Company may nominate for the purpose.

13.2 The Appointee if and whenever
 required so to do (whether during or after the termination or cessation of his employment) shall at the expense of the Company or its
 nominee apply or join in applying for the grant of a patent or registration of trademarks or other similar protection in the Republic
 of Singapore or any other part of the world for any such discovery, invention, process or improvement or in relation to intellectual
 properties as aforesaid and execute all instruments and do all things necessary for vesting the said patent or other similar protection
 when obtained and all rights and title to and interests in the same in the Company and/or its nominee absolutely and as sole beneficial
 owner or in such other person as the Company may require.

**14.** **LEAVE ENTITLEMENTS** 

14.1 Annual Leave

(a) The Appointee shall (in addition
 to Saturdays (half day), Sundays and normal public holidays) be entitled to 21 days of annual leave per calendar year during the continuance
 of the Appointment. Such annual leave shall be taken at such time to minimise the disruption of services to the Company's business.

(b) The Appointee shall be entitled
 to carry forward up to fifteen (15) unconsumed annual leave to the following year and any such unconsumed annual leave shall be forfeited
 without compensation, if it is not utilised within that following year.

14.2 Medical Leave

(a) The
 Appointee shall be entitled to 14 days of paid medical leave per calendar year.

(b) The
 Appointee may be granted a maximum of 60 days of paid ospitalization leave (inclusive of
 any medical leave taken) per calendar year. In the case of the Appointee's incapacity
 to work due to sickness or injury, the medical certificate of a registered medical practitioner
 must be sent to the Company as soon as reasonably practicable.

14.3 Childcare Leave and Others

The Appointee shall be entitled to compassionate leave, childcare leave and all other leave as required under any and all applicable laws and regulations. In addition, the Appointee shall be entitled to three (3) days of marriage leave and five (5) days conference leave in the field of orthopaedic surgery as approved by the Company.

**15.** **WAIVER** 

15.1 Time is of the essence of
 this Agreement but no failure or delay on the part of either party to exercise any power, right or remedy hereunder shall operate as
 a waiver thereof, nor shall any single or partial exercise by either party of any power, right or remedy preclude any other or further
 exercise thereof or the exercise of any other power, right or remedy by that party.

15.2 The remedies provided herein
 are cumulative and are not exclusive of any remedies provided by law.

**16.** **PREVIOUS AGREEMENTS** 

16.1 This Agreement shall be in
 substitution for any previous agreements, arrangements or understandings between the Company and the Appointee concerning or relating
 to the provisions services by the Appointee (whether as employee or consultant or otherwise), and any such agreements, arrangements
 or understandings are hereby terminated and each Party hereby confirms to the other that it/ he does not have any claim of any nature
 whatsoever against the other arising from the said agreement and its termination.

**17.** **PERSONAL DATA PROTECTION** 

17.1 The Appointee consents to
 his personal data being collected, used and/or disclosed by the Company for the following purposes:

(a) performing obligations under
 and/or in connection with his contract of employment (or potential contract of employment) with the Company (including payment of remuneration
 and tax);

(b) all human resources related
 matters conducted by the Company, including administering payroll, performance management, assessing training needs, developing and/or
 implementing human resource policies or strategies, investigating or auditing on acts or defaults (or suspected acts/ defaults), management
 forecasting, planning and negotiations concerning the legitimate business interests of the Company;

---

| | |
|:---|:---|
| (c) | managing and terminating the employment relationship between the Appointee and the Company; and |
| (d) | transmission to any of the Company's affiliated or related companies and/or third party service providers of the Company or its affiliated or related companies for the above purposes. |
| 17.2 | The Company will handle the Appointee's personal data in accordance with any and all applicable laws and regulations. |
| **18.** | **NOTICES** |
| All | notices, requests, demands, consents or other communications to or upon any of the Parties hereto shall be given to such party in writing at such party's address stated hereinbefore (or at such other address as such party may hereafter specify to the other party in writing) and shall be deemed to have been duly given: |
| (a) | in the case of a communication by letter, five (5) days (if overseas) or two (2) days (if local) after despatch or, if such letter is delivered by hand, on the day of delivery; and |
| (b) | in the case of a communication by facsimile transmission or electronic mail, where applicable, when sent to the facsimile number or e-mail address set out below: |

---

---

| | |
|:---|:---|
| Company: | HC Orthopaedic Surgery Pte. Ltd. |
|  | 3 Mount Elizabeth #15-14 |
|  | Mount Elizabeth Hospital |
|  | Singapore 228510 |
|  | Email address: Drhenry@hcortho.sg |
|  | Attention: Dr Henry Chan |
| Appointee: | Yeoh Ching Sing |
|  | 63 Duchess Road |
|  | Singapore 269000 |
|  | Email address: <u>drnicholasyeoh@gmail.com</u> |

---

---

| | |
|:---|:---|
| **19.** | **ASSIGNABILITY** |
|  | Neither Party may assign the rights, benefits or obligations attaching to such Party to any third party without the consent of the other Party. |
| **20.** | **RELATIONSHIP** |
|  | None of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the Parties for any purpose. |
| **21.** | **AMENDMENT** |
|  | This Agreement may not be amended, supplemented or modified except by a written agreement or instrument signed by or on behalf of the Parties hereto. |
| **22.** | **CONFIDENTIALITY** |
| 22.1 | The Appointee and the Group shall treat as strictly confidential and not disclose or use any information received or obtained as a result of entering into this Agreement which relates to the existence and the provisions of this Agreement or the negotiations relating to this Agreement. |

---

22.2 The Appointee shall not either
 during his appointment or within 3 years after its termination:

(a) disclose, divulge or communicate
 to any person or persons (except to those authorised by the Company to know or as otherwise required by law);

(b) use for his own purposes
 other than in relation to Appointee's employment under this Agreement or for any purposes other than those of the Group, or in
 any manner which may cause detriment, loss or injury to the Company and/or the Group; or

(c) through any failure to exercise
 all due care and diligence cause any unauthorised disclosure of.

any confidential information of the Group (including in particular lists or details of customers of the Group) in respect of which the Group is bound by an obligation of confidence to a third party or any financial or trading information or trade secrets relating to the Group.

22.3 Clause 22.1 and 22.2 shall
 not prohibit disclosure or use of any information if and to the extent:

(a) the disclosure or use is
 required to vest the full benefit of this Agreement to the Appointee;

(b) the disclosure or use is
 required for the purpose of any judicial proceedings arising out of this Agreement or any other agreement entered into under or pursuant
 to this Agreement or the disclosure is made to a tax authority in connection with the tax affairs of the Appointee:

(c) the disclosure is made to
 professional advisers of the Appointee on terms that such professional advisers undertake to comply with the provisions of Clause 22.1
 in respect of such information as if they were a party to this Agreement;

(d) the information is or becomes
 publicly available (other than by breach of this Agreement); or the Company has given prior written approval to the disclosure or use.

**23.** **COSTS AND EXPENSES** 

All costs and expenses incurred in the preparation, negotiation and execution of this Agreement shall be borne by the Company.

**24.** **SEVERABILITY** 

Any provision of this Agreement which is prohibited by or is unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the Parties to the fullest extent permitted by such law to the intent that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms.

**25.** **GOVERNING LAW AND DISPUTE RESOLUTION** 

25.1 This Agreement shall be governed
 by and construed in all respects in accordance with the laws of Singapore.

25.2 Any dispute arising from,
 out of or in connection with this Agreement shall be settled through friendly consultations between the Parties. Such consultations
 shali begin immediately after one (1) party has delivered to the other party a written request for such consultations. If within 30
 days following the date on which such notice is given, the dispute cannot be settled through consultations, the dispute shall be submitted
 to arbitration in Singapore under the auspices of Singapore International Arbitration Centre (SIAC), upon the request of any party
 with notice to the other party.

25.3 The arbitration proceedings
 shall be conducted in English. The seat of the arbitration shall be in Singapore. The arbitration tribunal shall apply the Rules of
 SIAC in effect on the date of the signing of this Agreement (SIAC Rules).

25.4 There shall be three (3)
 arbitrators. Each party shall select one (1) arbitrator within 30 days after giving or receiving the demand for arbitration. Such arbitrators
 shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The third arbitrator shall
 be appointed by the first two (2) arbitrators within 30 days of nomination of the second arbitrator, or, failing agreement, as provided
 in the SIAC Rules.

25.5 Each party shall cooperate
 with the other party in making full disclosure of and providing complete access to all information and documents requested by the other
 party in connection with such proceedings, subject only to any confidentiality obligations binding on such party.

25.6 The arbitral award shall
 be final and binding, upon all Parties. The costs of the arbitration shall be as fixed by the arbitration tribunal.

25.7 During the period when a
 dispute is being resolved, the Parties shall in all other respects continue their implementation of this Agreement.

**26.** **CONTRACTS (RIGHTS OF THIRD PARTIES) Act (CAP 53B)** 

A person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any of its terms.

SCHEDULE 1

INTERPRETATION

1.1 In this Agreement, unless the context otherwise requires:

**Appointment** means the appointment of the Appointee as a Specialist Surgeon of the Company as provided in Clause 2 and shall mean the relevant abbreviated period of appointment in the event that this Agreement is terminated;

**Board** means the board of directors for the time being of the Company or the directors present at any meeting of the Board duty convened and held;

**Business Day** means a day on which banks are open for business in Singapore, other than a Saturday, Sunday or public holiday in Singapore;

**Commencement Date** shall be 3 April 2023;

**Group** means the Company, the Parent Company and the Parent Company's Subsidiaries;

**Group Company** means any member of the Group;

**Parent Company** means LYC Healthcare Berhad;

**Subsidiary** has the meaning given to it in the Companies Act (Cap. 50) of Singapore; and

**S$** means Singapore dollars, the lawful currency of the Republic of Singapore.

1.2 The headings in this Agreement are for convenience only and do not affect the interpretation of the provisions thereunder. In this Agreement, references to:

(a) clauses are references to
 the clauses of this Agreement;

(b) references to the neutral
 gender shall include references to the male or female gender as applicable and vice versa;

(c) persons include references
 to individuals, firms, companies, corporations and unincorporated bodies of persons; and

(d) the singular number includes
 references to the plural and vice versa.

IN WITNESS whereof this Agreement has been duly executed the day and year first above written.

---

| | | |
|:---|:---|:---|
| SIGNED by<br>CHAN YING HO<br> for and on behalf of<br> HC ORTHOPAEDIC SURGERY PTE. LTD. in the presence of:  |)))))) | ![](ex10-16_002.jpg) |

---

---

| | |
|:---|:---|
| /s/ MICHELLE TAN | /s/ MICHELLE TAN |
| Witness's signature | Witness's signature |
| Name: | MICHELLE TAN |
| Address: | 3 MOUNT ELIZABETH, #1K-IF |
|  | MOUNT ELIZABETH HOSPITAL |
|  | SINGAPORE 228510 |

---

---

| | | |
|:---|:---|:---|
| SIGNED by<br>YEOH CHING SING<br> in the presence of: |)))) | ![](ex10-16_001.jpg) |

---

---

| | |
|:---|:---|
| /s/ MICHELLE TAN | /s/ MICHELLE TAN |
| Witness's signature | Witness's signature |
| Name: | MICHELLE TAN |
| Address: | 3 MOUNT ELIZABETH, #15-14 |
|  | MOUNT ELIZABETH HOSPITAL |
|  | SINGAPORE 228510 |

---

## Exhibit 10.17

**Exhibit 10.17**

**HC ORTHOPAEDIC SURGERY PTE LTD**

3 Mt Elizabeth, #15-14, Mount Elizabeth Medical Centre, Singapore 228510

(Co. Reg. No.: 201725626E)

6 January 2025

**TAN WINNIE**

19 Bidadari Park Drive

#10-14

Singapore 367794

**<u>LETTER OF APPOINTMENT</u>**

We are pleased to offer you the position of **Medical Doctor** subject to all relevant statutory and government requirements being met and on the terms and conditions set out in this letter of employment.

---

| | |
|:---|:---|
| **Section A: Details of Employment** | **Section A: Details of Employment** |
| 1. Company Name | HC ORTHOPAEDIC SURGERY PTE. LTD. |
| 2. Employee Name | Tan Winnie |
| 3. Employment NRIC/FIN | S9529869I |
| 4. Employment Start Date: | &nbsp;&nbsp;&nbsp;&nbsp;3<sup>rd</sup> March 2025<br>You are required to attend a pre-employment medical examination before your start date.<br>Kindly note that this letter of appointment will be null and void if you are deemed to be medically / physically unfit for the position by the Company after reviewing the examination results. |
| 5. Type of Employment | Full-Time Employment. |
| 6. Place of Work | Premier Health Screening Centre<br> 181 Kitchener Road #01-19/20 Singapore<br> 208533 |
| 7. Job Title | Medical Doctor |

---

Page **1** of **6**

**HC ORTHOPAEDIC SURGERY PTE LTD** 

3 Mt Elizabeth, #15-14, Mount Elizabeth Medical Centre, Singapore 228510

(Co. Reg. No.: 201725626E)

 ● Carry out comprehensive medical evaluations and screenings for patients, involving gathering medical histories, conducting physical exams, performing diagnostic tests to detect possible health concerns, and venipuncture. ● Administrative clinical duties such as acknowledging results and furnishing of medical reports.

Page **2** of **6**

**HC ORTHOPAEDIC SURGERY PTE LTD** 

3 Mt Elizabeth, #15-14, Mount Elizabeth Medical Centre, Singapore 228510

(Co. Reg. No.: 201725626E)

---

| | |
|:---|:---|
| 18. Overtime rate of Pay (applicable for support in surgery after office hours only) | Not applicable. |
| 19. Fixed Allowances Per Salary Period | Not applicable. |
| 20. Fixed Deductions Per Salary Period | CDAC. |
| 21. Other Salary Related Components | You are entitled to Annual Wage Supplement (AWS).<br>The Company may (but it is not obliged to) pay an additional variable bonus annually, depending on your job performance and the Company's performance, and subject to pro-rating based on your period of employment for such a year. The amount of such bonus, if made, shall be determined at the sole discretion of the Company.<br>The Company is entitled to withdraw any bonus (AWS) awarded to you at any time prior to the payment thereof, in the event of your employment is terminated, or notice of termination has either been given by you to the Company, or by the Company to you. |
| 22. Salary and Commission Review | The company will review your salary once the patient load increases. |
| 23. CPF Contributions Payable (subject to prevailing CPF contribution rates) | Yes. |

---

---

| | |
|:---|:---|
| **Section D: Leave and Medical Benefits** | **Section D: Leave and Medical Benefits** |
| 24. Annual Leave Entitlement: | 21 days of paid annual leave (AL). The AL entitlement will be prorated in the first year based on joined date. |

---

Page **3** of **6**

**HC ORTHOPAEDIC SURGERY PTE LTD** 

3 Mt Elizabeth, #15-14, Mount Elizabeth Medical Centre, Singapore 228510

(Co. Reg. No.: 201725626E)

---

| | |
|:---|:---|
| 25. Other types of leave | 14 days of paid medical leave.<br>60 days of paid hospitalisation leave.<br>3 days of paid compassionate leave. |
| 26. Medical benefits | You will be entitled to H&S insurance and dental benefits upon confirmation. |
| **Section E: Others** | **Section E: Others** |
| 27. Length of Probation | 3 months. |
| 28. Termination of employment: | After successful confirmation, this contract may be terminated by either party by giving 3 months' notice or salary-in-lieu.<br>During probation period, the notice period is 1 month.<br>In the event of termination or resignation, any unutilized portion for medical malpractice insurance will be deducted from the final pay.<br>Notwithstanding the above, the Company shall be entitled to terminate your employment immediately without prior notice or payment in lieu of notice (but without prejudice to the rights and remedies of Company for any breach of this Agreement and to your continuing obligations under this Agreement) in the following instances:<br>(a) Any misrepresentation in application documents submitted;<br>(b) Breach of any term of your employment;<br>(c) Dishonesty or misconduct;<br>(d) Neglect of refusal to attend your duties; (e) Failure to perform any of your obligations;<br>(f) Incapacitation by illness or otherwise for period or periods totalling two (2) months or more in any period of twelve (12) consecutive months; |

---

Page **4** of **6**

**HC ORTHOPAEDIC SURGERY PTE LTD** 

3 Mt Elizabeth, #15-14, Mount Elizabeth Medical Centre, Singapore 228510

(Co. Reg. No.: 201725626E)

---

| | |
|:---|:---|
|  | (g) Failure to observe the Company's rules and regulations;<br>(h) Disqualified for any reason from acting as nurse in Singapore;<br>(i) If you have conducted yourself in any manner tending to bring yourself or the Company into disrepute; or<br>(j) Where you become a bankrupt or have been charges with any criminal office. |
| 29. Confidentiality: | You will not reveal to any person any confidential information of the Company coming to your knowledge during your employment and will not use or attempt to use the same in any manner which may cause loss to the Company or its Business.<br>This restriction will continue to apply after the termination of your employment.<br>You must use, handle, store and safeguard confidential information with due care and in accordance with the company's code of confidentiality.<br>The company takes a very serious view on the disclosure of such information beyond that is necessary for the performance of your duties.<br>Disclosure of confidential information pertaining to the company to any external party is a cause of dismissal. |
| 30. Non-solicitation and Non-competition | You will not solicit the company's customers, third party agents/contractors or staff that you may have come into contact with during your time from the company. This includes channels through telephony, print media, social media or any other type of media. |

---

Page **5** of **6**

**HC ORTHOPAEDIC SURGERY PTE LTD**

3 Mt Elizabeth, #15-14, Mount Elizabeth Medical Centre, Singapore 228510

(Co. Reg. No.: 201725626E)

31. Governing Law: This Letter of Employment shall be governed by and construed in accordance with the Laws of the Republic of Singapore and parties hereby submit to the exclusive jurisdiction of Singapore Courts.

Your signing and returning the duplicate copy of this letter in confirmation of your understanding and acceptance of the above terms and conditions from the date of this letter.

---

| |
|:---|
| Yours Faithfully, |
| */s/ Dr Henry Chan* |
| Dr Henry Chan |
| Director |

---

I, <u>TAN WINNIE</u> confirm that I have read and accept the terms and conditions stipulated in this Letter of Employment.

---

| | |
|:---|:---|
| Signature: | |
| NRIC No: | S9529869I |
| Date: | 17/01/2025 |

---

Page **6** of **6**

## Exhibit 10.18

**Exhibit 10.18**

**DATED THIS 30th APRIL 2024**

Between

**T & T MEDICAL GROUP PTE LTD**

and

**EGEIRO PHYSIOTHERAPY PTE LTD**

**COLLABORATION AGREEMENT – PHYSIOTHERAPY**

This Collaboration Agreement ("Agreement") is made and entered into on 30 April 2024 by and between:

**T & T MEDICAL GROUP PTE LTD** (UEN: 198901438H), a company incorporated in Singapore and having its registered office at 181 Kitchener Road, #01-14, Parkroyal on Kitchener Road, Singapore 208533 (the "Clinic"); and

**EGEIRO PHYSIOTHERAPY PTE LTD** (UEN: 202105251W), a company incorporated and having its registered office at 181 Kitchener Road, #01-17/18, Parkroyal on Kitchener Road, Singapore 208533 (the "Practice").

Collectively referred to as the "Parties" and each individually referred to as a "Party".

**WHERAS:**

(A) The Practice carries on the
 business as physiotherapists and the provision of services related to physiotherapy.

(B) The Clinic operates a medical
 facility.

(C) The Parties desire to enter
 into an agreement to collaborate in providing physiotherapy services at 181 Kitchener Road, #01-14 to #01-20, Parkroyal on Kitchener
 Road, Singapore 208533 and a subsequent relocation to the Clinic's new premise at 333 North Bridge Road, #B2-11 to #B2-13, Odeon
 Towers, Singapore 188721 (the "Premises").

**IT IS AGREED as follows:**

**1.** **Obligations of the Practice and the Clinic** 

1.1 The
 Practice shall provide qualified and licensed physiotherapists to deliver physiotherapy services
 to the Clinic's patients at the premises provided by the Clinic (the "Services").

1.2 The
 Practice shall be responsible for obtaining all necessary licenses and permits required to
 operate the practice and shall ensure compilance with all relevant laws and regulations governing
 the provision of the Services.

1.3 The
 Practice shall ensure that the Services are made available to the Clinic from Monday to Friday,
 9am to 5pm and at the minimal, alternate Saturday from 9am to 12.30pm. excluding public holidays.

1.4 The
 Clinic shall provide the premises for the Practice to carry out the Services. There should
 be no rental and utilities charged by the Clinic to the Practice. It is agreed by the Parties
 that the premises made available to the Practice are for the sole purpose of the provision
 of the Services and shall not be utilised by the Practice for any other purpose other than
 the sole purpose for which it was intended.

1.5 The
 Practice shall be liable for its own taxes and operating overheads.

**2.** **Revenue and Billing Arrangements** 

2.1 The Parties agree to a collaboration
 arrangement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Practice shall receive
 60% of the total revenue generated from the Services provided at the premises.

(b) The Clinic shall receive
 40% of the total revenue generated from the Services provided at the premises.

2.2 The Clinic shall be responsible
 for billing the patients directly for the Services rendered. The Practice shall then invoice the Clinic for 60% of the total revenue
 generated from the Services provided on or before the fifth (5th) of the subsequent month. The Clinic shall pay the full Invoiced amount
 no later than thirty (30) days from the billing date.

**3.** **Term and Termination** 

3.1 This Agreement shall commence
 on 1 June 2024 and shall continue in full force and effect for a period of 3 years. This Agreement shall be automatically renewing
 on a yearly basis thereafter unless either Party serves written notice of termination at least three (3) months prior to the end of
 the then-current term.

3.2 Either Parly may terminate
 this Agreement upon written notice to the other Party in the event of a material breach of any provision of this Agreement by the other
 Party, provided that the breaching Party fails to cure such breach within sixty (60) days after receiving written notice specifying
 the nature of the breach.

3.3 Either Party may terminate
 this Agreement immediately upon written notice to the other Party if the other Party becomes insolvent, makes a general assignment
 for the benefit of creditors, has a receiver or trustee appointed for all or substantially all of its assets, files a voluntary petition
 in bankruptcy, or has an involuntary petition in bankruptcy filed against it that is not dismissed within seven (7) days.

3.4 Upon termination of this
 Agreement for any reason, all rights and obligations of the Partles shall cease, except that termination shall not relieve either Party
 of any obligation or liabilty accrued prior to the effective date of termination.

**4.** **Confidentiality** 

4.1 For the purpose of this Agreement,
 "Confidential information' shall mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 information relating to patient records including, but not limited to the identity, demographic
 information, diagnosis and treatment of patients; and

(b) All
 technical information, data, writings, know-how, computer programs, software code, price
 lists, marketing plans and any other trade secrets, in any media or form provided by either
 party to the other.

4.2 Both Parties shall hold in
 trust and keep secret all Confidential Information and take all reasonable measures to prevent the unauthorised disclosure of such
 information to any third party.

4.3 Both parties further agree
 not to disclose or use the Confidential Information for any purpose other than for the sole purpose of fulfilling the scope of this
 Agreement.

4.4 Clause 4 herein and all of
 its sub-clauses shall survive the expiration or termination of this Agreement for an indefinite period.

**5.** **Indemnity** 

5.1 Each party shall further
 indemnify the others against all costs, charges and expenses incurred or suffered by the Party concerned arising from his default of
 or failure to complete this Agreement (including fees, on a solicitor and client basis) in connection with the bringing of any action,
 suit, proceeding or claim by the other Party(s) in the enforcement or attempted enforcement of the terms of this Agreement.

**6.** **Entire Agreement** 

6.1 This Agreement constitutes
 the entire understanding between the Parties concerning the subject matter hereof and supersedes all prior agreements, whether written
 or oral.

**7.** **Non-Waivor** 

7.1 Waiver of any breach or provision
 of, or any default under, this Agreement must be in writing and signed by the Party granting the wavier. No failure or delay on the
 part of any Party in exercising nor any omission to exercise any right, power, privilege or remedy accruing to the other Party under
 this Agreement upon any default on the party of the other Party shall impair any of such right power privilege or remedy or be construed
 as a waiver thereof or any accuiescence in such default; nor shall any action by any Party in respect of any default or any acquiescence
 in any such default affect or impair any right power privilege or remedy of the other Party in respect of any other or subsequent default.

**8.** **Governing Law and Jurisdiction** 

8.1 This Agreement shall be governed
 by and construed in accordance with the laws of Singapore. Any disputes arising out of or in connection with this Agreement shall be
 settled through amicable negotiation. If negotiation fails, the Parties agree to submit to the exclusive jurisdiction of the courts
 of Singapore.

8.2 The Parties shall use all
 reasonable efforts to resolve any dispute, including any question regarding its existence, validity or termination, arising out of
 or In connection with this Agreement (Dispute) amicably. In the event that amicable resolution of the dispute cannot be reached within
 14 days (or such longer period as Parties may agree in writing) of such dispute arising, the Parties irrevocably agree to submit the
 dispute to the Singapore Mediation Centre ("SMC") for resolution in accordance with the Mediation Procedure for the time
 being in force. The Parties agree to participate in mediation in good faith and undertake to abide by the terms of any settlement reached.
 Notwithstanding anything in this Agreement, no Party shall proceed to any form of dispute resolution unless the Parties have made reasonable
 efforts to resolve the same through mediation in accordance with the Mediation Procedure of the SMC for the time being in force. A
 Party who receives a notice for mediation from the other Party shall consent and participate in the mediation process or shall be deemed
 to be in breach of contract.

8.3 Any dispute that cannot be
 resolved through mediation within 90 days after the request for mediation was submitted to the SMC, the dispute shall be referred to
 and finally resolved by arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration
 Centre ("SIAC") for the time being in force, which rules are deemed to be incorporated by reference to this Clause. The
 place of arbitration shall be in Singapore and the language of the arbitration shall be English. The arbitral award made and granted
 by the arbitrators shall be final, binding and incontestable, may be enforced by the Parties against the assets of the other Party
 wherever those assets are located or may be found and may be used as a basis for judgement thereon in Singapore or elsewhere.

**9.** **No Assignment** 

9.1 Neither Party shall be entitled
 to assign this Agreement without the written consent of the other Party.

**10.** **Compliance with Laws** 

10.1 The Parties herein shall
 at all times and in all other respects comply with the provisions of any such written law, regulations and by-laws of any local or
 other duly constituted authority which may be applicable in performing its obligations under this Agreement and the Parties herein
 shall be liable for all fines, penalties and liabilities of every kind of breach of any such provisions.

**11.** **Force Majeure** 

11.1 Neither of the Parties hereto
 shall have any liability whatsoever or be deemed to be in default, for any delay or failure in performance under this Agreement resulting
 from acts beyond the control of that Party, including, but not limited to, acts of God, acts or regulations or order of governments,
 war or national emergency, accident, fire, riot, break down of plant and machinery strikes, disputes between the Company and a third
 party arising out of an alleged infringement on such third parties' patent, trademark or any other intellectual property right,
 insufficiency of capacity of the Company, lockouts, industrial disputes or epidemics.

**12.** **Contracts (Rights of Third Parties) Act** 

12.1 The Contracts (Rights of
 Third Parties) Act (Chapter 53B) of Singapore shall not under any circumstances apply to this Agreement and any person who is not a
 party to this Agreement (whether or not such person shall be named, referred to, or otherwise identified, or form party of a class
 of persons so name, referred to or identified in this Agreement) shall have no right whatsoever under the Contracts (Rights of Third
 Parties) Act (Chapter 53B) to enforce this Agreement or any of its terms.

[the remainder of this page is intentionally left blank]

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.

---

| | | |
|:---|:---|:---|
| For and on behalf of) |  |  |
| **T & T Medical Group Pte Ltd**) |  |  |
| (Company No.: 198901436H) |  |  |
| in the presence of -) |  |  |
|  | /s/ TING CHOON MENG | /s/ TING CHOON MENG |
|  | Director |  |
|  | Name: | TING CHOON MENG |
|  | NRIC No.: | S 1345465E |

---

---

| | |
|:---|:---|
| /s/ FONG LEE MEI | /s/ FONG LEE MEI |
| Name: | FONG LEE MEI |
| NRIC No.: | S219405BD |

---

---

| | | |
|:---|:---|:---|
| For and on behalf of) |  |  |
| **EGEIRO PHYSIOTHERAPY PTE LTD**) |  |  |
| (Company No.: 202105261W) |  |  |
| in the presence of -) |  |  |
|  | /s/ BREN NA NG JIE YI | /s/ BREN NA NG JIE YI |
|  | Director |  |
|  | Name: | BREN NA NG JIE YI |
|  | NRIC No.: | 04331484 J |

---

---

| | |
|:---|:---|
| /s/ Wong Yee mei | /s/ Wong Yee mei |
| Name: | Wong Yee mei |
| NRIC No.: | S4763465G |

---

## Exhibit 10.19

**Exhibit 10.19**

**RADIOLOGICAL SERVICES AGREEMENT**

This Radiology Services Agreement [the "AGREEMENT"] is made and entered into effective as of this 3<sup>rd</sup> day of July, 2018 between:

**JIREH GROUP PTE LTD** [Co Reg No: 201134851W], a limited liability company incorporated in the Republic of Singapore that provides healthcare technology services and with its registered business address at 41 Namly Avenue, Singapore Institute Of Management, Singapore 267616 [hereinafter called the "JIREH"].

And

**T & T MEDICAL GROUP PTE LTD** [Co Reg No 198901436H], a limited liability company incorporated in the Republic of Singapore that provides medical services and with its registered business address at 181 Kitchener Road, #01-14 Park Royal On Kitchener Road, Singapore 208533 [hereinafter called the "T&T"], [each individually a "PARTY," and collectively the "PARTIES"].

---

| | |
|:---|:---|
| **Whereas:** | i) T&T owns and operates a medical clinic located at 181 Kitchener Road, #01-36/39 Park Royal On Kitchener Road, Singapore 20853 [hereinafter referred to as the "CLINIC"]. |
|  | ii) T&T desires to appoint JIREH to set up an X-ray laboratory within the CLINIC to provide T&T with medical imaging services. |

---

**In consideration of the foregoing, the parties agree as follows:**

**1.0**  **<u>JIREH'S OBLIGATIONS</u>** 

1.1 <u>Radiology Services</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. JIREH
 shall set up an independent X-ray laboratory within the CLINIC [hereinafter referred to as
 the "CENTRE"] to provide T&T with the following medical imaging services
 (hereinafter collectively referred to as the "SERVICES"]:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) General
 X-rays

b) Bone
 Mineral Densitometry (BMD)

c) Ultrasound
 Imaging

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. JIREH shall ensure that the
 SERVICES it provides are in compliance at all times with all applicable ethical and clinical standards, laws, rules, and regulations.

1.1.3. All X-ray examinations performed
 at the CENTRE shall be interpreted remotely by a JIREH-appointed radiologist via a teleradiology interface that will be provided for
 by JIREH at no charge to T&T.

1.1.4. Subject to patient confirmation
 and agreement to proceed, should T&T require paid "second-opinion" sub-specialty reporting by a second radiologist
 other than the assigned radiologist who reported the examination, the cost of which shall be quoted to T&T by JIREH on a case-by-case
 basis.

---

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1.2 <u>Imaging Equipment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 All imaging equipment and
 accessories that are required for the provision of the SERVICES [hereinafter collectively referred to as the "EQUIPMENT"]
 including, but not limited to all X-ray and ultrasound systems, lead shielded barriers, printers, radiation safety devices, tele-radiology
 interfaces and image storage devices, etc shall be purchased by JIREH and be installed in the CENTRE and at no cost to T&T.

1.2.2 The make and model of the imaging equipment that JIREH
 shall provide are as follows:

---

| | | |
|:---|:---|:---|
| **MODALITY** | **MANUFACTURER** | **MODEL** |
| X-RAY | Quantum | Odyssey HF |
| CR | Carestream | Vita LE |
| Film Printer | Carestream | Dry View 5700 |
| BMD | Hologic | Explorer |
| Ultrasound | GE | Logiq V2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 JIREH shall be responsible
 for all costs associated with the installation, upkeep and maintenance of the EQUIPMENT and for undertaking all necessary quality control
 testing to ensure optimal performance of the EQUIPMENT.

1.2.4 Further to the above Article
 1.2.3, JIREH shall maintain a valid service contract with the respective equipment manufacturers/vendors to perform scheduled preventive
 maintenance servicing on the EQUIPMENT at JIREH's own cost.

1.3 <u>Hours of Coverage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 JIREH shall ensure that the
 SERVICES are made available to the T&T during the CLINIC's Operational hours Monday through Friday, 9 am to 5:30 pm (excluding
 public holidays).

1.4 <u>Turnaround Time</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 JIREH shall ensure that the
 majority of studies, at least ninety percent [90%] be reported within a turnaround time of the next working day.

1.5 <u>Manpower</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1 All radiographers/sonographers
 required for the operation of the EQUIPMENT shall be provided by JIREH and the appointment and number of such staff shall be determined
 by JIREH.

1.5.2 All radiologists designated
 to provide diagnostic interpretation of the X-ray examinations performed at the CENTRE shall be appointed by JIREH and shall be so
 assigned at JIREH's discretion.

***(The balance of this page is intentionally left blank)***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.3 The parties agree that the
 JIREH is solely responsible for the payment of fees, salaries. and wages to its Radiologists and Radiographers, as well as any applicable
 payroll taxes and all other taxes now or hereafter applicable. The parties agree that neither the JIREH nor any of its shareholders.
 employees, or independent contractors have any claim under this Agreement or otherwise against the T&T for any health and welfare
 benefits. Central Provident Fund contributions, vacation, sick leave, retirement, disability, or any other employee benefits of any
 type. All such benefits, if any, are the sole responsibility of JIREH, and JIREH shall indemnify and hold harmless T&T, its members,
 directors, officers, employees, and agents from and against any and all claims, liability, loss. damage, or expenses (including reasonable
 attorney fees) arising from the T&T's responsibilities under this Section 1.4.3.

1.6 <u>Statutory Obligations</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.1 JIREH undertakes to meet
 all statutory requirements imposed by the local authorities by obtaining all the necessary licenses and permits required to operate
 the CENTRE as a licensed medical imaging facility at JIREH's own cost.

1.6.2 Each of the JIREH's
 radiologists who is designated to provide interpretative services for the CENTRE shall be a registered medical practitioner with the
 Singapore Medical Council as well as possess the necessary certification from the Singapore Specialists Board to perform diagnostic
 imaging investigations.

1.6.3 JIREH further undertakes
 to ensure that all its radiographers who are involved in performing medical imaging investigations at the CENTRE shall possess the
 proper professional qualifications as required by governing bodies and obtain the necessary licenses and permits required to carry
 out such examinations.

1.6.4 JIREH shall be responsible
 for maintaining all image data and transcribed reports relating to studies performed at the CENTRE in accordance with the guidelines
 set forth by the Singapore Ministry of Health or any other relevant Government body.

1.6.5 JIREH shall be responsible
 for ensuring that its radiographers obtain all necessary informed consent from patients relating to the provision of the SERVICES.

1.7 <u>Insurance and Indemnit</u> *y* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.1 At all times during the term
 of this Agreement, the JIREH shall ensure that all radiologists designated to provide diagnostic interpretation for examinations performed
 at the CENTRE maintain a Professional Indemnity insurance policy underwritten by the Medical Protection Society (MPS). NTUC Income
 or other approved insurance underwriter to cover any liabilities arising from JIREH's obligations under this Agreement. Upon
 request by the T&T, JIREH shall provide the Company with certificates of insurance or other satisfactory written evidence of such
 insurance coverage.

1.7.2 JIREH shall indemnify, hold
 harmless. and defend T&T and its respective officers, managers, directors, shareholders, employees, and agents from and against
 any and all liability, loss, damage, claim, causes of action, and expenses (including reasonable attorneys' fees), to the extent
 not covered by the JIREH's or its radiologists' insurance policies, caused or asserted to have been caused, directly or indirectly,
 by or as a result of: (a) the performance of the Services; (b) the negligent acts or omissions or the intentional misconduct of JIREH,
 any of its members, or radiologists; or (c) any breach of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.3 The indemnification obligations
 of JIREH set forth in Sub-section 1.7.2 herein survive indefinitely, regardless of any expiration, termination, or rescission of this
 Agreement.

**2.0**  **<u>T&T's Obligations</u>** 

2.1 <u>Operating Premises</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 T&T shall provide the
 physical premises [the "PREMISES"] for the CENTRE at no charge to JIREH by permitting JIREH to locate the CENTRE within
 the CLINIC in accordance with the attached layout drawing in Annex A.

2.1.2 With respect to the foregoing,
 it is agreed by the PARTIES that the PREMISES is made available to JIREH for the sole purpose of provision of the SERVICES and may
 not be utilized by JIREH for any other purposes other than the sole purpose for which it was intended.

2.1.3 T&T shall be responsible
 for the upkeep and maintenance of all areas within the CLINIC that are outside of the PREMISES as demarcated in the attached layout
 drawing in Annex A.

2.2 <u>Utilities</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 The cost of provision of
 working utilities such as electrical supply, internet and telephone services as well as the installation and maintenance of all lighting
 fixtures, air conditioners, smoke detection system, CCTV cameras within the clinic shall be borne by T&T.

2.2.2 T&T shall also make available
 to JIREH an Internet connectivity of at least 1 Mbps for the transmission of medical images, the cost of which shall be borne by T&T.

2.3 <u>Manpower</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 With the exception of the
 radiographer which shall be provided by JIREH, all other medical and administrative personnel required to operate the CLINIC such as
 doctors. nurses, receptionists, clinic administrators, etc. shall be under the employment of T&T.

2.3.2 All staffing arrangements
 pertaining to the operations of the CLINIC (other than the CENTRE) shall be solely determined by T&T.

2.4 <u>Billing and Collection of Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 T&T shall bill patients,
 referral clinics. agents or companies for the SERVICES rendered at the CENTRE and shall be responsible for all costs related to billing
 and collection of such fees.

2.4.2 The Ultrasound equipment
 provided under this agreement may from time to time be operated by a specialist consultant, without JIREH's provision of a sonographer.
 In such instance, it is agreed that;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. T&T shall within 14 days
 after the end of each calendar month account to JIREH all Ultrasound scans performed using the ultrasound equipment provided under
 this agreement.

ii. Revenue will be shared in
 accordance with paragraph 3 of this agreement, based on T&T's net receipt after deduction of the consultant's portion.

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2.5 <u>Insurance & Indemnification</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1 During the term of this Agreement,
 the T&T shall take up and maintain a public liability insurance policy for the CLINIC sufficient to cover any liabilities arising
 from the T&T's clinic operations, in amounts of at least three hundred thousand dollars [$300,000.00] per occurrence and
 one million dollars [$1,000,000.00] in aggregate. Upon request by JIREH, T&T shall provide JIREH with certificates of insurance
 or other satisfactory written evidence of such insurance coverage.

2.5.2 T&T shall indemnify,
 hold harmless, and defend JIREH from and against any liability, loss, damage, claim, causes of actions, and expenses (including reasonable
 attorneys' fees) to the extent not covered by the T&T's insurance policies, caused by or as a result of the negligent
 acts or omissions of the T&T and/or any of its employees and/or subcontractors under this Agreement during the term of this Agreement
 (other than when acting at the direction of or in accordance with the written instructions from JIREH himself).

2.5.3 Further to Articles 2.1 and
 2.2, T&T shall also indemnify, defend and hold JIREH harmless from and against any and all claims arising from T&T's
 breach of the terms of T&T's tenancy agreement with the landlord including but not limited to any claims made by the landlord
 or the landlord's representatives for the payment of rental or maintenance fees payable to the landlord by T&T.

2.5.4 The indemnification obligations
 of the parties set forth in Sub-sections 2.4.2 and 2.4.3 herein survive indefinitely, regardless of any expiration, termination, or
 rescission of this Agreement.

**3.0**  **<u>Payment for SERVICES</u>** 

3.1 In consideration for the
 performance of the Services as set forth in Article 1.1, and the substantial financial investment made by JIREH to provide T&T
 with the SERVICES, T&T hereby agrees to pay JIREH a Diagnostic Compensation Fee ["DCF"] as set forth in Annex B of
 this Agreement subject to a minimum **monthly** guaranteed recoupment sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ten thousand dollars [$10,000.00]
 during the first [1<sup>st</sup>] and second [2<sup>nd</sup>] year of service

(b) Eight thousand dollars [$8000.00]
 during the third [3<sup>rd</sup>] to fifth [5<sup>th</sup>] year of service

(c) Zero dollars [$0.00] from
 the sixth [6<sup>th</sup>] year onwards.

3.2 In consideration of T&T's
 expense and effort to support the collaboration, twenty percent [20%] of the DCF, inclusive of Revenue in Article 2.4.2, exceeding
 the monthly guaranteed recoupment sum shall be retained by JIREH each month to support ongoing operations and the remainder shared
 equally between the PARTIES.

The DCF for UltraSound refers to patients referred by external parties.

For the avoidance of doubt, a scenario is illustrated below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Year 1 & 2 | Year 3 to 5 | Year 6+ |
| 1 | Value of Services charged in a month in accordance to Annex B | $20000 | $20000 | $20000 |
| 2 | Base sum deductible - Clause 3.1 | $10000 | $8.000 | Ν.Α. |
| 3 | Balance after (2) | $10000 | $12000 | $20000 |
| 4 | Diagnostic / Professional Charge (20%) - Clause 3.2 | $2000 | $2400 | $4000 |
| 5 | Balance after all deductions | $8000 | $9600 | $16000 |
| 6 | Net revenue for distribution (50%/50%) - Clause 3.2 | $4000 | $4800 | $8000 |
|  |  | $16000 | $15200 | $12000 |

---

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3.3 JIREH
 shall bill T&T on or before the fifth ]5<sup>lh</sup>\| of every month for all DCF incurred
 by T&T during the preceding month and T&T agrees to pay to JIREH the full invoiced
 amount no later than thirty \|30J days from the billing date.

3.4 Further
 to the foregoing Article 3.3. if payment is not received within sixty [60] days of the billing
 date. JIREH shall be entitled to collect from T&T a late payment fee which is the greater
 of fifty dollars \|$5().()()\| or one percent 11%] of the overdue amount for each month of
 delayed payment.

4.0 <u>Term and Termination</u> 

**4.1** The
 Term of this Agreement shall be for a period of three \|3\| years minimum, subject to automatic
 annual renewals thereafter, unless cither party provides one hundred and eighty 1180] days
 prior written notice of non-renewal to the other party.

**4.2** During
 the notice period of such non-renewal. JIREH shall offer to T&T the option of taking
 ownership of the EQUIPMENT by paying to JIREH a take-over fee of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Eighty
 thousand dollars [$80,000.00] for termination date that falls on the fourth (4<sup>th</sup>)
 year and before the end of the fifth [5<sup>th</sup>] year of contract duration and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Forty
 thousand dollars [$40,000.00] for termination dale that falls on or after the [6<sup>th</sup>]
 year of contract duration.

4.2.A Taking ownership of the EQUIPMENT shall include all equipment as described in Article 1.2.2 and peripheral accessories required to continue an effective operation. The said EQUIPMENT shall be free of any and all emcumbrances.

**4.3** In
 addition to the foregoing. JIREH shall yield up the PREMISES together with all keys thereto
 and such of the fixtures and fittings therein belonging to T&T (other than those belonging
 to JIREH) at the expiry or sooner determination of the term in good and tenantable repair
 (fair wear and tear excepted) and in a clean and tidy condition and in the state and condition
 as when it was first delivered to the JIREH. to the satisfaction of T&T.

**4.4** Subsequent
 to JI REH s reinstatement of the premises as set forth in the foregoing Article 4.3. both
 parties shall undertake to settle all outstanding debts owed to the other party no later
 than thirty [301 days from the termination date.

**4.5** In
 respect to the foregoing Article 4.4. the Creditor shall be entitled to collect from the
 Debtor a late payment interest fee of one percent [1%] of the amount owed for each month
 of delayed payment.

**4.6** **Termination for Bankruptcy.** Either Party may immediately terminate this Agreement in the event that
 the other Party (a) becomes insolvent or unable to pay its debts as they mature: (b) makes
 an assignment for the benefit of its creditors: (c) seeks relief, or if proceedings arc commenced
 against such other Party or on its behalf, under any bankruptcy, insolvency or debtors relief
 law and such proceedings have not been vacated or set aside within seven (7) days from the
 date of commencement thereof.

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5.0 <u>Announcements</u> 

5.1 The Parties shall coordinate any public announcements or comments
relating to any part of this Agreement or its Terms and Conditions contained herein in such a manner that each party must have reviewed
and approved any proposed public announcement or public comment prior to its issuance.

6.0 <u>Compliance with Laws</u> 

6.1 It
 is the intention of both JIREH and T&T that the Agreement, the transactions contemplated
 thereby, and the manner in which the Parties perform their respective obligations, shall
 comply with all applicable laws and regulations of the Republic of Singapore.

7.0 <u>Severability</u> 

7.1 In
 the event that any of the provisions of this Agreement arc held to be invalid or unenforceable
 by any court of competent jurisdiction, the remaining provisions hereof shall not be affected
 thereby, and the provision found invalid or unenforceable shall be revised or interpreted
 to the extent permitted by law so as to uphold the validity and enforceability of this Agreement
 and the intent of the parties as expressed herein.

8.0 <u>Waiver</u> 

8.1 No
 term or condition of this Agreement shall be deemed to have been waived except by written
 instrument of the party charged with such waiver.

8.2 The
 waiver of any breach of any term or condition of this Agreement shall not be deemed to constitute
 the waiver of any subsequent breach of the same or any other term or condition hereof.

9.0 <u>No Third Party Benefit</u> 

9.1 This
 Agreement is intended for the exclusive benefit of the Parties hereto and their respective
 successors and assigns, and nothing contained in this Agreement shall be construed as creating
 any rights or benefits in or to any third party, and shall not be enforceable by any third
 party.

10.0 <u>Confidentiality</u> 

10.1 For the purpose of this agreement. "Confidential
 Information" shall mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 information relating to T&T's patient records including, but not limited to the
 identity, demographic information, diagnosis and treatment of T&T's patients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 technical information, data, writings, know-how. computer programs, software code, price
 lists, marketing plans and any other trade secrets, in any media or form provided by either
 party to the other:

10.2 In
 respect to 10.1 above, the both T&T and JIREH shall hold in trust and keep secret all
 Confidential Information and lake all reasonable measures to prevent the unauthorized disclosure
 of such information to any third party.

10.3 Both
 the Parties further agree not to use the Confidential Information for any purpose other than
 for the sole purpose of fulfilling the scope of the Agreement.

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10.4 Neither
 party shall have any rights or title to any intellectual property belonging to the other
 party and nothing in this Agreement or pursuant to this Agreement shall give a party any
 rights or title to the designs, copyright, trade secret, software code or other intellectual
 property rights of the other party.

10.5 Either
 party shall fully indemnify and hold harmless the other against all losses, damages and liabilities
 including but not limited to all legal fees and expenses on a solicitor and client basis
 arising from or connected with any unauthorized disclosure, use or misuse of the Confidential
 Information, whether by itself or its employees.

11.0 <u>Survivorship</u> 

11.1 The
 confidentiality obligations of the Parties as set forth in the foregoing Article 8.0 shall
 survive the expiration, termination, or rescission of this Agreement for an indefinite period.

12.0 <u>Prevention of Performance by JIREH</u> 

12.1 JIREH
 shall not be liable for any loss or damage to T&T (including, without limitation, direct,
 indirect, incidental and consequential damages) due to any failure in its performance hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) because
 of compliance with any order, request, or control of any governmental authority or person
 purporting to act therefor, whether or not said order, request or control ultimately proves
 to have been invalid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) when
 its performance is interrupted; frustrated or prevented, or rendered impossible or impractical
 because of wars, hostilities, public disorders, acts of enemies, sabotage, strikes, lockouts,
 labor or employment difficulties, fires, or acts of God. or any cause beyond its control,
 whether or not similar to any of the foregoing.

12.2 **"Non-Performancc of The Services" -** Except with respect to a Force Majeure Event or event defined
 in Article 12.1. if JIREH. any of its Affiliates or any Third Party's performance of
 any Service is interrupted in whole or in part for any reason for more than two (2) consecutive
 Business Days. JIREH. al its sole cost shall procure such Interrupted Services from an alternative
 source al a cost no greater than the costs reflected in Annex B of this agreement. Should
 the interruption of service continue for 14 days, then a breach is considered to have occurred
 and Article 15 shall apply.

13.0 <u>Attorney's Fees</u> 

13.1 If
 legal action is commenced by either party to enforce or defend its rights under this Agreement,
 the prevailing party in such action shall be entitled to recover its costs and reasonable
 attorneys' fees in addition to any other relief granted. The term "Prevailing Party"
 shall mean the party in whose favor final judgment after appeal (if any) is rendered with
 respect to the claims asserted in the complaint, and the term "Reasonable Attorneys'
 Fees" arc those attorneys' fees actually incurred in obtaining a judgment in favor of
 the prevailing party.

14.0 <u>Assignment</u> 

14.1 Neither
 party may assign this Agreement without the prior written consent of the other party; provided,
 however, that this Agreement may be assigned to any successor of the JIREH by merger, consolidation
 or sale of all or substantially all of the JIREH s assets, without the consent of T&T.

14.2 following
 the assignment of this Agreement to a third party, all terms and conditions of this Agreement
 shall continue to remain in force and unchanged.

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15.0 **Breach** 

15.1 Notwithstanding
 Article 12. a breach is a failure by either Party to comply with any of the material obligations
 contained in this Agreement shall entitle the other Party to give to the Parly in default
 notice specifying the nature of the default and requiring it to cure such default. If such
 default is not cured within fourteen (14) days after the receipt of such notice (or. if
 such default cannot be cured within such fourteen (14) day period, if the Party in default
 does not commence and diligently continue actions to cure such default), the notifying Part)
 shall be entitled, without prejudice to any of its other rights conferred on it by this Agreement,
 in addition to any other remedies available to it by law or in equity. to terminate this
 Agreement by giving written notice to take effect within thirty (30) days after such notice
 unless the defaulting Party shall cure such default within said thirty (30) days. The right
 of either Party to terminate this Agreement, as hereinabove provided. shall not be affected
 in any way by its waiver or failure to take action with respect to any previous default."

16.0 <u>Entire Understanding; Amendment</u> 

16.1 This
 Agreement constitutes the entire understanding of the Parties and supersedes any and all
 prior understandings or agreements between the Parties, whether written or oral, with respect
 to the subject matter of this Agreement. This Agreement may not be amended or modified except
 in a writing signed by both JI REH and T&T.

***(The balance of this page is intentionally left blank. Signature page and Annexes to follow)***

---

| |
|:---|
| Page 9 of 13 |
| ![](ex10-19_004.jpg) |

---

IN WITNESS WHEREOF, the parties have executed this agreement as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| For And Behalf of Jireh: | For And Behalf of Jireh: | For And Behalf of T&T: | For And Behalf of T&T: |
| */s/ Woon Shung Toon* | */s/ Woon Shung Toon* | */s/ Ting Choon Meng* | */s/ Ting Choon Meng* |
| *Signature & Company Stamp* | *Signature & Company Stamp* | *Signature & Company Stamp* | *Signature & Company Stamp* |
| Name: | Mr Woon Shung Toon: | Name: | Dr Ting Choon Meng |
| Title: | CEO & Founder | Title: | Managing Director |
|  | Jireh Group Pte Ltd |  | T & T Medical Group Pte Ltd |
| Witnessed by: | ![](ex10-19_001.jpg) | Witnessed by: | ![](ex10-19_001.jpg) |
| Name: | HO YEN WENG SCAN JAMES | Name: | HO YEN WENG SCAN JAMES |

---

---

| |
|:---|
| Page 10 of 13 |
| ![](ex10-19_004.jpg) |

---

**ANNEX A**

**LAYOUT PLAN OF CLINIC AND IMAGING LABORATORY**

![](ex10-19_002.jpg)

---

| |
|:---|
| Page 11 of 13 |
| ![](ex10-19_004.jpg) |

---

**Annex B**

**DIAGNOSTIC COMPENSATION FEES FOR X-RAY EXAMINATIONS**

---

| | |
|:---|:---|
| **TYPE OF INVESTIGATION**<br>**BODY** |<br>**DCF** |
| ABDOMEN (1 VIEW) / KUB | $32.00 |
| ABDOMEN (2 Views) | $60.00 |
| CHEST (1 VIEW) | $24.00 |
| CHEST (2 Views) | $40.00 |
| CHEST (FOR RIBS) | $47.00 |
| CLAVICLE | $30.00 |
| CLAVICLE - BOTH | $60.00 |
| SCAPULA | $50.00 |
| SCAPULA :BOTH | $60.00 |
| SHOULDER (ONE VIEW) | $30.00 |
| SHOULDER | $50.00 |
| SHOULDER - BOTH | $60.00 |
| STERNUM | $43.00 |
| SC JOINT | $56.00 |
| PELVIS (1 VIEW) | $32.00 |
| PELVIS (2 VIEWS) | $60.00 |
| HEAD/SKULL |  |
| LATERAL NECK (SOFT TIUUSE) | $30.00 |
| NASAL BONE | $30.00 |
| FACIAL BONES | $48.00 |
| 1AM | $50.00 |
| MANDIBLE | $48.00 |
| MASTOIDS | $48.00 |
| ORBITS | $48.00 |
| PITUITARY FOSSA | $30.00 |
| SINUSES PARANASAL | $48.00 |
| SKULL (2 VIEWS) | $38.00 |
| SKULL (3 VIEWS) | $68.00 |
| SKULL (SPECIAL VIEW) | $30.00 |
| TEMPORO-MANDIBULAR JOINTS (BOTH) | $58.00 |
| UPPER EXTREMITY |  |
| ADDITIONAL VIEW (UPPER EXTREMITY) | $21.00 |
| ELBOW JOINT | $30.00 |
| ELBOW JOINT- BOTH | $60.00 |
| FINGERS | $30.00 |
| HAND | $30.00 |
| HAND - BOTH | $60.00 |
| HUMERUS | $30.00 |
| HUMERUS : BOTH | $60.00 |
| RADIUS AND ULNA (FOREARM) | $30.00 |
| RADIUS AND ULNA (FOREARM) - BOTH | $60.00 |
| SC JOINT | $56.00 |
| SCAPHOID VIEWS | $43.00 |
| SCAPHOID VIEWS BOTH | $86.00 |
| WRIST JOINT | $30.00 |
| WRIST JOINT: BOTH | $60.00 |

---

**\*Price excludes GST**

---

| | |
|:---|:---|
| **TYPE OF INVESTIGATION**<br>**LOWER EXTREMITY** |<br>**DCF** |
| ADDITIONAL VIEW (LOWER EXTREMITY) | $21.00 |
| ANKLE JOINT | $30.00 |
| ANKLE JOINT : BOTH | $60.00 |
| CALCANEUM BOTH (1 VIEW) | $30.00 |
| CALCANEUM | $30.00 |
| CALCANEUM (BOTH) | $60.00 |
| FEMUR | $34.00 |
| FEMUR; BOTH | $68.00 |
| FOOT | $30.00 |
| FOOT (AP, OBL & LAT) | $38.00 |
| FOOT BOTH | $60.00 |
| FOOT BOTH (AP, OBL & LAT) | $76.00 |
| HIP JOINT | $33.00 |
| HIP JOINT, BOTH | $66.00 |
| KNEE JOINT | $30.00 |
| KNEE JOINT (AP, LAT & SKYLINE) | $52.00 |
| KNEE JOINT; BOTH | $60.00 |
| KNEE JOINT - BOTH (AP, LAT & SKYLINE) | $104.00 |
| TIBIA AND FIBULA | $30.00 |
| TIBIA AND FIBULA; BOTH | $60.00 |
| TOES | $30.00 |
| **SPINE** |  |
| CERVICAL SPINE (1 VIEW) | $30.00 |
| CERVICAL SPINE (AP & LAT) | $52.00 |
| CERVICAL SPINE (AP, LAT & OM) | $72.00 |
| CERVICAL SPINE (AP, LAT & OBL) | $85.00 |
| CERVICAL SPINE (AP, LAT, OBL & OM)) | $105.00 |
| LUMBAR SPINE (1 VIEW) | $30.00 |
| LUMBAR SPINE (AP& LAT) | $52.00 |
| LUMBAR SPINE (AP, LAT & OBL) | $85.00 |
| LUMBAR SPINE (AP, LAT & FLEXION/EXT) | $85.00 |
| LUMBOSACRAL CONE VIEW | $30.00 |
| SACRUM/COCCYX | $52.00 |
| SACRO-ILIAC JOINTS | $52.00 |
| THORACIC SPINE (1 VIEW) | $30.00 |
| THORACIC SPINE (AP & LAT) | $52.00 |
| THORACIC SPINE (SWIMMER'S VIEW) | $38.00 |
| THORACOLUMBAR SPINE (PA & LAT) | $52.00 |
| BONE MINERAL DENSITY |  |
| BMD - SPINE & HIP (STD) | $98.00 |
| BMD-WHOLE BODY SCAN | $120.00 |
| BMD - 1 REGION | $60.00 |
| BMD (Amgen) | $40.00 |
| MISCELLANEOUS |  |
| CD (DUPLICATE COPY) | $15.00 |
| X-RAY REPORT (DUPLICATE COPY) | $5.00 |
| FILMS | $10.00 |

---

---

| |
|:---|
| Page 12 of 13 |
| ![](ex10-19_004.jpg) |

---

**Annex B**

**DIAGNOSTIC COMPENSATION FEES FOR ULTRASOUND EXAMINATIONS**

---

| | |
|:---|:---|
| **TYPE OF INVESTIGATION** | **DCF** |
| **ULTRASOUND BODY** |  |
| ULTRASOUND TIBS (abdomen) | SI 25.00 |
| ULTRASOUND ABDOMINAL WALL | SI 15.00 |
| ULTRASOUND KIDNEYS | SI 36.00 |
| ULTRASOUND KUB | $136.00 |
| ULTRASOUND BREAST (One side) | $120.00 |
| ULTRASOUND BREAST (Both sides) | SI 95.00 |
| ULTRASOUND PELVIS | SI 55.00 |
| UL TRASOUND GROIN | S155.00 |
| ULTRASOUND SCROTUM TESTES | S240.00 |
| ULTRASOUND THYROID | SI 36.00 |
| ULTRASOUND SUPERFICIAL LUMP | SI 20.00 |
| ULTRASOUND AXILLA | S95.00 |
| ULTRASOUND LIMITED STUDY | SI 00.00 |

---

***\* Price excludes GST***

 ****

---

| | |
|:---|:---|
| **TYPE OF INVESTIGATION** | **DCF** |
| **ULTRASOUND MSK** |  |
| ULTRASOUND MSK LOWER LIMB *(ankle, knee, hip)* | $150.00 |
| ULTRASOUND MSK UPPER LIMB *(wrist, elbbow, shoulder)* | $150.00 |
| **ULTRASOUND COLOUR DOPPLER** |  |
| ULTRASOUND DOPPLER ABDOMEN | $240.00 |
| ULTRASOUND DOPPLER AOR'I A | $240.00 |
| ULTRASOUND DOPPLER 1VC | $180.00 |
| ULTRASOUND DOPPLER ARTERIAL | $240.00 |
| ULTRASOUND DOPPLER VENOUS | $180.00 |
| ULTRASOUND DOPPLER RENAL | $180.00 |
| ULTRASOUND DOPPLER RENAL | $180.00 |
| ULTRASOUND DOPPLER VENOUS THROMBOSIS/INSUFF1CIEN (CVI) | $360.00 |
| ULTRASOUND DOPPLER OTHERS | $235.00 |

---

---

| |
|:---|
| Page 13 of 13 |
| ![](ex10-19_004.jpg) |

---

## Exhibit 10.20

**Exhibit 10.20**

![](ex10-20_001.jpg)

**LYC Healthcare (Cayman) Ltd (414997)**

**PRIVATE & CONFIDENTIAL**

Ref. No. : HR/LHC/3033/SD <br> Date : 1<sup>st</sup> August 2025

**Lee Ai Vi**

**I/C No: 780601-14-5900**

No 31, Lorong Anggor,

Jalan Kelang Lama,

58100 Kuala Lumpur.

Dear Lee Ai Vi,

**<u>RE: APPOINTMENT OF INTERIM CHIEF FINANCIAL OFFICER – LYC HEALTHCARE (CAYMAN) LTD</u>**

We are pleased to inform you that the Management has decided to appoint you as the **Interim Chief Financial Officer (CFO)**, of **LYC HEALTHCARE (CAYMAN) LTD**. This temporary assignment is in recognition of your leadership, professionalism, and strong contributions to the Finance function.

**Details of the appointment:**

 ● Financial planning and strategy

 ● Budgeting and forecasting

 ● Financial reporting and compliance

 ● Stakeholder and audit management

 ● Supporting strategic business decisions

We are confident that your extensive experience and leadership in finance will be invaluable to the Company during this period. We look forward to your contributions to our continued success.

Please indicate your acceptance of this interim role by signing and returning a copy of this letter to us.

---

| |
|:---|
| Yours faithfully |
| **LYC HEALTHCARE (CAYMAN) LTD <sub>(414997)</sub>** |
| */s/ Chan Ying Ho* |
| **Chan Ying Ho (Henry)** |
| Group CEO and Executive Director |

---

I, <u>Lee Ai Vi</u> (NRIC No.: <u>780601-14-5900)</u> hereby accept this **Appointment of Interim Chief Financial Officer- LYC HEALTHCARE (CAYMAN) LTD** and the terms and conditions stipulated therein.

---

| | | |
|:---|:---|:---|
| */s/ Lee Ai Vi* | */s/ Lee Ai Vi* | **LYC Healthcare (Cayman) Ltd <sub>(414997)</sub>** |
| Name: | Lee Ai Vi | 435 Orchard Road |
| Date: | 26/8/2025 | Wisma Atria #21-05, |
|  |  | Singapore 238877 |
|  |  | Tel: +65 6962 2517 |

---

## Exhibit 10.21

**Exhibit 10.21**

**SHARE SWAP AGREEMENT**

AMONG

**LYC MEDICARE SINGAPORE LIMITED**

AND

**LYC MEDICARE SDN BHD**

AND

**MAYBANK NOMINEE (TEMPATAN) SDN BHD) FOR KENANGA INVESTORS BHD (CLIENTS') ACCOUNT**

AND

**CHAN YING HO**

AND

**TING CHOON MENG**

**DATED THE DAY OF**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **CLAUSE** |  | **PAGE** |
| **1.** | **INTERPRETATION** | **3** |
| **2.** | **SALE AND PURCHASE** | **5** |
| **3.** | **CONDITIONS PRECEDENT** | **6** |
| **4.** | **COMPLETION** | **6** |
| **5.** | **WARRANTIES** | **6** |
| **6.** | **CONFIDENTIALITY** | **9** |
| **7.** | **MISCELLANEOUS** | **9** |

---

**SHARE SWAP AGREEMENT**

**THIS AGREEMENT**, is made on the day of 202

**BETWEEN:**

(1) **LYC Medicare Singapore Limited** (Company Registration No. 202012376W), a company limited by
 shares incorporated under the laws of Singapore, with its registered office at 435 Orchard
 Road, #21-05 Wisma Atria, Singapore 238877 ()"**LYC Singapore**" or "**Vendor** ");

(2) **LYC Medicare Sdn Bhd** (Company Registration No. 680188-M), a private company limited by shares
 incorporated under the laws of Malaysia, with its registered office at 12<sup>th</sup> Floor,
 Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor **("LYC Malaysia");** 

(3) **Maybank Nominee (Tempatan) Sdn Bhd) for Kenanga Investors Bhd (Clients') Account** (Company
 registration number T15UF6347H), a company incorporated in Malaysia and having its office
 address at Level 14, Kenanga Tower 237, Jalan Tun Razak 50400, Kuala Lumpurm Malaysia (in
 its capacity as bare trustee for Kenanga Investors Bhd) ()"**KIB** ");

(4) **Chan Ying Ho** (Singapore NRIC No. S7971788F), an individual residing at 38 Crowhurst Drive,
 Serangoon Garden Estate, Singapore 557917 ()"**Chan Ying No** "); and

(5) **Ting Choon Meng** (Singapore NRIC No. S1345465E), an individual residing at 83A Namly Drive,
 Singapore 267486 ()"**Ting Choon Meng** ", together with LYC Malaysia, KIB and
 Chan Ying Ho, the "**Purchasers**" and each a **"Purchaser"),** 

(collectively, the **"Parties"** and each, a "**Party**").

**WHEREAS:**

(A) The
 Vendor is the sole legal and beneficial owner, free from all Encumbrances, of all the issued
 and paid-up share capital of each of the Target Companies (as defined below) as at the date
 of this Agreement.

(B) The
 Vendor has agreed to sell, and the Purchasers have agreed to purchase, the Vendor's
 entire shareholding interests in each of the Target Companies, representing 100% of the entire
 issued share capital of each of the Target Companies, upon the terms and subject to the conditions
 set out in this Agreement.

**IT IS AGREED** as follows:

**1.** **INTERPRETATION** 

**1.1** **Definitions** 

In this Agreement, unless the context otherwise requires:

**"Agreement"** means this Agreement as it may be amended, modified or supplemented from time to time by the Parties in writing.

**"Companies Act"** means the Companies Act 1967 of Singapore.

**"Completion"** means the completion of the sale and purchase of the Sale Shares by performance by the Parties of the obligations assumed by them, respectively, under **Clause 4**.

**"Completion Date"** has the meaning ascribed to it in **Clause 4.1**.

**"Consideration"** has the meaning ascribed to it in **Clause 2.3**.

**"Encumbrances"** means any pledge, assignment, interest, claim, charge, mortgage, lien, option, equity, power of sale, hypothecation, retention of title, right of pre-emption, right of first refusal or other third party right or security interest of any kind.

**"HCOS Sale Shares"** means 100,000 issued and paid-up ordinary shares, representing 100% of the issued share capital of HC Orthopaedic Surgery Pte. Ltd. as at the date hereof and at Completion, details of which are set out in **Part A** of **Schedule 1**.

**"Sale Shares"** means the HCOS Sale Shares and the T&T Sale Shares.

**"Surviving Provisions"** means **Clause 6**.

**"Target Companies"** means T & T Medical Group Pte Ltd (Company No. 198901436H) and HC Orthopaedic Surgery Pte. Ltd. (Company Registration Number: 201725626E), details of which are set out in Part B of **Schedule 1,** and **"Target Company"** shall mean either one of them.

**"T&T Sale Shares"** means 1,000 issued and paid-up ordinary shares, representing 100% of the issued share capital of T & T Medical Group Pte Ltd as at the date hereof and at Completion, details of which are set out in **Part A** of **Schedule 1.**

**"Singapore dollars"** or **"S$"** or **"$"** means the lawful currency for the time being of Singapore.

**1.2** **Miscellaneous** 

In this Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular include the plural and vice versa, words importing any gender include
 every gender and references to time shall mean Singapore time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references
 to a **"person"** include any company, limited liability partnership, partnership,
 business trust or unincorporated association (whether or not having separate legal personality)
 and references to a **"company"** include any company, corporation or other
 body corporate, wherever and however incorporated or established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 words **"subsidiary"** and **"related corporation"** shall
 have the meanings ascribed to them in Sections 5 and 6 respectively of the Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references
 to clauses and schedules are to the clauses and schedules of this agreement; references to
 paragraphs are to paragraphs of the relevant schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 reference in this Agreement to a statute or statutory provision shall include that statute
 or provision and any regulations made in pursuance thereof as from time to time modified,
 supplemented, consolidated or re-enacted, whether before or after the date of this Agreement,
 so far as such modification, supplementation, consolidation or re- enactment applies or is
 capable of applying to any transactions entered into after the date hereof and (so far as
 liability thereunder may exist or can arise) shall include also any past statute or statutory
 provision or regulation (as from time to time modified or re-enacted) which such provision
 or regulation has directly or indirectly replaced. References to sections of consolidating
 legislation shall wherever necessary or appropriate in the context be construed as including
 references to the sections of the previous legislation from which the consolidating legislation
 has been prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 a period of time is specified as being from a given day or from the date of an act or event,
 it shall be calculated exclusive of that day and inclusive of the relevant last day of such
 period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references
 to time are reference to time in Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 reference to **"procure"** shall mean an absolute obligation (and not a reasonable
 obligation) to cause or bring about;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references
 to this agreement include this agreement as amended or varied in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) documents
 in agreed form are documents in the form agreed by the parties or on their behalf and initialled
 by them or on their behalf for identification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) clause
 headings are for convenience of reference only and shall not affect the interpretation of
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 words **"written"** and **"in writing"** include any means of visible reproduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) unless
 otherwise specified, all warranties, representations, covenants, agreements and obligations given or entered into by each of the
 Purchasers are given or entered into severally and not jointly and severally.

**2.** **SALE AND PURCHASE** 

**2.1** The
 Vendor shall, in accordance with the terms and conditions of this Agreement, on Completion
 sell to the Purchasers, and the Purchasers shall purchase, the legal and beneficial title
 to the Sale Shares, free from all Encumbrances and with the benefit of all rights, benefits
 and entitlements attaching thereto as at the Completion Date and thereafter.

**2.2** The
 sale and purchase of the Sale Shares of the Target Companies shall be completed simultaneously
 and none of the Parties hereto shall be obliged to complete the sale or purchase of only
 part of the Sale Shares unless the sale and purchase of all the Sale Shares (but not part
 thereof) are completed simultaneously.

**2.3** The
 aggregate consideration for the transfer of the Sale Shares from the Vendor to the Purchasers
 shall be S$10,000.00 (**"Consideration"**), being the sum of the consideration
 for the HCOS Sale Shares and T&T Sale Shares as set out in **Part A** of **Schedule 1** hereto, which shall be paid on Completion by the Purchasers to the Vendor in the proportions
 as set out in **Part A** of **Schedule 1** hereto.

**2.4** All
 payments to be made under this Agreement shall be (a) by way of bank transfer including by
 way of telegraphic transfer credited for same day value to such bank account as the receiving
 Party shall notify the paying Party in writing no later than ten (10) Business Days prior
 to the Completion Date (or other due date for payment), and in such case, a SWIFT MT103 advice
 or equivalent irrevocable payment instruction provided by the paying Party to the receiving
 Party shall be sufficient to evidence any such payment; or (b) in such other manner as may
 be agreed in writing between the Vendor and the Purchasers.

**3.** **CONDITIONS PRECEDENT** 

**3.1** Completion
 shall be conditional upon the following occurring on or before the Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 necessary governmental, regulatory and third party consents, approvals and waivers, including
 by banks, financial institutions and/or creditors of the Target Company, where required for
 the transactions contemplated hereunder, having been obtained, and such consents, approvals
 and waivers not having been amended or revoked before the Completion Date, and if any such
 consents, approvals or waivers are subject to conditions, such conditions being reasonably
 acceptable to the Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 being no breach of any warranty under this Agreement.

**3.2** If
 any of the conditions set out in **Clause 3.1** is not fulfilled on or before the Completion
 Date and such non-fulfilment is not waived by all of the Parties (as the case may be), this
 Agreement shall *ipso f'acto* cease and determine and in that event, the Parties
 shall be released and discharged from their respective obligations under this Agreement,
 and no Party shall have any claim against any other Party(ies) under this Agreement, save
 in respect of any antecedent breach of this Agreement. Each Party undertakes to use its best
 endeavours to ensure the satisfaction of the conditions set out in **Clause 3.1**.

**4.** **COMPLETION** 

**4.1** **Date** 

Subject to the terms and conditions set out in this Agreement, Completion shall take place on the date falling two (2) Business Days after the last of the Conditions Precedents have been satisfied or waived in accordance with **Clause 3**, or such other date as may be agreed in writing between the parties ("**Completion Date**").

**4.2** **Obligations on Completion** 

On Completion, each of the Parties shall procure that their respective obligations specified in **Schedule 2** are fulfilled.

**5.** **WARRANTIES** 

**5.1** Each
 Party represents and warrants to, and for the benefit of, the other Party as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (if
 a person) he has not been declared (by any appropriate court or other authority) to be incompetent
 or of an unsound mind, and is of sound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if
 a person) he is able to pay his or her debts when due and has not been declared (by any appropriate
 court or other authority) to be bankrupt and has not entered into any arrangement or compromise
 with any creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he/it
 has the capacity to enter into, perform and deliver this Agreement and has taken all necessary
 action (including the obtaining of any necessary Approvals, if any) to authorise his/its
 entry into, performance and delivery of the this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he/it
 has full power and authority to enter into, exercise his/its rights and perform and comply
 with his/its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon
 execution of this Agreement, his/its obligations hereunder shall be legally valid, binding
 and enforceable on and against him/it in accordance with the terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) his/its
 entry into, exercise of his/its rights and/or performance of or compliance with his/its obligations
 under this Agreement do not and will not violate or exceed any power or restriction granted
 or imposed by (i) any law, regulation, authorisation, directive or order (whether or not
 having the force of law) to which he/it is subject; (ii) (in the case of the Purchaser only)
 its constitutive documents or (iii) any agreement or arrangement to which he/it is a party
 or which is binding on him/it or his/its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no
 litigation, arbitration or administrative proceeding is currently pending or so far as he/it
 is aware, threatened to restrain his/its entry into, exercise of his/its rights under or
 performance or enforcement of or compliance with his/its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no
 resolution has been passed or order made against him/it for liquidation or bankruptcy (as
 the case may be) or for the appointment of a receiver, trustee or similar officer of his/its
 assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (in
 the case of the Vendor only):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is the legal owner of all the Sale Shares free from all Encumbrances and it shall on Completion
 transfer the Sale Shares to the Purchaser free from all Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 Target Company is a company duly incorporated and validly existing under the law of Signapore
 and has all the requisite corporate power and authority necessary to carry on its business
 as it is now being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 shares of each Target Company have been properly and validly allotted and issued and are
 each fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no
 person has the right (whether exercisable now or in the future and whether contingent or
 not) to call for the allotment, conversion, issue, sale or transfer of any share or loan
 capital or any other security giving rise to a right over the capital of each Target Company
 under any option or other agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 particulars contained in **Part B** of **Schedule 1** are true, accurate and not misleading
 and no information, the omission of which would make the particulars in **Part B** of **Schedule 1** misleading and incorrect in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all
 governmental approvals which were necessary in connection with the incorporation of each
 Target Company and the allotment or transfer of shares in each Target Company to the present
 and former holders thereof were duly obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all
 licences, consents, permits, certificates, approvals, registrations and authorities necessary
 for the carrying on of the businesses of the each of the Target Companies (the **"Licences")** have been obtained by the relevant Target Company. Each of the Licences is in full force
 and effect, and has been and is being complied with. None of the Vendors or the relevant
 Target Company is aware of any fact or circumstances which would prejudice the continuance
 or renewal of any such Licences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) there
 is no investigation, enquiry or proceeding, outstanding or anticipated, which is likely to
 result in the suspension, cancellation, modification (such modification being materially
 detrimental to the interests of each of the Target Companies) or revocation of any Licence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) each
 Target Company has carried on and is carrying on its business and operations in compliance
 with applicable laws, bye-laws and regulations in all respects and there is no investigation,
 disciplinary proceeding or enquiry by, or order, decree, decision or judgment of, any court,
 tribunal, arbitrator, governmental agency or regulatory body having jurisdiction over any
 of the Target Companies that is outstanding or, to the knowledge of each of the Vendor, anticipated
 against any of the Target Companies or any person for whose acts or defaults such Target
 Company(ies) may be vicariously liable, and there have been no material breaches by any of
 the Target Companies of applicable laws, regulations and by-laws in Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) each
 Target Company is not involved as claimant or defendant in any legal action, proceeding,
 suit, litigation, prosecution, investigation, mediation or arbitration (other than frivolous
 or vexatious claims or as claimant in the collection of debts arising in the ordinary course
 of its business) and there is no legal action, proceeding, suit, litigation, prosecution,
 investigation, mediation or arbitration of material importance pending against each Target
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) no
 order has been made, petition presented, resolution passed or meeting convened for the winding
 up (or other process whereby the business is terminated and the assets of the company concerned
 are distributed among the creditors and/or shareholders or other contributories) of each
 Target Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) no
 petition has been presented or other proceedings commenced for an administration or judicial
 management order to be made (or any other order to be made by which during the period it
 is in force, the affairs, business and assets of the company concerned are managed by a person
 appointed for the purpose by a court, governmental agency or similar body) in relation to
 each Target Company, nor has any such order been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) no
 approvals and consents (including with limitation any governmental, regulatory, third party,
 corporate and/or internal approvals and consent) are required to be obtained for the transactions
 contemplated under this Agreement, or if applicable, if such approvals and consents are required
 to be obtained and have been granted subject to conditions, such conditions being fulfilled
 on or satisfied before Completion, and such approvals and consents remaining in full force
 and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) no
 transactions contemplated under this Agreement are being prohibited by any statute, order,
 rule, regulation or directive promulgated or issued after the date of this Agreement by any
 legislative, executive or regulatory body or authority of Singapore which is applicable to
 any Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) no
 receiver (including an administrative receiver), liquidator, judicial manager, trustee, administrator,
 custodian or similar official has been appointed in any jurisdiction in respect of the whole
 or any part of the business or assets of each Target Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) (in
 the case of the Purchaser only) the Purchaser Consideration Shares shall, on allotment and
 issue, be validly issued and fully paid, free from all Encumbrances and shall rank *pari passu* with other existing shares of the Purchaser.

**5.2** **No Warranty** 

Each Party hereby acknowledges, agrees and confirms that save for the representations and warranties made by the other Party contained in **Clause 5.1**, the other Parties make no other representations and warranties.

**6.** **CONFIDENTIALITY** 

**6.1** **Confidential Information to be Kept Confidential** 

Subject always to **Clause 6.2**, each Party agrees that it shall and shall procure that its advisers and other authorised persons **("Authorised Persons")** shall treat as strictly confidential and not disclose or use any information received or obtained as a result of entering into this Agreement (or any agreement entered into pursuant to this Agreement) which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 existence of and the provisions of this Agreement and of any agreement entered into pursuant
 to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 negotiations relating to this Agreement (and any such other agreements).

**6.2** **Clause 6.1** shall not apply in respect of any information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 now or shall hereafter come into the public domain (otherwise than as a consequence of ańy
 unauthorised disclosure by the relevant Party or any of its Authorised Persons);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was
 lawfully in the possession of the relevant Party receiving the same prior to disclosure to
 the relevant Party in connection with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) was
 lawfully furnished to the relevant Party receiving the same by a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is
 required to be disclosed by law or regulations or by a court of competent jurisdiction or
 by any governmental or regulatory authority or the rules of any relevant securities exchange(s)
 applicable to itself or (in the case of a Party which is a corporation) its parent company
 or pursuant to any litigation. In this regard, the Parties hereby acknowledge, agree and
 authorise the disclosure of this Agreement and its contents by the Purchaser or its group
 company to any relevant stock exchange or regulatory body and accordingly, acknowledge, agree
 and authorise the disclosure of this Agreement and its contents to the public domain in connection
 therewith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is
 disclosed to professional advisers of the disclosing Party on terms that such professional
 advisers accept such information under a duty of confidentiality.

**7.** **MISCELLANEOUS** 

**7.1** This
 Agreement embodies all the terms and conditions agreed upon between the Parties as to the
 subject matter of this Agreement and supersedes and cancels in all respects all previous
 agreements and undertakings, representations, warranties, assurances, and arrangements of
 any nature, if any, between the Parties with respect to the subject matter hereof, whether
 such be written or oral.

**7.2** Any
 liability to any Party under this Agreement may in whole or in part be released, compounded
 or compromised, or time or indulgence given, by such Party in its absolute discretion without
 in any way prejudicing or affecting its rights against the other Party in respect of the
 same.

**7.3** The
 failure by any Party to exercise any right (including the right of rescission) or to require
 performance by the other Party or to claim a breach of any term of this Agreement shall not
 be deemed to be a waiver of such or any other rights or remedies available to it. Completion
 shall not constitute a waiver by the Purchaser or the Vendor (as the case may be) of their
 rights in relation to any breach of any provision of this Agreement whether or not known
 to it at the Completion Date. No failure on the part of any Party to exercise and no delay
 on the part of any Party in exercising any right hereunder will operate as a release or waiver
 thereof, nor will any single or partial exercise of any right under this Agreement preclude
 any other or further exercise of it or any other right or remedy.

**7.4** All
 provisions of this Agreement, in so far as the same shall not have been performed at Completion,
 shall remain in full force and effect notwithstanding Completion. This Clause and all the
 Surviving Provisions shall remain binding on the Parties notwithstanding Completion and/or
 any . rescission or termination of this Agreement by any Party and any rights or obligàtions
 of the Parties in respect of any breach of this Agreement accruing prior to, on or as a result
 of such termination or rescission shall continue to subsist notwithstanding such termination
 or rescission.

**7.5** Neither
 party shall (nor shall it purport to) assign, transfer, charge or otherwise deal with all
 or any of its rights under this Agreement nor grant, declare, create or dispose of any right
 or interest in it without the prior written consent of the other Party.

**7.6** At
 any time after the date of this Agreement, each Party shall, and shall use its best endeavours
 to procure that any necessary third party shall, execute such documents and do such acts
 and things as the other Party may reasonably require for the purpose of giving to such other
 Party the full benefit of all the provisions of this Agreement.

**7.7** The
 Purchaser shall bear all stamp duty payable in connection with the transfer of the Sale Shares.
 Save as otherwise provided herein, each Party shall bear and be responsible for its professional
 and other costs and expenses incurred in the preparation, negotiation and execution of this
 Agreement and all other documents in connection with this Agreement, including all other
 professional and other costs and expenses incurred in relation to the performance of its
 obligations under this Agreement.

**7.8** If
 any provision of this Agreement is held to be illegal, invalid or unenforceable in whole
 or in part in any jurisdiction, this Agreement shall, as to such jurisdiction, continue to
 be valid as to its other provisions and the remainder of the affected provision, and the
 legality, validity and enforceability of such provision in any other jurisdiction shall be
 unaffected.

**7.9** Any
 time, date or period mentioned in any provision of this Agreement may be extended by mutual
 agreement between the Parties in accordance with this Agreement or by agreement in writing
 but as regards any time, date or period originally fixed or any time, date or period so extended
 as aforesaid time shall be of the essence.

**7.10** All
 notices, demands or other communications required or permitted to be given or made hereunder
 shall be in writing and delivered personally or sent by prepaid registered post with recorded
 delivery, or by electronic mail transmission addressed to the intended recipient thereof
 at its address or at its email address, and marked for the attention of such person (if any),
 designated by it to the other Party for the purposes of this Agreement or to such other address
 or email address, and marked for the attention of such person, as a Party may from time to
 time duly notify the other in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The.
 addresses and email addresses of the Parties for the purpose of this Agreement are specified
 below:

---

| | | |
|:---|:---|:---|
| **<u>Vendor</u>** |  |  |
| Address | : | 435 Orchard Road, #21-05 Wisma Atria, |
|  |  | Singapore 238877 |
| Attention | : | Sui Diong Hoe |
| Email Address | : | david.sui@lycheaIth.com |
| Telephone | : | 603-7733 9222 |
| **<u>Purchasers</u>** |  |  |
| **LYC Malaysia** |  |  |
| Address | : | 12<sup>th</sup> Floor, Menara Symphony, No. 5, Jalan |
|  |  | Prof. Khoo Kay Kim, Seksyen 13, 46200 |
|  |  | Petaling Jaya, Selangor |
| Attention | : | Sui Diong Hoe |
| Email Address | : | david.sui@lychealth.com |
| Telephone | : | 603-7733 9222 |
| **KIB** |  |  |
| Address | : | Level 14, Kenanga Tower 237, Jalan Tun |
|  |  | Razak 50400 Kuala Lumpur, Malaysia |
| Attention | : | [●] |
| Email Address | : | [●] |
| Telephone | : | 603 2172 3000 |
| **Chan Ying Ho** |  |  |
| Address | : | 38 Crowhurst Drive, Serangoon Garden |
|  |  | Estate, Singapore 557917 |
| Attention | : | Chan Ying No |
| Email Address | : | drhenry@hcortho.sg |
| Telephone | : | 65-8126-3647 |
| **Ting Choon Meng** |  |  |
| Address | : | 83A Namly Drive, Singapore 267486 |
| Attention | : | Ting Choon Meng |
| Email Address | : | tingcm1@gmail.com |
| Telephone | : | 65-8811-6678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 notice, demand or communication so served by hand, email or post shall be deemed to have
 been duly given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of delivery by hand, when delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of email, at the time of transmission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the case of post, on the second Business Day after the date of posting (if sent by local
 mail) and on the seventh Business Day after the date of posting (if sent by air mail),

provided that in each case where delivery by hand occurs after 6pm on a Business Day or on a day which is not a Business Day, service shall be deemed to occur at 9am on the next following Business Day.

References to time in this clause are to local time in the country of the addressee.

**7.11** This
 Agreement may be executed in any number of counterparts, each of which when so executed and
 delivered shall be an original. All counterparts together will be taken to constitute one
 instrument. Any Party may enter into this Agreement by signing any such counterpart (which
 may include counterparts delivered by facsimile and/or electronic transmission, with originals
 to follow) and each counterpart shall be as valid and effectual as if executed as an original.

**7.12** A
 person who is not a party to this Agreement shall have no rights under the Contracts (Rights
 of Third Parties) Act 2001 of Singapore to enforce any of its terms.

**7.13** This
 Agreement shall be governed by, and construed in accordance with, the laws of Singapore.

**7.14** Each
 Party agrees that any dispute arising out of or in connection with this Agreement or any
 document or transaction in connection with this Agreement (including any dispute or claim
 relating to any non-contractual obligations arising out of or in connection with this Agreement)
 shall be referred to and finally resolved by arbitration in Singapore to the exclusion of
 the ordinary courts, in accordance with the Arbitration Rules of the Singapore International
 Arbitration Centre ()"**SIAC**") for the time being in force which rules are
 deemed to be incorporated by reference in this Clause. The place of arbitration shall be
 in Singapore and the langdage of the arbitration shall be English. The arbitration tribunal
 shall consist of one arbitrator to be appointed by the President of the Court of Arbitration
 for the time being of the SIAC. The arbitral award made and granted by the arbitrators shall
 be final, binding and incontestable, may be enforced by the Parties against the assets of
 the other Party wherever those assets are located or may be found and may be used as a basis
 for judgement thereon in Singapore or elsewhere.

**SCHEDULE 1**

**PART A – PARTICULARS OF SALE SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **HC Orthopaedic Surgery Pte. Ltd.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **S/N** | **Name of Purchaser** | **Number of Sale Shares to be purchased from the Vendor** | **Consideration for the respective Sale Shares for purchased from the Vendor** | **Consideration for the respective Sale Shares for purchased from the Vendor** |
| 1. | LYC Malaysia | 64,500 ordinary shares | S$ | 3225.00 |
| 2. | KIB | 21,500 ordinary shares | S$ | 1075.00 |
| 3. | Chan Ying Ho | 8,620 ordinary shares | S$ | 431.00 |
| 4. | Ting Choon Meng | 5,380 ordinary shares | S$ | 269.00 |
| **Total** | **Total** | **100,000 ordinary shares** | **S$** | **5000.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **T & T Medical Group Pte Ltd** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **S/N** | **Name of Purchaser** | **Number of Sale Shares to be purchased from the Vendor** | **Consideration for the respective Sale Shares for purchased from the Vendor** | **Consideration for the respective Sale Shares for purchased from the Vendor** |
| 1. | LYC Malaysia | 645 ordinary shares | S$ | 3225.00 |
| 2. | KIB | 215 ordinary shares | S$ | 1075.00 |
| 3. | Chan Ying Ho | 86 ordinary shares | S$ | 431.00 |
| 4. | Ting Choon Meng | 54 ordinary shares | S$ | 269.00 |
| **Total** | **Total** | **1,000 ordinary shares** | **S$** | **5000.00** |

---

**PART B – PARTICULARS OF TARGET COMPANIES**

**1.** **HC Orthopaedic Surgery Pte. Ltd.** 

(1) Registered
 Office : 3
 Mount Elizabeth, #15-14 Mount Elizabeth
 Hospital, Singapore 228510

(2) Date
 of lncorporation : 8
 September 2017

(3) Place
 of lncorporation : Singapore

(4) Type
 of company : Private
 Company Limited by Shares

(5) Issued
 and Fully Paid-up Share Capital : S$100,000
 comprising 100,000 ordinary shares

(6) Registered
 Shareholder(s) and Number of Shares (Percentage shareholding) : LYC
 Medicare Sdn Bhd — 64,500 ordinary shares (64.50%) Kenanga
 Investors Berhad — 21,500 ordinary shares (21.50%) Chan
 Ying No — 8,620 ordinary shares (8.62%) Ting
 Choon Meng — 5,380 ordinary shares (5.38%)

(7) Directors : (i)
 Chan Ying Ho (ii)
 Sui Diong Hoe

(8) Secretary : Lai
 Chwen Woei

(9) Financial
 Year End : 31
 March

**2.** **T & T Mediçal Group Pte Ltd** 

(1) Registered
 Office : 181
 Kitchener Road, #01-14, Parkroyal
 on Kitchener Road, Singapore
 208533

(2) Date
 of lncorporation : 12
 April 1989

(3) Place
 of lncorporation : Singapore

(4) Type
 of company : Private
 Company Limited by Shares

(5) Issued
 and Fully Paid-up Share Capital : S$1,000
 comprising 1,000 ordinary shares

(6) Registered
 Shareholder(s) and Number of Shares (Percentage shareholding) : LYC
 Medicare Sdn Bhd — 645 ordinary shares (64.5%) Kenanga
 Investors Berhad — 215 ordinary shares (21.5%) Chan
 Ying Ho — 86 ordinary shares (8.6%) Ting
 Choon Meng — 54 ordinary shares (5.4%)

(7) Directors : (i)
 Ting Choon Meng (ii)
 Chan Ying Ho (iii)
 Siu Diong Hoe

(8) Secretary : Lai
 Chwen Woei

(9) Financial
 Year End : 31
 March

**SCHEDULE 2**

**COMPLETION OBLIGATIONS**

1. **Vendor's Obligations on Completion** 

1.1 On
 or before Completion, the Vendor shall deliver to the Purchasers in respect of the Sale Shares
 held by the Vendor in each of the Target Companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly
 executed instrument of transfers in respect of such number of T&T Sale Shares and HCOS
 Sale Shares to be transferred to the relevant Purchaser in favour of such Purchaser, together
 with the original share certificate(s) in respect of the relevant Sale Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 certified true copy of the written resolutions of the directors and shareholders of the Vendor
 approving the disposal of all the Sale Shares held by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 certified true copy of the written resolutions of the directors of LYC Healthcare Berhad
 (Registration No. 200401009170 (647673-A)) approving the disposal of all the Sale Shares;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 certified true copy of the written resolutions of the directors of each Target Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving
 the transfer of the T&T Sale Shares or the HCOS Sale Shares (as the case may be) from
 the Vendor to the Purchasers, the cancellation of the existing share certificate(s) and issue
 of the new share certificates in respect of the T&T Sale Shares or the HCOS Sale Shares
 (as the case may be) in favour of the Purchasers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) approving
 the entry into the register of members of such Target Company the names of the Purchasers
 as the holders of the releavnt number of T&T Sale Shares or the HCOS Sale Shares (as
 the case may be) (subject to the stamping of the instrument of transfer).

**2.** **Purchasers' Obligations on Completion** 

2.1 On
 Completion, each of the Purchasers shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay'the
 proportion of the Consideration as set out against his/its name in **Part A** of **Schedule 1** to the Vendor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (in
 respect of LYC Malysia and KIB only) deliver to the Vendor a certified true copy of the written
 resolutions of the board of directors of LYC Malaysia or KIB (as the case may be) approving
 its acquisition of the relevant Sale Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in
 respect of LYC Malaysia only) a certified true copy of the written resolutions of the directors
 of LYC Healthcare Berhad (Registration No. 200401009170 (647673-A)) approving its acquisition
 of the relevant Sale Shares.

**IN WITNESS WHEREOF** this Agreement has been entered into on the date stated at the beginning.

---

| |
|:---|
| ![](ex10-21_008.jpg) |
| ![](ex10-21_008.jpg) |
| ![](ex10-21_008.jpg) |
| ![](ex10-21_008.jpg) |
| ![](ex10-21_008.jpg) |
| ![](ex10-21_008.jpg) |
| ![](ex10-21_008.jpg) |
| ![](ex10-21_008.jpg) |
| ![](ex10-21_008.jpg) |

---

---

| | |
|:---|:---|
| ![](ex10-21_009.jpg) | ![](ex10-21_009.jpg) |
| Witness's signature | Witness's signature |
| Name. | ![](ex10-21_010.jpg) |
| Address: |  |
|  | ![](ex10-21_011.jpg) |

---

---

| |
|:---|
| ![](ex10-21_012.jpg) |
| ![](ex10-21_012.jpg) |
| ![](ex10-21_012.jpg) |
| ![](ex10-21_012.jpg) |
| ![](ex10-21_012.jpg) |
| ![](ex10-21_012.jpg) |
| ![](ex10-21_012.jpg) |
| ![](ex10-21_012.jpg) |
| ![](ex10-21_012.jpg) |

---

---

| | |
|:---|:---|
| ![](ex10-21_013.jpg) | ![](ex10-21_013.jpg) |
| Witness's signature | Witness's signature |
| Name: | ![](ex10-21_014.jpg) |
| Address: |  |

---

 **SIGNED** by)
))) for and on
behalf of) **MAYBANK NOMINEE (TEMPATAN)
SDN**) **BHD) FOR KENANGA
INVESTORS BHD**)
**(CLIENTS') ACCOUNT**) in
the presence of:)
![](ex10-21_015.jpg)

---

| | |
|:---|:---|
| Witness's signature | Witness's signature |
| Name: | ![](ex10-21_016.jpg) |
| Address: | ![](ex10-21_017.jpg) |

---

---

| | |
|:---|:---|
| SIGNED by) | ![](ex10-21_018.jpg) |
| CHAN YING HO) | ![](ex10-21_018.jpg) |
| in the presence of:) | ![](ex10-21_018.jpg) |

---

---

| | |
|:---|:---|
| ![](ex10-21_019.jpg) | ![](ex10-21_019.jpg) |
| Witness's signature | Witness's signature |
| Name: | ![](ex10-21_020.jpg) |
| Address: |  |
|  | ![](ex10-21_021.jpg) |

---

---

| | |
|:---|:---|
| SIGNED by) | ![](ex10-21_022.jpg) |
| TING CHOON MENG) | ![](ex10-21_022.jpg) |
| in the presence of:) | ![](ex10-21_022.jpg) |

---

---

| | |
|:---|:---|
| ![](ex10-21_023.jpg) | ![](ex10-21_023.jpg) |
| Witness's signature | Witness's signature |
| Name: | ![](ex10-21_024.jpg) |
| Address: |  |
|  | ![](ex10-21_025.jpg) |

---

**SHARE SWAP AGREEMENT**

AMONG

**LYC MEDICARE SDN BHD**

AND

**MAYBANK NOMINEE (TEMPATAN) SDN BHD) FOR KENANGA INVESTORS BHD (CLIENTS') ACCOUNT**

AND

**CHAN YING HO**

AND

**TING CHOON MENG**

AND

**LYC HEALTHCARE (CAYMAN) LTD**

**DATED THE DAY OF** 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **CLAUSE** | **CLAUSE** | **PAGE** |
| **1.** | **INTERPRETATION** | **3** |
| **2.** | **SALE AND PURCHASE** | **5** |
| **3.** | **CONDITIONS PRECEDENT** | **6** |
| **4.** | **COMPLETION** | **6** |
| **5.** | **WARRANTIES** | **6** |
| **6.** | **CONFIDENTIALITY** | **9** |
| **7.** | **MISCELLANEOUS** | **10** |

---

**SHARE SWAP AGREEMENT**

**THIS AGREEMENT** is made on the day of 202

**BETWEEN:**

(1) **LYC Medicare Sdn Bhd** (Company Registration No. 680188-M), a private company limited by shares incorporated under the laws of Malaysia,
 with its registered office at 12<sup>th</sup> Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling
 Jaya, Selangor **("LYC Malaysia");** 

(2) **Maybank Nominee (Tempatan) Sdn Bhd) for Kenanga Investors Bhd (Clients') Account** (Company registration number T15UF6347H), a company
 incorporated in Malaysia and having its office address at Level 14, Kenanga Tower 237, Jalan Tun Razak 50400, Kuala Lumpur Malaysia
 (in its capacity as bare trustee for Kenanga Investors Bhd) **("KIB");** 

(3) **Chan Ying Ho** (Singapore NRIC No. S7971788F), an individual residing at 38 Crowhurst Drive, Serangoon Garden Estate, Singapore 557917 **("Chan Ying Ho");** 

(4) **Ting Choon Meng** (Singapore NRIC No. S1345465E), an individual residing at 83A Namly Drive, Singapore 267486 **("Ting Choon Meng",** together with LYC Malaysia, KIB and Chan Ying Ho, the **"Vendors"** and each a **"Vendor'');** and

(5) **LYC Healthcare (Cayman) Ltd** (Company Registration No. HS-414997), an exempted company incorporated under the laws of the Cayman Islands,
 with its registered office at 4th Floor, Harbour Place, 103 South Church Street, Grand Cayman, PO Box 10240, KY1-1002, Cayman Islands **("LYC Cayman" or "Purchaser''),** 

(collectively, the **"Parties"** and each, a **"Party").** 

**WHEREAS:**

(A) The
 Vendors are the registered shareholders, free from all Encumbrances, of all the issued and paid-up share capital of each of the Target
 Companies (as defined below) as at the date of this Agreement.

(B) The
 Vendors have agreed to sell, and the Purchaser has agreed to purchase, the Vendors' entire shareholding interests in each of
 the Target Companies, representing 100% of the entire issued share capital of each of the Target Companies, upon the terms and subject
 to the conditions set out in this Agreement.

**IT IS AGREED** as follows:

**1.** **INTERPRETATION** 

**1.1** **Definitions** 

In this Agreement, unless the context otherwise requires:

**"Agreement"** means this Agreement as it may be amended, modified or supplemented from time to time by the Parties in writing.

**"Companies Act"** means the Companies Act 1967 of Singapore.

**"Completion"** means the completion of the sale and purchase of the Sale Shares by performance by the Parties of the obligations assumed by them, respectively, under **Clause 4.**

**"Completion Date"** has the meaning ascribed to it in **Clause 4.1.** 

**"Consideration"** has the meaning ascribed to it in **Clause 2.3.**

**"Encumbrances"** means any pledge, assignment, interest, claim, charge, mortgage, lien, option, equity, power of sale, hypothecation, retention of title, right of pre-emption, right of first refusal or other third party right or security interest of any kind.

**"HCOS Sale Shares"** means 100,000 issued and paid-up ordinary shares, representing 100% of the issued share capital of HC Orthopaedic Surgery Pte. Ltd. as at the date hereof and at Completion, details of which are set out in **Part A of Schedule 1.**

**"Purchaser Consideration Shares"** means the Class A ordinary shares of par value US$0.0005 each and Class B ordinary shares of par value US$0.0005 each of the Purchaser to be issued and allotted and credited as fully paid-up to the Vendors or their respective nominees pursuant to **Clause 2.3.**

**"Sale Shares"** means the HCOS Sale Shares and the T&T Sale Shares.

**"Surviving Provisions"** means **Clause 6.**

**"Target Companies"** means T & T Medical Group Pte Ltd (Company No. 198901436H) and HC Orthopaedic Surgery Pte. Ltd. (Company Registration Number: 201725626E), details of which are set out in **Part B of Schedule 1,** and **"Target Company"** shall mean either one of them.

**"T&T Sale Shares"** means 1,000 issued and paid-up ordinary shares, representing 100% of the issued share capital of T & T Medical Group Pte Ltd as at the date hereof and at Completion, details of which are set out in **Part A of Schedule 1.**

**"Singapore dollars"** or **"S$"** or **"$"** means the lawful currency for the time being of Singapore.

**1.2** **Miscellaneous** 

In this Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular include the plural and vice versa, words importing any gender include every gender and references to time
 shall mean Singapore time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references
 to a **"person"** include any company, limited liability partnership, partnership, business trust or unincorporated
 association (whether or not having separate legal personality) and references to a **"company"** include any company,
 corporation or other body corporate, wherever and however incorporated or established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 words **"subsidiary"** and **"related corporation"** shall have the meanings ascribed to them in Sections
 5 and 6 respectively of the Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references
 to clauses and schedules are to the clauses and schedules of this agreement; references to paragraphs are to paragraphs of the relevant
 schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 reference in this Agreement to a statute or statutory provision shall include that statute or provision and any regulations made
 in pursuance thereof as from time to time modified, supplemented, consolidated or re-enacted, whether before or after the date of
 this Agreement, so far as such modification, supplementation, consolidation or re enactment applies or is capable of applying to
 any transactions entered into after the date hereof and (so far as liability thereunder may exist or can arise) shall include also
 any past statute or statutory provision or regulation (as from time to time modified or re-enacted) which such provision or regulation
 has directly or indirectly replaced. References to sections of consolidating legislation shall wherever necessary or appropriate
 in the context be construed as including references to the sections of the previous legislation from which the consolidating legislation
 has been prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 a period of time is specified as being from a given day or from the date of an act or event, it shall be calculated exclusive of
 that day and inclusive of the relevant last day of such period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references
 to time are reference to time in Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 reference to **"procure"** shall mean an absolute obligation (and not a reasonable obligation) to cause or bring about;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references
 to this agreement include this agreement as amended or varied in accordance with its terms;

(j) documents
 in agreed form are documents in the form agreed by the parties or on their behalf and initialled by them or on their behalf for identification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) clause
 headings are for convenience of reference only and shall not affect the interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 words **"written"** and **"in writing"** include any means of visible reproduction; and

(m) unless
 otherwise specified, all warranties, representations, covenants, agreements and obligations given or entered into by each of the
 Vendors are given or entered into severally and not jointly and severally.

**2.** **SALE AND PURCHASE** 

**2.1** The
 Vendors shall, in accordance with the terms and conditions of this Agreement, on Completion sell to the Purchaser, and the Purchaser
 shall purchase, the legal and beneficial title to the Sale Shares, free from all Encumbrances and with the benefit of all rights,
 benefits and entitlements attaching thereto as at the Completion Date and thereafter. The Purchaser shall nominate its wholly-owned
 subsidiary, LYC Medicare International Pte. Ltd. (UEN: 202433056R) as the transferee of the Sale Shares.

**2.2** The
 sale and purchase of the Sale Shares of the Target Companies shall be completed simultaneously and none of the Parties hereto shall
 be obliged to complete the sale or purchase of only part of the Sale Shares unless the sale and purchase of all the Sale Shares (but
 not part thereof) are completed simultaneously.

**2.3** The
 aggregate consideration for the transfer of the Sale Shares from the Vendors to the Purchaser shall be S$31,282,001.00 **("Consideration"),** being the sum of the consideration for the HCOS Sale Shares and T&T Sale Shares as set out in **Part A of Schedule 1** hereto,
 which shall be satisfied by the issuance of an aggregate of 22,582,000 Class A shares and 5,418,000 Class B shares in LYC Healthcare
 (Cayman) Limited as Purchaser Consideration Shares being the sum of the Purchaser Consideration Shares to be issued by the Purchaser
 to the Vendors in satisfaction of the proportion of the Consideration payable to each such Vendor as set out in **Part A of Schedule 1** hereto.

**2.4** The
 parties agree that such issuance of **22,582,000 Class A shares and 5,418,000 Class B shares in LYC Healthcare (Cayman) Limited as** Purchaser Consideration Shares by the Purchaser to the Vendors shall constitute a full and final discharge of the Purchaser's
 obligation to pay the Consideration in respect of the Sale Shares, and that no share certificates will be required to be issued by
 the Purchaser to the Vendors.

**3.** **CONDITIONS PRECEDENT** 

**3.1** Completion
 shall be conditional upon the following occurring on or before the Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 necessary governmental, regulatory and third party consents, approvals and waivers, including by banks, financial institutions and/or
 creditors of the Target Company, where required for the transactions contemplated hereunder, having been obtained, and such consents,
 approvals and waivers not having been amended or revoked before the Completion Date, and if any such consents, approvals or waivers
 are subject to conditions, such conditions being reasonably acceptable to the Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 being no breach of any warranty under this Agreement.

**3.2** If
 any of the conditions set out in **Clause 3.1** is not fulfilled on or before the Completion Date and such non-fulfilment is not
 waived by all of the Parties (as the case may be), this Agreement shall *ipso facto* cease and determine and in that event,
 the Parties shall be released and discharged from their respective obligations under this Agreement, and no Party shall have any
 claim against any other Party(ies) under this Agreement, save in respect of any antecedent breach of this Agreement. Each Party undertakes
 to use its best endeavours to ensure the satisfaction of the conditions set out in **Clause 3.1.** 

**4.** **COMPLETION** 

**4.1** **Date** 

Subject to the terms and conditions set out in this Agreement, Completion shall take place on the date falling two (2) Business Days after the last of the Conditions Precedents have been satisfied or waived in accordance with **Clause 3,** or such other date as may be agreed in writing between the parties **("Completion Date").**

**4.2** **Obligations on Completion** 

On Completion, each of the Parties shall procure that their respective obligations specified in **Schedule 2** are fulfilled.

**5.** **WARRANTIES** 

**5.1** Each
 Party represents and warrants to, and for the benefit of, the other Party as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (if
 a person) he has not been declared (by any appropriate court or other authority) to be incompetent or of an unsound mind, and is
 of sound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if
 a person) he is able to pay his or her debts when due and has not been declared (by any appropriate court or other authority) to
 be bankrupt and has not entered into any arrangement or compromise with any creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he/it
 has the capacity to enter into, perform and deliver this Agreement and has taken all necessary action (including the obtaining of
 any necessary Approvals, if any) to authorise his/its entry into, performance and delivery of the this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he/it
 has full power and authority to enter into, exercise his/its rights and perform and comply with his/its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon
 execution of this Agreement, his/its obligations hereunder shall be legally valid, binding and enforceable on and against him/it
 in accordance with the terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) his/its
 entry into, exercise of his/its rights and/or performance of or compliance with his/its obligations under this Agreement do not and
 will not violate or exceed any power or restriction granted or imposed by (i) any law, regulation, authorisation, directive or order
 (whether or not having the force of law) to which he/it is subject; (ii) (in the case of the Purchaser only) its constitutive documents
 or (iii) any agreement or arrangement to which he/it is a party or which is binding on him/it or his/its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no
 litigation, arbitration or administrative proceeding is currently pending or so far as he/it is aware, threatened to restrain his/its
 entry into, exercise of his/its rights under or performance or enforcement of or compliance with his/its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no
 resolution has been passed or order made against him/it for liquidation or bankruptcy (as the case may be) or for the appointment
 of a receiver, trustee or similar officer of his/its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (in
 the case of the Vendors only):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) he/it
 is the legal owner of all the Sale Shares free from all Encumbrances and he/it shall on Completion transfer the Sale Shares to the
 Purchaser free from all Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 Target Company is a company duly incorporated and validly existing under the law of Signapore and has all the requisite corporate
 power and authority necessary to carry on its business as it is now being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 shares of each Target Company have been properly and validly allotted and issued and are each fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no
 person has the right (whether exercisable now or in the future and whether contingent or not) to call for the allotment, conversion,
 issue, sale or transfer of any share or loan capital or any other security giving rise to a right over the capital of each Target
 Company under any option or other agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 particulars contained in **Part B of Schedule 1** are true, accurate and not misleading and no information, the omission of which
 would make the particulars in **Part B of Schedule 1** misleading and incorrect in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all
 governmental approvals which were necessary in connection with the incorporation of each Target Company and the allotment or transfer
 of shares in each Target Company to the present and former holders thereof were duly obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all
 licences, consents, permits, certificates, approvals, registrations and authorities necessary for the carrying on of the businesses
 of the each of the Target Companies (the **"Licences")** have been obtained by the relevant Target Company. Each of
 the Licences is in full force and effect, and has been and is being complied with. None of the Vendors or the relevant Target Company
 is aware of any fact or circumstances which would prejudice the continuance or renewal of any such Licences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) there
 is no investigation, enquiry or proceeding, outstanding or anticipated, which is likely to result in the suspension, cancellation,
 modification (such modification being materially detrimental to the interests of each of the Target Companies) or revocation of any
 Licence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) each
 Target Company has carried on and is carrying on its business and operations in compliance with applicable laws, bye-laws and regulations
 in all respects and there is no investigation, disciplinary proceeding or enquiry by, or order, decree, decision or judgment of,
 any court, tribunal, arbitrator, governmental agency or regulatory body having jurisdiction over any of the Target Companies that
 is outstanding or, to the knowledge of each of the Vendor, anticipated against any of the Target Companies or any person for whose
 acts or defaults such Target Company(ies) may be vicariously liable, and there have been no material breaches by any of the Target
 Companies of applicable laws, regulations and by-laws in Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) each
 Target Company is not involved as claimant or defendant in any legal action, proceeding, suit, litigation, prosecution, investigation,
 mediation or arbitration (other than frivolous or vexatious claims or as claimant in the collection of debts arising in the ordinary
 course of its business) and there is no legal action, proceeding, suit, litigation, prosecution, investigation, mediation or arbitration
 of material importance pending against each Target Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) no
 order has been made, petition presented, resolution passed or meeting convened for the winding up (or other process whereby the business
 is terminated and the assets of the company concerned are distributed among the creditors and/or shareholders or other contributories)
 of each Target Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) no
 petition has been presented or other proceedings commenced for an administration or judicial management order to be made (or any
 other order to be made by which during the period it is in force, the affairs, business and assets of the company concerned are managed
 by a person appointed for the purpose by a court, governmental agency or similar body) in relation to each Target Company, nor has
 any such order been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) no
 approvals and consents (including with limitation any governmental, regulatory, third party, corporate and/or internal approvals
 and consent) are required to be obtained for the transactions contemplated under this Agreement, or if applicable, if such approvals
 and consents are required to be obtained and have been granted subject to conditions, such conditions being fulfilled on or satisfied
 before Completion, and such approvals and consents remaining in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) no
 transactions contemplated under this Agreement are being prohibited by any statute, order, rule, regulation or directive promulgated
 or issued after the date of this Agreement by any legislative, executive or regulatory body or authority of Singapore which is applicable
 to any Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) no
 receiver (including an administrative receiver), liquidator, judicial manager, trustee, administrator, custodian or similar official
 has been appointed in any jurisdiction in respect of the whole or any part of the business or assets of each Target Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) (in
 the case of the Purchaser only) the Purchaser Consideration Shares shall, on allotment and issue, be validly issued and fully paid,
 free from all Encumbrances and shall rank *pari passu* with other existing shares of the Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (in
 the case of the Purchaser only) the Purchaser Consideration Shares shall, on allotment and issue, be validly issued and fully paid,
 free from all Encumbrances and shall rank *pari passu* with other existing shares of the Purchaser.

**5.2** **No Warranty** 

Each Party hereby acknowledges, agrees and confirms that save for the representations and warranties made by the other Party contained in **Clause 5.1,** the other Parties make no other representations and warranties.

**6.** **CONFIDENTIALITY** 

**6.1** **Confidential Information to be Kept Confidential** 

Subject always to **Clause 6.2,** each Party agrees that it shall and shall procure that its advisers and other authorised persons **("Authorised Persons")** shall treat as strictly confidential and not disclose or use any information received or obtained as a result of entering into this Agreement (or any agreement entered into pursuant to this Agreement) which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 existence of and the provisions of this Agreement and of any agreement entered into pursuant to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 negotiations relating to this Agreement (and any such other agreements).

**6.2** **Clause 6.1** shall not apply in respect of any information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 now or shall hereafter come into the public domain (otherwise than as a consequence of any unauthorised disclosure by the relevant
 Party or any of its Authorised Persons);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was
 lawfully in the possession of the relevant Party receiving the same prior to disclosure to the relevant Party in connection with
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) was
 lawfully furnished to the relevant Party receiving the same by a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is
 required to be disclosed by law or regulations or by a court of competent jurisdiction or by any governmental or regulatory authority
 or the rules of any relevant securities exchange(s) applicable to itself or (in the case of a Party which is a corporation) its parent
 company or pursuant to any litigation. In this regard, the Parties hereby acknowledge, agree and authorise the disclosure of this
 Agreement and its contents by the Purchaser or its group company to any relevant stock exchange or regulatory body and accordingly,
 acknowledge, agree and authorise the disclosure of this Agreement and its contents to the public domain in connection therewith;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is
 disclosed to professional advisers of the disclosing Party on terms that such professional advisers accept such information under
 a duty of confidentiality.

**7.** **MISCELLANEOUS** 

**7.1** This
 Agreement embodies all the terms and conditions agreed upon between the Parties as to the subject matter of this Agreement and supersedes
 and cancels in all respects all previous agreements and undertakings, representations, warranties, assurances, and arrangements of
 any nature, if any, between the Parties with respect to the subject matter hereof, whether such be written or oral.

**7.2** Any
 liability to any Party under this Agreement may in whole or in part be released, compounded or compromised, or time or indulgence
 given, by such Party in its absolute discretion without in any way prejudicing or affecting its rights against the other Party in
 respect of the same.

**7.3** The
 failure by any Party to exercise any right (including the right of rescission) or to require performance by the other Party or to
 claim a breach of any term of this Agreement shall not be deemed to be a waiver of such or any other rights or remedies available
 to it. Completion shall not constitute a waiver by the Purchaser or the Vendor (as the case may be) of their rights in relation to
 any breach of any provision of this Agreement whether or not known to it at the Completion Date. No failure on the part of any Party
 to exercise and no delay on the part of any Party in exercising any right hereunder will operate as a release or waiver thereof,
 nor will any single or partial exercise of any right under this Agreement preclude any other or further exercise of it or any other
 right or remedy.

**7.4** All
 provisions of this Agreement, in so far as the same shall not have been performed at Completion, shall remain in full force and effect
 notwithstanding Completion. This Clause and all the Surviving Provisions shall remain binding on the Parties notwithstanding Completion
 and/or any rescission or termination of this Agreement by any Party and any rights or obligations of the Parties in respect of any
 breach of this Agreement accruing prior to, on or as a result of such termination or rescission shall continue to subsist notwithstanding
 such termination or rescission.

**7.5** Neither
 party shall (nor shall it purport to) assign, transfer, charge or otherwise deal with all or any of its rights under this Agreement
 nor grant, declare, create or dispose of any right or interest in it without the prior written consent of the other Party.

**7.6** At
 any time after the date of this Agreement, each Party shall, and shall use its best endeavours to procure that any necessary third
 party shall, execute such documents and do such acts and things as the other Party may reasonably require for the purpose of giving
 to such other Party the full benefit of all the provisions of this Agreement.

**7.7** The
 Purchaser shall bear all stamp duty payable in connection with the transfer of the Sale Shares. Save as otherwise provided herein,
 each Party shall bear and be responsible for its professional and other costs and expenses incurred in the preparation, negotiation
 and execution of this Agreement and all other documents in connection with this Agreement, including all other professional and other
 costs and expenses incurred in relation to the performance of its obligations under this Agreement.

**7.8** If
 any provision of this Agreement is held to be illegal, invalid or unenforceable in whole or in part in any jurisdiction, this Agreement
 shall, as to such jurisdiction, continue to be valid as to its other provisions and the remainder of the affected provision, and
 the legality, validity and enforceability of such provision in any other jurisdiction shall be unaffected.

**7.9** Any
 time, date or period mentioned in any provision of this Agreement may be extended by mutual agreement between the Parties in accordance
 with this Agreement or by agreement in writing but as regards any time, date or period originally fixed or any time, date or period
 so extended as aforesaid time shall be of the essence.

**7.10** All
 notices, demands or other communications required or permitted to be given or made hereunder shall be in writing and delivered personally
 or sent by prepaid registered post with recorded delivery, or by electronic mail transmission addressed to the intended recipient
 thereof at its address or at its email address, and marked for the attention of such person (if any), designated by it to the other
 Party for the purposes of this Agreement or to such other address or email address, and marked for the attention of such person,
 as a Party may from time to time duly notify the other in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 addresses and email addresses of the Parties for the purpose of this Agreement are specified below:

---

| | |
|:---|:---|
| **<u>Vendors</u>** |  |
| **LYC Malaysia** |  |
| Address | 12<sup>th</sup> Floor, Menara Symphony, No. 5, Jalan Prof. |
|  | Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor 2<sup>nd</sup> and 3<sup>rd</sup> Floor, Podium Block, Plaza Vads, No.1, Jalan Tun Mohd Fuad, Taman Tun Ismail, 60000 Kuala Lumpur |
| Attention | Sui Diong Hoe |
| Email Address | david.sui@lychealth.com |
| Telephone | 603-7733 9222 |
| **KIB** |  |
| Address | Level 14, Kenanga Tower 237, Jalan Tun Razak 50400 Kuala Lumpur, Malaysia |
| Attention |  |
| Email Address |  |
| Telephone | 603 2172 3000 |

---

---

| | |
|:---|:---|
| **Chan Ying Ho** |  |
| Address | 38 Crowhurst Drive, Serangoon Garden Estate, Singapore 557917 |
| Attention | Chan Ying Ho |
| Email Address | drhenry@hcortho.sg |
| Telephone | 65-8126-3647 |
| **Ting Choon Meng** |  |
| Address | 83A Namly Drive Singapore 267486 |
| Attention | Ting Choon Meng |
| Email Address | tingcm1@gmail.com |
| Telephone | 65-8811-6678 |
| **<u>Purchaser</u>** |  |
| Address | 12<sup>th</sup> Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor |
| Attention | Sui Diong Hoe |
| Email Address | david.sui@lychealth.com |
| Telephone | 603-7733 9222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 notice, demand or communication so served by hand, email or post shall be deemed to have been duly given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of delivery by hand, when delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of email, at the time of transmission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the case of post, on the second Business Day after the date of posting (if sent by local mail) and on the seventh Business Day after
 the date of posting (if sent by air mail),

provided that in each case where delivery by hand occurs after 6pm on a Business Day or on a day which is not a Business Day, service shall be deemed to occur at 9am on the next following Business Day.

References to time in this clause are to local time in the country of the addressee.

**7.11** This
 Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original. All counterparts
 together will be taken to constitute one instrument. Any Party may enter into this Agreement by signing any such counterpart (which
 may include counterparts delivered by facsimile and/or electronic transmission, with originals to follow) and each counterpart shall
 be as valid and effectual as if executed as an original.

**7.12** A
 person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore
 to enforce any of its terms.

**7.13** This
 Agreement shall be governed by, and construed in accordance with, the laws of Singapore.

**7.14** Each
 Party agrees that any dispute arising out of or in connection with this Agreement or any document or transaction in connection with
 this Agreement (including any dispute or claim relating to any non-contractual obligations arising out of or in connection with this
 Agreement) shall be referred to and finally resolved by arbitration in Singapore to the exclusion of the ordinary courts, in accordance
 with the Arbitration Rules of the Singapore International Arbitration Centre **("SIAC")** for the time being in force
 which rules are deemed to be incorporated by reference in this Clause. The place of arbitration shall be in Singapore and the language
 of the arbitration shall be English. The arbitration tribunal shall consist of one arbitrator to be appointed by the President of
 the Court of Arbitration for the time being of the SIAC. The arbitral award made and granted by the arbitrators shall be final, binding
 and incontestable, may be enforced by the Parties against the assets of the other Party wherever those assets are located or may
 be found and may be used as a basis for judgement thereon in Singapore or elsewhere.

**SCHEDULE 1**

**PART A - PARTICULARS OF SALE SHARES**

**1.** **HC Orthopaedic Surgery Pte. Ltd.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S/N** | **Name of Vendor** | **Number of Sale Shares to be**<br> **purchased from the Vendor** | **Consideration for**<br> **the respective**<br> **Sale Shares for**<br> **purchased**<br> **from the Vendor** | **Consideration for**<br> **the respective**<br> **Sale Shares for**<br> **purchased**<br> **from the Vendor** | **Number and class of Purchaser**<br> **Consideration Shares to be Issued in**<br> **Satisfaction of the Consideration** |
| 1. | LYC Malaysia | 64,500 ordinary shares | S$ | 10383855.00 | 6,506,091 Class A ordinary shares and 2,788,325 Class B ordinary shares |
| 2. | KIB | 21,500 ordinary shares | S$ | 3461285.00 | 3,098,139 Class A ordinary shares |
| 3. | Chan Ying Ho | 8,620 ordinary shares | S$ | 1387733.80 | 1,242,138 Class A ordinary shares |
| 4. | Ting Choon Meng | 5,380 ordinary shares | S$ | 866126.20 | 775,255 Class A ordinary shares |
| **Total** | **Total** | **100,000 ordinary shares** | **S$** | **16099000.00** | 11,621,623 Class A ordinary shares and 2,788,325 Class B ordinary shares |

---

**2.** **T** & **T Medical Group Pte Ltd** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S/N** | **Name of Vendor** | **Number of Sale Shares to be**<br> **purchased from the Vendor** | **Consideration for the respective**<br> **Sale Shares for purchased**<br> **from the Vendor** | **Consideration for the respective**<br> **Sale Shares for purchased**<br> **from the Vendor** | **Number and class of Purchaser**<br> **Consideration Shares to be**<br> **Issued in Satisfaction of**<br> **the Consideration** |
| 1. | LYC Malaysia | 645 ordinary shares | S$ | 9793035.65 | 6,135,909 Class A ordinary shares and 2,629,675 Class B ordinary shares |
| 2. | KIB | 215 ordinary shares | S$ | 3264, 345.20 | 2,921,861 Class A ordinary shares |
| 3. | Chan Ying Ho | 86 ordinary shares | S$ | 1308774.70 | 1,171,462 Class A ordinary shares |
| 4. | Ting Choon Meng | 54 ordinary shares | S$ | 816845.45 | 731,145 Class A ordinary shares |
| **Total** | **Total** | **1,000 ordinary shares** | **S$** | **15183001.00** | 10,960,377 Class A ordinary shares and 2,629,675 Class B ordinary shares |

---

**PART B - PARTICULARS OF TARGET COMPANIES**

**1.** **HC Orthopaedic Surgery Pte. Ltd.** 

(1) Registered
 Office : 3
 Mount Elizabeth, #15-14 Mount Elizabeth
 Hospital, Singapore 228510

(2) Date
 of Incorporation : 8
 September 2017

(3) Place
 of Incorporation : Singapore

(4) Type
 of company : Private
 Company Limited by Shares

(5) Issued
 and Fully Paid-up Share Capital : S$100,000
 comprising 100,000 ordinary shares

(6) Registered
 Shareholder(s) and Number of Shares (Percentage shareholding) : LYC
 Medicare Sdn Bhd - 64,500 ordinary shares (64 . 50%)
 Maybank Nominee (Tempatan) Sdn Bhd) for Kenanga Investors Bhd (Clients') Account - 21,500 ordinary shares (21.50%) Chan Ying
 Ho - 8,620 ordinary shares (8.62%) Ting Choon Meng - 5,380 ordinary shares (5.38%)

(7) Directors : (i)
 Chan Ying Ho (ii) Sui
 Diong Hoe

(8) Secretary : Lai
 Chwen Woei

(9) Financial
 Year End : 31
 March

**2.** **T & T Medical Group Pte Ltd** 

(1) Registered
 Office : 181
 Kitchener Road, #01-14, Parkroyal on Kitchener Road, Singapore 208533

(2) Date
 of Incorporation : 12
 April 1989

(3) Place
 of Incorporation : Singapore

(4) Type
 of company : Private
 Company Limited by Shares

(5) Issued
 and Fully Paid-up Share Capital : S$1,000
 comprising 1,000 ordinary shares

(6) Registered
 Shareholder(s) and Number of Shares (Percentage shareholding) : LYC
 Medicare Sdn Bhd - 645 ordinary shares (64.5%) Maybank Nominee (Tempatan) Sdn Bhd) for Kenanga Investors Bhd (Clients') Account
 - 215 ordinary shares (21.5%) Chan Ying Ho - 86 ordinary shares (8.6%) Ting Choon Meng shares (5.4%) - (54 ordinary

(7) Directors : (i)
 Ting Choon Meng (ii)
 Chan Ying Ho (iii)
 Sui Diong Hoe

(8) Secretarv : Lai
 Chwen Woei

(9) Financial
 Year End : 31
 March

**SCHEDULE 2**

**COMPLETION OBLIGATIONS**

1. **Vendors' Obligations on Completion** 

1.1 On
 or before Completion, each of the Vendors shall deliver to the Purchaser in respect of the Sale Shares held by that Vendor in each
 of the Target Companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly
 executed instrument of transfers in respect of all of the T&T Sale Shares and all of the HCOS Sale Shares held by such Vendor
 in favour of LYC Medicare International Pte. Ltd., together with the original share certificate(s) in respect of the relevant Sale
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (in
 respect of LYC Malaysia and KIB only) a certified true copy of the written resolutions of the directors of LYC Malaysia and KIB approving
 the disposal of all the Sale Shares held by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in
 respect of LYC Malaysia only) a certified true copy of the written resolutions of the directors of LYC Healthcare Berhad (Registration
 No. 200401009170 (647673-A)) approving the disposal of all the Sale Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 certified true copy of the written resolutions of the directors of each Target Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving
 the transfer of the T&T Sale Shares or the HCOS Sale Shares (as the case may be) from the Vendors to LYC Medicare International
 Pte. Ltd., the cancellation of the existing share certificate(s) and issue of the new share certificate(s) in respect of the T&T
 Sale Shares or the HCOS Sale Shares (as the case may be) in favour of LYC Medicare International Pte. Ltd.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) approving
 the entry into the register of members of such Target Company the name of **LYC Medicare International Pte. Ltd.** as the holder
 of the T&T Sale Shares or the HCOS Sale Shares (as the case may be) (subject to the stamping of the instrument of transfer).

**2.** **Purchaser's Obligations on Completion** 

2.1 On
 Completion, the Purchaser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) allot
 and issue an aggregate of 22,582,000 Class A shares and 5,418,000 Class B shares in LYC Healthcare (Cayman) Limited as Purchaser
 Consideration Shares to the Vendors in accordance with the provisions of Clause 2.3 of the Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deliver
 to the Vendors a copy of the written resolutions of the board of directors of the Purchaser approving:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 allotment and issue of an aggregate of 22,582,000 Class A shares and 5,418,000 Class B shares in LYC Healthcare (Cayman) Limited
 as Purchaser Consideration Shares to the Vendors credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the
 update of the register of members of the Purchaser in respect of the allotment and issuance of an aggregate of 22,582,000 Class A
 shares and 5,418,000 Class B shares in LYC Healthcare (Cayman) Limited as Purchaser Consideration Shares to the Vendors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the
 making of such other entries into other corporate records of the Purchaser as may be necessary.

2.2 Within
 10 business days after Completion, the Purchaser shall deliver to the Vendors a copy of the updated register of members of the Company
 in respect of the allotment and issuance of an aggregate of 22,582,000 Class A shares and 5,418,000 Class B shares in LYC Healthcare
 (Cayman) Limited as Purchaser Consideration Shares to the Vendors.

**IN WITNESS WHEREOF** this Agreement has been entered into on the date stated at the beginning.

<u>VENDORS</u>

---

| |
|:---|
| <br> ![](ex10-21_001.jpg) |
| <br> ![](ex10-21_001.jpg) |
| <br> ![](ex10-21_001.jpg) |
| <br> ![](ex10-21_001.jpg) |
| <br> ![](ex10-21_001.jpg) |
| <br> ![](ex10-21_001.jpg) |

---

![](ex10-21_002.jpg)

---

| | |
|:---|:---|
| Witness's signature | Witness's signature |
| Name: | ![](ex10-21_014.jpg) |
| Address: |  |

---

 **SIGNED** by)))) for and on behalf of)
**MAYBANK NOMINEE (TEMPATAN) SDN**) **BHD) FOR KENANGA INVESTORS BHD**) **(CLIENTS')
ACCOUNT**) in the presence of:)
![](ex10-21_003.jpg)

---

| | |
|:---|:---|
| Witness's signature | Witness's signature |
| Name: | ![](ex10-21_016.jpg) |
| Address: | ![](ex10-21_017.jpg) |

---

---

| | |
|:---|:---|
| **SIGNED** by) | ![](ex10-21_004.jpg) |
| **CHAN YING HO**) | ![](ex10-21_004.jpg) |
| in the presence of:) | ![](ex10-21_004.jpg) |

---

![](ex10-21_009.jpg)

---

| | |
|:---|:---|
| Witness'signature | Witness'signature |
| Name: | ![](ex10-21_010.jpg) |
| Address: | ![](ex10-21_011.jpg) |

---

---

| | |
|:---|:---|
| **SIGNED** by) | ![](ex10-21_005.jpg) |
| **TING CHOON MENG**) | ![](ex10-21_005.jpg) |
| in the presence of:) | ![](ex10-21_005.jpg) |

---

![](ex10-21_006.jpg)

---

| | |
|:---|:---|
| Witness'signature | Witness'signature |
| Name: | ![](ex10-21_024.jpg) |
| Address: | ![](ex10-21_025.jpg) |

---

<u>PURCHASER</u>

 **SIGNED** by)))

---

| | |
|:---|:---|
| for and on behalf of) | ![](ex10-21_007.jpg) |
| **LYC HEALTHCARE (CAYMAN) LTD** | ![](ex10-21_007.jpg) |
| in the presence of:) | ![](ex10-21_007.jpg) |

---

![](ex10-21_009.jpg)

---

| | |
|:---|:---|
| Witness'signature | Witness'signature |
| Name: | ![](ex10-21_010.jpg) |
| Address: | ![](ex10-21_011.jpg) |

---

## Exhibit 10.22

**Exhibit 10.22**

**CHEUNG KAM FAI**

UNIT 13-15<br> SOUTH SEAS CENTRE<br> 75 MODY ROAD<br> TST HONG KONG<br> jcheungpa@gmail.com

**STRICTLY PRIVATE & CONFIDENTIAL**

**ENGAGEMENT LETTER**

Date: 26 December 2024

**LYC Healthcare (Cayman) Ltd**

Harneys Fiduciary (Cayman) Limited,

4th Floor, Harbour Place, 103 South Church Street,

P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands

Attention: The Board of Directors

Dear Sir/Madam,

**<u>Re: Proposed Listing of LYC Healthcare (Cayman) Ltd with its subsidiaries on the National Association of Securities Dealers Automated Quotations (the "NASDAQ")</u>**

We refer to our recent discussions in respect of the application of LYC Healthcare (Cayman) Ltd (the "**Company**"), together with its subsidiaries (the "**Group**") for listing of its Shares (the "**Listing**") on the NASDAQ pursuant to The Rules Governing the Listing of Securities on the NASDAQ (the "**Listing Rules**"). And Cheung Kam Fai ("**CKF**"; Passport No.: 124541630) would like to offer himself to act as the Consultant (the "**Consultant**") to the Company for the Listing. Set out below are the terms upon which the Company shall appoint CKF as your Consultant.

**1.** **Scope of work** 

During the Terms of this letter, the Consultant is hereby retained by the Company on a non-exclusive basis to provide consultant services (the "**Services**") to the Company to be mutually agreed to from time to time which are anticipated to include:

(i) Introduce
 professional parties in relation to the Listing to the Company, which may include financial
 intermediaries, financial advisers, lawyers and auditors, etc., and;

(ii) Provide
 the Company with information, materials and other documents required by the Company.

(iii) To
 secure an underwriter and investors for the Company for the listing on the NASDAQ and to
 ensure the underwriter underwrites the full IPO shares.

**2.** **Remuneration** 

In consideration of the Services of the Consultant in relation to the successful Listing, the Company shall pay to the Consultant a fee of USD50,000-00 (the "**Fee**"). The Fee shall be paid to the Consultant on successful basis upon IPO of the Company, and the full payment of USD50,000-00 shall be from the Proceeds raised from IPO.

**3.** **Undertakings and acknowledgements by the Company** 

The Company agrees that it should forthwith disclose to the Consultant all matters, for the exclusive purposes of fulfilling the engagement, whether of a financial nature or otherwise and whether relating to itself or any third party which are or may be material to the financial position, business and/or operations of the Company, which it is aware or which comes to its attention. The Company hereby acknowledges that the Consultant will rely on any information being obtained for carrying out its obligations under this letter.

In agreeing to the terms of this letter, the Company further irrevocably undertakes:

(a) to
 accept full responsibility for the completeness, truthfulness and accuracy of all representation,
 information and facts given to the Consultant in relation to the Services and that no other
 representation, information or facts will be withheld, the omission of which will make any
 representation, information or facts given to the Consultant incorrect, unfair or misleading
 and to notify the Consultant as soon as practicable should the Company subsequently discover
 anything which renders any such representation, information or facts untrue, unfair, inaccurate
 or misleading and to take all such steps reasonably required to correct such representation,
 information or facts;

(b) to
 notify the Consultant in the event of any material change to any representation or information
 previously provided to or accessed by the Consultant;

(c) to
 keep the Consultant fully informed of all strategies, developments, proposals, discussions
 or other factors relevant to this engagement;

(d) that
 the terms of engagement with experts retained to perform services related to the Services
 should contain clauses entitling the Consultant access, to the extent as required under the
 Listing Rules, to such experts, experts' reports, draft reports (both written and oral)
 and terms of engagement, information provided to or relied on by the experts, information
 provided by the experts to the regulators, all other correspondence exchanged between the
 Company or its agents and the expert or between the experts, the Company and the regulators.
 The Consultant has the right to take copies of relevant documents without charge; and

(e) to
 maintain, provide to or procure for the Consultant all necessary consents and authorizations
 required for the provision of the information referred to in paragraphs (1) to (3) above.

The Company agrees and confirms that:

(a) without
 detracting from the obligation of the Consultant to make such enquiries as it may consider
 appropriate in the discharge of its obligations under this engagement, the Consultant shall
 be entitled to rely upon all information supplied to it by or on behalf of the Company or
 its advisers and shall not in any respect be responsible for the accuracy or completeness
 of, or have any obligation to verify, the same;

(b) all
 correspondence and other papers (excluding those of which the Company has propriety rights
 and ownership) held by the Consultant in relation to any matter undertaken for the Company
 shall be the Consultant's property with the exception of original contracts, share
 certificates and other documents of title held to the Company's order and any documents
 the return of which the Company has requested on or prior to dispatch to the Consultant;

(c) the
 Consultant will not be responsible for providing specialist or technical advice (for example
 on legal, accounting or taxation matters) in connection with the Services;

(d) the
 Consultant is authorised by the Company to do anything which is necessary either to carry
 out its services under this engagement or to comply with any applicable laws, rules or regulations
 or practices as may be appropriate and to act through agents if previously approved by the
 Company; and

(e) we
 accept instructions from the Company on the basis that we do not assume liability to any
 person other than the Company in relation to advice provided to the Company.

**4.** **Confidentiality** 

The Company agrees that, save as may be required by the Listing Rules, the Securities and Futures Ordinance, laws, rules, regulations, guidelines, notices, circulars, order, judgments, decrees or rulings of any court, government, governmental or any regulatory authority (including, without limitation, the Stock Exchange and the Securities and Futures Commission), the Company would, and would procure that its directors, officers, employees and affiliates would, keep all correspondence with us arising under this engagement confidential. The Company also agrees that no part of any correspondence rendered by us in connection with services performed for the Company under the terms of this engagement letter will be quoted or made public without our prior written consent. In the event that the Company decides to disclose any correspondence from us to the Company's professional advisers, the Company hereby agrees that the Company will first obtain their written agreement to be bound to us by the terms of this confidentiality clause in connection with any disclosure made to them by the Company.

Save as may be required by the Listing Rules, the Securities and Futures Ordinance, laws, rules, regulations, guidelines, notices, circulars, order, judgments, decrees or rulings of any court, government, governmental or any regulatory authority (including, without limitation, the Stock Exchange and the Securities and Futures Commission) or required to be disclosed to our insurers, we agree that we shall, and shall procure that our directors, officers, employees and affiliates shall, keep all information provided by the Company and all correspondence arising under this engagement confidential and that we shall not, without the Company's prior written consent, disclose the same to any party other than the Company's professional advisers engaged in the Services. We further agree that no part of any information or correspondence rendered by us in connection with services performed for the Company under the terms of this engagement letter will be quoted or made public without the Company's prior written consent.

The restrictions contained in this clause shall survive the termination of this engagement letter without limit in time.

**5.** **Termination** 

The Consultant reserves the right at any time and without any liability or continuing obligations to the Company to resign from this engagement by giving the Company reasonable notice (taking into account the circumstances of the case) in writing if there arises any circumstances, including regulatory requirements, which in the absolute opinion of the Consultant, makes it incapable for the Consultant to continue to advise or act for the Company.

Termination of this engagement letter for whatever reason shall not relieve either party of their obligations arising or accrued prior to the termination and shall be without prejudice to the continued existence and validity of their respective rights and obligations under clause 3 & 4 of this engagement letter.

**6.** **Indemnity** 

The Company agrees with the Consultant to indemnify and to hold harmless the Consultant and its affiliates, associated companies and all members of the Consultant's group of companies, and the directors, officers, agents and employees, (any and all of which or whom is referred to as an "**Indemnified Person**") from and against any actions, claims and proceedings from time to time made or threatened to be made against any of the Indemnified Persons and all losses, and damages suffered and all payments, costs, charges or expenses made or incurred (including but not limited to all payments, costs or charges or expenses made or incurred arising out of or in connection with the settlement of any such actions, claims and proceedings or the enforcement of any such settlement or any judgement obtained in respect of any of such actions, claims and proceedings on a full indemnity basis) by any such Indemnified Person in any jurisdiction whatsoever and which relate to or arise from, directly or indirectly:

(a) the
 Consultant's engagement hereunder; or

(b) the
 performance by the Consultant of its duties under this engagement letter; or

(c) any
 breach on the part of the Company of any of the provisions of this engagement letter.

The Consultant shall not be responsible for any action, claim, proceeding, liability, loss, damages, payment, costs or expenses which may be incurred or suffered by the Company or for any other consequence (including, but not limited to, any reprimand issued by the Stock Exchange or the delisting of the Company's shares on the Stock Exchange) arising out of or in connection with:

(a) any
 breach on the part of the Company of any of the provisions of this engagement letter; or

(b) any
 default under or breach by the Company of any of the provisions of the Listing Rules and/or
 applicable law, regulations and codes (except where such default or breach arises as a result
 of the Company following advice provided negligently or recklessly by the Consultant in the
 performance of its duties under this engagement letter); or

(c) the
 Company failing to follow or otherwise ignoring advice provided by the Consultant (whether
 directly or through their respective affiliates or professional advisers) in the performance
 of the Consultant's duties under this engagement letter.

**7.** **Severability** 

Any provision of this engagement letter which is prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent as required by such law, be severed from this engagement letter and rendered ineffective so far as is possible without modifying the remaining provisions of this engagement letter. Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the parties to the full extent as permitted by such law to the end that this engagement letter shall be a valid and binding agreement enforceable in accordance with its terms.

**8.** **Governing Law and Jurisdiction** 

This engagement letter shall be governed by and construed in accordance with the laws of Hong Kong and the parties hereto submit to the non-exclusive jurisdiction of the courts of Hong Kong in connection herewith but this engagement letter may be enforced in any court of competent jurisdiction.

We would appreciate it if the Company would confirm the engagement of Cheung Kam Fai as the Consultant to the Company on the above basis by signing and returning a duplicate copy of this engagement letter to us at your earliest convenience.

---

| | |
|:---|:---|
| Yours faithfully | Confirmed and accepted by |
| For and on behalf of | For and on behalf of |
| **The Consultant** | **LYC Healthcare (Cayman) Ltd** |
| /s/ Cheung Kam Fai | /s/ Sui Diong Hoe |
| **Cheung Kam Fai** | Sui Diong Hoe |
|  | Director |

---

## Exhibit 14.1

**Exhibit 14.1**

**LYC HEALTHCARE (CAYMAN) LTD**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**I. PURPOSES**

The Board of Directors (the "Board") of LYC HEALTHCARE (CAYMAN) LTD (the "Company") has adopted this Code of Business Conduct and Ethics (this "Code"), which is applicable to all directors, officers, and employees (from time to time) of the Company (each a "person", as used herein), with the intent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● promote the full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "SEC"), as well as in other public communications made by or on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● promote compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● deter wrongdoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● require prompt internal reporting of breaches of, and accountability for adherence to, this Code.

This Code may be amended only by resolution of the Board. In this Code, references to the "Company" mean BeLive Holdings, and include, in the appropriate context, the Company's subsidiaries.

**II. HONEST, ETHICAL, AND FAIR CONDUCT**

Each person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair, and candid. Deceit, dishonesty, and subordination of the Company's interests to personal interests are inconsistent with integrity. Service to the Company should never be subordinated to personal gain or advantage.

Each person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Act with integrity, including being honest and candid while still maintaining the confidentiality of the Company's information where required or in the Company's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Observe all applicable governmental laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Comply with the requirements of applicable accounting and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the Company's financial records and other business-related information and data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Adhere to a high standard of business ethics and not seek competitive advantage through unlawful or unethical business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Deal fairly with the Company's customers, suppliers, competitors, and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Refrain from taking advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing 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;● Protect the assets of the Company and ensure their proper use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Refrain from (i) taking for themselves corporate or business opportunities that are discovered through the use of corporate assets, (ii) using corporate assets, information, or position for personal gain, and (iii) competing with 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;● Avoid conflicts of interest, wherever possible, except as may be allowed under guidelines or resolutions approved by the Board (or the appropriate committee of the Board). Anything that would be a conflict for a person subject to this Code also will be a conflict if it is related to a member of his or her family or a close relative. Examples of conflict of interest situations include, but are not limited to, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any significant ownership interest in any supplier or customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any consulting or employment relationship with any customer, supplier, or competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any outside business activity that detracts from a person's ability to devote appropriate time and attention to his or her responsibilities with 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the receipt of any money, non-nominal gifts, or excessive entertainment from any entity with which the Company has current or prospective business dealings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● being in the position of supervising, reviewing, or having any influence on the job evaluation, pay, or benefit of any close relative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● selling anything to the Company or buying anything from the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any other financial transaction, arrangement, or relationship (including any indebtedness or guarantee of indebtedness) involving the Company; 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;● any other circumstance, event, relationship, or situation in which the personal interest of a person subject to this Code interferes – or even appears to interfere – with the interests of the Company as a whole.

**III. DISCLOSURE**

The Company strives to ensure that the contents of and the disclosures in the reports and documents that the Company files with the SEC and other public communications shall be full, fair, accurate, timely, and understandable in accordance with applicable disclosure standards, including standards of materiality, where appropriate. Each person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's independent auditors, governmental regulators, self-regulating organizations, and other governmental officials, as appropriate; 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;● in relation to his or her area of responsibility, properly review and critically analyze proposed disclosure for accuracy and completeness.

In addition to the foregoing, the Chief Executive Officer and Chief Financial Officer of the Company and each subsidiary of the Company (or persons performing similar functions), and each other person that typically is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company.

Each person must promptly bring to the attention of the Chairperson of the Audit Committee of the Board (the "Audit Committee") (or the Chairperson of the Board if no Audit Committee exists) any information he or she may have concerning (a) significant deficiencies in the design or operation of internal and/or disclosure controls which could adversely affect the Company's ability to record, process, summarize, and report financial data or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's financial reporting, disclosures, or internal controls.

**IV. COMPLIANCE**

It is the Company's obligation and policy to comply with all applicable governmental laws, rules, and regulations. It is the personal responsibility of each person to, and each person must, adhere to the standards and restrictions imposed by those laws, rules, and regulations, including those relating to accounting and auditing matters.

**V. REPORTING AND ACCOUNTABILITY**

The Board or Audit Committee, if one exists, is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. Any person who becomes aware of any existing or potential breach of this Code is required to notify the Chairperson of the Board or Audit Committee promptly. Failure to do so is itself a breach of this Code.

Specifically, each person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Notify the Chairperson promptly of any existing or potential violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Not retaliate against any other person for reports of potential violations that are made in good faith. The Company will follow the following procedures in investigating and enforcing this Code and in reporting on this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Board or Audit Committee, if one exists, will take all appropriate action to investigate any breaches reported to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If the Audit Committee, if one exists, determines by majority decision that a breach has occurred, it will inform the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Upon being notified that a breach has occurred, the Board by majority decision will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation with the Audit Committee, if one exists, and/or the Company's counsel, up to and including dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

No person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer or employee thereof to discharge, demotion, suspension, threat, harassment, or, in any manner, discrimination against such person in terms and conditions of employment.

**VI. WAIVERS AND AMENDMENTS**

Any waiver (defined below) or an implicit waiver (defined below) from a provision of this Code for the principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions or any amendment (as defined below) to this Code is required to be disclosed in the Company's Annual Report on Form 20-F or in a Current Report on Form 6-K filed with the SEC.

A "waiver" means the approval by the Board of a material departure from a provision of this Code. An "implicit waiver" means the Company's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an executive officer of the Company. An "amendment" means any amendment to this Code other than minor technical, administrative, or other non-substantive amendments hereto.

All persons should note that it is not the Company's intention to grant or to permit waivers from the requirements of this Code. The Company expects full compliance with this Code.

**VII. INSIDER TRADING AND DISSEMINATION OF INSIDE INFORMATION**

Each person shall comply with the Company's Insider Trading Policy.

**VIII. FINANCIAL STATEMENTS AND OTHER RECORDS**

All of the Company's books, records, accounts, and financial statements must be maintained in reasonable detail, must appropriately reflect the Company's transactions and must both conform to applicable legal requirements and to the Company's system of internal controls. Unrecorded or "off the books" funds or assets should not be maintained unless permitted by applicable law or regulation. Records should always be retained or destroyed according to the Company's record retention policies. In accordance with those policies, in the event of litigation or governmental investigation, please consult the Board or the Company's internal or external legal counsel.

**IX. IMPROPER INFLUENCE ON CONDUCT OF AUDITS**

No director, officer or employee, or any other person acting under the direction thereof, shall directly or indirectly take any action to coerce, manipulate, mislead, or fraudulently influence any public or certified public accountant engaged in the performance of an audit or review of the financial statements of the Company or take any action that such person knows or should know that if successful could result in rendering the Company's financial statements materially misleading. Any person who believes such improper influence is being exerted should report such action to such person's supervisor, or if that is impractical under the circumstances, to any of our directors.

**X. ANTI-CORRUPTION LAWS**

The Company complies with the applicable anti-corruption laws of the countries in which it does business, including the U.S. Foreign Corrupt Practices Act. To the extent prohibited by applicable law, directors, officers, and employees will not directly or indirectly give anything of value to government officials, including employees of state-owned enterprises or foreign political candidates. These requirements apply both to Company employees and agents, such as third-party sales representatives, no matter where they are doing business. If you are authorized to engage agents, you are responsible for ensuring they are reputable and for obtaining a written agreement to uphold the Company's standards in this area.

**XI. VIOLATIONS**

Violation of this Code is grounds for disciplinary action up to and including termination of employment. Such action is in addition to any civil or criminal liability which might be imposed by any court or regulatory agency.

**XII. OTHER POLICIES AND PROCEDURES**

Any other policy or procedure set out by the Company in writing or made generally known to employees, officers, or directors of the Company prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

**XIII. INQUIRIES**

All inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to the Company's Secretary, the Chair of the Audit Committee, or the Company's United States securities lawyer.

## Exhibit 21.1

**Exhibit 21.1**

**LIST OF**

**SUBSIDIARIES OF**

**LYC HEALTHCARE (CAYMAN) LTD**

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| LYC Medicare International Pte Ltd | Republic of Singapore |
| HC Orthopaedic Surgery Pte Ltd | Republic of Singapore |
| T&T Medical Group Pte Ltd | Republic of Singapore |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated December 08, 2025, with respect to the combined financial statements of LYC Healthcare (Cayman) Ltd and its subsidiaries, as of and for the years ended March 31, 2025 and 2024 in this Registration Statement on Form F-1 and the related Prospectus of LYC Healthcare (Cayman) Ltd and its subsidiaries filed with the Securities and Exchange Commission.

![](ex23-1_002.jpg)

December 08, 2025

![](ex23-1_003.jpg)

## Exhibit 23.3

**Exhibit 23.3**

---

| | |
|:---|:---|
| ![](ex23-3_001.jpg) | ![](ex23-3_002.jpg) |

---

**Consent of Converging Knowledge**

Reference is make the filing by LYC Healthcare (Cayman) Ltd. (the "Company") of the Registration Statement on Form F-l (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"), in connection with its initial public offering (the "Proposed IPO").

We hereby consent to the use of and reference to our name and the inclusion of information, data and statements from our research reports and amendments thereto, including, without limitation, the industry report titled "The Healthcare Industry, with Focus on Orthopaedic and Osteoporosis — Singapore" (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our independent industry reports and amendments thereto, (i) in the Registration Statement and any amendments thereto, including, but not limited to, under "Prospectus Summary", "Industry" and "Business" sections; (ii) in any written correspondence with the SEC, (iii) in any future filings with the SEC by the Company, including, without limitation, filings on Form 20-F, Form 6-K and other SEC filings (collectively, the "SEC Filings", (iv) on the websites or in the publicity materials of the Company and its subsidiaries and affiliates, (v) in institutional and retail roadshows and other activities in connection with the Proposed IPO, and (vi) in other publicity and marketing materials in connection with the Proposed IPO

We further consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings by the Company for the use of our data and information cited for the above-mentioned purposes.

---

| | | |
|:---|:---|:---|
| Dated: December 5, 2024 | CONVERGING KNOWLEDGDE PTE.LTD | CONVERGING KNOWLEDGDE PTE.LTD |
|  | /s/ Dr. Janet Huang | /s/ Dr. Janet Huang |
|  | Name: | Dr. Janet Huang |
|  | Title: | Principal |

---

---

| | | |
|:---|:---|:---|
| **SINGAPORE** | **MALAYSIA** | &nbsp;&nbsp;**HONG KONG** |
| **Tel: +65 6225 8781 /82 /85** | **Tel: +603 7494 6039** | &nbsp;&nbsp;**Tel: +852 8197 8261** |
| **Fax: +65 6323 0132** | **Fax: +603 7493 5919** | &nbsp;&nbsp;**Fax: +852 3118 6161** |
| **19 Keppel Road, #07-04,** | **E-8-6 Megan Avenue 1, No. 189** | &nbsp;&nbsp;**Suite A, 12/F Ritz Plaza, 122 Austin** |
| **Jit Poh Building, Singapore 089058** | **Jalan Tun Razak, 50400 KL, Malaysia** | &nbsp;&nbsp;**Road, TST Kowloon, Hong Kong** |

---

## Exhibit 99.1

**Exhibit 99.1**

**AUDIT COMMITTEE CHARTER**

**OF**

**LYC HEALTHCARE (CAYMAN) LTD**

**PURPOSE**

The purpose of the Audit Committee (the "Audit Committee") of the Board of Directors (the "Board") of LYC HEALTHCARE (CAYMAN) LTD (the "Company") is to assist the Board in monitoring: (1) the integrity of the annual, semi-annual, quarterly (if the Company should elect to release quarterly information), and other financial statements of the Company, (2) the independent auditor's qualifications and independence, (3) the performance of the Company's independent auditor, and (4) the compliance by the Company with legal and regulatory requirements. The Audit Committee also shall review and approve all related-party transactions pursuant to the Company's Related Party Transaction Policy, a copy of which is attached hereto as Exhibit 1.

The Audit Committee shall prepare any reports required by the rules of the Securities and Exchange Commission ("Commission").

**II. COMMITTEE MEMBERSHIPS**

The Audit Committee shall consist of no fewer than three members of the Board, absent a temporary vacancy. The Audit Committee shall meet the "Audit Committee Requirements" of Section 10A(m)(3) of the Securities Exchange Act of 1934 (the "Exchange Act") and the rules and regulations of the Commission, and if applicable the requirements of the Nasdaq Stock Market or the applicable stock market upon which its securities are traded.

The members of the Audit Committee shall be appointed by the Board. Audit Committee members may be replaced by the Board. There shall be a Chairperson of the Audit Committee which shall also be appointed by the Board. The Chairperson of the Audit Committee shall be a member of the Audit Committee and, if present, shall preside at each meeting of the Audit Committee. The Chairperson shall advise and counsel with the executives of the Company and shall perform such other duties as may from time to time be assigned to the Chairperson by the Audit Committee or the Board of Directors.

**III. MEETINGS**

The Audit Committee shall meet as often as it determines, but not less frequently than the time periods that the Company releases financial information to the public or files such information with the United States Securities and Exchange Commission. The Audit Committee shall meet periodically with management and the independent auditor in separate executive sessions. The Audit Committee may request any officer or employee of the Company or the Company's outside counsel or independent auditor to attend a meeting of the Audit Committee or to meet with any members of, or consultants to, the Audit Committee.

**IV. COMMITTEE AUTHORITY AND RESPONSIBILITIES**

The Audit Committee shall have the sole authority to appoint or replace the independent auditor. The Audit Committee shall be directly responsible for determining the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work. The independent auditor shall report directly to the Audit Committee.

The Audit Committee shall pre-approve all auditing services and permitted non-audit services to be performed for the Company by its independent auditor, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Exchange Act which are approved by the Audit Committee prior to the completion of the audit). The Audit Committee may form and delegate authority to subcommittees of the Audit Committee consisting of one or more members when appropriate, including the authority to grant pre-approvals of audit and permitted non-audit services, provided that decisions of such subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next scheduled meeting.

The Audit Committee shall have the authority, to the extent it deems necessary or appropriate, to retain independent legal, accounting, or other advisors. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of compensation to (i) the independent auditor for the purpose of rendering or issuing an audit report and (ii) any advisors employed by the Audit Committee.

The Audit Committee shall:

<u>Financial Statement and Disclosure Matters</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. Meet
 with the independent auditor prior to the audit to review the scope, planning, and staffing
 of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;2. Review
 and discuss with management and the independent auditor the annual audit report, the financial
 statements and related notes and the "Management's Discussion and Analysis of
 Financial Condition and Results of Operations" proposed to be included in the Company's
 Annual Report on Form 20-F, and recommend to the Board whether the audited financial statements
 and related notes and the "Management's Discussion and Analysis of Financial
 Condition and Results of Operations" should be included in the Company's Annual
 Report on Form 20-F (or the annual report to shareholders if distributed prior to the filing
 of the Form 20-F).

&nbsp;&nbsp;&nbsp;&nbsp;3. Review
 and discuss with management and the independent auditor the Company's interim financial
 statements prior to the release of any such financial statements or information to the public
 or the filing of such financial information with the United States Securities and Exchange
 Commission under cover of Form 6-K, including the results of the independent auditor's
 review of such interim financial statements (if such a review has been obtained).

&nbsp;&nbsp;&nbsp;&nbsp;4. Discuss
 with management and the independent auditor, as appropriate, significant financial reporting
 issues and judgments made in connection with the preparation of the Company's financial
 statements, including:

&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 significant changes in the Company's selection or application of accounting principles;

&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's critical accounting policies and practices;

&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) all alternative treatments of financial information within GAAP that have been discussed with management and the ramifications of the use of such alternative accounting principles;

&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) any major issues as to the adequacy of the Company's internal controls and any special steps adopted in light of material control deficiencies; 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) any material written communications between the independent auditor and management, such as any management letter or schedule of unadjusted differences.

&nbsp;&nbsp;&nbsp;&nbsp;5. Discuss
 with management and independent auditor and, prior to issuance, review and approve the Company's
 earnings releases, including the use of "pro forma" or "adjusted"
 non-GAAP information, and any financial information and earnings guidance to be included
 in such releases and provided to analysts and rating agencies. Such discussion may be general
 and include the types of information to be disclosed and the types of presentations to be
 made.

&nbsp;&nbsp;&nbsp;&nbsp;6. Discuss
 with management and the independent auditor the effect on the Company's financial statements
 of (i) regulatory and accounting initiatives and (ii) off-balance sheet structures.

&nbsp;&nbsp;&nbsp;&nbsp;7. Review
 and discuss with management and the independent auditor the Company's major financial
 risk exposures and the steps management has taken to monitor and control such exposures,
 including the Company's risk assessment and risk management policies.

&nbsp;&nbsp;&nbsp;&nbsp;8. Discuss
 with the independent auditor the matters required to be discussed by Statement on Auditing
 Standards No. 61 relating to the conduct of the audit, including any difficulties encountered
 in the course of the audit work, any restrictions on the scope of activities or access to
 requested information, and any significant disagreements with management.

&nbsp;&nbsp;&nbsp;&nbsp;9. Review
 disclosures made to the Audit Committee by the Company's Chief Executive Officer and
 Chief Financial Officer (or individuals performing similar functions) during their certification
 process for the Form 20-F about any significant deficiencies and material weaknesses in the
 design or operation of internal control over financial reporting and any fraud involving
 management or other employees who have a significant role in the Company's internal
 control over financial reporting.

<u>Oversight of the Company's Relationship with the Independent Auditor</u>

&nbsp;&nbsp;&nbsp;&nbsp;10. At
 least annually, obtain and review a report from the independent auditor, consistent with
 the rules of the Public Company Accounting Oversight Board, regarding (a) the independent
 auditor's internal quality-control procedures, (b) any material issues raised by the
 most recent internal quality-control review, or peer review, of the firm, or by any inquiry
 or investigation by governmental or professional authorities within the preceding five years
 respecting one or more independent audits carried out by the firm, (c) any steps taken to
 deal with any such issues and (d) all relationships between the independent auditor and the
 Company. Evaluate the qualifications, performance, and independence of the independent auditor,
 including whether the auditor's quality controls are adequate and the provision of
 permitted non-audit services is compatible with maintaining the auditor's independence,
 and taking into account the opinions of management and the internal auditor. The Audit Committee
 shall present its conclusions with respect to the independent auditor to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;11. Verify
 the rotation of the lead (or coordinating) audit partner having primary responsibility for
 the audit and the audit partner responsible for reviewing the audit as required by law. Consider
 whether, in order to assure continuing auditor independence, it is appropriate to adopt a
 policy of rotating the independent auditing firm on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;12. Oversee
 the Company's hiring of employees or former employees of the independent auditor who
 participated in any capacity in the audit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;13. Be
 available to the independent auditor during the year for consultation purposes.

<u>Compliance Oversight Responsibilities</u>

&nbsp;&nbsp;&nbsp;&nbsp;14. Obtain
 assurance from the independent auditor that Section 10A(b) of the Exchange Act has not been
 implicated.

&nbsp;&nbsp;&nbsp;&nbsp;15. Review
 and approve all related-party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;16. Inquire
 and discuss with management the Company's compliance with applicable laws and regulations
 and with the Company's Code of Ethics in effect at such time, if any, and, where applicable,
 recommend policies and procedures for future compliance.

&nbsp;&nbsp;&nbsp;&nbsp;17. Establish
 procedures (which may be incorporated in the Company's Code of Ethics, in effect at
 such time, if any) for the receipt, retention and treatment of complaints received by the
 Company regarding accounting, internal accounting controls or reports which raise material
 issues regarding the Company's financial statements or accounting policies. Review
 requests for waivers under the Code of Ethics sought with respect to any executive officer
 or director. Review annually with the Chairperson of the Board or outside counsel, as appropriate,
 the scope, implementation and effectiveness of the ethics and compliance program, and any
 significant deviations by officers and employees from the Code of Ethics or other compliance
 policies, and other matters pertaining to the integrity of management.

&nbsp;&nbsp;&nbsp;&nbsp;18. Discuss
 with management and the independent auditor any correspondence with regulators or governmental
 agencies and any published reports that raise material issues regarding the Company's
 financial statements or accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;19. Discuss
 with the Company's SEC counsel legal matters that may have a material impact on the
 financial statements or the Company's compliance policies.

&nbsp;&nbsp;&nbsp;&nbsp;20. Review
 and approve all payments made to the Company's officers and directors or its or their
 affiliates. Any payments made to members of the Audit Committee will be reviewed and approved
 by the Board, with the interested director or directors abstaining from such review and approval.

<u>Cybersecurity Oversight Responsibility</u>

&nbsp;&nbsp;&nbsp;&nbsp;21. Review
 cybersecurity risk as part of our overall risk-management program to ensure that cybersecurity
 risk management remains a meaningful priority in our business strategy and operations.

&nbsp;&nbsp;&nbsp;&nbsp;22. If
 directed by the Board to assume oversight responsibility for cybersecurity then, with the
 assistance of the Company's Chief Financial Officer, it shall establish and maintain
 a management strategy for cybersecurity, consistent with the Company's Cybersecurity
 Policy, a copy of which is attached hereto as Exhibit 2, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Identification*:
 Proactively identify the manners in which our business could be materially impacted by cybersecurity
 risks including:

&nbsp;&nbsp;&nbsp;&nbsp;&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) Cybersecurity
 Incidents – an unauthorized occurrence on or conducted through its information system
 that jeopardizes the confidentiality, integrity, or availability of its information systems
 or any information residing therein.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Cybersecurity
 Threats – any potential occurrence that may result in an unauthorized effort to adversely
 affect the confidentiality, integrity, or availability of its information systems or any
 information residing therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Assessment*:
 Periodically assess our risks relating to cybersecurity threats, including risks relating
 to our reliance on third parties, considering the likelihood and impact that could result
 from the manifesting of such risks, together with the sufficiency of existing policies, procedures,
 systems, and safeguards in place to manage such risks, including evaluating and if available
 obtaining cyber liability insurance, and aligning such cyber-risk management policies with
 the Company's business needs by integrating cyber-risk analysis into significant business
 decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Management*:
 Determine and implement reasonable safeguards to address any identified gaps in our existing
 processes and procedures, including annual cybersecurity awareness training emphasizing the
 use of strong passwords on all systems and aligning cyber-risk management policies with the
 Company's needs by integrating cyber-risk analysis into significant business decisions
 and ensuring that the Company's organization structure supports such cybersecurity
 goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Evaluation*:
 If a cybersecurity breach occurs, the Audit Committee will determine whether the Incident
 or Threat is "material" (.i.e. is there a substantial likelihood that a reasonable
 shareholder would consider it important in making an investment decisions or if it would
 have significantly altered the "total mix" of information made available?), assessing
 among other factors potential or actual financial impacts, reputational damage, and operational
 disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Report*:
 Establish and monitor an incident response approach requiring our Chief Financial officer
 to report to us, the full Board of Directors and legal counsel any cybersecurity concerns
 or events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Disclosure*:
 To ensure compliance with SEC requirements and maintain overall stakeholder confidence in
 the Company, all material and known facts regarding the cybersecurity breach will be recorded,
 including their nature, scope, and financial implications; and a Form 6-K will be prepared
 and filed within four (4) business days after the determination that a "material"
 cybersecurity incident has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;23. Engage
 third parties to assist with evaluating the effectiveness of our risk-management and cybersecurity
 practices.

**V. LIMITATION OF AUDIT COMMITTEE'S ROLE**

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete and accurate and are in accordance with generally accepted accounting principles and applicable rules and regulations. These are the responsibilities of management and the independent auditor.

**Exhibit 1**

**LYC HEALTHCARE (CAYMAN) LTD**

**RELATED PARTY TRANSACTION POLICY**

1. Definitions - A "Related
 Party Transaction" is any transaction directly or indirectly involving any Related Party that would need to be disclosed under
 Item 404(a) of Regulation S-K. Under Item 404(a), the Company is required to disclose any transaction occurring since the beginning
 of the Company's last fiscal year, or any currently proposed transaction, involving the Company where the amount involved exceeds
 USD$[●], and in which any related person had or will have a direct or indirect material interest. "Related Party Transaction"
 also includes any material amendment or modification to an existing Related Party Transaction.

2. "Related Party"
 means any of 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) a director (which term when used herein includes any director nominee);

&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) an executive officer;

&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) a person known by the Company to be the beneficial owner of more than 5% of the Company's common stock (a "5% stockholder"); 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;(d) a person known by the Company to be an immediate family member of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ "Immediate
 family member" means a child, stepchild, parent, stepparent, spouse, sibling, mother-in-law,
 father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of such director,
 executive officer, nominee for director or beneficial owner, and any person (other than a
 tenant or employee) sharing the household of such director, executive officer, nominee for
 director or beneficial owner.

3. Identification of Potential
 Related Party Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Related
 Party Transactions will be brought to management's and the Board's attention
 in a number of ways. Each of the Company's directors and executive officers shall inform
 the Chairman of the Committee of any potential Related Party Transactions. In addition, each
 such director and executive officer shall complete a questionnaire on an annual basis designed
 to elicit information about any potential Related Party Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 potential Related Party Transactions that are brought to the Committee's attention
 shall be analyzed by the Committee, in consultation with outside counsel or members of management,
 as appropriate, to determine whether the transaction or relationship does, in fact, constitute
 a Related Party Transaction requiring compliance with this Policy.

4. Review and Approval of Related
 Party Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 each of its meetings, the Committee shall be provided with the details of each new, existing,
 or proposed Related Party Transaction, including the terms of the transaction, any contractual
 restrictions that the Company has already committed to, the business purpose of the transaction,
 and the benefits to the Company and to the relevant Related Party. In determining whether
 to approve a Related Party Transaction, the Committee shall consider, among other factors,
 the following factors to the extent relevant to the Related Party Transaction:

● whether the terms of the Related Party Transaction are fair to the Company and on the same basis as would apply if the transaction did not involve a Related Party;

● whether there are business reasons for the Company to enter into the Related Party Transaction;

● whether the Related Party Transaction would impair the independence of an outside director;

● whether the Related Party Transaction would present an improper conflict of interest for any director or executive officer of the Company, taking into account the size of the transaction, the overall financial position of the director, executive officer or Related Party, the direct or indirect nature of the director's, executive officer's or Related Party's interest in the transaction and the ongoing nature of any proposed relationship, and any other factors the Committee deems relevant; and

● any pre-existing contractual obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 member of the Committee who has an interest in the transaction under discussion shall abstain
 from voting on the approval of the Related Party Transaction, but may, if so requested by
 the Chairman of the Committee, participate in some or all of the Committee's discussions
 of the Related Party Transaction. Upon completion of its review of the transaction, the Committee
 may determine to permit or to prohibit the Related Party Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 Related Party Transaction entered into without pre-approval of the Committee shall not be
 deemed to violate this Policy, or be invalid or unenforceable, so long as the transaction
 is brought to the Committee as promptly as reasonably practical after it is entered into
 or after it becomes reasonably apparent that the transaction is covered by this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 Related Party Transaction entered into prior to the effective date of this Charter shall
 not be required to be reapproved by the Committee.

**Exhibit 2**

**LYC HEALTHCARE (CAYMAN) LTD.**

**CYBERSECURITY POLICY**

The Board of Directors (the "Board") of LYC HEALTHCARE (CAYMAN) LTD (the "Company") believes that it is in the best interests of the Company and its shareholders to adopt this Cybersecurity Policy (the "Policy") to ensure that cybersecurity risk management remains a meaningful priority in our business strategy and operations. This Policy is designed to comply with and shall be interpreted to ensure compliance with Regulation S-K Item 16(b)(1) and Item 16(K) of Form 20F to allow our shareholders and investors to ascertain our cybersecurity practices with sufficient detail to understand our cybersecurity risk profile.

***1.***  ***Administration*** 

Except as specifically set forth herein, this Policy shall be administered by the Board or, if so designated by the Board, a committee thereof (the Board or such committee charged with administration of this Policy, the "Administrator"). The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. Any determinations made by the Administrator shall be final and binding on all affected individuals and need not be uniform with respect to each individual covered by the Policy. In the administration of this Policy, the Administrator is authorized and directed to consult with the full Board, or such other committees of the Board as may be necessary or appropriate as to matters within the scope of such other committee's responsibility and authority. Subject to any limitation at applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).

In the event that the Audit Committee of the Company shall be vested with the authority and responsibility to become knowledgeable of potential cybersecurity risks the Company may face and to govern and conduct oversight of the processes underlying the Policy, the Audit Committee Charter shall be amended to provide for such authority and power to the members of the Audit Committee in accordance with the provisions below.

***2.***  ***Cybersecurity Oversight Responsibility*** 

&nbsp;&nbsp;&nbsp;&nbsp;a. With
 the assistance of the Company's Chief Financial Officer, establish and maintain a management
 strategy for cybersecurity which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Identification*:
 Proactively identify the manners in which our business could be materially impacted by cybersecurity
 risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Cybersecurity
 Incidents – an unauthorized occurrence on or conducted through its information system
 that jeopardizes the confidentiality, integrity, or availability of its information systems
 or any information residing therein

&nbsp;&nbsp;&nbsp;&nbsp;&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. Cybersecurity
 Threats – any potential occurrence that may result in an unauthorized effort to adversely
 affect the confidentiality, integrity, or availability of its information systems or any
 information residing therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Assessment*:
 Periodically assess our risks relating to cybersecurity threats, including risks relating
 to our reliance on third parties, considering the likelihood and impact that could result
 from the manifesting of such risks, together with the sufficiency of existing policies, procedures,
 systems, and safeguards in place to manage such risks, including evaluating and if available
 obtaining cyber liability insurance, and aligning such cyber-risk management policies with
 the Company's business needs by integrating cyber-risk analysis into significant business
 decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Management*:
 Determine and implement reasonable safeguards to address any identified gaps in our existing
 processes and procedures, including annual cybersecurity awareness training emphasizing the
 use of strong passwords on all systems and aligning cyber-risk management policies with the
 Company's needs by integrating cyber-risk analysis into significant business decisions
 and ensuring that the Company's organization structure supports such cybersecurity
 goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Evaluation*:
 If a cybersecurity breach occurs, the Audit Committee will determine whether the Incident
 or Threat is "material" (.i.e. is there a substantial likelihood that a reasonable
 shareholder would consider it important in making an investment decisions or if it would
 have significantly altered the "total mix" of information made available?), assessing
 among other factors potential or actual financial impacts, reputational damage, and operational
 disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Report*:
 Establish and monitor an incident response approach requiring our Chief Financial officer
 to report to us, the full Board of Directors and legal counsel any cybersecurity concerns
 or events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Disclosure*:
 To ensure compliance with SEC requirements and maintain overall stakeholder confidence in
 the Company, all material and known facts regarding the cybersecurity breach will be recorded,
 including their nature, scope, and financial implications, and a Form 6-K will be prepared
 and filed within four (4) business days after the determination that a "material"
 cybersecurity incident has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;b. Engage
 third parties to assist with evaluating the effectiveness of our risk-management and cybersecurity
 practices.

***3.***  ***Effective Date; Retroactive Application*** 

This Policy shall be effective as of [●] [●], 2024 (the "Effective Date").

***4.***  ***Amendment; Termination*** 

The Board may amend, modify, supplement, rescind or replace all or any portion of this Policy at any time and from time to time in its discretion, and shall amend this Policy as it deems necessary to comply with applicable law or any rules or standards adopted by a national securities exchange on which the Company's securities are listed.

***5.***  ***Exhibit Filing Requirement*** 

 ****

A copy of this Policy and any amendments thereto shall be posted on the Company's website and filed as an exhibit to the Company's annual report on Form 20-F

## Exhibit 99.2

**Exhibit 99.2**

**COMPENSATION COMMITTEE CHARTER**

**OF**

**LYC HEALTHCARE (CAYMAN) LTD**

**I.** **PURPOSE** 

The Compensation Committee of the Board of Directors ("the Board") of LYC HEALTHCARE (CAYMAN) LTD (the "Company") is established pursuant to this charter. The purpose of the Compensation Committee is to review and make recommendations to the Board regarding all forms of compensation to be provided to the executive officers and directors of the Company including stock compensation and loans, and all bonus and stock compensation to all employees.

The Compensation Committee has the authority to undertake the specific duties and responsibilities listed below and will have the authority to undertake such other specific duties as the Board may from time to time prescribe.

**II.** **COMMITTEE MEMBERSHIPS:** 

The Compensation Committee shall consist of at least two (2) members of the Board, all of whom shall be independent directors in accordance with Rule 5605 (d) of the NASDAQ Listing Rules. The members of the Compensation Committee will be appointed by a majority of the Board. No member of the Compensation Committee shall be removed except by a majority vote of the independent directors then in office.

**III.** **RESPONSIBILITIES:** 

The responsibilities and duties of the Compensation Committee shall include:

1. To
 review and approve annually the corporate goals and objectives applicable to the compensation of the chief executive officer ("CEO"),
 evaluate at least annually the CEO's performance in light of those goals and objectives, and determine and approve the CEO's
 compensation level based on this evaluation. In determining the long-term incentive component of CEO compensation, the Compensation
 Committee may consider the Company's performance and relative stockholder return, the value of similar incentive awards given
 to CEOs at comparable companies and the awards given to the Company's CEO in past years.

2. Matters
 Related to Compensation of the Officers Other Than the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;a. Review
 and approve the proposed compensation for all Officers of the Company other than the CEO; for purposes hereof, the term "Officer"
 shall mean any officer at C-level, and any individual that reports directly to the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;b. Review
 no less frequently than annually the aggregate amount of compensation being paid or potentially payable to the Company's Officers.

&nbsp;&nbsp;&nbsp;&nbsp;c. Reviewing
 and making recommendations to the Board regarding the compensation policy for executive officers and directors of the Company, and
 such other officers of the Company as directed by the Board.

3. Reviewing
 and making recommendations to the Board regarding all forms of compensation (including all "plan" compensation, as such
 term is defined in Item 402(a)(7) of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, and all non-plan
 compensation) to be provided to the executive officers of the Company.

4. Reviewing
 and making recommendations to the Board regarding general compensation goals and guidelines for the Company's employees and
 the criteria by which bonuses to the Company's employees are determined.

5. Acting
 as Administrator of any stock option plan and administering, within the authority delegated by the Board, any Employee Stock Purchase
 Plan adopted by the Company. In its administration of the plans, the Compensation Committee may, pursuant to authority delegated
 by the Board, grant stock options or stock purchase rights to individuals eligible for such grants and amend such stock options or
 stock purchase rights. The Compensation Committee shall also make recommendations to the Board with respect to amendments to the
 plans and changes in the number of shares reserved for issuance hereunder.

6. Review
 and approve grants and awards under incentive-based compensation plans and equity-based plans, in each case consistent with the terms
 of such plans.

7. Review
 and make such recommendations to the Board as the Compensation Committee deems advisable with regard to policies and procedures for
 the grant of equity-based awards by the Company.

8. Reviewing
 and making recommendations to the Board regarding other plans that are proposed for adoption or adopted by the Company for the provision
 of compensation to employees of, directors of and consultants to the Company.

9. Preparing
 a report (to be included in the Company's Current Report on Form 6-F and subsequent Annual Reports on Form 20-F) which describes:
 (a) the criteria on which compensation paid to the Chief Executive Officer for the last completed fiscal year is based; (b) the relationship
 of such compensation to the Company's performance; and (c) the Compensation Committee's executive compensation policies
 applicable to executive officers.

10. In
 the event of a restatement of the Company's financial statements and in accordance with the provisions of the Company's
 Compensation Recovery Policy, a copy of which is attached hereto as Exhibit A,: (i) review and determine such executive officers
 who served at any time during the performance period for the incentive-based compensation; (ii) determine the relevant recovery period;
 (iii) determine the amount of incentive-based compensation that must be subject to the Company's Compensation Recovery Policy
 and establish procedures for recovery; and (iv) maintain documentation of the above-referenced determinations.

11. Authorizing
 the repurchase of shares from terminated employees pursuant to applicable law.

12. If
 applicable, the Compensation Committee shall consider the results of the most recent stockholder
 advisory vote on executive compensation in its recommendations and decisions.

**IV.** **MEETINGS:** 

It is anticipated that the Compensation Committee will meet at least two times each year. However, the Compensation Committee may establish its own schedule, which it will provide to the Board in advance. At a minimum of one of such meetings annually, the Compensation Committee will consider stock plans, performance goals and incentive awards, and the overall coverage and composition of the compensation package. The Compensation Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

The Compensation Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate.

The Compensation Committee may invite such members of management to its meetings as it deems appropriate. However, the Compensation Committee shall meet regularly without such members present, and in all cases the CEO and any other such officers shall not be present at meetings at which their compensation or performance is discussed or determined.

**V.** **REPORTS:** 

The Compensation Committee will provide written reports to the Board of the Company regarding recommendations of the Compensation Committee submitted to the Board for action, and copies of the written minutes of its meetings.

Review and discuss with management the Compensation Discussion and Analysis to be included in the Company's annual report on Form 20-F ("CD&A").

Based on the Compensation Committee's review and discussions with management of the MD&A, make a recommendation to the Board that the MD&A be included in the Company's annual report on Form 20-F.

Prepare the Compensation Committee Report to be included in the Company's annual report on Form 20-F in accordance with any applicable rules and regulations of the Securities and Exchange Commission, any securities exchange on which the Company's securities are traded, and any other rules and regulations applicable to the Company.

**VI.** **EVALUATION OF COMMITTEE PERFORMANCE:** 

The Compensation Committee shall on an annual basis, evaluate its performance under this Charter. The Compensation Committee shall address all matters that the Board of Directors considers relevant to its performance. The Compensation Committee shall deliver a report setting forth the results of its evaluation, including any recommended amendments to this Charter and any recommended changes to the Board's or the Company's policies or procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **COMMITTEE RESOURCES:** 

The Compensation Committee shall have the authority to obtain advice and seek assistance from internal and external legal, accounting, and other advisors. The Compensation Committee shall have sole authority to retain and terminate any compensation consultant to be used to evaluate director or officer compensation, including sole authority to approve the consulting firm's fee and retention terms.

**EXHIBIT 1**

**LYC HEALTHCARE (CAYMAN) LTD.**

**COMPENSATION RECOVERY POLICY**

The Board of Directors (the "Board") of LYC HEALTHCARE (CAYMAN) LTD (the "Company") believes that it is in the best interests of the Company and its shareholders to adopt this Compensation Recovery Policy, also known as a Clawback Policy (the "Policy"), which provides for the recovery of certain incentive compensation in the event of an Accounting Restatement (as defined below). This Policy is designed to comply with, and shall be interpreted to be consistent with, Section 10D of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rule 10D-1 promulgated under the Exchange Act ("Rule 10D-1") and Rule 5608 of the Nasdaq Stock Market LLC Listing Rules (the "Listing Standards").

***1.***  ***Administration*** 

Except as specifically set forth herein, this Policy shall be administered by the Board or, if so designated by the Board, a committee thereof (the Board or such committee charged with the administration of this Policy, the "Administrator"). The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. Any determinations made by the Administrator shall be final and binding on all affected individuals and need not be uniform with respect to each individual covered by the Policy. In the administration of this Policy, the Administrator is authorized and directed to consult with the full Board, or such other committees of the Board as may be necessary or appropriate as to matters within the scope of such other committee's responsibility and authority. Subject to any limitation at applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).

***2.***  ***Definitions*** 

As used in this Policy, the following definitions shall apply:

● "Accounting Restatement"
 means an accounting restatement of the Company's financial statements due to the Company's material noncompliance with
 any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in
 previously issued financial statements that is material to the previously issued financial statements, or that would result in a material
 misstatement if the error were corrected in the current period or left uncorrected in the current period.

● "Administrator"
 has the meaning set forth in Section 1 hereof.

● "Applicable Period"
 means the three completed fiscal years immediately preceding the date on which the Company is required to prepare an Accounting Restatement,
 as well as any transition period (that results from a change in the Company's fiscal year) within or immediately following those
 three completed fiscal years (except that a transition period that comprises a period of at least nine months shall count as a completed
 fiscal year). The "date on which the Company is required to prepare an Accounting Restatement" is the earlier to occur
 of (a) the date the Board, a committee of the Board, or an officer of the Company concludes, or reasonably should have concluded, that
 the Company is required to prepare an Accounting Restatement or (b) the date a court, regulator or other legally authorized body directs
 the Company to prepare an Accounting Restatement, in each case regardless of if or when the restated financial statements are filed.

● "Covered Executives"
 means the Company's current and former executive officers, as determined by the Administrator in accordance with the definition
 of executive officer set forth in Rule 10D-1 and the Listing Standards.

● "Erroneously Awarded
 Compensation" has the meaning set forth in Section 5 of this Policy.

● "A Financial Reporting
 Measure" is any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's
 financial statements, and any measure that is derived wholly or in part from such measure. Financial Reporting Measures include but
 are not limited to the following (and any measures derived from the following): Company stock price; total shareholder return ("TSR");
 revenues; net income; operating income; profitability of one or more reportable segments; financial ratios (e.g., accounts receivable
 turnover and inventory turnover rates); earnings before interest, taxes, depreciation and amortization; funds from operations and adjusted
 funds from operations; liquidity measures (e.g., working capital, operating cash flow); return measures (e.g., return on invested capital,
 return on assets); earnings measures (e.g., earnings per share); any of such financial reporting measures relative to a peer group,
 where the Company's financial reporting measure is subject to an Accounting Restatement; and tax basis income. A Financial Reporting
 Measure need not be presented within the Company's financial statements or included in a filing with the Securities Exchange
 Commission.

● "Incentive-Based Compensation"
 means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure.
 Incentive-Based Compensation is "received" for purposes of this Policy in the Company's fiscal period during which
 the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such
 Incentive-Based Compensation occurs after the end of that period.

***3.***  ***Covered Executives; Incentive-Based Compensation*** 

This Policy applies to Incentive-Based Compensation received by a Covered Executive (a) after beginning services as a Covered Executive; (b) if that person served as a Covered Executive at any time during the performance period for such Incentive-Based Compensation; and (c) while the Company had a listed class of securities on a national securities exchange.

***4.***  ***Required Recoupment of Erroneously Awarded Compensation in the Event of an Accounting Restatement*** 

In the event the Company is required to prepare an Accounting Restatement, the Company shall promptly recoup the amount of any Erroneously Awarded Compensation received by any Covered Executive, as calculated pursuant to Section 5 hereof, during the Applicable Period.

***5.***  ***Erroneously Awarded Compensation: Amount Subject to Recovery*** 

The amount of "Erroneously Awarded Compensation" subject to recovery under the Policy, as determined by the Administrator, is the amount of Incentive-Based Compensation received by the Covered Executive that exceeds the amount of Incentive-Based Compensation that would have been received by the Covered Executive had it been determined based on the restated amounts.

Erroneously Awarded Compensation shall be computed by the Administrator without regard to any taxes paid by the Covered Executive in respect of the Erroneously Awarded Compensation.

By way of example, with respect to any compensation plans or programs that take into account Incentive-Based Compensation, the amount of Erroneously Awarded Compensation subject to recovery hereunder includes, but is not limited to, the amount contributed to any notional account based on Erroneously Awarded Compensation and any earnings accrued to date on that notional amount.

For Incentive-Based Compensation based on stock price or TSR: (a) the Administrator shall determine the amount of Erroneously Awarded Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive-Based Compensation was received; and (b) the Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to Nasdaq.

***6.***  ***Method of Recoupment*** 

The Administrator shall determine, in its sole discretion, the timing and method for promptly recouping Erroneously Awarded Compensation hereunder, which may include without limitation (a) seeking reimbursement of all or part of any cash or equity-based award, (b) cancelling prior cash or equity-based awards, whether vested or unvested or paid or unpaid, (c) cancelling or offsetting against any planned future cash or equity-based awards, (d) forfeiture of deferred compensation, subject to compliance with Section 409A of the Internal Revenue Code and the regulations promulgated thereunder and (e) any other method authorized by applicable law or contract. Subject to compliance with any applicable law, the Administrator may affect recovery under this Policy from any amount otherwise payable to the Covered Executive, including amounts payable to such individual under any otherwise applicable Company plan or program, including base salary, bonuses or commissions and compensation previously deferred by the Covered Executive.

The Company is authorized and directed pursuant to this Policy to recoup Erroneously Awarded Compensation in compliance with this Policy unless the Company's compensation committee has determined that recovery would be impracticable solely for the following limited reasons, and subject to the following procedural and disclosure requirements:

● The direct expense paid to
 a third party to assist in enforcing the Policy would exceed the amount to be recovered. Before concluding that it would be impracticable
 to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Administrator must make a reasonable
 attempt to recover such erroneously awarded compensation, document such reasonable attempt(s) to recover and provide that documentation
 to Nasdaq;

● Recovery would violate home
 country law of the issuer where that law was adopted prior to November 28, 2022. Before concluding that it would be impracticable to
 recover any amount of Erroneously Awarded Compensation based on violation of home country law of the issuer, the Administrator must
 satisfy the applicable opinion and disclosure requirements of Rule 10D-1 and the Listing Standards; or

● Recovery would likely cause
 an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet
 the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

***7.***  ***No Indemnification of Covered Executives*** 

Notwithstanding the terms of any indemnification or insurance policy or any contractual arrangement with any Covered Executive that may be interpreted to the contrary, the Company shall not indemnify any Covered Executives against the loss of any Erroneously Awarded Compensation, including any payment or reimbursement for the cost of third-party insurance purchased by any Covered Executives to fund potential clawback obligations under this Policy.

***8.***  ***Administrator Indemnification*** 

Any members of the Administrator and any other members of the Board who assist in the administration of this Policy, shall not be personally liable for any action, determination or interpretation made with respect to this Policy and shall be fully indemnified by the Company to the fullest extent under applicable law and Company policy with respect to any such action, determination, or interpretation. The foregoing sentence shall not limit any other rights to indemnification of the members of the Board under applicable law or Company policy.

***9.***  ***Effective Date; Retroactive Application*** 

This Policy shall be effective as of January [●], 2025 (the "Effective Date"). The terms of this Policy shall apply to any Incentive-Based Compensation that is received by Covered Executives on or after the Effective Date, even if such Incentive-Based Compensation was approved, awarded, granted, or paid to Covered Executives prior to the Effective Date. Without limiting the generality of Section 6 hereof, and subject to applicable law, the Administrator may affect recovery under this Policy from any amount of compensation approved, awarded, granted, payable or paid to the Covered Executive prior to, on or after the Effective Date.

***10.***  ***Amendment; Termination*** 

The Board may amend, modify, supplement, rescind or replace all or any portion of this Policy at any time and from time to time in its discretion, and shall amend this Policy as it deems necessary to comply with applicable law or any rules or standards adopted by a national securities exchange on which the Company's securities are listed.

***11.***  ***Other Recoupment Rights; Company Claims*** 

The Board intends that this Policy shall be applied to the fullest extent of the law. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company under applicable law or pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

Nothing contained in this Policy, and no recoupment or recovery as contemplated by this Policy, shall limit any claims, damages, or other legal remedies the Company or any of its affiliates may have against a Covered Executive arising out of or resulting from any actions or omissions by the Covered Executive.

***12.***  ***Successors*** 

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators, or other legal representatives.

***13.***  ***Exhibit Filing Requirement*** 

A copy of this Policy and any amendments thereto shall be posted on the Company's website.

## Exhibit 99.3

**Exhibit 99.3**

**NOMINATION AND CORPORATE GOVERNANCE COMMITTEE CHARTER** 

**OF** 

**LYC HEALTHCARE (CAYMAN) LTD**

**I.** **PURPOSE:** 

The purpose of the Nomination and Corporate Governance Committee (the "Nomination and Corporate Governance Committee") of the Board of Directors (the "Board") of LYC HEALTHCARE (CAYMAN) LTD (the "Company") shall be to review and make recommendations to the Board regarding matters concerning corporate governance; review the composition of and evaluate the performance of the Board; recommend persons for election to the Board and evaluate director compensation; review the composition of committees of the Board and recommend persons to be members of such committees; review and maintain compliance of committee membership with applicable regulatory requirements; and review conflicts of interest of members of the Board and corporate officers.

In addition, the Nomination and Corporate Governance Committee will undertake those specific duties and responsibilities listed below and such other duties as the Board may from time to time prescribe.

**II.** **COMMITTEE MEMBERSHIP:** 

The Nomination and Corporate Governance Committee shall consist of no fewer than two members of the Board. All members of the Nomination and Corporate Governance Committee shall be appointed by a majority of the Board and shall be independent of the Company and its affiliates, shall have no relationship to the Company or its affiliates that may interfere with the exercise of their independence, and shall otherwise be deemed to be "independent directors" as defined in Rule 5605 (e)(2) of the NASDAQ Listing Rules. The Board may designate one member of the Nomination and Corporate Governance Committee as its Chair. The Nomination and Corporate Governance Committee may form and delegate authority to subcommittees, consisting of no fewer than two members of the Nomination and Corporate Governance Committee, when appropriate. No member of the Nomination and Corporate Governance Committee shall be removed except by a majority vote of the independent directors then in office.

**III.** **RESPONSIBILITIES:** 

The responsibilities and duties of the Nomination and Corporate Governance Committee shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Composition of the Board of Directors, Evaluation, and Nomination Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Reviewing
 the composition and size of the Board and determining the criteria for membership of the Board, including issues of character, judgment,
 independence, diversity, age, expertise, corporate experience, length of service, and other commitments outside the Company.

&nbsp;&nbsp;&nbsp;&nbsp;2. Conducting
 an annual evaluation of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;3. Identifying,
 considering, and recommending candidates to fill new positions or vacancies on the Board, and reviewing any candidates recommended
 by stockholders in accordance with the bylaws. In performing these duties, the Committee shall have the authority to retain any search
 firm to be used to identify candidates for the Board and shall have sole authority to approve the search firm's fees and other
 retention terms.

&nbsp;&nbsp;&nbsp;&nbsp;4. Evaluating
 the performance of individual members of the Board eligible for re-election and recommending the director nominees by class for election
 to the Board by the stockholders at the annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;5. Evaluating
 director compensation, consulting with outside consultants when appropriate, and making recommendations to the Board regarding director
 compensation.

&nbsp;&nbsp;&nbsp;&nbsp;6. Reviewing
 and making recommendations to the Board with respect to a Director Option Plan and any proposed amendments thereto, subject to obtaining
 stockholder approval of any amendments as required by law or NASDAQ Listing Rules or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;7. Selection
 of New Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Recommend
 to the Board criteria for Board and committee membership, which shall include a description of any specific, minimum qualifications
 that the Nomination and Corporate Governance Committee believes must be met by a Nomination and Corporate Governance Committee recommended
 nominee, and a description of any specific qualities or skills that the Nomination and Corporate Governance Committee believes are
 necessary for one or more of the Company's directors to possess, and annually reassess the adequacy of such criteria and submit
 any proposed changes to the Board for approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Establish
 a policy regarding the consideration of director candidates recommended by stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Establish
 procedures to be followed by security holders in submitting recommendations for director candidates to the Nomination and Corporate
 Governance Committee. The current procedures to be followed by security holders are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All
 security holder recommendations for director candidates must be submitted to the Secretary of the Company, who will forward all recommendations
 to the Nomination and Corporate Governance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. All
 security holder recommendations for director candidates must be submitted to the Secretary of the Company not less than 120 calendar
 days prior to the date on which the Company's proxy statement was released to stockholders in connection with the previous
 year's annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. All
 security holder recommendations for director candidates must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 name and address of record of the security holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
 representation that the security holder is a record holder of the Company's securities, or if the security holder is not a
 record holder, evidence of ownership in accordance with Rule 14a-8(b)(2) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 name, age, business and residential address, educational background, current principal occupation or employment, and principal occupation
 or employment for the preceding five (5) full fiscal years of the proposed director candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A
 description of the qualifications and background of the proposed director candidate which addresses the minimum qualifications and
 other criteria for Board membership approved by the Board from time to time and set forth in this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A
 description of all arrangements or understandings between the security holder and the proposed director candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 consent of the proposed director candidate (i) to be named in the proxy statement relating to the Company's annual meeting
 of stockholders and (ii) to serve as a director if elected at such annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any
 other information regarding the proposed director candidate that is required to be included in a proxy statement filed pursuant to
 the rules of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Establish
 a process for identifying and evaluating nominees for the Board, including nominees recommended by security holders. The current
 process for identifying and evaluating nominees for the Board is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 Nomination and Corporate Governance Committee may solicit recommendations from any or all of the following sources: non-management
 directors, the Chief Executive Officer, other executive officers, third-party search firms, or any other source it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 Nomination and Corporate Governance Committee will review and evaluate the qualifications of any such proposed director candidate
 and conduct inquiries it deems appropriate.

iii. The
 Nomination and Corporate Governance Committee will evaluate all such proposed director candidates in the same manner, with no regard
 to the source of the initial recommendation of such proposed director candidate. In
 identifying and evaluating proposed director candidates, the Nomination and Corporate Governance Committee may consider, in addition
 to the minimum qualifications and other criteria for Board membership approved by the Board from time to time, all facts and circumstances
 that it deems appropriate or advisable, including, among other things, the skills of the proposed director candidate, his or her
 depth and breadth of business experience or other background characteristics, his or her independence and the needs of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Upon
 identifying individuals qualified to become members of the Board, consistent with the minimum qualifications and other criteria approved
 by the Board from time to time, recommend that the Board select the director nominees for election at each annual meeting of stockholders;
 provided that, if the Company is legally required by contract or otherwise to provide third parties with the ability to nominate
 individuals for election as a member of the Board (pursuant, for example, to the rights of holders of preferred stock to elect directors
 upon a dividend default or in accordance with shareholder agreements or management agreements), the selection and nomination of such
 director nominees shall be governed by such contract or other arrangement and shall not be the responsibility of the Nomination and
 Corporate Governance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Consider
 recommendations in light of the requirement that a majority of the Board be comprised of directors who meet the independence requirements
 set forth in Rule 5605(a)(2) of the Listing Rules of the NASDAQ Stock Market LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Recommend
 that the Board select the directors for appointment to committees of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Review
 all stockholder nominations and proposals submitted to the Company (including any proposal relating to the procedures for making
 nominations or electing directors), determine whether the nomination or proposal was submitted in a timely manner and, in the case
 of a director nomination, whether the nomination and the nominee satisfy all applicable eligibility requirements, and recommend to
 the Board appropriate action on each such nomination or proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Committees of the Board of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Periodically
 reviewing the composition of each committee of the Board and making recommendations to the Board for the creation of additional committees
 or the change in mandate or dissolution of committees.

&nbsp;&nbsp;&nbsp;&nbsp;2. Recommending
 to the Board persons to be members of the various committees and Committee Chairperson, annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Reviewing
 and monitoring compliance with the Company's Code of Business Conduct and Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;2. Considering
 questions of possible conflicts of interest of members of the Board and of corporate officers.

&nbsp;&nbsp;&nbsp;&nbsp;3. Reviewing
 actual and potential conflicts of interest of members of the Board and corporate officers and clearing any involvement of such persons
 in matters that may involve a conflict of interest.

**IV.** **GENERAL** 

The Nomination and Corporate Governance Committee may establish and delegate authority to subcommittees consisting of one or more of its members, when the Nomination and Corporate Governance Committee deems it appropriate to do so in order to carry out its responsibilities.

The Nomination and Corporate Governance Committee shall make regular reports to the Board concerning areas of the Nomination and Corporate Governance Committee's responsibility.

In carrying out its responsibilities, the Nomination and Corporate Governance Committee shall be entitled to rely upon advice and information that it receives in its discussions and communications with management and such experts, advisors, and professionals with whom the Nomination and Corporate Governance Committee may consult.

The Nomination and Corporate Governance Committee shall have the authority to request that any officer or employee of the Company, the Company's outside legal counsel, the Company's independent auditor or any other professional retained by the Company to render advice to the Company attend a meeting of the Nomination and Corporate Governance Committee or meet with any members of or advisors to the Nomination and Corporate Governance Committee. The Nomination and Corporate Governance Committee shall also have the authority to engage legal, accounting, or other advisors to provide it with advice and information in connection with carrying out its responsibilities and shall have sole authority to approve any such advisor's fees and other retention terms.

The Nomination and Corporate Governance Committee may perform such other functions as may be requested by the Board from time to time.

**V.** **MEETINGS:** 

The Nomination and Corporate Governance Committee will meet at least once a year. The Nomination and Corporate Governance Committee may establish its own meeting schedule, which it will provide to the Board. Special meetings may be convened as required. The Nomination and Corporate Governance Committee, or its Chair, shall report to the Board on the results of these meetings. The Nomination and Corporate Governance Committee may invite to its meetings other Directors, Corporate management, and such other persons, as the Nomination and Corporate Governance Committee deems appropriate in order to carry out its responsibilities. A majority of the members of the Nomination and Corporate Governance Committee, present in person or by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, shall constitute a quorum.

The Nomination and Corporate Governance Committee will maintain written minutes of its meetings, which shall be filed with the minutes of the meetings of the Board.

**VI.** **EVALUATION OF THE NOMINATION AND CORPORATE GOVERNANCE COMMITTEE'S PERFORMANCE:** 

The Nomination and Corporate Governance Committee shall, on an annual basis, evaluate its performance under this Charter. The Nomination and Corporate Governance Committee shall address all matters that the Committee considers relevant to its performance. The Nomination and Corporate Governance Committee shall deliver a report setting forth the results of its evaluation, including any recommended amendments to this Charter and any recommended changes to the Board's or the Company's policies or procedures.

**VII.** **NOMINATION AND CORPORATE GOVERNANCE COMMITTEE RESOURCES:** 

The Nomination and Corporate Governance Committee may conduct or authorize investigations into or studies of matters within the Nomination and Corporate Governance Committee's scope of responsibilities, and may retain, at the Company's expense, such independent counsel, or other advisors as it deems necessary. The Nomination and Corporate Governance Committee shall have the sole authority to retain or terminate any search firm to be used to identify director candidates, including sole authority to approve the search firm's fees and other retention terms, and such related fees are to be borne by the Company.

**VIII.** **REPORTS:** 

The Nomination and Corporate Governance Committee will record its summaries of recommendations to the Board in written form, which will be incorporated as a part of the minutes of the meeting of the Board at which those recommendations are presented.

**IX.** **MINUTES:** 

The Nomination and Corporate Governance Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

## Exhibit 99.4

**Exhibit 99.4**

**LYC HEALTHCARE (CAYMAN) LTD**

**INSIDER TRADING POLICY**

I. PURPOSE

This Insider Trading Policy (the "Policy") provides guidelines with respect to transactions in the securities of LYC HEALTHCARE (CAYMAN) LTD (the "Company") and the handling of confidential information about the Company and the companies with which the Company does business. The Company's Board of Directors (the "Board") has adopted this Policy to promote compliance with United States federal, state, and applicable foreign securities laws that prohibit certain persons who are aware of material nonpublic information about a company from: (i) trading in securities of that company; or (ii) providing material nonpublic information to other persons who may trade on the basis of that information.

II. PERSONS SUBJECT TO THE POLICY

This Policy applies to all officers of the Company and its subsidiaries, all members of the Board and all employees of the Company and its subsidiaries (from time to time). The Company may also determine that other persons should be subject to this Policy, such as contractors or consultants who have access to material nonpublic information. This Policy also applies to family members, other members of a person's household and entities controlled by a person covered by this Policy, as described below.

III. TRANSACTIONS SUBJECT TO THE POLICY

This Policy applies to transactions in the Company's securities (collectively referred to in this Policy as "Company Securities"), including the Company's common stock, options to purchase common stock, or any other type of securities that the Company may issue, including (but not limited to) preferred stock, convertible debentures, and warrants, as well as derivative securities that are not issued by the Company, such as exchange-traded put or call options or swaps relating to the Company's Securities.

IV. INDIVIDUAL RESPONSIBILITY

Persons subject to this Policy have ethical and legal obligations to maintain the confidentiality of information about the Company and to not engage in transactions in Company Securities while in possession of material non-public information. Each individual is responsible for making sure that he or she complies with this Policy, and that any family member, household member or entity whose transactions are subject to this Policy, as discussed below, also comply with this Policy. In all cases, the responsibility for determining whether an individual is in possession of material nonpublic information rests with that individual, and any action on the part of the Company, the Compliance Officer (as defined below) or any other employee or director pursuant to this Policy (or otherwise) does not in any way constitute legal advice or insulate an individual from liability under applicable securities laws. You could be subject to severe legal penalties and disciplinary action by the Company for any conduct prohibited by this Policy or applicable securities laws, as described below in more detail under the heading "Consequences of Violations."

V. ADMINISTRATION OF THE POLICY

_____________ shall serve as the Compliance Officer for the purposes of this Policy, and he / she shall be assisted by Henry F. Schlueter, Counsel to the Company (collectively "the Compliance Officer"). All determinations and interpretations by the Compliance Officer shall be final and not subject to further review.

VI. STATEMENT OF POLICY

It is the policy of the Company that no director, officer, or other employee of the Company (or any other person designated by this Policy or by the Compliance Officer as subject to this Policy) who is aware of material nonpublic information relating to the Company may, directly, or indirectly through family members or other persons or entities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Engage
 in transactions in Company Securities, except as otherwise specified in this Policy under
 the headings "Transactions Under Company Plans", "Transactions Not Involving
 a Purchase or Sale" and "Rule 10b5-1 Plans";

&nbsp;&nbsp;&nbsp;&nbsp;2. Recommend
 the purchase or sale of any Company Securities;

&nbsp;&nbsp;&nbsp;&nbsp;3. Disclose
 material nonpublic information to persons within the Company whose jobs do not require them
 to have that information, or outside of the Company to other persons, including, but not
 limited to, family, friends, business associates, investors, and expert consulting firms,
 unless any such disclosure is made in accordance with the Company's policies regarding
 the protection or authorized external disclosure of information regarding the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;4. Assist
 anyone engaged in the above activities.

In addition, it is the policy of the Company that no director, officer or other employee of the Company (or any other person designated as subject to this Policy) who, in the course of working for the Company, learns of material nonpublic information about a company with which the Company does business, including a customer or supplier of the Company, may trade in that company's securities until the information becomes public or is no longer material.

There are no exceptions to this Policy, except as specifically noted herein. Transactions that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure), or small transactions, are not excepted from this Policy. The applicable securities laws do not recognize any mitigating circumstances, and, in any event, even the appearance of an improper transaction must be avoided to preserve the Company's reputation for adhering to the highest standards of conduct.

VII. DEFINITION OF MATERIAL NONPUBLIC INFORMATION

<u>Material Information.</u> Information is considered "material" if a reasonable investor would consider that information important in making a decision to buy, hold or sell securities. Any information that could be expected to affect the Company's stock price, whether it is positive or negative, should be considered material. There is no bright-line standard for assessing materiality; rather, materiality is based on an assessment of all of the facts and circumstances and is often evaluated by enforcement authorities with the benefit of hindsight. While it is not possible to define all categories of material information, some examples of information that ordinarily would be regarded as material are:

● Projections of future earnings or losses, or other earnings guidance;

● Changes to previously announced earnings guidance, or the decision to suspend earnings guidance;

● A pending or proposed merger, acquisition, or tender offer;

● A pending or proposed acquisition or disposition of a significant asset;

● A pending or proposed joint venture;

● A Company restructuring;

● Significant related party transactions;

● A change in dividend policy, the declaration of a stock split, or an offering of additional securities;

● Bank borrowings or other financing transactions out of the ordinary course;

● The establishment of a repurchase program for Company Securities;

● A change in the Company's pricing or cost structure;

● Major marketing changes;

● A change in management;

● A change in auditors or notification that the auditor's reports may no longer be relied upon;

● Development of a significant new product, process, or service;

● Pending or threatened significant litigation, or the resolution of such litigation;

● Impending bankruptcy or the existence of severe liquidity problems;

● The gain or loss of a significant customer or supplier;

● The imposition of a ban on trading in Company Securities or the securities of another company.

<u>When Information is Considered Public.</u> Information that has not been disclosed to the public is generally considered to be nonpublic information. In order to establish that the information has been disclosed to the public, it may be necessary to demonstrate that the information has been widely disseminated. Information generally would be considered widely disseminated if it has been disclosed through the Dow Jones "broad tape," newswire services, a broadcast on widely-available radio or television programs, publication in a widely-available newspaper, magazine or news website, or public disclosure documents filed with the SEC that are available on the SEC's website. *Please note that* a company may be able to conclude that, based on the SEC's guidance in Rel. No. 34-58288 (August 1, 2008), disclosure on the company's website is sufficient to make the information public. By contrast, information would likely not be considered widely disseminated if it is available only to the Company's employees, or if it is only available to a select group of analysts, brokers, and institutional investors.

Once information is widely disseminated, it is still necessary to afford the investing public with sufficient time to absorb the information. As a general rule, information should not be considered fully absorbed by the marketplace until after the second business day after the day on which the information is released. If, for example, the Company were to make an announcement on a Monday, you should not trade in Company Securities until Thursday. Depending on the particular circumstances, the Company may determine that a longer or shorter period should apply to the release of specific material nonpublic information.

VIII. TRANSACTIONS BY FAMILY MEMBERS AND OTHERS

This Policy applies to your family members who reside with you (including a spouse, a child, a child away at college, stepchildren, grandchildren, parents, stepparents, grandparents, siblings and in-laws), anyone else who lives in your household, and any family members who do not live in your household but whose transactions in Company Securities are directed by you or are subject to your influence or control, such as parents or children who consult with you before they trade in Company Securities (collectively referred to as "Family Members"). You are responsible for the transactions of your Family Members and therefore should make them aware of the need to confer with you before they trade in Company Securities, and you should treat all such transactions for the purposes of this Policy and applicable securities laws as if the transactions were for your own account. This Policy does not, however, apply to personal securities transactions of Family Members where the purchase or sale decision is made by a third party not controlled by, influenced by or related to you or your Family Members.

IX. TRANSACTIONS BY ENTITIES THAT YOU INFLUENCE OR CONTROL

This Policy applies to any entities that you influence or control, including any corporations, partnerships or trusts (collectively referred to as "Controlled Entities"), and transactions by these Controlled Entities should be treated for the purposes of this Policy and applicable securities laws as if they were for your own account.

X. TRANSACTIONS UNDER COMPANY PLANS

This Policy does not apply in the case of the following transactions, except as specifically noted:

*<u>Stock Option Exercises.</u>* This Policy does not apply to the exercise of an employee stock option acquired pursuant to the Company's plans, or to the exercise of a tax withholding right pursuant to which a person has elected to have the Company withhold shares subject to an option to satisfy tax withholding requirements. This Policy does apply, however, to any sale of stock as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option.

*<u>Restricted Stock Awards.</u>* This Policy does not apply to the vesting of restricted stock, or the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares of stock to satisfy tax withholding requirements upon the vesting of any restricted stock. The Policy does apply, however, to any market sale of restricted stock.

*<u>Other Similar Transactions.</u>* Any other purchase of Company Securities from the Company or sales of Company Securities to the Company are not subject to this Policy.

XI. TRANSACTIONS NOT INVOLVING A PURCHASE OR SALE

*Bona fide* gifts of securities are not transactions subject to this Policy, unless the person making the gift has reason to believe that the recipient intends to sell the Company Securities while the officer, employee or director is aware of material nonpublic information, or the person making the gift is subject to the trading restrictions specified below under the heading "Additional Procedures" and the sales by the recipient of the Company Securities occur during a blackout period. Further, transactions in mutual funds that are invested in Company Securities are not transactions subject to this Policy.

XII. SPECIAL AND PROHIBITED TRANSACTIIONS

The Company has determined that there is a heightened legal risk and/or the appearance of improper or inappropriate conduct if the persons subject to this Policy engage in certain types of transactions. It therefore is the Company's policy that any persons covered by this Policy may not engage in any of the following transactions, or should otherwise consider the Company's preferences as described below:

*<u>Short-Term Trading.</u>* Short-term trading of Company Securities may be distracting to the person and may unduly focus the person on the Company's short-term stock market performance instead of the Company's long-term business objectives. For these reasons, any director, officer or other employee of the Company who purchases Company Securities in the open market may not sell any Company Securities of the same class during the six months following the purchase (or vice versa).

*<u>Short Sales.</u>* Short sales of Company Securities (*i.e.,* the sale of a security that the seller does not own) may evidence an expectation on the part of the seller that the securities will decline in value, and therefore have the potential to signal to the market that the seller lacks confidence in the Company's prospects. In addition, short sales may reduce a seller's incentive to seek to improve the Company's performance. For these reasons, short sales of Company Securities are prohibited. (Short sales arising from certain types of hedging transactions are governed by the paragraph below captioned "Hedging Transactions.")

*<u>Publicly-Traded Options.</u>* Given the relatively short term of publicly-traded options, transactions in options may create the appearance that a director, officer, or employee is trading based on material nonpublic information and focus a director's, officer's, or other employee's attention on short-term performance at the expense of the Company's long-term objectives. Accordingly, transactions in put options, call options or other derivative securities, on an exchange or in any other organized market, are prohibited by this Policy. (Option positions arising from certain types of hedging transactions are governed by the next paragraph below.)

*<u>Hedging Transactions.</u>* Hedging or monetization transactions can be accomplished through a number of possible mechanisms, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars, and exchange funds. Such hedging transactions may permit a director, officer, or employee to continue to own Company Securities obtained through employee benefit plans or otherwise, but without the full risks and rewards of ownership. When that occurs, the director, officer or employee may no longer have the same objectives as the Company's other shareholders. Therefore, the Company strongly discourages you from engaging in such transactions. Any person wishing to enter into such an arrangement must first submit the proposed transaction for approval by the Compliance Officer. Any request for pre-clearance of a hedging or similar arrangement must be submitted to the Compliance Officer at least two weeks prior to the proposed execution of documents evidencing the proposed transaction and must set forth a justification for the proposed transaction.

*<u>Margin Accounts and Pledged Securities.</u>* Securities held in a margin account as collateral for a margin loan may be sold by the broker without the customer's consent if the customer fails to meet a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when the pledgor is aware of material nonpublic information or otherwise is not permitted to trade in Company Securities, directors, officers, and other employees are prohibited from holding Company Securities in a margin account. In addition, the Company strongly discourages you from entering into a loan transaction in which you pledge the Company's securities as collateral for a loan. Any person wishing to enter into such an arrangement must first submit the proposed loan transaction for approval by the Compliance Officer. Any request for pre-clearance of a loan transaction or similar arrangement must be submitted to the Compliance Officer at least two weeks prior to the proposed execution of documents evidencing the proposed transaction and must set forth a justification for the proposed transaction. The Compliance Officer will not permit the pledge of the Company's securities unless you can clearly demonstrate the financial capacity to repay the loan without resorting to the pledged securities.

*<u>Standing and Limit Orders.</u>* Standing and limit orders (except standing and limit orders under approved Rule 10b5-1 Plans, as described below) create heightened risks for insider trading violations similar to the use of margin accounts. There is no control over the timing of purchases or sales that result from standing instructions to a broker, and as a result the broker could execute a transaction when a director, officer or other employee is in possession of material nonpublic information. The Company therefore discourages placing standing or limit orders on Company Securities. If a person subject to this Policy determines that they must use a standing order or limit order, the order should be limited to short duration and should otherwise comply with the restrictions and procedures outlined below under the heading "Additional Procedures."

XIII. ADDITIONAL PROCEDURES

The Company has established additional procedures in order to assist the Company in the administration of this Policy, to facilitate compliance with applicable laws prohibiting insider trading while in possession of material non-public information, and to avoid the appearance of any impropriety. These additional procedures are applicable only to those individuals described below.

*<u>Pre-Clearance Procedures.</u>* The persons designated by the Compliance Officer as being subject to these procedures, as well as the Family Members and Controlled Entities of such persons, may not engage in any transaction in Company Securities without first obtaining pre-clearance of the transaction from the Compliance Officer. A request for pre-clearance should be submitted to the Compliance Officer at least two business days in advance of the proposed transaction. The Compliance Officer is under no obligation to approve a transaction submitted for pre-clearance, and may determine not to permit the transaction. If a person seeks pre-clearance and permission to engage in the transaction is denied, then he or she should refrain from initiating any transaction in Company Securities, and should not inform any other person of the restriction.

When a request for pre-clearance is made, the requestor should carefully consider whether he or she may be aware of any material nonpublic information about the Company, and should describe fully those circumstances to the Compliance Officer. The requestor should also indicate whether he or she has effected any non-exempt "opposite-way" transactions within the past six months. The requestor should also be prepared to comply with SEC Rule 144 and file Form 144, if necessary, at the time of any sale.

Pre-cleared trades must be effected within five business days of receipt of pre-clearance unless an exception is granted. Transactions not effected within the time limit would be subject to pre-clearance again. Further, within five business days of completing a transaction in the Company's Securities, The Compliance Officer shall be notified of completion of the transaction.

*<u>Quarterly Trading Restrictions.</u>* The persons designated by the Compliance Officer as subject to this restriction, as well as their Family Members or Controlled Entities, may not conduct any transactions involving the Company's Securities (other than as specified by this Policy), during a "Blackout Period" beginning 30 days prior to the end of each fiscal quarter and ending on the third business day following the date of the public release of the Company's earnings results for that quarter. In other words, these persons may only conduct transactions in Company Securities during the "Window Period" beginning on the third business day following the public release of the Company's quarterly earnings and ending thirty days prior to the close of the next fiscal quarter.

Under certain very limited circumstances, a person subject to this restriction may be permitted to trade during a Blackout Period, but only if the Compliance Officer concludes that the person does not in fact possess material nonpublic information. Persons wishing to trade during a Blackout Period must contact the Compliance Officer for approval at least three business days in advance of any proposed transaction involving Company Securities.

*<u>Event-Specific Trading Restriction Periods.</u>* From time to time, an event may occur that is material to the Company and is known by only a few directors, officers and/or employees. So long as the event remains material and nonpublic, the persons designated by the Compliance Officer may not trade Company Securities. In addition, the Company's financial results may be sufficiently material in a particular fiscal quarter that, in the judgment of the Compliance Officer, designated persons should refrain from trading in Company Securities even sooner than the typical Blackout Period described above. In that situation, the Compliance Officer may notify these persons that they should not trade in the Company's Securities, without disclosing the reason for the restriction. The existence of an event-specific trading restriction period or extension of a Blackout Period will not be announced to the Company as a whole, and should not be communicated to any other person. Even if the Compliance Officer has not designated you as a person who should not trade due to an event-specific restriction, you should not trade while aware of material nonpublic information. Exceptions will not be granted during an event-specific trading restriction period.

*<u>Exceptions.</u>* The quarterly trading restrictions and event-driven trading restrictions do not apply to those transactions to which this Policy does not apply, as described above under the headings "Transactions Under Company Plans" and "Transactions Not Involving a Purchase or Sale." Further, the requirement for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do not apply to transactions conducted pursuant to approved Rule 10b5-1 plans, described under the heading "Rule 10b5-1 Plans."

XIV. RULE 10b5-1 PLANS

Rule 10b5-1 under the Exchange Act provides a defense from insider trading liability under Rule 10b-5. In order to be eligible to rely on this defense, a person subject to this Policy must enter into a Rule 10b5-1 plan for transactions in Company Securities that meets certain conditions specified in the Rule (a "Rule 10b5-1 Plan"). If the plan meets the requirements of Rule 10b5-1, Company Securities may be purchased or sold without regard to certain insider trading restrictions. To comply with the Policy, a Rule 10b5-1 Plan must be approved by the Compliance Officer and meet the requirements of Rule 10b5-1 and the Company's "Guidelines for Rule 10b5-1 Plans," which may be obtained from the Compliance Officer. In general, a Rule 10b5-1 Plan must be entered into at a time when the person entering into the plan is not aware of material nonpublic information. Once the plan is adopted, the person must not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. The plan must either specify the amount, pricing, and timing of transactions in advance or delegate discretion on these matters to an independent third party.

Any Rule 10b5-1 Plan must be submitted for approval at least five business days prior to the entry into the Rule 10b5-1 Plan. No further pre-approval of transactions conducted pursuant to the Rule 10b5-1 Plan will be required.

XV. POST-TERMINATION TRANSACTIONS

This Policy continues to apply to transactions in Company Securities even after termination of service to the Company. If an individual is in possession of material nonpublic information when his or her service terminates, that individual may not trade in Company Securities until that information has become public or is no longer material. The pre-clearance procedures specified under the heading "Additional Procedures" above, however, will cease to apply to transactions in Company Securities upon the expiration of any Blackout Period or other Company imposed trading restrictions applicable at the time of the termination of service.

XVI. CONSEQUENCES OF VIOLATIONS

The purchase or sale of securities while aware of material non-public information, or the disclosure of material nonpublic information to others who then trade in the Company's Securities, is prohibited by the federal and state laws. Insider trading violations are pursued vigorously by the SEC, U.S. Attorneys, and state enforcement authorities as well as the applicable laws of foreign jurisdictions. Punishment for insider trading violations is severe, and could include significant fines and imprisonment. While the regulatory authorities concentrate their efforts on the individuals who trade, or who tip inside information to others who trade, the federal securities laws also impose potential liability on companies and other "controlling persons" if they fail to take reasonable steps to prevent insider trading by company personnel.

In addition, an individual's failure to comply with this Policy may subject the individual to Company imposed sanctions, including dismissal for cause, whether or not the employee's failure to comply results in a violation of law. Needless to say, a violation of law, or even an SEC investigation that does not result in prosecution, can tarnish a person's reputation, and irreparably damage a career.

XVII. COMPANY ASSISTANCE

Any person who has a question about this Policy or its application to any proposed transaction may obtain additional guidance from the Compliance Officer.

XIII. CERTIFICATION

All persons subject to this Policy must certify their understanding of, and intent to comply with, this Policy.

**<u>CERTIFICATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have read and understand the Company's Insider Trading Policy (the "Policy").
 I understand that the Compliance Officer is available to answer any questions I have regarding
 the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;2. Since
 the date that the Policy became effective, or such shorter period of time as I have been
 an employee of the Company, I have complied with the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;3. I
 will continue to comply with the Policy for as long as I am subject to the Policy.

Date of signing: ________________________

Please sign below:

_____________________________________

_____________________________________

Please print your name above

## Exhibit 99.5

**Exhibit 99.5**

**Consent to Being Named as an Independent Director Nominee**

In connection with the filing by LYC HEALTHCARE (CAYMAN) LTD (the "Company") of the Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | | | |
|:---|:---|:---|:---|
| Dated: | 1 September 2025 | /s/ Ai Sze Yin | /s/ Ai Sze Yin |
|  |  | Name: | Ai Sze Yin |

---

## Exhibit 99.6

**Exhibit 99.6**

**Consent to Being Named as an Independent Director Nominee**

In connection with the filing by LYC HEALTHCARE (CAYMAN) LTD (the "Company") of the Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | | | |
|:---|:---|:---|:---|
| Dated: | 22 August 2025 | /s/ Law Yew Foo (Brian) | /s/ Law Yew Foo (Brian) |
|  |  | Name: | Law Yew Foo (Brian) |

---

## Exhibit 99.7

**Exhibit 99.7**

**Consent to Being Named as an Independent Director Nominee**

In connection with the filing by LYC HEALTHCARE (CAYMAN) LTD (the "Company") of the Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | | | |
|:---|:---|:---|:---|
| Dated: | 19 August 2025 | /s/ Justin Kong Heen Zee | /s/ Justin Kong Heen Zee |
|  |  | Name: | Justin Kong Heen Zee |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

**F-1**

*(Form Type)*

**LYC Healthcare (Cayman) Ltd**

*(Exact Name of Registrant as Specified in its Charter)*

…………………………………………………

*(Translation of Registrant's Name into English)*

Newly Registered and Carry Forward Securities

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security Class Title** | **Fee Calculation or Carry Forward Rule** | **Amount Registered** |  | **Proposed Maximum Offering Price Per Unit** | **Maximum Aggregate Offering Price<sup>(3)</sup>** | **Fee Rate** | **Amount of Registration Fee** |
| Fees to be Paid | Equity | Ordinary Shares, par value $0.0001 per share to be sold by the registrant | 457 (o) | 3450000 | (1)(2) | $6.00 | $20700000.00 | $138.10 per $1,000,000 | $2858.67 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  |  |  | $20700000.00 |  | $2858.67 |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  | $0 |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  | $0 |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  |  |  | $2858.67 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Pursuant to Rule 416 under the Securities Act, there are also being registered such indeterminate number of additional Ordinary Shares as may be issued to prevent dilution resulting from share splits, share dividends or similar transactions. |
| <sup>(2)</sup><br> <sup>(3)</sup> | Includes 450,000 Ordinary Shares which the underwriters have the option to purchase to cover over-allotments.<br> The registration fee for securities is based on an estimate of the Proposed Maximum Aggregate Offering Price of the securities, assuming the sale of the maximum number of shares at the highest expected offering price, and such estimate is solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. |

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